Document and Entity Information
Document and Entity Information - Dec. 31, 2014 - USD ($) $ in Billions | Total |
Document and Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Dec. 31, 2014 |
Amendment Flag | false |
Entity Registrant Name | General Electric Company |
Trading Symbol | GE |
Entity Central Index Key | 40,545 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 10,064,909,484 |
Document Fiscal Period Focus | Q4 |
Document Fiscal Year Focus | 2,014 |
Entity Public Float | $ 261.1 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Statement of Earnings
Statement of Earnings - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenues and other income | ||||
Sales of goods | $ 76,569 | $ 71,873 | $ 72,990 | |
Sales of services | 30,190 | 28,669 | 27,158 | |
Other income (Note 17) | 778 | 3,108 | 2,563 | |
GECC earnings from continuing operations | 0 | 0 | 0 | |
GECC revenues from services (Note 18) | 24,671 | 25,336 | 25,180 | |
Total revenues and other income | 132,208 | 128,986 | 127,891 | |
Costs and expenses (Note 19) | ||||
Cost of goods sold | 61,257 | 57,867 | 56,785 | |
Cost of services sold | 20,054 | 19,274 | 17,525 | |
Interest and other financial charges | 5,334 | 5,539 | 6,442 | |
Investment contracts, insurance losses and insurance annuity benefits | 2,548 | 2,676 | 2,857 | |
Provision for losses on financing receivables (Note 6) | 3,623 | 4,053 | 3,224 | |
Other costs and expenses | 25,238 | 26,154 | 26,497 | |
Total costs and expenses | 118,054 | 115,563 | 113,330 | |
Earnings from continuing operations before income taxes | 14,154 | 13,423 | 14,561 | |
Benefit (provision) for income taxes (Note 14) | (1,508) | (1,212) | (2,526) | |
Earnings from continuing operations | 12,646 | 12,211 | 12,035 | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | 2,699 | 1,144 | 1,829 | |
Net earnings | 15,345 | 13,355 | 13,864 | |
Less net earnings (loss) attributable to noncontrolling interests | 112 | 298 | 223 | |
Net earnings attributable to the Company | 15,233 | 13,057 | 13,641 | |
Preferred stock dividends declared | 0 | 0 | 0 | |
Net earnings attributable to GE common shareowners | 15,233 | 13,057 | 13,641 | |
Amounts attributable to GE common shareowners | ||||
Earnings from continuing operations | 12,646 | 12,211 | 12,035 | |
Less net earnings (loss) attributable to noncontrolling interests | 112 | 298 | 223 | |
Earnings from continuing operations attributable to the Company | 12,534 | 11,913 | 11,812 | |
GECC preferred stock dividends declared | 0 | 0 | 0 | |
Earnings from continuing operations attributable to GE common shareowners | 12,534 | 11,913 | 11,812 | |
Earnings (loss) from discontinued operations, net of taxes | 2,699 | 1,144 | 1,829 | |
Net earnings attributable to GE common shareowners | $ 15,233 | $ 13,057 | $ 13,641 | |
Earnings from continuing operations | ||||
Diluted earnings per share | $ 1.24 | $ 1.16 | $ 1.12 | |
Basic earnings per share | 1.25 | 1.16 | 1.12 | |
Net earnings | ||||
Diluted earnings per share | 1.5 | 1.27 | 1.29 | |
Basic earnings per share | 1.51 | 1.28 | 1.29 | |
Dividends declared per common share | $ 0.89 | $ 0.79 | $ 0.7 | |
GE | ||||
Revenues and other income | ||||
Sales of goods | [1] | $ 76,714 | $ 71,951 | $ 73,304 |
Sales of services | [1] | 30,594 | 29,063 | 27,571 |
Other income (Note 17) | [1] | 707 | 2,886 | 2,657 |
GECC earnings from continuing operations | [1] | 4,530 | 4,994 | 4,533 |
GECC revenues from services (Note 18) | [1] | 0 | 0 | 0 |
Total revenues and other income | [1] | 112,545 | 108,894 | 108,065 |
Costs and expenses (Note 19) | ||||
Cost of goods sold | [1] | 61,420 | 57,962 | 57,118 |
Cost of services sold | [1] | 20,457 | 19,668 | 17,938 |
Interest and other financial charges | [1] | 1,579 | 1,333 | 1,353 |
Investment contracts, insurance losses and insurance annuity benefits | [1] | 0 | 0 | 0 |
Provision for losses on financing receivables (Note 6) | [2] | 0 | 0 | 0 |
Other costs and expenses | [1] | 14,971 | 16,105 | 17,671 |
Total costs and expenses | [1] | 98,427 | 95,068 | 94,080 |
Earnings from continuing operations before income taxes | [1] | 14,118 | 13,826 | 13,985 |
Benefit (provision) for income taxes (Note 14) | [1] | (1,634) | (1,668) | (2,013) |
Earnings from continuing operations | [1] | 12,484 | 12,158 | 11,972 |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | [1] | 2,699 | 1,144 | 1,829 |
Net earnings | [2] | 15,183 | 13,302 | 13,801 |
Less net earnings (loss) attributable to noncontrolling interests | [2] | (50) | 245 | 160 |
Net earnings attributable to the Company | [2] | 15,233 | 13,057 | 13,641 |
Preferred stock dividends declared | [1] | 0 | 0 | 0 |
Net earnings attributable to GE common shareowners | [1] | 15,233 | 13,057 | 13,641 |
Amounts attributable to GE common shareowners | ||||
Earnings from continuing operations | [1] | 12,484 | 12,158 | 11,972 |
Less net earnings (loss) attributable to noncontrolling interests | [2] | (50) | 245 | 160 |
Earnings from continuing operations attributable to the Company | [1] | 12,534 | 11,913 | 11,812 |
GECC preferred stock dividends declared | [1] | 0 | 0 | 0 |
Earnings from continuing operations attributable to GE common shareowners | [1] | 12,534 | 11,913 | 11,812 |
Earnings (loss) from discontinued operations, net of taxes | [2] | 2,699 | 1,144 | 1,829 |
Net earnings attributable to GE common shareowners | [1] | 15,233 | 13,057 | 13,641 |
GECC | ||||
Revenues and other income | ||||
Sales of goods | 121 | 126 | 118 | |
Sales of services | 0 | 0 | 0 | |
Other income (Note 17) | 0 | 0 | 0 | |
GECC earnings from continuing operations | 0 | 0 | 0 | |
GECC revenues from services (Note 18) | 26,223 | 26,882 | 26,453 | |
Total revenues and other income | 26,344 | 27,008 | 26,571 | |
Costs and expenses (Note 19) | ||||
Cost of goods sold | 104 | 108 | 99 | |
Cost of services sold | 0 | 0 | 0 | |
Interest and other financial charges | 4,249 | 4,690 | 5,632 | |
Investment contracts, insurance losses and insurance annuity benefits | 2,678 | 2,779 | 2,984 | |
Provision for losses on financing receivables (Note 6) | 3,623 | 4,053 | 3,224 | |
Other costs and expenses | 11,124 | 10,787 | 9,523 | |
Total costs and expenses | 21,778 | 22,417 | 21,462 | |
Earnings from continuing operations before income taxes | 4,566 | 4,591 | 5,109 | |
Benefit (provision) for income taxes (Note 14) | 126 | 456 | (513) | |
Earnings from continuing operations | 4,692 | 5,047 | 4,596 | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | 2,704 | 1,210 | 1,682 | |
Net earnings | 7,396 | 6,257 | 6,278 | |
Less net earnings (loss) attributable to noncontrolling interests | 162 | 53 | 63 | |
Net earnings attributable to the Company | 7,234 | 6,204 | 6,215 | |
Preferred stock dividends declared | (322) | (298) | (123) | |
Net earnings attributable to GE common shareowners | 6,912 | 5,906 | 6,092 | |
Amounts attributable to GE common shareowners | ||||
Earnings from continuing operations | 4,692 | 5,047 | 4,596 | |
Less net earnings (loss) attributable to noncontrolling interests | 162 | 53 | 63 | |
Earnings from continuing operations attributable to the Company | 4,530 | 4,994 | 4,533 | |
GECC preferred stock dividends declared | (322) | (298) | (123) | |
Earnings from continuing operations attributable to GE common shareowners | 4,208 | 4,696 | 4,410 | |
Earnings (loss) from discontinued operations, net of taxes | 2,704 | 1,210 | 1,682 | |
Net earnings attributable to GE common shareowners | $ 6,912 | $ 5,906 | $ 6,092 | |
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. | |||
[2] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 15,345 | $ 13,355 | $ 13,864 |
Less net earnings (loss) attributable to noncontrolling interests | 112 | 298 | 223 |
Net earnings attributable to GE common shareowners for per-share calculation, Basic | 15,233 | 13,057 | 13,641 |
Other comprehensive income (loss) | |||
Investment securities | 708 | (374) | 705 |
Currency translation adjustments | (2,729) | (308) | 300 |
Cash flow hedges | 234 | 467 | 453 |
Benefit plans | (7,279) | 11,300 | 2,299 |
Other comprehensive income (loss) | (9,066) | 11,085 | 3,757 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (14) | (25) | 13 |
Other comprehensive income attributable to GE | (9,052) | 11,110 | 3,744 |
Comprehensive income | 6,279 | 24,440 | 17,621 |
Less Comprehensive income (loss) attributable to noncontrolling interests | 98 | 273 | 236 |
Comprehensive income attributable to Company | $ 6,181 | $ 24,167 | $ 17,385 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareowners' Equity $ in Millions | USD ($) | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | $ 1,696 | |
Net earnings attributable to GE common shareowners for per-share calculation, Basic | 13,641 | |
Dividends and other transactions with shareowners | (7,372) | |
Other comprehensive income attributable to GE | 3,744 | |
Net sales (purchases) of shares for treasury | (2,802) | |
Changes in other capital | (623) | |
Ending balance at December 31 at Dec. 31, 2012 | 123,026 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | [1] | 5,444 |
Total equity balance at December 31 | 128,470 | |
Net earnings attributable to GE common shareowners for per-share calculation, Basic | 13,057 | |
Dividends and other transactions with shareowners | (8,061) | |
Other comprehensive income attributable to GE | 11,110 | |
Net sales (purchases) of shares for treasury | (7,990) | |
Changes in other capital | (576) | |
Ending balance at December 31 at Dec. 31, 2013 | 130,566 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | [1] | 6,217 |
Total equity balance at December 31 | 136,783 | |
Net earnings attributable to GE common shareowners for per-share calculation, Basic | 15,233 | |
Dividends and other transactions with shareowners | (8,951) | |
Other comprehensive income attributable to GE | (9,052) | |
Net sales (purchases) of shares for treasury | (32) | |
Changes in other capital | 395 | |
Ending balance at December 31 at Dec. 31, 2014 | 128,159 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | [1] | 8,674 |
Total equity balance at December 31 | $ 136,833 | |
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (194) million and $ (180) million at December 31, 2014 and 2013 , respectively. |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets | |||
Cash and equivalents | $ 84,927 | $ 86,747 | |
Investment securities (Note 3) | 38,400 | 35,793 | |
Current receivables (Note 4) | 23,237 | 21,388 | |
Inventories (Note 5) | 17,689 | 17,325 | |
Financing receivables - net (Note 6 and 27) | 110,255 | 120,351 | |
Other GECC receivables | 6,920 | 6,899 | |
Property, plant and equipment - net (Note 7) | 48,336 | 50,507 | |
Investment in GECC | 0 | 0 | |
Goodwill (Note 8) | 62,983 | 63,413 | |
Other intangible assets - net (Note 8) | 13,855 | 13,867 | |
All other assets (Note 9) | 48,326 | 46,398 | |
Deferred income taxes (Note 14) | 5,352 | 2,004 | |
Assets of businesses held for sale (Note 2) | 6,300 | 50 | |
Assets of discontinued operations (Note 2) | 186,934 | 196,758 | |
Total assets(a) | [1] | 653,514 | 661,500 |
Liabilities and equity | |||
Short-term borrowings (Note 10) | 70,714 | 76,877 | |
Accounts payable, principally trade accounts | 12,572 | 12,321 | |
Progress collections and price adjustments accrued | 12,537 | 13,125 | |
Dividends payable | 2,317 | 2,220 | |
Other GE current liabilities | 12,682 | 13,381 | |
Non-recourse borrowings of consolidated securitization entities (Note 10) | 19,369 | 19,721 | |
Bank deposits (Note 10) | 43,841 | 38,171 | |
Long-term borrowings (Note 10) | 199,182 | 218,918 | |
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | 27,578 | 26,544 | |
All other liabilities (Note 13) | 63,720 | 52,397 | |
Liabilities of businesses held for sale (Note 2) | 3,375 | 6 | |
Liabilities of discontinued operations (Note 2) | 48,794 | 51,036 | |
Total liabilities(a) | [1] | 516,681 | 524,717 |
GECC preferred stock (50,000 shares outstanding at both year-end 2014 and 2013) | 0 | 0 | |
Common stock (10,057,380,000 and 10,060,881,000 shares outstanding at year-end 2014 and 2013, respectively) | 702 | 702 | |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [2] | 1,013 | 307 |
Currency translation adjustments | [2] | (2,427) | 126 |
Cash flow hedges | [2] | (180) | (257) |
Benefit plans | [2] | (16,578) | (9,296) |
Other capital | 32,889 | 32,494 | |
Retained earnings | 155,333 | 149,051 | |
Less common stock held in treasury | (42,593) | (42,561) | |
Total GE shareowners' equity | 128,159 | 130,566 | |
Noncontrolling interests(c) | [3] | 8,674 | 6,217 |
Total equity (Note 15 and 16) | 136,833 | 136,783 | |
Total liabilities and equity | 653,514 | 661,500 | |
GE | |||
Assets | |||
Cash and equivalents | [4] | 15,916 | 13,682 |
Investment securities (Note 3) | [4] | 84 | 323 |
Current receivables (Note 4) | [4] | 11,513 | 10,970 |
Inventories (Note 5) | [4] | 17,639 | 17,257 |
Financing receivables - net (Note 6 and 27) | [4] | 0 | 0 |
Other GECC receivables | [4] | 0 | 0 |
Property, plant and equipment - net (Note 7) | [4] | 17,207 | 17,574 |
Investment in GECC | [4] | 82,549 | 77,745 |
Goodwill (Note 8) | [4] | 51,527 | 51,453 |
Other intangible assets - net (Note 8) | [4] | 12,984 | 13,180 |
All other assets (Note 9) | [4] | 24,680 | 23,708 |
Deferred income taxes (Note 14) | [4] | 8,772 | 5,061 |
Assets of businesses held for sale (Note 2) | [4] | 2,805 | 0 |
Assets of discontinued operations (Note 2) | [4] | 10 | 9 |
Total assets(a) | [4] | 245,686 | 230,962 |
Liabilities and equity | |||
Short-term borrowings (Note 10) | 3,872 | 1,841 | |
Accounts payable, principally trade accounts | [4] | 16,511 | 16,353 |
Progress collections and price adjustments accrued | [4] | 12,550 | 13,152 |
Dividends payable | [4] | 2,317 | 2,220 |
Other GE current liabilities | [4] | 12,681 | 13,381 |
Non-recourse borrowings of consolidated securitization entities (Note 10) | [4] | 0 | 0 |
Bank deposits (Note 10) | [4] | 0 | 0 |
Long-term borrowings (Note 10) | [4] | 12,468 | 11,515 |
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | [4] | 0 | 0 |
All other liabilities (Note 13) | [4] | 54,662 | 40,955 |
Liabilities of businesses held for sale (Note 2) | [4] | 1,504 | 0 |
Liabilities of discontinued operations (Note 2) | [4] | 137 | 143 |
Total liabilities(a) | [4] | 116,702 | 99,560 |
GECC preferred stock (50,000 shares outstanding at both year-end 2014 and 2013) | [4] | 0 | 0 |
Common stock (10,057,380,000 and 10,060,881,000 shares outstanding at year-end 2014 and 2013, respectively) | [4] | 702 | 702 |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [4] | 1,013 | 307 |
Currency translation adjustments | [4] | (2,427) | 126 |
Cash flow hedges | [4] | (180) | (257) |
Benefit plans | [4] | (16,578) | (9,296) |
Other capital | [4] | 32,889 | 32,494 |
Retained earnings | [4] | 155,333 | 149,051 |
Less common stock held in treasury | [4] | (42,593) | (42,561) |
Total GE shareowners' equity | [4] | 128,159 | 130,566 |
Noncontrolling interests(c) | [4] | 825 | 836 |
Total equity (Note 15 and 16) | [4] | 128,984 | 131,402 |
Total liabilities and equity | [4] | 245,686 | 230,962 |
GECC | |||
Assets | |||
Cash and equivalents | 69,011 | 73,065 | |
Investment securities (Note 3) | 38,320 | 35,475 | |
Current receivables (Note 4) | 0 | 0 | |
Inventories (Note 5) | 50 | 68 | |
Financing receivables - net (Note 6 and 27) | 122,457 | 131,440 | |
Other GECC receivables | 14,508 | 14,298 | |
Property, plant and equipment - net (Note 7) | 31,519 | 33,287 | |
Investment in GECC | 0 | 0 | |
Goodwill (Note 8) | 11,456 | 11,960 | |
Other intangible assets - net (Note 8) | 875 | 693 | |
All other assets (Note 9) | 23,976 | 22,955 | |
Deferred income taxes (Note 14) | (3,420) | (3,057) | |
Assets of businesses held for sale (Note 2) | 3,474 | 50 | |
Assets of discontinued operations (Note 2) | 186,924 | 196,749 | |
Total assets(a) | 499,150 | 516,983 | |
Liabilities and equity | |||
Short-term borrowings (Note 10) | 67,705 | 76,286 | |
Accounts payable, principally trade accounts | 2,411 | 2,399 | |
Progress collections and price adjustments accrued | 0 | 0 | |
Dividends payable | 0 | 0 | |
Other GE current liabilities | 0 | 0 | |
Non-recourse borrowings of consolidated securitization entities (Note 10) | 19,369 | 19,721 | |
Bank deposits (Note 10) | 43,841 | 38,171 | |
Long-term borrowings (Note 10) | 186,759 | 207,531 | |
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | 28,027 | 26,979 | |
All other liabilities (Note 13) | 9,549 | 11,871 | |
Liabilities of businesses held for sale (Note 2) | 2,434 | 6 | |
Liabilities of discontinued operations (Note 2) | 48,657 | 50,893 | |
Total liabilities(a) | 408,752 | 433,857 | |
GECC preferred stock (50,000 shares outstanding at both year-end 2014 and 2013) | 0 | 0 | |
Common stock (10,057,380,000 and 10,060,881,000 shares outstanding at year-end 2014 and 2013, respectively) | 0 | 0 | |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | 1,010 | 309 | |
Currency translation adjustments | (838) | (687) | |
Cash flow hedges | (172) | (293) | |
Benefit plans | (577) | (363) | |
Other capital | 32,999 | 32,563 | |
Retained earnings | 55,077 | 51,165 | |
Less common stock held in treasury | 0 | 0 | |
Total GE shareowners' equity | 87,499 | 82,694 | |
Noncontrolling interests(c) | 2,899 | 432 | |
Total equity (Note 15 and 16) | 90,398 | 83,126 | |
Total liabilities and equity | $ 499,150 | $ 516,983 | |
[1] | (a) Our consolidated assets at December 31, 2014 included total assets of $ 50,453 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets included current receivables and net financing receivables of $ 29,703 million and investment securities of $ 3,374 million within continuing operations and assets of discontinued operations of $ 15,034 million. Our consolidated liabilities at December 31, 2014 included liabilities of certain VIEs for which the V IE creditors do not have recourse to GE. These liabilities included non-recourse borrowings of consolidated securitization entities (CSEs) of $ 18,095 million within continuing operations and non-recourse borrowings of CSEs within discontinued operatio ns of $ 10,569 million. See Note 23 . | ||
[2] | (b) The sum of accumulated other comprehensive income (loss) (AOCI) attributable to the Company was $ (18,172) million and $ (9,120) million at December 31, 2014 and 2013 , respectively. | ||
[3] | (c) Included AOCI attributable to noncontrolling interests of $ (194) million and $ (180) million at December 31, 2014 and 2013 , respectively. | ||
[4] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Statement of Financial Positio6
Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments | $ 38,400 | $ 35,793 | |
Financing receivable, net | 110,255 | 120,351 | |
Assets of discontinued operations | 186,934 | 196,758 | |
Assets | [1] | 653,514 | 661,500 |
Non Recourse Borrowings Of Consolidated Securitization Entities | $ 19,369 | $ 19,721 | |
Preferred Stock, Shares Outstanding | 50,000 | 50,000 | |
Common Stock, Shares, Outstanding | 10,057,380,000 | 10,060,881,000 | |
Sum of accumulated other comprehensive income - net | $ (18,172) | $ (9,120) | |
Accumulated other comprehensive income - net attributable to noncontrolling interests | (194) | (180) | |
Discontinued Operations [Member] | |||
Assets of discontinued operations | 186,934 | $ 196,758 | |
VIE That Can Only Settle With Other VIE [Member] | |||
Investments | 3,374 | ||
Financing receivable, net | 29,703 | ||
Assets | 50,453 | ||
Non Recourse Borrowings Of Consolidated Securitization Entities | 18,095 | ||
VIE That Can Only Settle With Other VIE [Member] | Discontinued Operations [Member] | |||
Assets of discontinued operations | $ 15,034 | ||
[1] | (a) Our consolidated assets at December 31, 2014 included total assets of $ 50,453 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets included current receivables and net financing receivables of $ 29,703 million and investment securities of $ 3,374 million within continuing operations and assets of discontinued operations of $ 15,034 million. Our consolidated liabilities at December 31, 2014 included liabilities of certain VIEs for which the V IE creditors do not have recourse to GE. These liabilities included non-recourse borrowings of consolidated securitization entities (CSEs) of $ 18,095 million within continuing operations and non-recourse borrowings of CSEs within discontinued operatio ns of $ 10,569 million. See Note 23 . |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Cash flows - operating activities | ||||
Net earnings | $ 15,345 | $ 13,355 | $ 13,864 | |
Less net earnings (loss) attributable to noncontrolling interests | 112 | 298 | 223 | |
Net earnings attributable to GE common shareowners for per-share calculation, Basic | 15,233 | 13,057 | 13,641 | |
(Earnings) loss from discontinued operations, net of taxes | (2,699) | (1,144) | (1,829) | |
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities | ||||
Depreciation and amortization of property, plant and equipment | 5,026 | 5,283 | 4,576 | |
Earnings from continuing operations retained by GECC(b) | 0 | 0 | 0 | |
Deferred income taxes | (1,329) | (3,481) | (1,378) | |
Decrease (increase) in GE current receivables | (1,913) | (485) | (879) | |
Decrease (increase) in inventories | (872) | (1,368) | (1,274) | |
Increase (decrease) in accounts payable | 714 | 422 | 113 | |
Increase (decrease) in GE progress collections | (515) | 1,893 | (920) | |
Provision for losses on GECC financing receivables | 3,623 | 4,053 | 3,224 | |
All other operating activities | 5,903 | 4,237 | 6,824 | |
Cash from (used for) operating activities - continuing operations | 23,171 | 22,467 | 22,098 | |
Cash from (used for) operating activities - discontinued operations | 4,539 | 6,112 | 9,173 | |
Cash from (used for) operating activities | 27,710 | 28,579 | 31,271 | |
Cash flows - investing activities | ||||
Additions to property, plant and equipment | (7,250) | (6,816) | (8,326) | |
Dispositions of property, plant and equipment | 2,327 | 1,973 | 1,509 | |
Net decrease (increase) in GECC financing receivables | (4,947) | (281) | (3,041) | |
Proceeds from sales of discontinued operations | 232 | 528 | 227 | |
Proceeds from principal business dispositions | 2,950 | 3,324 | 1,213 | |
Proceeds from sale of equity interest in NBCU LLC | 0 | 16,699 | 0 | |
Net cash from (payments for) principal businesses purchased | (2,639) | (1,634) | (1,456) | |
All other investing activities | 8,204 | 24,440 | 31,410 | |
Cash from (used for) investing activities - continuing operations | (1,123) | 38,233 | 21,536 | |
Cash from (used for) investing activities - discontinued operations | (3,907) | (9,116) | (10,234) | |
Cash from (used for) investing activities | (5,030) | 29,117 | 11,302 | |
Cash flows - financing activities | ||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (6,125) | (14,134) | (2,711) | |
Net increase (decrease) in bank deposits | 9,374 | (177) | 683 | |
Newly issued debt (maturities longer than 90 days) | 32,239 | 38,821 | 52,581 | |
Repayments and other reductions (maturities longer than 90 days) | (46,756) | (55,605) | (92,610) | |
Proceeds from issuance of preferred stock | 0 | 990 | 3,960 | |
Net dispositions (purchases) of GE shares for treasury | (1,218) | (9,278) | (4,164) | |
Dividends paid to shareowners | (8,851) | (7,821) | (7,189) | |
Proceeds from initial public offering of Synchrony Financial | 2,842 | 0 | 0 | |
All other financing activities | (1,205) | (1,382) | (2,910) | |
Cash from (used for) financing activities - continuing operations | (19,700) | (48,586) | (52,360) | |
Cash from (used for) financing activities - discontinued operations | 2,742 | 3,013 | 1,286 | |
Cash from (used for) financing activities | (16,958) | (45,573) | (51,074) | |
Effect of currency exchange rate changes on cash and equivalents | (3,492) | (795) | 1,278 | |
Increase (decrease) in cash and equivalents | 2,230 | 11,328 | (7,223) | |
Cash and equivalents at beginning of year | 88,787 | 77,459 | 84,682 | |
Cash and equivalents at end of year | 91,017 | 88,787 | 77,459 | |
Less cash and equivalents of discontinued operations at December 31 | 5,414 | 2,040 | 2,031 | |
Cash and equivalents of continuing operations at end of year | 85,603 | 86,747 | 75,428 | |
Cash paid during the year for interest | (9,560) | (8,988) | (12,717) | |
Cash recovered (paid) during the year for income taxes | (2,955) | (2,487) | (3,237) | |
GE | ||||
Cash flows - operating activities | ||||
Net earnings | [1] | 15,183 | 13,302 | 13,801 |
Less net earnings (loss) attributable to noncontrolling interests | [1] | (50) | 245 | 160 |
Net earnings attributable to GE common shareowners for per-share calculation, Basic | [1] | 15,233 | 13,057 | 13,641 |
(Earnings) loss from discontinued operations, net of taxes | [1] | (2,699) | (1,144) | (1,829) |
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities | ||||
Depreciation and amortization of property, plant and equipment | [1] | 2,508 | 2,449 | 2,291 |
Earnings from continuing operations retained by GECC(b) | [1],[2] | (1,530) | 991 | 1,893 |
Deferred income taxes | [1] | (476) | (2,571) | (294) |
Decrease (increase) in GE current receivables | [1] | (473) | (1,432) | 1,105 |
Decrease (increase) in inventories | [1] | (877) | (1,351) | (1,204) |
Increase (decrease) in accounts payable | [1] | 884 | 809 | 158 |
Increase (decrease) in GE progress collections | [1] | (528) | 1,919 | (920) |
Provision for losses on GECC financing receivables | [1] | 0 | 0 | 0 |
All other operating activities | [1] | 3,129 | 1,528 | 2,985 |
Cash from (used for) operating activities - continuing operations | [1] | 15,171 | 14,255 | 17,826 |
Cash from (used for) operating activities - discontinued operations | [1] | (2) | (2) | 0 |
Cash from (used for) operating activities | [1] | 15,169 | 14,253 | 17,826 |
Cash flows - investing activities | ||||
Additions to property, plant and equipment | [1] | (3,970) | (3,680) | (3,937) |
Dispositions of property, plant and equipment | [1] | 0 | 0 | 0 |
Net decrease (increase) in GECC financing receivables | [1] | 0 | 0 | 0 |
Proceeds from sales of discontinued operations | [1] | 0 | 0 | 0 |
Proceeds from principal business dispositions | [1] | 602 | 1,316 | 540 |
Proceeds from sale of equity interest in NBCU LLC | [1] | 0 | 16,699 | 0 |
Net cash from (payments for) principal businesses purchased | [1] | (2,091) | (8,026) | (1,456) |
All other investing activities | [1] | (447) | (1,488) | (564) |
Cash from (used for) investing activities - continuing operations | [1] | (5,906) | 4,821 | (5,417) |
Cash from (used for) investing activities - discontinued operations | [1] | 2 | 2 | 0 |
Cash from (used for) investing activities | [1] | (5,904) | 4,823 | (5,417) |
Cash flows - financing activities | ||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | [1] | 243 | 949 | (890) |
Net increase (decrease) in bank deposits | [1] | 0 | 0 | 0 |
Newly issued debt (maturities longer than 90 days) | [1] | 3,084 | 512 | 6,961 |
Repayments and other reductions (maturities longer than 90 days) | [1] | (323) | (5,032) | (34) |
Proceeds from issuance of preferred stock | [1] | 0 | 0 | 0 |
Net dispositions (purchases) of GE shares for treasury | [1] | (1,218) | (9,278) | (4,164) |
Dividends paid to shareowners | [1] | (8,851) | (7,821) | (7,189) |
Proceeds from initial public offering of Synchrony Financial | [1] | 0 | 0 | 0 |
All other financing activities | [1] | 346 | (211) | 32 |
Cash from (used for) financing activities - continuing operations | [1] | (6,719) | (20,881) | (5,284) |
Cash from (used for) financing activities - discontinued operations | [1] | 0 | 0 | 0 |
Cash from (used for) financing activities | [1] | (6,719) | (20,881) | (5,284) |
Effect of currency exchange rate changes on cash and equivalents | [1] | (312) | (22) | 2 |
Increase (decrease) in cash and equivalents | [1] | 2,234 | (1,827) | 7,127 |
Cash and equivalents at beginning of year | 13,682 | 15,509 | 8,382 | |
Cash and equivalents at end of year | 15,916 | 13,682 | 15,509 | |
Less cash and equivalents of discontinued operations at December 31 | 0 | 0 | 0 | |
Cash and equivalents of continuing operations at end of year | 15,916 | 13,682 | 15,509 | |
Cash paid during the year for interest | (1,215) | (1,132) | (1,182) | |
Cash recovered (paid) during the year for income taxes | (1,337) | (4,753) | (2,987) | |
GECC | ||||
Cash flows - operating activities | ||||
Net earnings | 7,396 | 6,257 | 6,278 | |
Less net earnings (loss) attributable to noncontrolling interests | 162 | 53 | 63 | |
Net earnings attributable to GE common shareowners for per-share calculation, Basic | 7,234 | 6,204 | 6,215 | |
(Earnings) loss from discontinued operations, net of taxes | (2,704) | (1,210) | (1,682) | |
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities | ||||
Depreciation and amortization of property, plant and equipment | 2,602 | 2,834 | 2,285 | |
Earnings from continuing operations retained by GECC(b) | [2] | 0 | 0 | 0 |
Deferred income taxes | (853) | (910) | (1,084) | |
Decrease (increase) in GE current receivables | 0 | 0 | 0 | |
Decrease (increase) in inventories | 27 | 33 | (27) | |
Increase (decrease) in accounts payable | 407 | 135 | (330) | |
Increase (decrease) in GE progress collections | 0 | 0 | 0 | |
Provision for losses on GECC financing receivables | 3,623 | 4,053 | 3,224 | |
All other operating activities | 3,068 | 2,161 | 4,213 | |
Cash from (used for) operating activities - continuing operations | 13,404 | 13,300 | 12,814 | |
Cash from (used for) operating activities - discontinued operations | 4,541 | 6,114 | 9,173 | |
Cash from (used for) operating activities | 17,945 | 19,414 | 21,987 | |
Cash flows - investing activities | ||||
Additions to property, plant and equipment | (3,933) | (3,336) | (5,086) | |
Dispositions of property, plant and equipment | 2,349 | 1,973 | 1,509 | |
Net decrease (increase) in GECC financing receivables | (6,369) | 593 | (4,530) | |
Proceeds from sales of discontinued operations | 232 | 528 | 227 | |
Proceeds from principal business dispositions | 2,320 | 1,983 | 458 | |
Proceeds from sale of equity interest in NBCU LLC | 0 | 0 | 0 | |
Net cash from (payments for) principal businesses purchased | (548) | 6,392 | 0 | |
All other investing activities | 8,754 | 24,787 | 32,047 | |
Cash from (used for) investing activities - continuing operations | 2,805 | 32,920 | 24,625 | |
Cash from (used for) investing activities - discontinued operations | (3,909) | (9,118) | (10,234) | |
Cash from (used for) investing activities | (1,104) | 23,802 | 14,391 | |
Cash flows - financing activities | ||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (6,794) | (13,796) | (1,881) | |
Net increase (decrease) in bank deposits | 9,374 | (177) | 683 | |
Newly issued debt (maturities longer than 90 days) | 29,155 | 38,317 | 45,403 | |
Repayments and other reductions (maturities longer than 90 days) | (46,433) | (50,573) | (92,576) | |
Proceeds from issuance of preferred stock | 0 | 990 | 3,960 | |
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | 0 | |
Dividends paid to shareowners | (3,322) | (6,283) | (6,549) | |
Proceeds from initial public offering of Synchrony Financial | 2,842 | 0 | 0 | |
All other financing activities | (1,229) | (873) | (2,819) | |
Cash from (used for) financing activities - continuing operations | (16,407) | (32,395) | (53,779) | |
Cash from (used for) financing activities - discontinued operations | 2,742 | 3,013 | 1,286 | |
Cash from (used for) financing activities | (13,665) | (29,382) | (52,493) | |
Effect of currency exchange rate changes on cash and equivalents | (3,180) | (773) | 1,276 | |
Increase (decrease) in cash and equivalents | (4) | 13,061 | (14,839) | |
Cash and equivalents at beginning of year | 75,105 | 62,044 | 76,883 | |
Cash and equivalents at end of year | 75,101 | 75,105 | 62,044 | |
Less cash and equivalents of discontinued operations at December 31 | 5,414 | 2,040 | 2,031 | |
Cash and equivalents of continuing operations at end of year | 69,687 | 73,065 | 60,013 | |
Cash paid during the year for interest | (8,910) | (8,146) | (12,172) | |
Cash recovered (paid) during the year for income taxes | (1,618) | 2,266 | (250) | |
Synchrony | ||||
Cash flows - financing activities | ||||
Proceeds from initial public offering of Synchrony Financial | $ 2,842 | $ 0 | $ 0 | |
[1] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. | |||
[2] | (b) Represents GECC earnings from continuing operations attributable to the Company, net of GECC dividends paid to GE . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Notes to Consolidated Financial Statements Note 1. Basis of Presentation and 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 in which we have a controlling financial interest, most often because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (VIE) model to the entity, otherwis e the entity is evaluated under the voting interest model. Where we hold current or potential rights that give us the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance combined with a variable interest t hat gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in that VIE. Rights held by others to remove the party with power over the VIE are not c onsidered unless one party can exercise those rights unilaterally. When changes occur to the design of an entity, we reconsider whether it is subject to the VIE model. We continuously evaluate whether we have a controlling financial interest in a VIE. We hold a controlling financial interest in other entities where we currently hold, directly or indirectly, more than 50% of the voting rights or where we exercise control through substantive participating rights or as a general partner. Where we are a genera l partner, we consider substantive removal rights held by other partners in determining if we hold a controlling financial interest. We reevaluate whether we have a controlling financial interest in these entities when our voting or substantive participati ng rights change. Associated companies are unconsolidated VIEs and other entities in which we do not have a controlling financial interest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associat ed companies are accounted for as equity method investments. 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, which represents our best estimate of probable losses inherent in such assets. Synchrony Financial Initial Public Offering On August 5, 2014, we completed the initial public offering (IPO) of our North American Retail Finance business, Synchrony Financial, as a first step in a planned, staged exit from that business. Synchrony Financial closed the IPO of 125 million shares of common stock at a price to the public of $ 23.00 per sh are and on September 3, 2014, Synchrony Financial issued an additional 3.5 million shares of common stock pursuant to an option granted to the underwriters in the IPO (Underwriters’ Option). We received net proceeds from the IPO and the Underwriter s’ Option of $ 2,842 million, which remain at Synchrony Financial. Following the closing of the IPO and the Underwriters’ Option, we currently own approximately 85 % of Synchrony Financial and as a result, GECC continues to consolidate the bus iness. The 15% is presented as noncontrolling interests. In addition, in August 2014, Synchrony Financial completed issuances of $ 3,593 million of senior unsecured debt with maturities up to 10 years and $ 8,000 million of unsecured term loans maturing in 2019, and in October 2014 completed issuances of $ 750 million of unsecured term loans maturing in 2019 under the New Bank Term Loan Facility with third party lenders. Subsequent to December 31, 2014 through February 13, 2015, Synchrony Financial issued an additional $1,000 million of senior unsecured debt maturing in 2020. 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 Corporation (GECC), whose continuing operations are presented on a one-line basis, giving effect to the e limination of transactions among such affiliates. GECC . This represents the adding together of all affiliates of GECC, giving effect to the elimination of transactions among such affiliates. Consolidated . This represents the adding together of GE and GE CC, giving effect to the elimination of transactions between GE and GECC. Operating Segments . These comprise our eight businesses, focused on the broad markets they serve: Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and GE Capital. 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 expe nses are translated at average rates for the respective periods. Preparing financial sta tements in conformity with GAAP requires us to make estimates based on assumptions about current, and for some estimates future, economic and market conditions (for ex ample, 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 f uture, as appropriate, it is reasonably possible th at in 2015 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 could resu lt in future impairments of investment securities, goodwill, intangibles and long-lived assets, incremental losses on financing receivables, establishment of valuation allowances on deferred tax assets and increased tax liabilities. GE Capital Exit Plan . On April 10, 2015, the Company announced its plan (the GE Capital Exit Plan) to reduce the size of its financial services businesses through the sale of most of the assets of GECC over the following 24 months, and to focus on continued investment and growt h in the Company’s industrial businesses. As a result of the GE Capital Exit Plan, GE’s consolidated financial statements reflect GECC’s Real Estate business and most of GECC’s CLL business as discontinued operations, including reclassification of all comp arative prior period information. See Note 30 for additional information. Sales of Goods and Services We record all sales of goods and services only when a firm sales agreement is in place, delivery has occurred or services have been rendered and collect ability of the fixed or determinable sales price is reasonably assured. Arrangements for the sale of goods and services sometimes include multiple components. Most of our multiple component arrangements involve the sale of goods and services in the Health care segment. Our arrangements with multiple components usually involve an upfront deliverable of large machinery or equipment and future service deliverables such as installation, commissioning, training or the future delivery of ancillary products. In mo st cases, the relative values of the undelivered components are not significant to the overall arrangement and are typically delivered within three to six months after the core product has been delivered. In such agreements, selling price is determined for each component and any difference between the total of the separate selling prices and total contract consideration (i.e., discount) is allocated pro rata across each of the components in the arrangement. The value assigned to each component is objectivel y determined and obtained primarily from sources such as the separate selling price for that or a similar item or from competitor prices for similar items. If such evidence is not available, we use our best estimate of selling price, which is established c onsistent with the pricing strategy of the business and considers product configuration, geography, customer type, and other market specific factors. Except for goods sold under long-term agr eements, we recognize sales of goods under the provisions of U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition . We often sell consumer products and computer hardware and software products with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize reve nue when we have reliably demonstrated that all specified acceptance criteria have been met or when formal acceptance occurs, respectively. In arrangements where we provide goods for trial and evaluation purposes, we only recognize revenue after customer a cceptance occurs. Unless otherwise noted, we do not provide for anticipated losses before we record sales. We recognize revenue on agreements for sales of goods and services under power generation unit and uprate contracts, nuclear fuel assemblies, larger oil drilling equipment projects, aeroderivative unit contracts, military development contracts, locomotive production contracts, and long-term construction projects, using long-term construction and production contract accounting. We estimate total long-t erm contract revenue net of price concessions as well as total contract costs. For goods sold under power generation unit and uprate contracts, nuclear fuel assemblies, aeroderivative unit contracts, military development contracts and locomotive production contracts, we recognize sales as we complete major contract-specified deliverables, most often when customers receive title to the goods or accept the services as performed. For larger oil drilling equipment projects and long-term construction projects, w e recognize sales based on our progress toward contract completion measured by actual costs incurred in relation to our estimate of total expected costs. We measure long-term contract revenues by applying our contract-specific estimated margin rates to inc urred costs. We routinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. We provide for any loss that we expect to incur on these agreements when that loss is prob able. We recognize revenue upon delivery for sales of aircraft engines, military propulsion equipment and related spare parts not sold under long-term product services agreements. Delivery of commercial engines, non-U.S. military equipment and all relate d spare parts occurs on shipment; delivery of military propulsion equipment sold to the U.S. government or agencies thereof occurs upon receipt of a Material Inspection and Receiving Report, DD Form 250 or Memorandum of Shipment. Commercial aircraft engine s are complex equipment manufactured to customer order under a variety of sometimes complex, long-term agreements. We measure sales of commercial aircraft engines by applying our contract-specific estimated margin rates to incurred costs. We routinely upda te our estimates of future revenues and costs for commercial aircraft engine agreements in process and report any cumulative effects of such adjustments in current operations. Significant components of our revenue and cost estimates include price concessio ns and performance-related guarantees as well as material, labor and overhead costs. We measure revenue for military propulsion equipment and spare parts not subject to long-term product services agreements based on the specific contract on a specifically measured output basis. We provide for any loss that we expect to incur on these agreements when that loss is probable; consistent with industry practice, for commercial aircraft engines, we make such provision only if such losses are not recoverable from f uture highly probable sales of spare parts and services for those engines. We sell product services under long-term product maintenance or extended warranty agreements in our Aviation, Power & Water, Oil & Gas and Transportation segments, where costs of p erforming services are incurred on other than a straight-line basis. We also sell product services in our Healthcare segment, where such costs generally are expected to be on a straight-line basis. For the Aviation, Power & Water, Oil & Gas and Transportat ion agreements, we recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We routinely update our estimates of future costs for agreements in process and report a ny cumulative effects of such adjustments in current operations. For the Healthcare agreements, we recognize revenues on a straight-line basis and expense related costs as incurred. We provide for any loss that we expect to incur on any of these agreements when that loss is probable. GECC Revenues from Services (Earned Income) We use the interest method to recognize income on loans. Interest on loans includes origination, commitment and other non-refundable fees related to funding (recorded in earned income on the interest method). We stop accruing interest at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days past due, with the exception of consumer credit card accounts. Beginning in the fourth qu arter of 2013 , we continue to accrue interest on consumer credit cards until the accounts are written off in the period the account becomes 180 days past due. Previously, we stopped accruing interest on consumer credit cards when the account became 90 days past due. Previously recognized interest income that was accrued but not collected from the borrower is reversed, unless the terms of the loan agreement permit capitalization of accrued interest to the principal balance. Although we stop accruing interest in advance of payments, we recognize interest income as cash is collected when appropriate, provided the amount does not exceed that which would have been earned at the historical effective interest rate; otherwise, payments received are applied to reduce the principal balance of the loan. We resume accruing interest on nonaccrual, non-restructured commercial loans only when (a) payments are brought current according to the loan’s original terms and (b) future payments are reasonably assured. When we agr ee to restructured terms with the borrower, we resume accruing interest only when it is reasonably assured that we will recover full contractual payments, and such loans pass underwriting reviews equivalent to those applied to new loans. We resume accruing interest on nonaccrual consumer loans when the customer’s account is less than 90 days past due and collection of such amounts is probable . Interest accruals on modified consumer loans that are not considered to be troubled debt restructurings (TDRs) may return to current status (re-aged) only after receipt of at least three consecutive minimum monthly payments or the equivalent cumulative amount, subject to a re-aging limitation of once a year, or twice in a five-year period. We recognize financing lease income on the interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values are based upon management's best estimates of the value of the leased asset at the end of the lease term. We use various sources of d ata in determining this estimate, including information obtained from third parties, which is adjusted for the attributes of the specific asset under lease. Guarantees of residual values by unrelated third parties are considered part of minimum lease payme nts. Significant assumptions we use in estimating residual values include estimated net cash flows over the remaining lease term, anticipated results of future remarketing, and estimated future component part and scrap metal prices, discounted at an approp riate rate. We recognize operating lease income on a straight-line basis over the terms of underlying leases. Fees include commitment fees related to loans that we do not expect to fund and line-of-credit fees. We record these fees in earned income on a straight-line basis over the period to which they relate. We record syndication fees in earned income at the time related services are performed, unless significant contingencies exist. Depreciation and Amortization The cost of GE manufacturing plant and equipment is depreciated over its estimated economic life. U.S. assets are depreciated using an accelerated method based on a sum-of-the-years digits formula; non-U.S. assets are generally depreciated on a straight-line basis. The cost of GECC equipment leased to others on operating leases is depreciated on a straight-line basis to estimated residual value over the lease term or over the estimated economic life of the equipment. The cost of GECC acquired real estate investments is depreciated on a straight-line basis to the estimated salvage value over the expected useful life or the estimated proceeds upon sale of the investment at the end of the expected holding period if that approach produces a higher measure of depreciation expense. The cost of individually significant customer relationships is amortized in proportion to estimated total related sales; cost of other intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life. We review long-li ved assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. See Notes 7 and 8. Losses on Financing Receivables Losses on financing receivables are recognized when they are incur red, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate r equires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific custom ers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodic ally to reflect our view of current conditions and are subject to the regulatory examination process, which can result in changes to our assumptions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollectible and subsequent recoveries are added to the allowance at the time cash is received on a written-off account. "Impaired" loans are defined as larger-balance or restructured loans for which it is probable that the lender will be unable to collect all amounts due according to the original contractual terms of the loan agreeme nt. The vast majority of our Consumer and a portion of our Commercial Lending and Leasing (CLL) nonaccrual receivables are excluded from this definition, as they represent smaller-balance homogeneous loans that we evaluate collectively by portfolio for i mpairment. Impaired loans include nonaccrual receivables on larger-balance or restructured loans, loans that are currently paying interest under the cash basis and loans paying currently that had been previously restructured. Specific reserves are recor ded for individually impaired loans to the extent we have determined that it is probable that we will be unable to collect all amounts due according to original contractual terms of the loan agreement. Certain loans classified as impaired may not require a reserve because we believe that we will ultimately collect the unpaid balance (through collection or collateral repossession). “Troubled debt restructurings” (TDRs) are those loans for which we have granted a concession to a borrower experiencing financial difficulties where we do not receive adequate compensation. Such loans are classified as impaired, and are individually reviewed for specific reserves. “Nonaccrual financing receivables” are those on which we have stopped accruing interest. We s top accruing interest at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days past due, with the exception of consumer credit card accounts, for which we continue to accrue interest until the accounts ar e written off in the period that the account becomes 180 days past due. Although we stop accruing interest in advance of payments, we recognize interest income as cash is collected when appropriate provided the amount does not exceed that which would have been earned at the historical effective interest rate. Recently restructured financing receivables are not considered delinquent when payments are brought current according to the restructured terms, but may remain classified as nonaccrual until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. “Delinquent” receivables are those that are 30 days or more past due based on their contractual terms. The same financing receivab le may meet more than one of the definitions above. Accordingly, these categories are not mutually exclusive and it is possible for a particular loan to meet the defin itions of a TDR, impaired loan and nonaccrual loan and be included in each of these categ ories. The categorization of a particular loan also may not be indicative of the potential for loss. Our consumer loan portfolio consists of smaller-balance, homogeneous loans, including credit card receivables, installment loans, auto loans and leases an d residential mortgages. We collectively evaluate each portfolio for impairment quarterly. The allowance for losses on these receivables is established through a process that estimates the probable losses inherent in the portfolio based upon statistical an alyses of portfolio data. These analyses include migration analysis, in which historical delinquency and credit loss experience is applied to the current aging of the portfolio, together with other analyses that reflect current trends and conditions. We al so consider our historical loss experience to date based on actual defaulted loans and overall portfolio indicators including nonaccrual loans, trends in loan volume and lending terms, credit policies and other observable environmental factors such as unem ployment rates and home price indices. Our commercial loan and lease portfolio consists of a variety of loans and leases, including both larger-balance, non-homogeneous loans and leases and smaller-balance homogeneous loans and leases. Losses on such loa ns and leases are recorded when probable and estimable. We routinely evaluate our entire portfolio for potential specific credit or collection issues that might indicate an impairment. For larger-balance, non-homogeneous loans and leases, we consider the financial status, payment history, collateral value, industry conditions and guarantor support related to specific customers. Any delinquencies or bankruptcies are indications of potential impairment requiring further assessment of collectability. We rout inely receive financial as well as rating agency reports on our customers, and we elevate for further attention those customers whose operations we judge to be marginal or deteriorating. We also elevate customers for further attention when we observe a dec line in collateral values for asset-based loans. While collateral values are not always available, when we observe such a decline, we evaluate relevant markets to assess recovery alternatives. Measurement of the loss on our impaired commercial loans is b ased on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of collateral, net of expected selling costs, if the loan is determined to be collateral dependent. We determine whether a loan is co llateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. Our review process can often result in reserves being established in advance of a modification of terms or designation as a TDR. After providing for specific incurred losses, we then determine an allowance for losses that have been incurred in the balance of the portfolio but cannot yet be identified to a specific loan or lease. This estimate is based upon various statistical analyses considering historical and projected default rates and loss severity and aging, as well as our view on current market and economic conditions. It is prepared by ea ch respective line of business. Experience is not available for new products; therefore, while we are de veloping that experience, we set loss allowances based on our experience with the most closely analogous products in our portfolio. Our loss mitigation strategy intends to minimize economic loss and, at times, can result in rate reductions, principal for giveness, extensions, forbearance or other actions, which may cause the related loan to be classified as a TDR. We utilize certain loan modification programs for borrowers experiencing temporary financial difficulties in our Consumer loan portfolio. Thes e loan modification programs are primarily concentrated in our non-U.S. residential mortgage and non-U.S. installment and revolving portfolios and include short-term (three months or less) interest rate reductions and payment deferrals, which were not part of the terms of the original contract. We sold our U.S. residential mortgage business in 2007 and, as such, do not participate in the U.S. government-sponsored mortgage modification programs. Our allowance for losses on financing receivables on these mo dified consumer loans is determined based upon a formulaic approach that estimates the probable losses inherent in the portfolio based upon statistical analyses of the portfolio. Data related to redefault experience is also considered in our overall reserv e adequacy review. Once the loan has been modified, it returns to current status (re-aged) only after receipt of at least three consecutive minimum monthly payments or the equivalent cumulative amount, subject to a re-aging limitation of once a year, or tw ice in a five-year period in accordance with the Federal Financial Institutions Examination Council guidelines on Uniform Retail Credit Classification and Account Management policy issued in June 2000. We believe that the allowance for losses would not be materially different had we not re-aged these accounts. For commercial loans, we evaluate changes in terms and conditions to determine whether those changes meet the criteria for classification as a TDR on a loan-by-loan basis. T hese changes prim arily include: changes to covenants, short-term payment deferrals and maturity extensions. For these changes, we receive economic consideration, including additional fees and/or increased interest rates, and evaluate them under our normal underwriting sta ndards and criteria. The determination of whether these changes to the terms and conditions of our commercial loans meet the TDR criteria includes our consideration of all of the relevant facts and circumstances. When the borrower is experiencing financial difficulty, we carefully evaluate these changes to determine whether they meet the form of a concession. In these circumstances, if the change is deemed to be a concession, we classify the loan as a TDR. When we repossess collateral in satisfaction of a loan, we write down the receivable against the allowance for losses. Repossessed collateral is included in the caption “All other assets” in the Statement of Financial Position and carried at the lower of cost or estimated fair value less costs to sell. F or Consumer loans, we write off unsecured closed-end installment loans when they are 120 days contractually past due and unsecured open-ended revolving loans at 180 days contractually past due. We write down consumer loans secured by collateral other than residential real estate when such loans are 120 days past due. Consumer loans secured by residential real estate (both revolving and closed-end loans) are written down to the fair value of collateral, less costs to sell, no later than when they become 180 days past due. Unsecured consumer loans in bankruptcy are written off within 60 days of notification of filing by the bankruptcy court or within contractual write-off periods, whichever occurs earlier. Write-offs on larger-balance impaired commercial loan s are based on amounts deemed uncollectible and are reviewed quarterly. Write-offs are determined based on the consideration of many factors, such as expectations of the workout plan or restructuring of the loan, valuation of the collateral and the priorit ization of our claim in bankruptcy. Write-offs are recognized against the allowance for losses at the earlier of transaction confirmation (for example, discounted pay-off, restructuring, foreclosure, etc.) or not later than 360 days after initial recogniti on of a specific reserve for a collateral dependent loan. If foreclosure is probable, the write-off is determined based on the fair value of the collateral less costs to sell. Smaller-balance, homogeneous commercial loans are written off at the earlier of when deemed uncollectible or at 180 days past due. Partial Sales of Business Interests Gains or losses on sales of affiliate shares where we retain a controlling financial interest are recorded in equity. Gains or losses on sales that result in our loss of a controlling financial interest are recorded in earnings along with remeasurement gains or losses on any investments in the entity that we retained. Cash and Equivalents Debt securities and money market instruments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities. Investment Securities We report investments in debt and marketable equity securities, and certain other equity securities, at fair value. See Note 21 for further information on fair value. Unrealized gains and losses on available-for-sale investment securities are included in shareowners ’ equity, net of applicable taxes and other adjustments. We regularly review investment secur ities for impairment using both quantitative and qualitative criteria. For debt securities, if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery of our amortized cost, we evaluate other qualitative criteria to determine whether we do not expect to recover the amortized cost basis of the security, such as the financial health of and specific prospects for the issuer, including whether the issuer is in compliance with the te rms and covenants of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consi der the security to be other-than-temporarily impaired, and we record the difference between the security ’ s amortized cost basis and its recoverable amount in earnings and the difference between the security ’ s recoverable amount and fair value in other com prehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, the security is also considered other-than-temporarily impaired and we recognize the en tire difference between t |
Assets and Liabilities of Busin
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Of Business 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 In the fourth quarter of 2014, we signed an agreement to sell our Signaling business at Transportation, with assets of $ 267 million and liabilities of $ 148 million to Alstom for approximately $ 800 million, and our consumer finance business Budapest Bank, with assets of $ 3,474 million and liabilities of $ 2,434 million to Hungary’s government . The transactions remain subject to customary closing conditions and regulatory approvals, and are targeted to close in 2015. In the third quarter of 2014, we signe d an agreement to sell our Appliances business with assets of $ 2,538 million and liabilities of $ 1,356 million to Electrolux for approximately $ 3,300 million. The transaction remains subject to customary closing conditions and regul atory approvals, and is targeted to close in 2015. In the second quarter of 2014, we committed to sell GE Money Bank AB, our consumer finance business in Sweden, Denmark and Norway (GEMB-Nordic). We completed the sale on November 6, 2014 for proceeds of $ 2,320 million. In the first quarter of 2013, we committed to sell certain of our machining & fabrication businesses at Aviation and our Consumer auto and personal loan business in Portugal. We completed the sale of our machining & fabrication business on December 2, 2013 for proceeds of $ 108 million. We completed the sale of our Consumer auto and personal loan business in Portugal on July 15, 2013 for proceeds of $ 83 million. FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31 (In millions) 2014 2013 Assets Cash and equivalents $ 676 $ 5 Investment securities 448 7 Current receivables(a) 180 - Inventories 588 - Financing receivables – net 2,144 - Property, plant, and equipment – net 1,015 - Goodwill 539 24 Intangible assets – net 170 2 Other 540 12 Assets of businesses held for sale $ 6,300 $ 50 Liabilities Accounts payable(a) $ 510 $ 1 Other current liabilities 348 - Bank deposits 1,931 - Other 586 5 Liabilities of businesses held for sale $ 3,375 $ 6 ( a) Certain transactions at our Appliances and Signaling businesses are made on an arms-length basis with GECC, consisting primarily of GE customer receivables sold to GECC and GECC services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GECC columns of our financial statements, but are eliminated in deriving our consolidated financial statements . NBCU On March 19, 2013, we closed a transaction to sell our remaining 49 % common equity interest in NBC Universal LLC (NBCU LLC) to Comcast Corporation (Comcast) for total consideration of $ 16,722 million, consisting of $ 11,997 million in cash, $ 4,000 million in Comcast guaranteed debt and $ 725 million in preferred stock. The $ 4,000 million of debt and the $ 725 million of preferred shares were both issued by a wholly-owned subsidiary of Comcast. During the three months ended March 31, 2013, both of these instruments were sold at approximately par value. In addition, Comcast is obligated to share with us potential tax savings associated with Comcast’s purchase of our NBCU LLC interest, if realized. We did not recognize these potential future payments as consideration for th e sale, but are recording such payments in income as they are received. GECC also sold real estate comprising certain floors located at 30 Rockefeller Center, New York and the CNBC property located in Englewood Cliffs, New Jersey to affiliates of NBCU LLC for $ 1,430 million in cash. In the first quarter of 2013, as a result of the transactions, we recognized a pre-tax gain of $ 1,096 million ($ 825 million after tax) on the sale of our 49 % common equity interest in NBCU L LC. In addition, we recognized a pre-tax gain of $ 921 million ($ 564 million after tax) on the sale of GECC’s real estate properties which is included in discontinued operations. Discontinued Operations Discontinued operations primarily included our Real Estate business , most of our CLL business, GE Money Japan (our Japanese personal loan business, Lake, and our Japanese mortgage and card businesses, excluding our investment in GE Nissen Credit Co., Ltd.), our U.S. mortgage business (WMC), our CLL trailer services business in Europe (CLL Trailer Services), our Consumer banking business in Russia (Consumer Russia) and our Consumer mortgage lending business in Ireland (Consumer Ireland). Results of operations, financial position and cash flows for these businesses are separately reported as discontinued operations for all periods presented. All of these operations were previously reported in the GE Ca pital segment. FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS (In millions) 2014 2013 2012 Operations Total revenues and other income (loss) $ 16,113 $ 17,245 $ 18,984 Earnings (loss) from discontinued operations before income taxes $ 2,724 $ 2,233 $ 2,233 Benefit (provision) for income taxes (40) 692 191 Earnings (loss) from discontinued operations, net of taxes $ 2,684 $ 2,925 $ 2,424 Disposal Gain (loss) on disposal before income taxes $ 14 $ (2,027) $ (792) Benefit (provision) for income taxes 1 246 197 Gain (loss) on disposal, net of taxes $ 15 $ (1,781) $ (595) Earnings (loss) from discontinued operations, net of taxes(a) $ 2,699 $ 1,144 $ 1,829 (a) The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GECC earnings (loss) from discontinued operations, net of taxes, is reported as GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Earnings . December 31 (In millions) 2014 2013 Assets Cash and equivalents $ 5,414 $ 2,040 Investment securities 10,006 8,561 Financing receivables – net 114,561 122,300 Other receivables 2,192 2,238 Property, plant and equipment – net 18,051 18,326 Goodwill(a) 13,569 14,292 Other intangible assets – net 301 448 Deferred income taxes 2,920 4,109 Other 19,920 24,444 Assets of discontinued operations $ 186,934 $ 196,758 Liabilities Short-term borrowings $ 1,125 $ 2,452 Accounts payable 3,770 4,157 Other GE current liabilities 28 30 Non-recourse borrowings 10,569 10,403 Bank deposits 18,998 15,190 Long term borrowings 1,182 1,624 All other liabilities 7,720 11,991 Deferred income taxes 5,402 5,189 Liabilities of discontinued operations $ 48,794 $ 51,036 (a) We tested CLL and Real Estate goodwill for impairment using data as of July 1 in both 2014 and 2013. Fair value was determined using an income approach and based upon results of testing, goodwill was not impaired in either period. REAL ESTATE In connection with the GE Capital Exit Plan, we announced the planned disposition of our Real Estate business and classified the business as discontinued operations and recorded an estimated loss on disposal of $ 1,808 million ( $ 2,354 millio n after tax) in the first quarter of 2015. We expect to complete the disposal by the end of 2015. FINANCIAL INFORMATION FOR REAL ESTATE (In millions) 2014 2013 2012 Operations Total revenues and other income (loss) $ 2,969 $ 3,915 $ 3,654 Interest $ (1,079) $ (1,278) $ (1,883) Operating and administrative (870) (960) (911) Depreciation and amortization (326) (396) (542) Provision for losses on financing receivables 86 (28) (72) Earnings (loss) from discontinued operations before income taxes 780 1,253 246 Benefit (provision) for income taxes 223 472 562 Earnings (loss) from discontinued operations, net of taxes $ 1,003 $ 1,725 $ 808 Disposal Gain (loss) on disposal before income taxes $ - $ - $ - Benefit (provision) for income taxes - - - Gain (loss) on disposal, net of taxes $ - $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 1,003 $ 1,725 $ 808 (a) Earnings (loss) from discontinued operations attributable to the company, before income taxes, was $ 778 million, $ 1,246 million and $ 241 million for the years ended December 31, 2014, 2013 and 2012, respectively. COMMERCIAL LENDING AND LEASING In connection with the GE Capital Exit Plan, we announced the planned disposition of most of our CLL business and classified this portion of the business as discontinued operations and recorded an estimated loss on disposal of $ 3,380 million ( $ 4,329 million after tax) in the second quarter of 2015. We expect to complete the transactions in 2015 and 2016. FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING (In millions) 2014 2013 2012 Operations Total revenues and other income (loss) $ 13,412 $ 13,144 $ 15,139 Interest $ (3,069) $ (3,300) $ (4,080) Operating and administrative (3,662) (3,551) (3,875) Depreciation and amortization (3,930) (4,083) (4,074) Provision for losses on financing receivables (456) (736) (536) Earnings (loss) from discontinued operations before income taxes 2,295 1,474 2,574 Benefit (provision) for income taxes (487) 65 (570) Earnings (loss) from discontinued operations, net of taxes $ 1,808 $ 1,539 $ 2,004 Disposal Gain (loss) on disposal before income taxes $ - $ - $ - Benefit (provision) for income taxes - - - Gain (loss) on disposal, net of taxes $ - $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 1,808 $ 1,539 $ 2,004 (a) Earnings (loss) from discontinued operations attributable to the company, before income taxes, was $ 2,278 million, $ 1,457 million and $ 2,537 million for the years ended December 31, 2014, 2013 and 2012, respectively. G E Money Japan During the third quarter of 2008, we completed the sale of GE Money Japan, which included our Japanese personal loan business. Under the terms of the sale, we reduced the proceeds from the sale for estimated refund claims in excess of the statutory interest rate. Proceeds from the sale were to be increased or decreased based on the actual claims experienced in accordance with loss-sharing terms specified in the sale agreement, with all claims in excess of 258 billion Japanese yen (approxima tely $ 3,000 million) remaining our responsibility. On February 26, 2014, we reached an agreement with the buyer to pay 175 billion Japanese yen (approximately $ 1,700 million) to extinguish this obligation. We have no remaining amount payable under the February 26, 2014 agreement as our reserve for refund claims of $ 1,836 million at December 31, 2013 was fully paid in the six months ended June 30, 2014. FINANCIAL INFORMATION FOR GE MONEY JAPAN (In millions) 2014 2013 2012 Earnings (loss) from discontinued operations, net of taxes $ 59 $ (1,636) $ (649) WMC During the fourth quarter of 2007, we completed the sale of WMC, our U.S. mortgage business. WMC substantially discontinued all new loan originations by the second quarter of 2007, and is not a loan servicer. In connection with the sale, WMC retained certain representation and warranty obligations related to loans sold to third parties prior to the disposal of the business and contractual obligations to repurchase previously sold loans that had an early payment default. All claims received by WMC for early payment default have either been resolved or are no longer being pursued. The remaining active claims have been brought by securitization trustees or administrators seeking recovery from WMC for alleged breaches of representations and warranties on mortgage loans that serve as collateral for residential mortgage-backed securities (RMBS). At December 31, 2014 , such claims consisted of $ 3,694 million of individual claims generally submitted before the filing of a lawsuit (compared to $ 5,643 million at December 31, 2013 ) and $ 9,225 million of additional claims asserted against WMC in litigation without making a prior claim (Litigation Claims) (compared to $ 6,780 million at December 31, 2013 ). The total amount of these claims, $ 12,919 million, reflects the purchase price or unpaid principal balances of the loans at the time of purchase and does not give effect to pay downs or potential recoveries based upon the underlying collateral, which in many cases are substantial, nor to accr ued interest or fees. As of December 31, 2014 , these amounts do not include approximately $ 1,070 million of repurchase claims relating to alleged breaches of representations that are not in litigation and that are beyond the applicable statute of limita tions. WMC believes that repurchase claims brought based upon representations and warranties made more than six years before WMC was notified of the claim would be disallowed in legal proceedings under applicable statutes of limitations. Reserves related to repurchase claims m ade against WMC were $ 809 million at December 31, 2014 , reflecting a net increase to reserves in the twelve months ended December 31, 2014 of $ 9 million due to incremental provisions offset by settlement activity. The reserve estimate takes into account recent settlement activity and is based upon WMC’s evaluation of the remaining exposures as a percentage of estimated lifetime mortgage loan losses within the pool of loans supporting each securitization. S ettlements in prior periods reduced WMC’s exposure on claims asserted in certain securitizations and the claim amounts reported above give effect to these settlements . ROLLFORWARD OF THE RESERVE December 31 (In millions) 2014 2013 Balance, beginning of period $ 800 $ 633 Provision 365 354 Claim resolutions / rescissions (356) (187) Balance, end of period $ 809 $ 800 Given the significant litigation activity and WMC’s continuing efforts to resolve the lawsuits involving claims made against WMC, it is difficult to assess whether future losses will be consistent with WMC’s past experience. Adverse changes to WMC’s assumptions supporting the reserve may result in an increase to these reserves. Taking into account both recent settlement activity and the potential variability of settlements, WMC estimates a range of reasonably possible loss fro m $ 0 to approximately $ 500 million over its recorded reserve at December 31, 2014 . This estimate excludes any possible loss associated with an adverse court decision on the applicable statute of limitations, as WMC is unable at this time t o develop such a meaningful estimate. At December 31, 2014 , there were 15 lawsuits involving claims made against WMC arising from alleged breaches of representations and warranties on mortgage loans included in 14 securitizations. The adv erse parties in these cases are securitization trustees or parties claiming to act on their behalf. Although the alleged claims for relief vary from case to case, the complaints and counterclaims in these actions generally assert claims for breach of contr act, indemnification, and/or declaratory judgment, and seek specific performance (repurchase of defective mortgage loan) and/or money damages. Adverse court decisions, including in cases not involving WMC ( such as the New York Court of Appeals’ decision on statute of limitations, expected in 2015) , could result in new claims and lawsuits on additional loans. However, WMC continues to believe that it has defenses to the claims asserted in litigation, including, for example, based on causation and materiality requirements and applicable statutes of limitations. It is not possible to predict the outcome or impact of these defenses and other factors, any of which could materially affect the amount of any loss ultimately incurred by WMC on these claims. WMC has also received indemnification demands, nearly all of which are unspecified, from depositors/underwriters/sponsors of RMBS in connection with lawsuits brought by RMBS investors concerning alleged misrepresentations in the securitization offering documents to which WMC is not a party or, in two cases, involving mortgage loan repurchase claims made against RMBS sponsors. WMC believes that it has defenses to these demands. To the extent WMC is required to repurchase loans, WMC’s loss also would be affected b y several factors, including pay downs, accrued interest and fees, and the value of the underlying collateral. The reserve and estimate of possible loss reflect judgment, based on currently available information, and a number of assumptions, including econ omic conditions, claim and settlement activity, pending and threatened litigation, court decisions regarding WMC’s legal defenses, indemnification demands, government activity, and other variables in the mortgage industry. Actual losses arising from claims against WMC could exceed these amounts and additional claims and lawsuits could result if actual claim rates, governmental actions, litigation and indemnification activity, adverse court decisions, actual settlement rates or losses WMC incurs on repurchas ed loans differ from its assumptions . FINANCIAL INFORMATION FOR WMC (In millions) 2014 2013 2012 Total revenues and other income (loss) $ (291) $ (346) $ (500) Earnings (loss) from discontinued operations, net of taxes $ (199) $ (232) $ (337) Other Financial Services During the fourth quarter of 2013, we announced the planned disposition of Consumer Russia and classified the business as discontinued operations. We completed the sale in the first quarter of 2014 for proceeds of $ 232 million. FINANCIAL INFORMATION FOR CONSUMER RUSSIA (In millions) 2014 2013 2012 Total revenues and other income (loss) $ 24 $ 260 $ 276 Gain (loss) on disposal, net of taxes $ 4 $ (170) $ - Earnings (loss) from discontinued operations, net of taxes $ (2) $ (193) $ 33 During the first quarter of 2013, we announced the planned disposition of CLL Trailer Services and classified the business as discontinued operations. We completed the sale in the fourth quarter of 2013 for proceeds of $ 528 million. FINANCIAL INFORMATION FOR CLL TRAILER SERVICES (In millions) 2014 2013 2012 Total revenues and other income (loss) $ 1 $ 271 $ 399 Gain (loss) on disposal, net of taxes $ 12 $ 18 $ - Earnings (loss) from discontinued operations, net of taxes $ 37 $ (2) $ 22 During the first quarter of 2012, we announced the planned disposition of Consumer Ireland and classified the business as discontinued operations. We completed the sale in the third quarter of 2012 for proceeds of $ 227 million FINANCIAL INFORMATION FOR CONSUMER IRELAND (In millions) 2014 2013 2012 Total revenues and other income (loss) $ - $ - $ 7 Gain (loss) on disposal, net of taxes $ 1 $ 6 $ (121) Earnings (loss) from discontinued operations, net of taxes $ 1 $ 6 $ (195) GE Industrial During the fourth quarter of 2013, we recorded an increase to our tax reserve related to Spanish taxes for the years prior to our 2007 disposition of our Plastics business. During the third quarter of 2012, we resolved with the Internal Rev enue Service the tax treatment of the 2007 disposition of our Plastics business, resulting in a tax benefit of $ 148 million. The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GECC earnings (loss) from discon tinued operations, net of taxes, is reported as GE industrial earnings (loss) from discontinued operations, net of taxes, on the Statement of Earnings. FINANCIAL INFORMATION FOR GE INDUSTRIAL (In millions) 2014 2013 2012 Earnings (loss) from discontinued operations, net of taxes $ (5) $ (66) $ 147 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | note 3. INVESTMENT SECURITIES Substantially all of our investment securities are classified as available-for-sale. These comprise mainly investment-grade debt securities supporting obligations to annuitants, policyholders in our run-off insurance operations and supporting obligations to holders of guaranteed investment contracts (GICs) in Trinity . We do not have any securities classified as held-to-maturity. 2014 2013 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 $ - $ - $ 12 $ 21 $ 14 $ - $ 35 Corporate – non-U.S. 1 - - 1 13 - (1) 12 Equity Available-for-sale 69 4 (2) 71 302 9 (41) 270 Trading - - - - 6 - - 6 82 4 (2) 84 342 23 (42) 323 GECC Debt U.S. corporate 19,810 3,962 (69) 23,703 19,450 2,307 (217) 21,540 State and municipal 4,173 555 (53) 4,675 4,214 235 (190) 4,259 Residential mortgage-backed(a) 1,544 153 (5) 1,692 1,803 139 (46) 1,896 Commercial mortgage-backed 2,903 170 (10) 3,063 2,929 188 (82) 3,035 Asset-backed 304 8 (17) 295 448 7 (43) 412 Corporate – non-U.S. 908 109 (1) 1,016 1,131 85 (6) 1,210 Government – non-U.S. 1,560 152 (2) 1,710 2,062 81 (6) 2,137 U.S. government and federal agency 1,957 56 - 2,013 752 45 (27) 770 Retained interests - - - - 1 - - 1 Equity Available-for-sale 109 24 (1) 132 167 28 (2) 193 Trading 21 - - 21 22 - - 22 33,289 5,189 (158) 38,320 32,979 3,115 (619) 35,475 Eliminations (4) - - (4) (5) - - (5) Total $ 33,367 $ 5,193 $ (160) $ 38,400 $ 33,316 $ 3,138 $ (661) $ 35,793 (a) Substantially collateralized by U.S. mortgages. A t December 31, 2014 , $ 1,158 million related to securities issued by government-sponsored entities and $ 534 million related to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions . The fair value of investment securities increased to $ 38,400 million at December 31, 2014 , from $ 35,793 million at December 31, 2013 , primarily due to purchases of U.S. government and federal agency securities at Synchrony Financial, and higher net unrealized gains in U.S. corpor ate and State and municipal securities driven by lower interest rates in the U.S. ESTIMATED FAIR VALUE AND GROSS UNREALIZED LOSSES OF 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(a) losses(a)(b) fair value losses(b) 2014 Debt U.S. corporate $ 554 $ (16) $ 836 $ (53) State and municipal 67 (1) 308 (52) Residential mortgage-backed 30 - 146 (5) Commercial mortgage-backed 165 (1) 204 (9) Asset-backed 9 - 42 (17) Corporate – non-U.S. 42 (1) 3 - Government – non-U.S. 677 (2) 14 - U.S. government and federal agency 705 - 1 - Equity 10 (3) - - Total $ 2,259 $ (24) $ 1,554 $ (136) (c) 2013 Debt U.S. corporate $ 2,170 $ (122) $ 598 $ (95) State and municipal 1,051 (80) 367 (109) Residential mortgage-backed 219 (10) 430 (37) Commercial mortgage-backed 396 (24) 780 (58) Asset-backed 23 (2) 299 (42) Corporate – non-U.S. 94 (2) 160 (4) Government – non-U.S. 1,268 (6) 1 - U.S. government and federal agency 229 (27) 254 - Retained interests - - - - Equity 246 (43) - - Total $ 5,696 $ (316) $ 2,889 $ (345) (a) Includes the estimated fair value of and gross unrealized losses on Corporate-non-U.S. and Equity securities held by GE. At December 31, 2014, there were no Corporate-non-U.S. securities held by GE in a loss position. At December 31, 2014 , the estimated fair value of and gross unrealized losses on Equity securities were $ 4 million and $ (2) million, respectively. At December 31, 2013 , the estimated fair value of and gross unrealized losses on Corporate-non-U.S. securities were $ 12 million and $ (1) million, respectively. At December 31, 2013 the estimated fair value of and gross unrealized losses on Equity securities were $ 222 million and $ (41) million, respectively. (b) Included gross unrealized losses rel ated to securities that had other-than-temporary impairments previously recognized of an insignificant amount at December 31, 2014 . (c) The majority relate to debt securities held to support obligations to holders of GICs and substantially all are debt securities that we re considered to be investment-grade by the major rating agencies at December 31, 2014 . We regularly review investment securities for other-than-temporary impairment (OTTI) using both qualitative and quantitative criteria. For debt securities, our qualitative review considers our ability and intent to hold the security and the financial condition of and near-term prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. Our quantitative review consider s whether there has been an adverse change in expected future cash flows. Unrealized losses are not indicative of the amount of credit loss that would be recognized and at December 31, 2014 are primarily due to increases in market yields subsequent to our purch ase of the securities. We presently do not intend to sell the vast majority of our debt securities that are in an unrealized loss position and believe that it is not more likely than not that we will be required to sell the vast majority of these securitie s before anticipated recovery of our amortized cost. The methodologies and significant inputs used to measure the amount of credit loss for our investment securities during 2014 have not changed. For equity securities, we consider the duration and the severity of the unrealized loss. We believe that the unrealized loss associated with our equity securities will be recovered within the foreseeable future. Our corporate debt portfolio comprises securities issued by public and private corporations in various industries, primarily in the U.S. Substantially all of our corporate debt securities are rated investment grade by the major rating agencies. Our RMBS portfolio is collateralized primarily by pools of individual, direct mortgage loans, of which su bstantially all are in a senior position in the capital structure of the deals, not other structured products such as collateralized debt obligations. Of the total RMBS held at December 31, 2014 , $ 1,158 million and $ 534 million related to agen cy and non-agency securities, respectively. Additionally, $ 287 million was related to residential subprime credit securities, primarily supporting our guaranteed investment contracts. Substantially all of the subprime exposure is related to secu rities backed by mortgage loans originated in 2006 and prior. A majority of subprime RMBS have been downgraded to below investment grade and are insured by Monoline insurers ( Monolines ). We continue to place partial reliance on Monolines with adequate capi tal and claims paying resources depending on the extent of the Monoline’s anticipated ability to cover expected credit losses. Our commercial mortgage-backed securities (CMBS) portfolio is collateralized by both diversified pools of mortgages that were originated for securitization (conduit CMBS) and pools of large loans backed by high-quality properties (large loan CMBS), a majority of which were originated in 2007 and prior. The vast majority of the securities in our CMBS portfolio have investment-grad e credit ratings. PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES (In millions) 2014 2013 2012 Total pre-tax, OTTI recognized $ 317 $ 202 $ 122 Pre-tax, OTTI recognized in AOCI (4) (31) (51) Pre-tax, OTTI recognized in earnings(a) $ 313 $ 171 $ 71 (a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $ 220 million, $ 1 million and $ 10 million in 2014 , 2013 and 2012 , respectively CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD (In millions) 2014 2013 2012 Cumulative credit loss impairments recognized, beginning of period $ 474 $ 392 $ 512 Credit loss impairments recognized on securities not previously impaired - 121 14 Incremental credit loss impairments recognized on securities previously impaired 4 25 24 Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell 302 64 158 Cumulative credit loss impairments recognized, end of period $ 176 $ 474 $ 392 CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-SALE DEBT SECURITIES (EXCLUDING MORTGAGE-BACKED AND ASSET-BACKED SECURITIES) Amortized Estimated (In millions) cost fair value Due Within one year $ 2,385 $ 2,395 After one year through five years 3,110 3,346 After five years through ten years 4,683 5,060 After ten years 18,243 22,329 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES (In millions) 2014 2013 2012 GE Gains $ 3 $ 1 $ - Losses, including impairments (218) (20) (1) Net (215) (19) (1) GECC Gains 95 148 134 Losses, including impairments (108) (158) (134) Net (13) (10) - Total $ (228) $ (29) $ (1) Although we generally do not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing our investment securities portfolio, we may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. In some of our bank subsidiaries, we maintain a certain level of purchases and sales volume principally of non-U.S. gove rnment debt securities. In these situations, fair value approximates carrying value for these securities. Proceeds from investment securities sales and early redemptions by issuers totaled $ 3,968 millio n, $ 12,175 millio n and $ 11,797 million in 2014 , 2013 and 2012 , respectively, principally from sales of short-term government securities in our bank subsidiaries. The 2013 amount also included proceeds from the sale of Comcast guaranteed debt and short-term securi ties in our Treasury operations. We recognized pre-tax gains (lo sses) on trading securities of $ 13 million and $ 9 million in 2014 and 2013 , respectively . There were no pre-tax gains (losses) on trading securities in 2012. |
Current Receivables
Current Receivables | 12 Months Ended |
Dec. 31, 2014 | |
Current Receivables [Abstract] | |
Current Receivables | NOTE 4 . CURRENT RECEIVABLES Consolidated(a) GE(b) December 31 (In millions) 2014 2013 2014 2013 Power & Water $ 4,984 $ 3,895 $ 2,783 $ 2,335 Oil & Gas 5,775 5,444 3,215 3,134 Energy Management 1,655 1,540 731 686 Aviation 4,656 4,307 1,997 2,260 Healthcare 4,350 4,398 2,241 2,029 Transportation 454 526 351 318 Appliances & Lighting 1,468 1,337 216 273 Corporate items and eliminations 390 388 464 377 23,732 21,835 11,998 11,412 Less Allowance for Losses (495) (447) (485) (442) Total $ 23,237 $ 21,388 $ 11,513 $ 10,970 Includes GE industrial customer receivables factored through a GECC affiliate and reported as financing receivables by GECC. See Note 26. GE current receivables of $ 254 million and $ 127 million at December 31, 2014 and 2013 , respectively, arose from sales, principally of Aviation goods and services, on open account to various agencies of the U.S. government. As a percentage of GE revenues, approximately 3 % of GE sales of goods and services were to the U.S. governmen t in 2014 , compared with 4 % in 2013 and 2012 . GE current receivables balances at December 31, 2014 and 2013 , before allowance for losses, included $ 7,808 million and $ 7,441 million, respectively, from sa les of goods and services to customers, and $ 22 million and $ 37 million at December 31, 2014 and 2013 , respectively, from transactions with associated companies. The remainder of the balances primarily relate to revenue sharing progr ams and other non-income taxes. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2014 | |
Inventory, Net [Abstract] | |
Inventories | NOTE 5 . INVENTORIES December 31 (In millions) 2014 2013 GE Raw materials and work in process $ 9,820 $ 9,760 Finished goods 7,126 7,161 Unbilled shipments 755 609 17,701 17,530 Less revaluation to LIFO (62) (273) Total GE 17,639 17,257 GECC Finished goods 50 68 Total consolidated $ 17,689 $ 17,325 |
GECC Financing Receivables and
GECC Financing Receivables and Allowance for Losses on Financing Receivables | 12 Months Ended |
Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Abstract] | |
GECC Financing Receivables, Allowance For Losses On Financing Receivables | NOTE 6. GECC FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES FINANCING RECEIVABLES, NET December 31 (In millions) 2014 2013 Loans, net of deferred income $ 120,007 $ 128,371 Investment in financing leases, net of deferred income 6,554 7,094 126,561 135,465 Allowance for losses (4,104) (4,025) Financing receivables – net(a) $ 122,457 $ 131,440 (a) Financing receivables at December 31, 2014 and 2013 included $ 2 million and $ 16 million, respectively, relating to loans that had been acquired in a transfer but have been subject to credit deterioration since origination. GECC 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 ass ets. 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, medical equipment, autos and power generation equipment and facilities. For federal income tax purposes, the leveraged leases and the majority of the direct financing leases are leases in which GECC depreciates the leased assets and is taxed upon the accrual of rental income. Certain direct financing leases are loans for federal income tax purposes. For these transactions, GECC is taxed only on the portion of each payment that constitutes interest, unless the interest is tax-exempt (e.g., certain obligations of state governments). Investment in direct financing and leveraged leases represents net unpaid rentals and estimated unguaranteed residual values of leased equipment, less related deferred income. GECC has no general obligation for principal and interest on notes and other instruments representing third-party participation related to leveraged leases; such notes and other instrument s have not been included in liabilities but have been offset against the related rentals receivable. The GECC share of rentals receivable on leveraged leases is subordinate to the share of other participants who also have security interests in the leased e quipment. For federal income tax purposes, GECC is entitled to deduct the interest expense accruing on non-recourse financing related to leveraged leases. NET INVESTMENT IN FINANCING LEASES Total financing leases Direct financing leases(a) Leveraged leases(b) December 31 (In millions) 2014 2013 2014 2013 2014 2013 Total minimum lease payments receivable $ 7,907 $ 9,096 $ 4,821 $ 5,542 $ 3,086 $ 3,554 Less principal and interest on third-party non-recourse debt (1,868) (2,249) - - (1,868) (2,249) Net rentals receivables 6,039 6,847 4,821 5,542 1,218 1,305 Estimated unguaranteed residual value of leased assets 2,371 2,675 1,138 1,296 1,233 1,379 Less deferred income (1,856) (2,428) (1,170) (1,636) (686) (792) Investment in financing leases, net of deferred income 6,554 7,094 4,789 5,202 1,765 1,892 Less amounts to arrive at net investment Allowance for losses (39) (31) (24) (21) (15) (10) Deferred taxes (1,899) (1,790) (697) (189) (1,202) (1,601) Net investment in financing leases $ 4,616 $ 5,273 $ 4,068 $ 4,992 $ 548 $ 281 Included $ 46 million and $ 47 million of initial direct costs on direct financing le ases at December 31, 2014 and 2013 , respectively. Included pre-tax income of $ 53 million and $ 11 million and income tax of $ 20 million and $ 4 million during 2014 and 2013 , respectively. Net investment credits recognized on leveraged leases during 2014 and 2013 were insignificant . CONTRACTUAL MATURITIES Total Net rentals (In millions) loans receivable Due in 2015 $ 18,109 $ 1,382 2016 3,998 1,014 2017 3,913 796 2018 3,073 731 2019 3,154 533 2020 and later 22,896 1,583 55,143 6,039 Consumer revolving loans 64,864 - Total $ 120,007 $ 6,039 We expect actual maturities to differ from contractual maturities. Financing Receivables by Portfolio and Allowance for Losses During the fourth quarter of 2014, we combined our Consumer Non-U.S. auto portfolio into our Consumer Non-U.S. installment and revolving credit portfolio. Prior-period amounts were reclassi fied to conform to the current-period presentation. FINANCING RECEIVABLES (In millions) 2014 2013 Commercial CLL $ 14,418 $ 13,274 Energy Financial Services 2,580 3,107 GE Capital Aviation Services (GECAS) 8,263 9,377 Other 480 668 Total Commercial 25,741 26,426 Consumer Non-U.S. residential mortgages 24,893 30,501 Non-U.S. installment and revolving credit 10,400 15,731 U.S. installment and revolving credit 59,863 55,854 Other 5,664 6,953 Total Consumer 100,820 109,039 Total financing receivables 126,561 135,465 Allowance for losses (4,104) (4,025) Total financing receivables – net $ 122,457 $ 131,440 ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES Provision Balance at charged to Gross Balance at (In millions) January 1 operations Other (a) write-offs (b) Recoveries (b) December 31 2014 Commercial CLL $ 17 $ 10 $ - $ (15) $ 9 $ 21 Energy Financial Services 8 30 (1) (17) 6 26 GECAS 17 39 - (10) - 46 Other 2 - (2) - - - Total Commercial 44 79 (3) (42) 15 93 Consumer Non-U.S. residential mortgages 358 256 (151) (207) 69 325 Non-U.S. installment and revolving credit 650 338 (260) (787) 458 399 U.S. installment and revolving credit 2,823 2,875 19 (3,138) 607 3,186 Other 150 75 (33) (151) 60 101 Total Consumer 3,981 3,544 (425) (4,283) 1,194 4,011 Total $ 4,025 $ 3,623 $ (428) $ (4,325) $ 1,209 $ 4,104 2013 Commercial CLL $ 23 $ (3) $ 1 $ (15) $ 11 $ 17 Energy Financial Services 9 (1) - - - 8 GECAS 8 9 - - - 17 Other 3 (1) - (2) 2 2 Total Commercial 43 4 1 (17) 13 44 Consumer Non-U.S. residential mortgages 480 269 10 (458) 57 358 Non-U.S. installment and revolving credit 649 647 (106) (1,093) 553 650 U.S. installment and revolving credit 2,282 3,006 (51) (2,954) 540 2,823 Other 172 127 11 (236) 76 150 Total Consumer 3,583 4,049 (136) (4,741) 1,226 3,981 Total $ 3,626 $ 4,053 $ (135) $ (4,758) $ 1,239 $ 4,025 Other primarily included the 2014 reclassifications of Budapest Bank and GEMB-Nordic to held for sale, dispositions and the effects of currency exchange. GEMB-Nordic was subsequently sold in the fourth quarter of 2014. Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the curren t year, which may identify further deterioration on existing financing receivables . ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES Provision Balance at charged to Gross Balance at (In millions) January 1 operations Other (a) write-offs (b) Recoveries (b) December 31 2012 Commercial CLL $ 38 $ (3) $ - $ (21) $ 9 $ 23 Energy Financial Services 26 4 - (24) 3 9 GECAS 17 4 - (13) - 8 Other 37 1 (20) (17) 2 3 Total Commercial 118 6 (20) (75) 14 43 Consumer Non-U.S. residential mortgages 545 112 8 (261) 76 480 Non-U.S. installment and revolving credit 791 308 20 (1,120) 650 649 U.S. installment and revolving credit 2,008 2,666 (24) (2,906) 538 2,282 Other 199 132 18 (257) 80 172 Total Consumer 3,543 3,218 22 (4,544) 1,344 3,583 Total $ 3,661 $ 3,224 $ 2 $ (4,619) $ 1,358 $ 3,626 Other primarily included transfers to held for sale and the effects of currency exchange. Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 7. PROPERTY, PLANT AND EQUIPMENT Depreciable lives-new Original Cost Net Carrying Value December 31 (Dollars in millions) (in years) 2014 2013 2014 2013 GE Land and improvements 8 (a) $ 700 $ 707 $ 689 $ 671 Buildings, structures and related equipment 8-40 7,683 8,910 3,048 4,205 Machinery and equipment 4-20 23,437 25,323 9,085 9,701 Leasehold costs and manufacturing plant under construction 1-10 4,731 3,309 4,385 2,997 36,551 38,249 17,207 17,574 GECC(b) Land and improvements, buildings, structures and related equipment 1-35 (a) 1,197 1,353 407 414 Equipment leased to others Aircraft(c) 20 46,017 46,768 30,573 32,315 All other 6-25 767 783 539 558 47,981 48,904 31,519 33,287 Eliminations (462) (419) (390) (354) Total $ 84,070 $ 86,734 $ 48,336 $ 50,507 (a) Depreciable lives exclude land. (b) Included $ 731 million and $ 371 million of original cost of assets leased to GE with accumulated amortization of $ 60 million and $ 52 million at December 31, 2014 and 2013 , respectively. (c) The GECAS business of GE Capital recognized impairment losses of $ 445 million and $ 732 million in 2014 and 2013 , respectively. These losses are recorded in the caption “Other costs and expenses” in t he Statement of Earnings to reflect adjustments to fair value based on an evaluation of average current market values (obtained from third parties) of similar type and age aircraft, which are adjusted for the attributes of the specific aircraft under lease . Consolidated depreciation and amortization related to property, plant and equipment was $ 5,026 million, $ 5,283 million and $ 4,576 million in 2014 , 2013 and 2012 , respectively. Amortization of GECC equipment l eased to others was $ 2,386 million, $ 2,693 million and $ 2,127 million in 2014 , 2013 and 2012 , respectively. Noncancellable future rentals due from customers for equipment on operating leases at December 31, 2014 , are as follows: (In millions) Due in 2015 $ 3,761 2016 3,452 2017 3,130 2018 2,747 2019 2,374 2020 and later 6,537 Total $ 22,001 |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangibles Assets | 12 Months Ended |
Dec. 31, 2014 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | NOTE 8. ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions Upon closing an acquisition, we estimate the fair values of assets and liabilities acquired and consolidate the acquisition as quickly as possible. Given the time it takes to obtain pertinent information to finalize the acquired company’s balance sheet, then to adjust the acquired company’s accounting policies, procedures, and books and records to our standards, it is often several quarters before we are able to finalize those initial fair value estimates. Accordingly, it is not uncommon for our initial estimates to be subsequently revised. On June 20, 2014, GE’s offer to acquire the Thermal, Renewables and Grid businesses of Alstom for approximately € 12,350 million (to be adjusted for the assumed net cash or liability at closing) was positively recommended by Alstom’s board of directors. In addition, GE, Alstom and the French Government signed a memorandum of understanding for the formation of three joint ventures in gr id technology, renewable energy, and global nuclear and French steam power and Alstom will invest approximately € 2,600 million in these joint ventures. In the fourth quarter of 2014, Alstom completed its review of the proposed transaction with the works council and obtained approval from its shareholders. Also in the fourth quarter of 2014, GE and Alstom entered into an amendment to the original agreement where GE has agreed to pay Alstom a net amount of approximately € 260 million of addit ional consideration at closing. In exchange for this funding, Alstom has agreed to extend the trademark licensing of the Alstom name from 5 years to 25 years as well as other contractual amendments. The proposed transaction continues to be subject to regul atory approvals. The transaction is targeted to close in 2015. On June 2, 2014, we acquired Cameron’s Reciprocating Compression division for $ 550 million. The division provides reciprocating compression equipment and aftermarket services for oil and gas production, gas processing, gas distribution and independent power industries. The division is included in our Oil & Gas segment. The preliminary purchase price allocation resulted in goodwill of approximately $ 250 million and amortizable intangible assets of approximately $ 100 million. The allocation of the purchase price will be finalized upon completion of post-closing procedures. In the first quarter of 2014, we acquired several businesses in our Heal thcare segment. On February 12, 2014, we acquired API Healthcare (API) for $ 340 million in cash. API is a healthcare workforce management software and analytics solutions provider. The preliminary purchase price allocation resulted in goodwill of approximately $ 280 million and amortizable intangible assets of approximately $ 125 million. On March 21, 2014, we acquired certain Thermo Fisher Scientific Inc. life-science businesses for $ 1,065 million in cash. The primary busine ss acquired, Hyclone, is a leading manufacturer of products used to support biopharmaceutical research and production. The preliminary purchase price allocation resulted in goodwill of approximately $ 700 million and amortizable intangible assets o f approximately $ 320 million. The allocation of purchase prices will be finalized upon completion of post-closing procedures. In August 2013, we acquired the aviation business of Avio S.p.A. (Avio) for $ 4,449 million in cash. We recorded a pre-tax acquisition-related charge of $ 96 million related to the effective settlement of Avio’s pre-existing contractual relationships with GE. Avio is a manufacturer of aviation propulsion components and systems and is included in our Aviation segment. The purchase price allocation resulted in goodwill of $ 3,230 million and amortizable intangible assets of $ 1,817 million. In July 2013, we acquired Lufkin Industries, Inc. (Lufkin) for $ 3,309 million in cash. Lufkin is a leading provider of artificial lift technologies for the oil and gas industry and a manufacturer of industrial gears and is included in our Oil & Gas segment. The purchase price allocation resulted in goodwill of $ 2,120 million and amortizable inta ngible assets of $ 997 million . GOODWILL CHANGES IN GOODWILL BALANCES 2014 2013 Dispositions, Dispositions, currency currency Balance at exchange Balance at Balance at exchange Balance at (In millions) January 1 Acquisitions and other December 31 January 1 Acquisitions and other December 31 Power & Water $ 8,822 $ 21 $ (89) $ 8,754 $ 8,821 $ - $ 1 $ 8,822 Oil & Gas 10,516 276 (220) 10,572 8,365 2,217 (66) 10,516 Energy Management 4,748 - (178) 4,570 4,610 7 131 4,748 Aviation 9,103 - (151) 8,952 5,975 3,043 85 9,103 Healthcare 16,643 1,004 (115) 17,532 16,762 45 (164) 16,643 Transportation 1,012 2 (127) 887 999 - 13 1,012 Appliances & Lighting 606 - (380) 226 611 - (5) 606 GE Capital 11,960 - (504) 11,456 12,619 13 (672) 11,960 Corporate 3 31 - 34 - 4 (1) 3 Total $ 63,413 $ 1,334 $ (1,764) $ 62,983 $ 58,762 $ 5,329 $ (678) $ 63,413 Goodwill balances decreased by $ 430 million in 2014 , primarily as a result of currency exchange effects of a stronger U.S. dollar, the reclassification of goodwill associated with Appliances and Budapest Bank to assets of businesses held for sale, and the sale of GEMB-Nordic and other dispositions, partially offset by acquisitions at Healthcare and Oil & Gas. Goodwill balances increased $ 4,651 million in 2013, primarily as a result of the acquisitions of Avio and Lufkin, partially offset by dispositions. We test goodwill for impairment annually in the third quarter of each year using data as of July 1 of that year. The impairment test consists of two steps: in step one, the carrying value of the repor ting unit is compared with its fair value; in step two, which is applied when the carrying value is more than its fair value, the amount of goodwill impairment, if any, is derived by deducting the fair value of the reporting unit’s assets and liabilities f rom the fair value of its equity, and comparing that amount with the carrying amount of goodwill. We determined fair values for each of the reporting units using the market approach, when available and appropriate, or the income approach, or a combination of both. We assess the valuation methodology based upon the relevance and availability of the data at the time we perform the valuation. If multiple valuation methodologies are used, the results are weighted appropriately. Valuations using the market appr oach are derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk pro files, size, geography, and diversity of products and services. A market approach is limited to reporting units for which there are publicly traded companies that have the characteristics similar to our businesses. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most r ecent views of the long-term outlook for each business. Actual results may differ from those assumed in our forecasts. We derive our discount rates using a capital asset pricing model and analyzing published rates for industries relevant to our reporting u nits to estimate the cost of equity financing. We use discount rates that are commensurate with the risks and uncertainty inherent in the respective businesses and in our internally developed forecasts. Discount rates used in our reporting unit val uations ranged from 9.0% to 16.0 %. During the third quarter of 2014, we performed our annual impairment test of goodwill for all of our reporting units. Based on the results of our step one testing, the fair values of each of the GE reporting units exceeded their carrying values; therefore, the second step of the impairment test was not required to be performed for any of our reporting units and no goodwill impairment was recognized. While all of our reporting units passed step one of our annual impairment test ing, we identified one reporting unit for which the fair value was not substantially in excess of its carrying value. Within our Energy Management operating segment, the Power Conversion reporting unit was determined to have a fair value in excess of its c a rrying value by approximately 10%. The goodwill associated with the Power Conversion reporting unit was $ 1.5 billion at December 31, 2014 , representing approxima tely 2% of our total goodwill. While the goodwill of the reporting unit is not currently impaired, there could be an impairment in the future as a result of changes in certain estimates and assumptions. For example, the reporting unit’s f air value could be adversely affected and result in an impairment of goodwill if actual cash flows are belo w estimated cash flows , the estimated cash flows are discounted at a higher risk-adjusted rate or market multiples decrease . As of December 31, 2014 , we believe that the goodwill is recoverable for all of the reporting units; however, there can be no assurance s that the goodwill will not be impaired in future periods. Estimating the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is reasonably po ssible that the judgments and estimates described above could change in future periods . OTHER INTANGIBLE ASSETS - NET (In millions) 2014 2013 Intangible assets subject to amortization $ 13,725 $ 13,707 Indefinite-lived intangible assets(a) 130 160 Total $ 13,855 $ 13,867 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. INTANGIBLE ASSETS SUBJECT TO AMORTIZATION 2014 2013 Gross Gross carrying Accumulated carrying Accumulated December 31 (In millions) amount amortization Net amount amortization Net Customer-related $ 8,064 $ (2,261) $ 5,803 $ 7,481 $ (1,905) $ 5,576 Patents and technology 6,694 (2,900) 3,794 6,489 (2,511) 3,978 Capitalized software 7,349 (4,178) 3,171 7,355 (4,480) 2,875 Trademarks 1,151 (263) 888 1,356 (295) 1,061 Present value of future profits(a) 614 (614) - 574 (574) - All other 203 (134) 69 331 (114) 217 Total $ 24,075 $ (10,350) $ 13,725 $ 23,586 $ (9,879) $ 13,707 (a) Balances at December 31, 2014 and 2013 reflect adjustments of $ 293 million and $ 322 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. During 2014 , we recorded additions to intangible assets subje ct to amortization of $ 2,078 million. The components of finite-live d intangible assets acquired during 2014 and their respective weighted average amortizable period follow . COMPONENTS OF FINITE-LIVED INTANGIBLE ASSETS ACQUIRED DURING 2014 Weighted-average Gross amortizable period (In millions) carrying value (in years) Customer-related $ 730 14.1 Patents and technology 178 10.8 Capitalized software 1,112 5.6 Trademarks 52 17.2 All other 6 2.5 Consolidated amortization expense related to intangible assets subject to amortization was $ 1,648 million , $ 1,540 million and $ 1,366 million in 2014 , 2013 and 2012 , respectively. Estimated annual pre-tax amortization for intangible assets over the next five calendar years follows. ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION (In millions) 2015 2016 2017 2018 2019 Estimated annual pre-tax amortization $ 1,634 $ 1,496 $ 1,364 $ 1,216 $ 1,061 |
All Other Assets
All Other Assets | 12 Months Ended |
Dec. 31, 2014 | |
Other Assets [Abstract] | |
Other Assets | NOTE 9. ALL OTHER ASSETS December 31 (In millions) 2014 2013 GE Investments Associated companies $ 3,384 $ 3,937 Other 613 626 3,997 4,563 Contract costs and estimated earnings(a) 13,990 12,522 Long-term receivables, including notes 766 993 Derivative instruments 783 623 Other 5,144 5,007 24,680 23,708 GECC Investments Associated companies 13,091 14,085 Assets held for sale(b) 1,784 484 Other 1,278 379 16,153 14,948 Derivative instruments 1,630 868 Advances to suppliers 1,374 2,246 Deferred borrowing costs 849 867 Deferred acquisition costs(c) 17 29 Other 3,953 3,997 23,976 22,955 Eliminations (330) (265) Total $ 48,326 $ 46,398 (a) Contract costs and estimated earnings reflect revenues earned in excess of billings on our long-term contracts to construct technically complex equipment (such as power generation, aircraft engines and aeroderivative units) and long-term product maintenance or extended warranty arrangements. These amounts are presented net of related billings in excess of revenues relating to long-term product maintenance or extended warranty arrangements of $ 2,329 million and $ 1,842 million at December 31, 2014 and 2013 , respectively. (b) Assets were classified as held for sale on the date a decision was made to dispose of them through sale or other means. At December 31, 2014 and 2013 , such assets consisted primar ily of loans, aircraft, and other equipment , 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 $ 6 million and $ 10 mill ion at December 31, 2014 and 2013 , respectively. (c) Balances at December 31, 2014 and 2013 reflect adjustments of $ 624 million and $ 700 million, respectively, to deferred acquisition costs in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. |
Borrowings and Bank Deposits
Borrowings and Bank Deposits | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Borrowings and Bank Deposits | NOTE 10 . BORROWINGS AND BANK DEPOSITS December 31 (Dollars in millions) 2014 2013 Short-term borrowings Amount Average Rate(a) Amount Average Rate(a) GE Commercial paper $ 500 0.10 % $ - - % Payable to banks 343 1.32 346 3.38 Current portion of long-term borrowings 2,068 1.05 70 5.65 Other 961 1,425 Total GE short-term borrowings 3,872 1,841 GECC Commercial paper U.S. 22,019 0.19 24,877 0.18 Non-U.S. 2,993 0.25 4,168 0.33 Current portion of long-term borrowings(b)(c)(f) 36,995 2.54 38,266 2.71 GE Interest Plus notes(d) 5,467 1.01 8,699 1.11 Other(c) 231 276 Total GECC short-term borrowings 67,705 76,286 Eliminations (863) (1,250) Total short-term borrowings $ 70,714 $ 76,877 Long-term borrowings Maturities Amount Average Rate(a) Amount Average Rate(a) GE Senior notes 2017-2044 $ 11,945 4.25 % $ 10,968 3.63 % Payable to banks 2016-2019 5 0.89 10 1.10 Other 518 537 Total GE long-term borrowings 12,468 11,515 GECC Senior unsecured notes(b)(e) 2016-2055 162,194 2.72 185,605 2.96 Subordinated notes(f) 2021-2037 4,804 3.36 4,821 3.93 Subordinated debentures(g) 2066-2067 7,085 5.88 7,462 5.64 Other(c)(h) 12,676 9,643 Total GECC long-term borrowings 186,759 207,531 Eliminations (45) (128) Total long-term borrowings $ 199,182 $ 218,918 Non-recourse borrowings of consolidated securitization entities(i) 2015-2019 $ 19,369 1.16 % $ 19,721 1.17 % Bank deposits(j) $ 43,841 $ 38,171 Total borrowings and bank deposits $ 333,106 $ 353,687 Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging. Included $ 439 million and $ 481 million of obligations to holders of GICs at December 31, 2014 and 2013 , respectively. These obligations included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3. The remaining outstanding GICs will continue to be s ubject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC’s ratings, among other things. Included $ 4,835 million and $ 7,673 million of funding secured by real estate, aircraft and other collateral at December 31, 2014 and 2013 , respectively, of which $ 1,183 million and $ 1,899 million is non-recourse to GECC at December 31, 2014 and 2013 , respectively. Entirely variable denomination f loating-rate demand notes. Included $ 700 million of debt at both December 31, 2014 and 2013 raised by a funding entity related to Penske Truck Leasing Co., L.P. (PTL). GECC, as co-issuer and co-guarantor of the debt, reports this amount as bor rowings in its financial statements. GECC has been indemnified by the other limited partners of PTL for their proportionate share of the debt obligation. Also included $ 3,593 million related to Synchrony Financial. See Note 1. Included $ 300 million of subordinated notes guaranteed by GE at both December 31, 2014 and 2013 . Subordinated debentures receive rating agency equity credit. Included $ 8,245 million related to Synchrony Financial. See Note 1. Included $ 3,377 million and $ 6,208 million of current portion of long-term borrowings at December 31, 2014 and 2013 , respectively. See Note 23. Included $ 8,905 million and $ 12,472 million of deposits in non-U.S. banks at December 31, 2014 and 2013 , respectively, and $ 14,500 million and $ 11,481 million of certificates of deposits with maturities greater than one year at December 31, 2014 and 2013 , respectively. In the first quarter of 2014, GE issued $ 3,000 million senior unsecured debt, composed of $ 750 million aggregate principal amount of 3.375 % Notes due 2024 and $ 2,250 million aggregate principal amount of 4.500 % Notes due 2044 . Additional information about borrowings and assoc iated swaps can be found in Note 22. L iquidity is affected by debt maturities and our ability to repay or refinance such debt. Long-term debt maturities over the next five years follow. (In millions) 2015 2016 2017 2018 2019 GE $ 2,068 $ 194 $ 4,052 $ 28 $ 29 GECC 36,995 (a) 31,116 26,858 18,890 21,899 (a) Fixed and floating rate notes of $ 474 million contain put options with exercise dates in 2015, and which have final maturity beyond 2019. Committed credit lines totaling $ 44.9 billion had been extended to us by 50 banks at year-end 2014 . GECC can borrow up to $ 44.4 billion under these credit lines. GE can borrow up to $ 14.2 billion under certain of these credit lines. The GECC lines include $ 25.1 billion of revolving credit agreem ents under which we can borrow funds for periods exceeding one year. Additionally, $ 19.3 billion are 364-day lines that contain a term-out feature that allows us to extend the borrowings for two years from the date on which such borrowings would o therwise be due. |
Investment Contracts Insurance
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense Abstract | |
LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock | NOTE 11. INVESTMENT CONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS 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) 2014 2013 Investment contracts $ 2,970 $ 3,144 Guaranteed investment contracts 1,000 1,471 Total investment contracts 3,970 4,615 Life insurance benefits(a) 20,688 18,959 Other(b) 3,369 3,405 28,027 26,979 Eliminations (449) (435) Total $ 27,578 $ 26,544 Life insurance benefits are accounted for mainly by a net-level-premium method using estimated yields generally ranging from 3.0 % to 8.5 % in both 2014 and 2013 . Substantially all unpaid claims and claims adjustment expenses and unearned premiums. When insurance affiliates cede insurance risk to third parties, such as reinsurers, they are not relieved of their primary obligation to policyholders. When losses on ceded risks give rise to claims for recovery, we establi sh allowances for probable losses on such receivables from reinsurers as required. Reinsurance recoverables are included in the caption “Other GECC receivables" on our Statement of Financial Position, and amounted to $ 1,759 million and $ 1,685 million at December 31, 2014 and 2013 , 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 $ 240 million, $ 250 million and $ 234 million in December 31, 2014 , 2013 and 2012 , respectively. |
Postretirement Benefit Plans
Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
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 grea ter 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. Salaried employees who commence service on or after January 1, 2011 and any employee who commences service on or after January 1, 2012 will not be eligible to participate in the GE Pension Plan, but will participate in a defined contribution retirement program. The GE Supplementary Pension Plan is an unfunded pl an providing supplementary retirement benefits primarily to higher-level, longer-service U.S. employees. Other Pension Plans in 2014 included 40 U.S. and non-U.S. pension plans with pension assets or obligations greater than $ 50 million. These defined benefit plans generally provide benefits to employees based on formulas recognizing length of service and earnings. PENSION PLAN PARTICIPANTS Principal Other pension pension December 31, 2014 Total plans plans Active employees 117,000 86,000 31,000 Vested former employees 225,000 179,000 46,000 Retirees and beneficiaries 267,000 232,000 35,000 Total 609,000 497,000 112,000 COST OF PENSION PLANS Total Principal pension plans Other pension plans (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Service cost for benefits earned $ 1,608 $ 1,970 $ 1,779 $ 1,205 $ 1,535 $ 1,387 $ 403 $ 435 $ 392 Prior service cost amortization 220 253 287 214 246 279 6 7 8 Expected return on plan assets (3,979) (4,163) (4,394) (3,190) (3,500) (3,768) (789) (663) (626) Interest cost on benefit obligations 3,332 2,983 2,993 2,745 2,460 2,479 587 523 514 Net actuarial loss amortization 2,770 4,007 3,701 2,565 3,664 3,421 205 343 280 Curtailment loss 65 - - 65 (a) - - - - - Pension plans cost $ 4,016 $ 5,050 $ 4,366 $ 3,604 $ 4,405 $ 3,798 $ 412 $ 645 $ 568 (a) Loss resulting from our agreement with Electrolux to sell the GE Appliance s business. Actuarial assumptions The actuarial assumptions at December 31 are used to measure the year-end benefit obligations and the pension costs for the subsequent year. Principal pension plans Other pension plans (weighted average) December 31 2014 2013 2012 2011 2014 2013 2012 2011 Discount rate 4.02 % 4.85 % 3.96 % 4.21 % 3.53 % 4.39 % 3.92 % 4.42 % Compensation increases 4.10 4.00 3.90 3.75 3.60 3.76 3.30 4.31 Expected return on assets 7.50 7.50 8.00 8.00 6.95 6.92 6.82 7.09 To determine the expected long-term rate of return on pension plan assets, we consider current and target asset allocations, as well as historical and expected returns on various categories of plan assets. In developing future return expectations for our principal pension plans' assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns such as expe cted earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given current and target allocations. Based on our analysis of future expectations of asset performance, past return results, and our current and target asset allocations, we have assumed a 7.5 % long-term expected return on those assets for cost recogn ition in 2015. For the principal pension plans, we apply our expected rate of return to a market-related value of assets, which stabilizes variability in the amounts to which we apply that expected return. The Society of Actuaries recently issued new mort ality tables projecting longer life expectancies that will result in higher postretirement benefit obligations for U.S. companies. We updated our mortality assumptions at December 31, 2014. The new mortality assumptions increased our principal pension plan s’ benefit obligations by $ 3,953 million at December 31, 2014. We amortize experience gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions, over a period no longer than the average future service of emp loyees. Funding policy The funding policy for the GE Pension Plan is to contribute amounts sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws plus such additional amounts as we may determine to be appropriate. We did not make contr ibutions to the GE Pension Plan in 2014 and 2013. The ERISA minimum funding requirements do not require a contribution in 2015. We expect to pay approximately $ 265 million for benefit payments under our GE Supplementary Pension Plan and administr ative expenses of our principal pension plans and expect to contribute approximately $ 540 million to other pension plans in 2015. In 2014 , comparative amounts were $ 236 million and $ 726 million, respectively. Benefit obligations Benefit obligations are described in the following tables. Accumulated and projected benefit obligations (ABO and PBO) represent the obligations of a pension plan for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current compensation levels. PBO is ABO increased to reflect expected future compensation. PROJECTED BENEFIT OBLIGATION Principal pension plans Other pension plans (In millions) 2014 2013 2014 2013 Balance at January 1 $ 58,113 $ 63,502 $ 13,535 $ 13,584 Service cost for benefits earned 1,205 1,535 403 435 Interest cost on benefit obligations 2,745 2,460 587 523 Participant contributions 153 156 9 14 Plan amendments - - (29) 11 Actuarial loss (gain) 11,718 (a) (6,406) (b) 2,170 (b) (575) (b) Benefits paid (3,199) (3,134) (493) (477) Acquisitions (dispositions) / other - net - - 48 46 Exchange rate adjustments - - (641) (26) Balance at December 31(c) $ 70,735 $ 58,113 $ 15,589 $ 13,535 Principally associated with discount rate and mortality assumption changes. Principally associated with discount rate changes. The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $ 6,632 million and $ 5,162 m illion at year-end 2014 and 2013 , respectively. ACCUMULATED BENEFIT OBLIGATION December 31 (In millions) 2014 2013 GE Pension Plan $ 61,631 $ 50,967 GE Supplementary Pension Plan 5,070 3,946 Other pension plans 14,790 12,629 PLANS WITH ASSETS LESS THAN ABO December 31 (In millions) 2014 2013 Funded plans with assets less than ABO Plan assets $ 53,126 $ 57,430 Accumulated benefit obligations 67,676 60,715 Projected benefit obligations 70,354 63,532 Unfunded plans(a) Accumulated benefit obligations 6,719 5,243 Projected benefit obligations 8,342 6,512 (a ) Primarily related to the GE Supplementary Pension Plan. Plan Assets The fair value of the classes of the pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of the assets are consistently applied and described in Note 1. FAIR VALUE OF PLAN ASSETS Principal pension plans Other pension plans (In millions) 2014 2013 2014 2013 Balance at January 1 $ 48,297 $ 44,738 $ 11,059 $ 9,702 Actual gain on plan assets 2,793 6,312 1,537 1,212 Employer contributions 236 225 726 673 Participant contributions 153 156 9 14 Benefits paid (3,199) (3,134) (493) (477) Acquisitions (dispositions) / other - net - - - (31) Exchange rate adjustments - - (452) (34) Balance at December 31 $ 48,280 $ 48,297 $ 12,386 $ 11,059 ASSET ALLOCATION Other pension plans Principal pension plans (weighted average) 2014 2014 2014 2014 Target Actual Target Actual allocation allocation allocation allocation Equity securities(a) 17 - 57 % (b) 45 % (c) 39 % 48 % Debt securities (including cash equivalents) 13 - 53 31 35 38 Private equities 8 - 18 11 7 2 Real estate 2 - 12 7 9 6 Other investments(d) 3 - 13 6 10 6 Includes investment funds that primarily hold this type of asset. Target equally divided between U.S. equity securities and non-U.S. equity securities. Actual allocations were 25 % for U.S. equity securities and 20 % for non-U.S. equity securities. Substantially all represented hedge fund investments. Plan fiduciaries of the GE Pension Plan set investment policies and strategies for the GE Pension Trust and oversee its investment allocation, which includes selecting investment man agers, commissioning periodic asset-liability studies and setting long-term strategic targets. Long-term strategic investment objectives take into consideration a number of factors, including the funded status of the plan, a balance between risk and return and the plan’s liquidity needs. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. Plan fiduciaries monitor the GE Pension Plan’s liquidity position in order to meet the near-term benefit payment and other cash needs. The GE Pension Plan holds short-term debt securities to meet its liquidity needs. GE Pension Trust asse ts are invested subject to the following additional guidelines: Short-term securities purchased must generally be rated A-1/P-1 or better, except for 15 % of such securities that may be rated A-2/P-2 and other short-term securities as may be app roved by the plan fiduciaries. Real estate investments may not exceed 25 % of total assets. Investments in restricted securities (excluding real estate investments) that are not freely tradable may not exceed 30 % of total assets (actua l was 17 % of trust assets at December 31, 2014 ). According to statute, the aggregate holdings of all qualifying employer securities (e.g., GE common stock) and qualifying employer real property may not exceed 10 % of the fair value of trust assets at the time of purchase. GE securities represented 3.8 % and 4.5 % of trust assets at year-end 2014 and 2013 , respectively. The GE Pension Plan has a broadly diversified portfolio of investments in equities, fixed income, private equities, real estate and hedge funds; these investments are both U.S. and non-U.S. in nature. As of December 31, 2014 , U.S. government direct and indirect obligations represented 16 % of total GE Pension Plan assets. No other sector concentr ation of assets exceeded 15 % of total GE Pension Plan assets. The following tables present GE Pension Plan investments measured at fair value. (In millions) Level 1 Level 2 Level 3 Total December 31, 2014 Equity securities U.S. equity securities(a) $ 11,493 $ 1,463 $ - $ 12,956 Non-U.S. equity securities(a) 7,021 2,132 - 9,153 Debt securities Fixed income and cash investment funds 245 4,255 - 4,500 U.S. corporate(b) - 5,153 2 5,155 Residential mortgage-backed - 1,118 1 1,119 Non-U.S. Corporate - 1,097 3 1,100 U.S. government and federal agency - 2,468 - 2,468 Other debt securities(c) - 1,042 - 1,042 Private equities(a) - 32 5,217 5,249 Real estate(a) - - 3,129 3,129 Other investments(d) - 70 2,248 2,318 Total investments $ 18,759 $ 18,830 $ 10,600 $ 48,189 Other(e) 91 Total assets $ 48,280 December 31, 2013 Equity securities U.S. equity securities(a) $ 11,067 $ 1,568 $ - $ 12,635 Non-U.S. equity securities(a) 7,832 1,292 - 9,124 Debt securities Fixed income and cash investment funds - 2,078 - 2,078 U.S. corporate(b) - 4,555 - 4,555 Residential mortgage-backed - 1,093 - 1,093 Non-U.S. Corporate - 1,269 - 1,269 U.S. government and federal agency - 5,253 - 5,253 Other debt securities(c) - 1,048 - 1,048 Private equities(a) - - 6,269 6,269 Real estate(a) - - 3,354 3,354 Other investments(d) - 169 1,622 1,791 Total investments $ 18,899 $ 18,325 $ 11,245 $ 48,469 Other(e) (172) Total assets $ 48,297 (a) Included direct investments and investment funds. (b) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (c) Primarily represented investments in state and municipal debt, non-U.S. government bonds and commercial mortgage-backed securities. (d) Substantially all represented hedge fund investments. (e) Primarily represented net unsettled transactions related investment activity and cash balances. The following tables present the changes in Level 3 investments for the GE Pension Plan. CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2014 gains (losses) (a) gains (losses) (a) settlements Level 3 (b) 2014 Debt securities $ - $ (9) $ 11 $ 4 $ - $ 6 Private equities 6,269 592 (54) (1,565) (25) 5,217 Real estate 3,354 36 334 (595) - 3,129 Other investments 1,622 47 86 194 299 2,248 $ 11,245 $ 666 $ 377 $ (1,962) $ 274 $ 10,600 The realized/unrealized gains (losses) include $ 899 million related to assets still held and $ 144 million for assets no longer held. Transfers in and out of Le vel 3 are considered to occur at the beginning of the period. CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2013 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2013 gains (losses) (a) gains (losses) (a) settlements Level 3 (b) 2013 Debt securities $ 75 $ (7) $ - $ (65) $ (3) $ - Private equities 6,878 525 588 (1,675) (47) 6,269 Real estate 3,356 23 330 (355) - 3,354 Other investments 1,694 (1) 200 (77) (194) 1,622 $ 12,003 $ 540 $ 1,118 $ (2,172) $ (244) $ 11,245 The realized/unrealized gains (losses) include $ 1,616 million related to assets still held and $ 42 million for assets no longer held. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Other pension plans’ assets were $ 12,386 million and $ 11,059 million at December 31, 2014 and 2013 , respectively. Public equity and debt securities amounting to $ 10,578 million and $ 9,781 million represented approximately 86 % and 89 % of total investments at December 31, 2014 and 2013 , respectively. The plans’ investments were classified as 9 % Level 1, 77 % Level 2 and 14 % Level 3 at December 31, 2014 . The plans’ investments were classified as 11 % Level 1, 78 % Level 2 and 11 % Level 3 at December 31, 2013 . The changes in Level 3 investments between the years ended December 31, 2014 and 2013 were primarily due to investments in hedge funds and real e state. Other changes in Level 3 investments were insignificant for the years ended December 31, 2014 and 2013 . PENSION ASSET (LIABILITY) Principal pension plans Other pension plans December 31 (In millions) 2014 2013 2014 2013 Funded status(a)(b) $ (22,455) $ (9,816) $ (3,203) $ (2,476) Pension asset (liability) recorded in the Statement of Financial Position Pension asset $ - $ - $ 295 $ 325 Pension liabilities Due within one year(c) (190) (170) (72) (67) Due after one year (22,265) (9,646) (3,426) (2,734) Net amount recognized $ (22,455) $ (9,816) $ (3,203) $ (2,476) Amounts recorded in shareowners’ equity (unamortized) Prior service cost (credit) $ 881 $ 1,160 $ (23) $ 9 Net actuarial loss 21,105 11,555 3,533 2,459 Total $ 21,986 $ 12,715 $ 3,510 $ 2,468 (a) Fair value of assets less PBO, as shown in the preceding tables. (b) The GE Pension Plan was underfunded by $ 15.8 billion and $ 4.7 billion at December 31, 2014 and 2013 , respectively. (c) For principal pension plans, represents the GE Supplementary Pension Plan liability. In 2015, we estimate that we will amortize $ 210 million of prior service cost and $ 3,300 million of net actuarial loss for the principal pension plans from shareowners’ equity into pension cos t. For other pension plans, the estimated prior service cost and net actuarial loss to be amortized in 2015 will be $ 5 million and $ 305 million, respectively. Comparable amortized amounts in 2014 , respectively, were $ 214 million and $ 2,565 million for the principal pension plans and $ 6 million and $ 205 million for other pension plans. ESTIMATED FUTURE BENEFIT PAYMENTS 2020 - (In millions) 2015 2016 2017 2018 2019 2024 Principal pension plans $ 3,225 $ 3,300 $ 3,380 $ 3,465 $ 3,560 $ 19,430 Other pension plans $ 505 $ 510 $ 520 $ 530 $ 540 $ 2,925 Retiree Health and Life Benefits We sponsor a number of retiree health and life insurance benefit plans (retiree benefit plans). Principal retiree benefit plans are discussed below; other such plans are not significant individually or in the aggregate. We use a December 31 measurement date for our plans. Principal Retiree Benefit Plans provide health and life insurance benefits to eligible participants and these participants share in the cost of healthcare benefits. These plans cover approximately 193,000 retirees and dependents. In 2012 , we amended our principal retiree benefit plans such that, effective January 1, 2015, our post-65 retiree health plans will be closed to certain salaried and retired salaried employees who are not enrolled in the plans as of that date, and we will no longer offer company-provided life insurance in retirement for certain salaried employees who retire after that date. In 2014, we amended our post-65 retiree health plans for certain former salaried employees a nd eligible dependents. Effective January 1, 2015, the Company will provide eligible participants with a Retiree Reimbursement Account to help pay for coverage purchased through a private exchange instead of offering our current post-65 retiree health plan s. COST OF PRINCIPAL RETIREE BENEFIT PLANS (In millions) 2014 2013 2012 Service cost for benefits earned $ 164 $ 229 $ 219 Prior service cost amortization 353 393 518 Expected return on plan assets (50) (60) (73) Interest cost on benefit obligations 424 410 491 Net actuarial loss (gain) amortization (150) (45) 32 Net curtailment/settlement loss (gain) 48 (a) - (101) Retiree benefit plans cost $ 789 $ 927 $ 1,086 (a) Loss resulting from our agreement with Electrolux to sell the GE Appliances business. Actuarial assumptions The actuarial assumptions at December 31 are used to measure the year-end benefit obligations and the retiree benefit plan costs for the subsequent year. December 31 2014 2013 2012 2011 Discount rate 3.89 % 4.61 %(a) 3.74 %(a) 4.09 %(a) Compensation increases 4.10 4.00 3.90 3.75 Expected return on assets 7.00 7.00 7.00 7.00 Initial healthcare trend rate(b) 6.00 6.00 6.50 7.00 Weighted average discount rates of 4.47 %, 3.77 %, and 3.94 % were used for determination of costs in 2014 , 2013 and 2012 , respectively. For 2014 , ultimately declining to 5 % for 2030 and thereafter. To determine the expected long-term rate of return on retiree life plan assets, we consider current and target asset allocations, historical and expected returns on various categories of plan assets, as well as expected benefit payments and resulting asset levels. In developing future return expectations for retiree benefit plan assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationshi ps among a number of key variables that impact asset class returns such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diver sification across classes to determine expected overall portfolio results given current and target allocations. Based on our analysis of future expectations of asset performance, past return results, our current and target asset allocations as well as a sh orter time horizon for retiree life plan assets, we have assumed a 7.0 % long-term expected return on those assets for cost recognition in 2015. We apply our expected rate of return to a market-related value of assets, which stabilizes variability in the amounts to which we apply that expected return. The Society of Actuaries recently issued new mortality tables projecting longer life expectancies that will result in higher postretirement obligations for U.S. companies. We updated our mortality a ssumptions at December 31, 2014. The new mortality assumptions increased our principal retiree benefit plans’ benefit obligations by $ 612 million at December 31, 2014. We amortize experience gains and losses, as well as the effects of changes i n actuarial assumptions and plan provisions, over a period no longer than the average future service of employees. Funding Policy We fund retiree health benefits on a pay-as-you-go basis. We expect to contribute approximately $ 540 million in 20 15 to fund such benefits. We fund the retiree life insurance trust at our discretion. Changes in the accumulated postretirement benefit obligation for retiree benefit plans follow. ACCUMULATED POSTRETIREMENT BENEFIT OBLIGATION (APBO) (In millions) 2014 2013 Balance at January 1 $ 9,913 $ 11,804 Service cost for benefits earned 164 229 Interest cost on benefit obligations 424 410 Participant contributions 52 52 Plan amendments (586) - Actuarial loss (gain) 1,440 (a) (1,836) (b) Benefits paid (704) (746) Balance at December 31(c) $ 10,703 $ 9,913 Primarily associated with discount rate and mortality assumption changes . Primarily associated with discount rate change and lower costs from new healthcare supplier contracts . The APBO for the retiree health plans was $ 8,445 million and $ 7,626 million at year-end 2014 and 2013 , respectively. A one percentage point change in the assumed healthcare cost trend rate would have the following effects. 1% 1% (In millions) Increase Decrease APBO at December 31, 2014 $ 977 $ (810) Service and interest cost in 2014 56 (47) Plan Assets The fair value of the classes of retiree benefit plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of assets are consistently applied and described in Note 1. FAIR VALUE OF PLAN ASSETS (In millions) 2014 2013 Balance at January 1 $ 903 $ 946 Actual gain on plan assets 44 118 Employer contributions 518 533 Participant contributions 52 52 Benefits paid (704) (746) Balance at December 31 $ 813 $ 903 ASSET ALLOCATION 2014 2014 Target Actual December 31 allocation allocation Equity securities(a) 35 - 75 %(b) 50 %(c) Debt securities (including cash equivalents) 11 - 46 26 Private equities 0 - 25 13 Real estate 0 - 12 9 Other investments(d) 0 - 10 2 Includes investment fund s that primarily hold this type of asset. Target allocations were 18 - 38 % for U.S. equity securities and 17 - 37 % for non-U.S. equity securities. Actual allocations were 29 % for U.S. equity securities and 21 % for non-U.S. equity securities. Substantially all represented hedge fund investments. Plan fiduciaries set investment policies and strategies for the trust and oversee its investment allocation, which includes sel ecting investment managers and setting long-term strategic targets. The primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet the near-term benefit payment and other c ash needs. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. S hort -term securities purchased must generally be rated A-1/P-1 or better, except for 15 % of such securities that may be rated A-2/P-2 and other short-term securities as may be approved by the plan fiduciaries. According to statute, the aggregate hol dings of all qualifying employer securities (e.g., GE common stock) and qualifying employer real property may not exceed 10 % of the fair value of trust assets at the time of purchas e. GE securities represented 3.9 % and 4.0 % o f trust assets at year-end 2014 and 2013 , respectively. Re tiree life plan assets were $ 813 million and $ 903 million at December 31, 2014 and 2013 , respectively. Public e quity and debt securities amounting to $ 615 million and $ 727 million represented approximately 78 % and 77 % of total investments at December 31, 2014 and 2013 , respectively. The plans’ i nvestments were classified as 37 % Level 1, 41 % L evel 2 and 22 % Level 3 at December 31, 2014 . The plans’ i nvestments were classified as 33 % Level 1, 43 % Level 2 and 24 % Level 3 at December 31, 2013 . The changes in Level 3 investments were insignificant for the years ende d December 31, 2014 and 2013 . RETIREE BENEFIT ASSET(LIABILITY) December 31 (In millions) 2014 2013 Funded status(a) $ (9,890) $ (9,010) Liability recorded in the Statement of Financial Position Retiree health plans Due within one year $ (518) $ (531) Due after one year (7,927) (7,095) Retiree life plans (1,445) (1,384) Net liability recognized $ (9,890) $ (9,010) Amounts recorded in shareowners' equity (unamortized) Prior service cost (credit) $ (24) $ 963 Net actuarial gain (71) (1,667) Total $ (95) $ (704) (a ) Fair value of assets less APBO, as shown in the preceding tables. In 2015, we estimate that we will amortize $ 125 million of prior service cost and $ 5 million of net actuarial loss from shareowners’ equity into retiree benefit plans cost. Comparable amortized amounts in 2014 were $ 353 million of prior service cost and $ 150 million of net actuarial gain. ESTIMATED FUTURE BENEFIT PAYMENTS 2020 - (In millions) 2015 2016 2017 2018 2019 2024 $ 680 $ 665 $ 670 $ 675 $ 685 $ 3,285 POSTRETIREMENT BENEFIT PLANS 2014 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME Total Principal Other Retiree postretirement pension pension benefit (In millions) benefit plans plans plans plans Cost of postretirement benefit plans $ 4,805 $ 3,604 $ 412 $ 789 Changes in other comprehensive income Prior service cost – current year (615) - (29) (586) Net actuarial loss – current year(a) 14,843 12,115 1,282 1,446 Net curtailment/settlement (113) (65) - (48) Prior service cost amortization (573) (214) (6) (353) Net actuarial gain (loss) amortization (2,620) (2,565) (205) 150 Total changes in other comprehensive income 10,922 9,271 1,042 609 Cost of postretirement benefit plans and changes in other comprehensive income $ 15,727 $ 12,875 $ 1,454 $ 1,398 (a) Principally associated with discount rate and mortality assumption changes. |
All Other Liabilities
All Other Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
All Other Liabilities [Abstract] | |
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, environmental remediation, asset retirement obligations, derivative instruments, product warranties and a variety of sundry items. Accruals for non-current compensation and benefits amounted to $ 42,015 million and $ 27,556 million at December 31, 2014 and 2013 , respectively. These amo unts include compensation and benefit liabilities, such as post retirement benefits and deferred incentive compensation. See Note 12. We are involved in numerous remediation actions to clean up hazardous wastes as required by federal and state laws. Liabi lities 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 o f such range. It is reasonably possible that our environmental remediation exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites, such amounts are n ot reasonably estimable. Total reserves related to environmental remediation and asbestos claims, were $ 2,182 million at December 31, 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 14. INCOME TAXES GE and GECC file a consolidated U.S. federal income tax return. This enables GE to use GECC tax deductions and credits to reduce the tax that otherwise would have been payable by GE. The GECC effective tax rate for each period reflects the benefit of these tax reductions in the consolidated return. GE makes cash payments to GECC for these tax reductions at the time GE’s tax payments are due. (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2014 2013 2012 GE Current tax expense $ 2,110 $ 4,239 $ 2,307 Deferred tax expense (benefit) from temporary differences (476) (2,571) (294) 1,634 1,668 2,013 GECC Current tax expense (benefit) 727 454 1,597 Deferred tax expense (benefit) from temporary differences (853) (910) (1,084) (126) (456) 513 Consolidated Current tax expense 2,837 4,693 3,904 Deferred tax expense (benefit) from temporary differences (1,329) (3,481) (1,378) Total $ 1,508 $ 1,212 $ 2,526 CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) 2014 2013 2012 U.S. earnings $ 5,107 $ 6,207 $ 7,682 Non-U.S. earnings 9,047 7,216 6,879 Total $ 14,154 $ 13,423 $ 14,561 CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2014 2013 2012 U.S. Federal Current(a) $ 442 $ 1,214 $ 2,017 Deferred (71) (2,375) (1,417) Non - U.S. Current 2,525 3,336 1,672 Deferred (1,067) (1,132) 193 Other (321) 169 61 Total $ 1,508 $ 1,212 $ 2,526 (a ) Includes the benefit from GECC deductions and credits applied against GE’s current U.S. tax expense. 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 United States as a dividend. This provision is consistent with international tax norms and permits U.S. financial servic es companies to compete more effectively with non-U.S. financial institutions in global markets. This provision, which had expired at the end of 2013, was reinstated in December 2014 retroactively for one year through the end of 2014. The provision also ha d been scheduled to expire and had been extended by Congress on seven previous occasions, but there can be no assurance that it will continue to be extended. In the event the provision is not extended after 2014, the current U.S. tax imposed on active fina ncial services income earned outside the United States would increase, making it more difficult for U.S. financial services companies to compete in global markets. I f this provision is not extended, we expect our effective tax rate to increase significantly after 2015. RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE Consolidated GE GECC 2014 2013 2012 2014 2013 2012 2014 2013 2012 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase (reduction) in rate resulting from inclusion of after-tax earnings of GECC in before-tax earnings of GE - - - (11.2) (12.6) (11.3) - - - Tax on global activities including exports(a) (17.6) (19.3) (8.8) (9.4) (5.1) (5.1) (25.3) (41.0) (11.1) U.S. business credits(b) (2.4) (3.3) (2.1) (0.8) (1.8) (0.8) (5.1) (4.3) (3.7) Business Property disposition - - (2.3) - - - - - (6.5) All other – net (4.3) (3.4) (4.5) (2.0) (3.4) (3.4) (7.4) 0.4 (3.7) (24.3) (26.0) (17.7) (23.4) (22.9) (20.6) (37.8) (44.9) (25.0) Actual income tax rate 10.7 % 9.0 % 17.3 % 11.6 % 12.1 % 14.4 % (2.8) % (9.9) % 10.0 % Included (2.1) % and (6.4) % in consolidated and GECC, respectively, related to the sale of GEMB-Nordic in 2014 and (7.3) % and (21.2) % in consolidated and GECC, respectively, related to the sale of 68.5 % of our Swiss consumer finance bank, Cembra Money Bank AG ( Cembra ), through an initial public offering in 2013 . Also included 1.9% in both consolidated and GE related to repatriation of prior years’ non-U.S. earnings in 2013. U.S. general business credits, primarily the credit for manufacture of energy efficient appliances, the credit for energy produced from renewable sources, the advanced energy project credit, the low-income housing credit and the credit for research performed in the U.S. UNRECOGNIZED TAX POSITIONS Annually, we file over 5,500 income tax returns in over 250 global taxing jurisdictions. We are under examination or engaged in tax litigation in many of these jurisdictions. During 2013, the Internal Revenue Service (IRS) completed the audit of our consolidated U.S. income tax returns for 2008-2009, except for certain issues that remain under examination. At December 31, 2014 , the IRS was auditing our consolidated U.S. income tax returns for 2010-2011. In addition, certain other U.S. tax deficiency issues and refund claims for previous years were unresolved. The IRS has disallowed the tax loss on our 2003 disposition of ERC Life Reinsurance Corporation. We have contested the disallowance of this loss. It i s reasonably possible that the unresolved items could be resolved during the next 12 months, which could result in a decrease in our balance of “unrecognized tax benefits” – that is, the aggregate tax effect of differences between tax return positions and the benefits recognized in our financial statements. We believe that there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations, financial position or cash flows. We further be lieve that we have made adequate provision for all income tax uncertainties. Resolution of audit matters, including the IRS audit of our consolidated U.S. income tax returns for 2008-2009, reduced our 2013 consolidated income tax rate by 3.2 pe rcentage points. The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months were: UNRECOGNIZED TAX BENEFITS December 31 (In millions) 2014 2013 Unrecognized tax benefits $ 5,619 $ 5,816 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,059 4,307 Accrued interest on unrecognized tax benefits 807 975 Accrued penalties on unrecognized tax benefits 103 164 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-900 0-900 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-300 0-350 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) 2014 2013 Balance at January 1, $ 5,816 $ 5,445 Additions for tax positions of the current year 234 771 Additions for tax positions of prior years 673 872 Reductions for tax positions of prior years (761) (1,140) Settlements with tax authorities (305) (98) Expiration of the statute of limitations (38) (34) Balance at December 31 $ 5,619 $ 5,816 We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2014 , 2013 and 2012 , $ (68) million, $ 22 million and $ (45) million of interest expense (income), respectively, and $ (45) million, an insignificant amount and $ 33 million of tax expense (income) related to penalties, respectively, were recognized in the Statement of Earnings. DEFERRED INCOME TAXES 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 t ax 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 consid er it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established. We have not provided U.S. deferred taxes on cumulative earnings of non-U.S. affiliates and associated companies that have been reinvested indefi nitely. These earnings relate to ongoing operations and, at December 31, 2014 and 2013 , were approximately $ 119 billion and $ 110 billion, respectively. Most of these earnings have been reinvested in active non-U.S. business operati ons and we do not intend to repatriate these earnings to fund U.S. operations. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the U.S. federal income tax liability that would be payable if such earnings were not reinvested indefinitely. Deferred taxes are provided for earnings of non-U.S. affiliates and associated companies when we plan to remit those earnings. Aggregated deferred income tax amounts are summarized below. December 31 (In millions) 2014 2013 Assets GE $ 19,942 $ 15,284 GECC 9,113 8,714 29,055 23,998 Liabilities GE (11,170) (10,223) GECC (12,533) (11,771) (23,703) (21,994) Net deferred income tax asset (liability) $ 5,352 $ 2,004 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 (In millions) 2014 2013 GE Principal pension plans $ 7,859 $ 3,436 Provision for expenses(a) 6,192 5,934 Retiree insurance plans 3,462 3,154 Non-U.S. loss carryforwards(b) 738 874 Contract costs and estimated earnings (3,996) (3,550) Intangible assets (2,364) (2,268) Depreciation (1,226) (1,079) Investment in global subsidiaries (979) (1,077) Other – net (914) (363) 8,772 5,061 GECC Operating leases (3,748) (3,776) Financing leases (1,898) (1,791) Intangible assets (855) (947) Net unrealized gains (losses) on securities (544) (154) Cash flow hedges (80) (108) Non-U.S. loss carryforwards(b) 3,008 2,534 Allowance for losses 1,455 1,392 Investment in global subsidiaries 1,750 1,764 Other – net (2,508) (1,971) (3,420) (3,057) Net deferred income tax asset (liability) $ 5,352 $ 2,004 (a) Represented the tax effects of temporary differences related to expense accruals for a wide variety of items, such as employee compensation and benefits, other pension plan liabilities, interest on tax liabilities, product warranties and other sundry items that are not currently deductible. (b) Net of valuation allowances of $ 2,015 million and $ 2,089 million for GE and $ 430 million and $ 409 million for GECC, for 2014 and 2013 , respectively. Of the net deferred tax asset as of December 31, 2014 , of $ 3,746 million, $ 38 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2015 through December 31, 2017; $ 75 million relate s to net operating losses that expire in various years ending from December 31, 2018 through December 31, 203 4 and $ 3,633 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
Shareowners' Equity
Shareowners' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' Equity | NOTE 15 . SHAREOWNERS’ EQUITY (In millions) 2014 2013 2012 Preferred stock issued $ - $ - $ - Common stock issued $ 702 $ 702 $ 702 Accumulated other comprehensive income Balance at January 1 $ (9,120) $ (20,230) $ (23,974) Other comprehensive income before reclassifications (12,087) 8,844 841 Reclassifications from other comprehensive income 3,035 2,266 2,903 Other comprehensive income, net, attributable to GE (9,052) 11,110 3,744 Balance at December 31 $ (18,172) $ (9,120) $ (20,230) Other capital Balance at January 1 $ 32,494 $ 33,070 $ 33,693 Gains (losses) on treasury stock dispositions and other(a) 395 (576) (623) Balance at December 31 $ 32,889 $ 32,494 $ 33,070 Retained earnings Balance at January 1 $ 149,051 $ 144,055 $ 137,786 Net earnings attributable to the Company 15,233 13,057 13,641 Dividends and other transactions with shareowners (8,951) (8,061) (7,372) Balance at December 31 $ 155,333 $ 149,051 $ 144,055 Common stock held in treasury Balance at January 1 $ (42,561) $ (34,571) $ (31,769) Purchases (1,950) (10,466) (5,295) Dispositions 1,918 2,476 2,493 Balance at December 31 $ (42,593) $ (42,561) $ (34,571) Total equity GE shareowners' equity balance at December 31 $ 128,159 $ 130,566 $ 123,026 Noncontrolling interests balance at December 31 8,674 6,217 5,444 Total equity balance at December 31 $ 136,833 $ 136,783 $ 128,470 (a) 2014 included $440 million related to the excess of the net proceeds from the Synchrony Financial IPO over the carrying value of the interest sold. Shares of GE Preferred Stock On October 16, 2008, we issued 30,000 shares of 10 % cumulative perpetual preferred stock (par value $ 1.00 per share) having an aggregate liquidation value of $ 3,000 million, and warrants to purchase 134,831,460 shares of common stock (par value $ 0.06 per share) to Berkshire Hathaway Inc. (Berkshire Hathaway) for net proceeds of $ 2,965 million in cash. The proceeds were allocated to the preferred shares ($ 2,494 million) and the warrants ($ 471 million) on a relative fair value basis and recorded in other capital. The warrants were exercisable through October 16, 2013, at an exercise price of $ 22.25 per share of common stock and were to be settled through physical share issuance. The terms of the warrants were amended in January 2013 to allow for net share s ettlement where the total number of issued shares is based on the amount by which the average market price of GE common stock over the 20 trading days preceding the date of exercise exceeds the exercise price of $ 22.25 . On October 16, 2013, Berkshi re Hathaway Inc. (Berkshire Hathaway) exercised in full their warrants to purchase shares of GE common stock and on October 17, 2013, GE delivered 10.7 million shares to Berkshire Hathaway. The transaction had equal and offsetting effects on other capital and common stock held in treasury. The preferred stock was redeemable at our option three years after issuance at a price of 110 % of liquidation value plus accrued and unpaid dividends. On September 13, 2011, we provided notice to Berks hire Hathaway that we would redeem the shares for the stated redemption price of $ 3,300 million, plus accrued and unpaid dividends. In connection with this notice, we recognized a preferred dividend of $ 806 million (calculated as the diff erence between the carrying value and redemption value of the preferred stock), which was recorded as a reduction to earnings attributable to common shareowners and common shareowners’ equity. The preferred shares were redeemed on October 17, 2011. GE has 50 million authorized shares of preferred stock ($ 1.00 par value). No shares were issued and outstanding as of December 31, 2014 and 2013 . Shares of GE Common Stock On December 14, 2012, we increased the existing aut horization by $ 10 billion to $ 25 billion for our share repurchase program and extended the program (which would have otherwise expired on December 31, 2013) through 2015. On February 12, 2013, we increased the existing authorization b y an additional $ 10 billion resulting in authorization to repurchase up to a total of $ 35 billion of our common stock through 2015. Under this program, on a book basis, we repurchased shares of 73.6 million, 432.6 mil lion and 248.6 million for a total of $ 1,901 million, $ 10,375 million and $ 5,185 million for the years ended 2014 , 2013 and 2012 respectively. GE’s authorized common stock consists of 13,200,000,000 s hares having a par value of $ 0.06 each. Common shares issued and outstanding are summarized in the following table. December 31 (In thousands) 2014 2013 2012 Issued 11,693,841 11,693,841 11,693,841 In treasury (1,636,461) (1,632,960) (1,288,216) Outstanding 10,057,380 10,060,881 10,405,625 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) 2014 2013 2012 Investment securities Balance at January 1 $ 307 $ 677 $ (30) Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $353, $(407) and $387(a) 562 (692) 683 Reclassifications from OCI – net of deferred taxes of $84, $222 and $13 146 318 22 Other comprehensive income (loss)(b) 708 (374) 705 Less OCI attributable to noncontrolling interests 2 (4) (2) Balance at December 31 $ 1,013 $ 307 $ 677 Currency translation adjustments (CTA) Balance at January 1(c) $ 283 $ 412 $ 133 OCI before reclassifications – net of deferred taxes (2,600) 510 474 of $(129), $(613) and $(266) Reclassifications from OCI – net of deferred taxes of $213, $793 and $54 (129) (818) (174) Other comprehensive income (loss)(b) (2,729) (308) 300 Less OCI attributable to noncontrolling interests (19) (22) 21 Balance at December 31 $ (2,427) $ 126 $ 412 Cash flow hedges Balance at January 1(c) $ (414) $ (722) $ (1,176) OCI before reclassifications – net of deferred taxes (610) 738 385 of $23, $250 and $392 Reclassifications from OCI – net of deferred taxes of $34, $(177) and $(245) 844 (271) 68 Other comprehensive income (loss)(b) 234 467 453 Less OCI attributable to noncontrolling interests - 2 (1) Balance at December 31 $ (180) $ (257) $ (722) Benefit plans Balance at January 1 $ (9,296) $ (20,597) $ (22,901) Prior service credit (costs) - net of deferred taxes of $219, $(5) and $304 396 (6) 534 Net actuarial gain (loss) – net of deferred taxes of $(5,332), $4,506 and $(574) (9,849) 8,269 (1,396) Net curtailment/settlement - net of deferred taxes of $41, $0 and $123 72 - 174 Prior service cost amortization – net of deferred taxes of $241, $267 and $326 349 397 497 Net actuarial loss amortization – net of deferred taxes of $859, $1,343 and $1,278 1,753 2,640 2,490 Other comprehensive income (loss)(b) (7,279) 11,300 2,299 Less OCI attributable to noncontrolling interests 3 (1) (5) Balance at December 31 $ (16,578) $ (9,296) $ (20,597) Accumulated other comprehensive income (loss) at December 31 $ (18,172) $ (9,120) $ (20,230) (a) Includes adjustments of $ 960 million, $ (1,171) million and $ 527 million in 2014 , 2013 and 2012 , respectively, to deferred acquisition costs, present value of future profits, and investment contracts, insurance liabilities and insurance annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. (b) Total oth er comprehensive income (loss) was $ (9,066) million, $ 11,085 million and $ 3,757 million in 2014 , 2013 and 2012 , respectively. (c) Includes a $157 million reclassification between 2014 opening balances in Currency Tr anslation Adjustments and Cash Flow Hedges. RECLASSIFICATION OUT OF AOCI (In millions) 2014 2013 2012 Statement of Earnings Caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ (230) $ (540) $ (35) Other income 84 222 13 Benefit (provision) for income taxes $ (146) $ (318) $ (22) Net of tax Currency translation adjustments Gains (losses) on dispositions $ (84) $ 25 $ 120 Costs and expenses 213 793 54 Benefit (provision) for income taxes $ 129 $ 818 $ 174 Net of tax Cash flow hedges Gains (losses) on interest rate derivatives $ (234) $ (364) $ (499) Interest and other financial charges Foreign exchange contracts (666) 564 792 (a) Other 22 248 (116) (b) (878) 448 177 Total before tax 34 (177) (245) Benefit (provision) for income taxes $ (844) $ 271 $ (68) Net of tax Benefit plan items Curtailment loss $ (113) $ - $ - (c) Amortization of prior service costs (590) (664) (823) (c) Amortization of actuarial gains (losses) (2,612) (3,983) (3,768) (c) (3,315) (4,647) (4,591) Total before tax 1,141 1,610 1,604 Benefit (provision) for income taxes $ (2,174) $ (3,037) $ (2,987) Net of tax Total reclassification adjustments $ (3,035) $ (2,266) $ (2,903) Net of tax Included $ (607) million, $ 608 million and $ 894 million in GECC revenues from services and $ (59) million, $ (44) million and $ (102) million in interest and other financial charges in 2014 , 2013 and 2012 , respectively. Primarily recorded in costs and expenses. Curtailment loss, amortization of prior service costs and actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs. See Note 12 for further information. Noncontrolling Interests Noncontrolling interests in equity of consolidated affiliates includes common shares in consolidated affiliates and preferred stock issued by our affiliates. GECC preferred stock is presented as noncontrolling interests in the GE consolidated Statement of Financial Position. GECC preferred stock dividends are presented as noncontrolling interests in the GE consolidated Statement of Earnings. The balance is summarized as foll ows. December 31 (In millions) 2014 2013 GECC preferred stock $ 4,950 $ 4,950 Synchrony Financial 2,531 - Other noncontrolling interests in consolidated affiliates(a) 1,193 1,267 Total $ 8,674 $ 6,217 (a) Consisted of a number of individually insignificant noncontrolling interests in partnerships and consolidated affiliates. CHANGES TO NONCONTROLLING INTERESTS (In millions) 2014 2013 2012 Beginning balance $ 6,217 $ 5,444 $ 1,696 Net earnings 183 298 223 GECC issuance of preferred stock - 990 3,960 GECC preferred stock dividend (322) (298) (123) Dividends (74) (80) (42) Dispositions (81) (175) - Synchrony Financial IPO 2,393 - - Other (including AOCI)(a) 358 38 (270) Ending balance $ 8,674 $ 6,217 $ 5,444 (a) Includes research & development partner funding arrangements, acquisitions and eliminations. Other During the seco nd quarter of 2013, GECC issued 10,000 shares of non-cumulative perpetual preferred s tock with a $ 0.01 par value for proceeds of $ 990 million. The preferred shares bear an in itial fixed interest rate of 5.25 % through June 15, 2023, bear a floating rate equal to three-month LIBOR plus 2.967 % thereafter and are callable on June 15, 2023. Dividends on the GECC preferred stock are payable semiannually, in June and December, with the first payment on this issuance made in December 2013. During 2012, GECC issued 40,000 shares of non-cumulative perp etual preferred stock with a $ 0.01 par value for proce eds of $ 3,960 million. Of these shares, 22,500 bear an init ial fixed interest rate of 7.125 % through June 15 , 2022, bear a floating rate equal to three-mon th LIBOR plus 5.296 % thereafter and ar e call able on June 15, 2022, and 17,500 shares bear an initial f ixed interest rate of 6.25 % through December 15, 2022 , bear a floating rate equal to three-month LIBOR plus 4.704 % thereafter and are callable on December 15, 2022. Div idends on the GECC preferred stock are payable semi-annually, in June and December, with the first payment made in December 2012. GECC paid quarterly dividends of $ 2,000 million, $ 1,930 million and $ 1,926 million and special dividends of $ 1,000 million, $ 4,055 million and $ 4,500 million to GE for the years ended 2014 , 2013 and 2012 , respectively. |
Other Stock-related Information
Other Stock-related Information | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation [Abstract] | |
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 under a plan approved by our Board of Directors in 1997 (the Consultants’ Plan). Share requirements for all plans may be met from either unissued or treasu ry 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. Restr ictions 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 sto ck. 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 entir ely of independent directors. STOCK COMPENSATION PLANS Securities to be Weighted Securities issued average available upon exercise for future December 31, 2014 (Shares in thousands) exercise price issuance Approved by shareowners Options 500,948 $ 20.92 (a) RSUs 14,896 (b) (a) PSUs 1,000 (b) (a) Not approved by shareowners (Consultants’ Plan) Options 338 25.32 (c) RSUs - (b) (c) Total 517,182 $ 20.92 327,525 (a) In 2007, the Board of Directors approved the 2007 Long-Term Incentive Plan (the Plan), which replaced the 1990 Long-Term Incentive Plan. During 2012, an amendment was approved to increase the number of shares authorized for issuance under the Plan from 500 million shares to 925 million shares. No more than 230 million of the total number of authorized shares may be available for awards granted in any form provided under the Plan other than options or stock appreciatio n rights. Total shares available for future issuance under the Plan amounted to 299.3 million shares at December 31, 2014 . (b) Not applicable. (c) Total shares available for future issuance under the Consultants’ Plan amount to 28.2 million shares. Outstanding options expire on various dates through December 12, 202 4. The following table summarizes information about stock options outstanding at December 31, 2014 . STOCK OPTIONS OUTSTANDING Outstanding Exercisable Average Average Shares Average exercise Shares exercise Exercise price range (In thousands) life(a) price (In thousands) price Under $10.00 28,484 3.9 $ 9.57 28,484 $ 9.57 10.01-15.00 46,905 4.2 11.98 46,905 11.98 15.01-20.00 158,534 5.7 17.46 113,286 17.32 20.01-25.00 132,295 7.9 22.55 50,587 22.25 25.01-30.00 100,668 8.5 26.51 19,039 28.22 30.01-35.00 21,712 1.2 34.10 21,712 34.10 Over $35.00 12,688 2.4 38.67 12,688 38.57 Total 501,286 6.3 $ 20.92 292,701 $ 19.44 (a) Weighted a verage contractual life remaining in years. At year-end 2013 , options with a weighted average exercise price of $ 20.15 were exercisable on 254 million shares. STOCK OPTION ACTIVITY Weighted Weighted average Aggregate average remaining intrinsic Shares exercise contractual value (In thousands) price term (In years) (In millions) Outstanding at January 1, 2014 473,611 $ 20.02 Granted 82,142 26.11 Exercised (30,433) 14.42 Forfeited (7,414) 21.89 Expired (16,620) 32.40 Outstanding at December 31, 2014 501,286 $ 20.92 6.3 $ 2,668 Exercisable at December 31, 2014 292,701 $ 19.44 4.9 $ 2,124 Options expected to vest 189,186 $ 22.97 8.3 $ 496 We measure the fair value of each stock option grant at the date of grant using a Black-Scholes option pricing model. The weighted average grant-date fair value of options granted during 2014 , 2013 and 2012 was $ 5.26 , $ 4.52 and $ 3.80 , respectively. The following assumptions were used in arriving at the fair value of options granted during 2014 , 2013 and 2012 , respectively: risk-free interest rates of 2.3 %, 2.5 % and 1.3 %; dividend yields of 3.1 %, 4.0 % and 4.0 %; expected volatility of 26 %, 28 % and 29 %; and expected lives of 7.3 years, 7.5 years and 7.8 years. Risk-free interest rates reflect the yield on zero-coupon U.S. Treasury securities. Expected dividend yields presume a set dividend rate and we used a historic al five-year average for the dividend yield. Expected volatilities are based on implied volatilities from traded options and historical volatility of our stock. The expected option lives are based on our historical experience of employee exercise behavior. The total intrinsic value of options exercised during 2014 , 2013 and 2012 amounted to $ 360 million, $ 392 million and $ 265 million, respectively. As of December 31, 2014 , t here was $ 739 million of total unrecognized compensation cost related to non-vested options. That cost is expected to be recognized over a weighted average period of 2 years, of which approximately $ 185 million after tax i s expected to be recognized in 2015. Stock option expense recognized in net earnings during 2014 , 2013 and 2012 amounted to $ 215 million, $ 231 million and $ 220 million, respectivel y. Cash received from option exercises during 2014 , 2013 and 2012 was $ 439 million, $ 490 million and $ 355 million, respectively. The tax benefit realized from stock options exercise d during 2014 , 2013 and 2012 was $ 118 million, $ 128 million and $ 88 million, respectively. OTHER STOCK-BASED COMPENSATION Weighted Weighted average Aggregate average remaining intrinsic Shares grant date contractual value (In thousands) fair value term (In years) (In millions) RSUs outstanding at January 1, 2014 13,572 $ 22.58 Granted 5,016 26.08 Vested (3,305) 21.70 Forfeited (387) 22.31 RSUs outstanding at December 31, 2014 14,896 $ 24.00 2.5 $ 376 RSUs expected to vest 13,667 $ 21.94 2.2 $ 345 The fair value of each restricted stock unit is the market price of our stock on the date of grant. The weighted average grant date fair value of RSUs granted during 2014 , 2013 and 2012 was $ 26.08 , $ 24.54 and $ 20.79 , respectively. The total intrinsic value of RSUs vested during 2014 , 2013 and 2012 amounted to $ 86 million, $ 109 million and $ 116 million, respective ly. As of December 31, 2014 , there was $ 233 million of total unrecognized compensation cost related to non-vested RSUs. That cost is expected to be recognized over a weighted average period of 2 years, of which approximately $ 54 million after tax is expected to be recognized in 2015. As of December 31, 2014 , 1 million PSUs with a weighted average remaining contractual term of 1.5 years, an aggregate intrinsic value of $ 25 million and $ 9 million of unrecognized compensation cost were outstanding. Other share-based compensation expense for RSUs and PSUs recognized in net earnings amounted to $ 56 million, $ 62 million and $ 79 million in 2014 , 2013 and 2012 , respectively. The income tax benefit recognized in earnings based on the compensation expense recognized for all share-based compensation arrangements amounted to $ 147 million, $ 145 million and $ 153 million in 2014 , 2013 and 2012 , respectively. The excess of actual tax deductions over amounts assumed, which are recognized in shareowners’ equity, were $ 86 million $ 86 million and $ 53 million in 2014 , 2013 and 2012 , respectively. When stock options are exercised and restricted stock vests, the difference between the assumed tax bene fit and the actual tax benefit must be recognized in our financial statements. In circumstances in which the actual tax benefit is lower than the estimated tax benefit, that difference is recorded in equity, to the extent there are sufficient accumulated e xcess tax benefits. At December 31, 2014 , our accumulated excess tax benefits are sufficient to absorb any future differences between actual and estimated tax benefits for all of our outstanding option and restricted stock grants. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2014 | |
Other Income [Abstract] | |
Other Income | NOTE 17. OTHER INCOME (In millions) 2014 2013 2012 GE Licensing and royalty income $ 288 $ 320 $ 290 Purchases and sales of business interests(a) 188 1,750 574 Associated companies(b) 176 40 1,545 Net interest and investment income(c) (77) 116 196 Other items(d) 132 660 52 707 2,886 2,657 Eliminations 71 222 (94) Total $ 778 $ 3,108 $ 2,563 (a) Included a pre-tax gain of $ 1,096 million on the sale of our 49% com mon equity interest in NBCU LLC in 2013 . See Note 2. (b) Included income of $ 1,416 million from our former equity method investment in NBCU LLC in 2012 . (c) Included other-than-temporary impairments on investment securities of $217 million in 2014. (d) Included net gains on ass et sales of $127 million in 2014 and $ 357 million in 2013 . |
GECC Revenues From Services
GECC Revenues From Services | 12 Months Ended |
Dec. 31, 2014 | |
Financial Services Revenue [Abstract] | |
GECC Revenues From Services | NOTE 18. GECC REVENUES FROM SERVICES (In millions) 2014 2013 2012 Interest on loans $ 12,368 $ 12,461 $ 12,294 Equipment leased to others 4,516 4,558 4,570 Fees 3,310 3,367 3,151 Investment income(a) 1,938 2,001 2,292 Financing leases 422 561 666 Associated companies(b) 1,056 1,624 1,411 Premiums earned by insurance activities 1,509 1,572 1,713 Other items(a)(c) 1,104 738 356 26,223 26,882 26,453 Eliminations 1,552 1,546 1,273 Total $ 24,671 $ 25,336 $ 25,180 (a) Included net other-than-temporary impairments on investment securities of $ (173) million, $ (747) million and $ (140) million in 2014 , 2013 and 2012 , res pectively, of which $ 96 million related to the impairment of an investment in a Brazilian company that was fully offset by the benefit of a guarantee provided by GE reflected as a component in other items for 2013. See Note 3. (b) During 2013, we sold our remaining equity interest in th e Bank of Ayudhya (Bay Bank) and recorded a pre-tax gain of $641 million. During 2012, we sold our remaining equity interest in Garanti Bank, which was classified as an available-for-sale security. (c ) During 2014, we sold GEMB -Nordic and recorded a pre-t ax gain of $473 million. During 2013, we sold a portion of Cembra through an initial public offering and recorded a pre-tax gain of $351 million. |
Supplemental Cost Information
Supplemental Cost Information | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cost Information [Abstract] | |
Supplemental Cost Information | NOTE 19. SUPPLEMENTAL COST INFORMATION RESEARCH & DEVELOPMENT We conduct research and development (R&D) activities to continually enhance our existing products and services, develop new product and services to meet our customer’s changing needs and requirements, and address new market opportunities. Research and development expenses are classified in cos t of goods sold in the Statement of Earnings. In addition, research and development funding from customers, principally the U.S. government, is recorded as an offset to cost of goods sold. We also enter into research and development arrangements with unr elated investors, which are generally formed through partnerships. Research and development funded by investors is classified within net earnings/loss attributable to noncontrolling interests. (In millions) 2014 2013 2012 Total R&D $ 5,273 $ 5,461 $ 5,200 Less customer funded R&D (principally the U.S. Government) (721) (711) (680) Less partner funded R&D (319) (107) (6) GE funded R&D $ 4,233 $ 4,643 $ 4,514 CONSOLIDATED OTHER COSTS AND EXPENSES Consolidated other costs and expenses consists of selling, general and administrative costs (SG&A), depreciation and amortization and other operating costs. CONSOLIDATED OTHER COSTS AND EXPENSES (In millions) 2014 2013 2012 GE SG&A $ 14,971 $ 16,105 $ 17,671 GECC operating and administrative costs 8,522 7,953 7,238 GECC depreciation and amortization 2,602 2,834 2,285 26,095 26,892 27,194 Eliminations (857) (738) (697) Total $ 25,238 $ 26,154 $ 26,497 COLLABORATIVE ARRANGEMENTS Our businesses enter into collaborative arrangements primarily with manufacturers and suppliers of components used to build and maintain certain engines, under which GE and these participants share in risks and rewards of these product programs. GE’s payments to participants are recorded as cost of services sold ($ 873 million, $ 820 million and $ 594 million for the years 2014 , 2013 and 2012 , respectively) or as cost of goods sold ($ 2,660 million, $ 2,613 million and $ 2,507 million for the years 2014 , 2013 and 2012 , respectively). RENTAL EXPENSE Rental expense under operating leases is shown below . (In millions) 2014 2013 2012 GE $ 1,186 $ 1,220 $ 1,134 GECC 284 290 293 1,470 1,510 1,427 Eliminations (149) (135) (142) Total $ 1,321 $ 1,375 $ 1,285 At December 31, 2014 , minimum rental commitments under noncancellable operating leases aggregated $ 2,870 million and $ 705 million for GE and GECC, respectively. Amounts payable over the next five years follow. (In millions) 2015 2016 2017 2018 2019 GE $ 634 $ 528 $ 432 $ 371 $ 337 GECC 137 116 97 71 56 771 644 529 442 393 Eliminations (73) (44) (28) (20) (18) Total $ 698 $ 600 $ 501 $ 422 $ 375 |
Earnings Per Share Information
Earnings Per Share Information | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information | NOTE 20 . EARNINGS PER SHARE INFORMATION 2014 2013 2012 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 12,517 $ 12,516 $ 11,885 $ 11,898 $ 11,796 $ 11,795 Earnings (loss) from discontinued operations for per-share calculation(a)(b) 2,697 2,697 1,131 1,143 1,828 1,828 Net earnings attributable to GE common shareowners for per-share calculation(a)(b) $ 15,213 $ 15,212 $ 13,028 $ 13,040 $ 13,622 $ 13,622 Average equivalent shares Shares of GE common stock outstanding 10,045 10,045 10,222 10,222 10,523 10,523 Employee compensation-related shares (including stock options) and warrants 78 - 67 - 41 - Total average equivalent shares 10,123 10,045 10,289 10,222 10,564 10,523 Per-share amounts Earnings from continuing operations $ 1.24 $ 1.25 $ 1.16 $ 1.16 $ 1.12 $ 1.12 Earnings (loss) from discontinued operations 0.27 0.27 0.11 0.11 0.17 0.17 Net earnings 1.50 1.51 1.27 1.28 1.29 1.29 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 has an insignificant effect. Included an insignificant amount of dividend equivalents in each of the three years presented. Included in 2013 is a dilutive adjustment for the change in income for forward purchase contr acts that may be settled in stock. For the years ended December 31, 2014 , 2013 and 2012 , there were approximately 98 million, 121 million and 292 million, respectively, of outstanding stock awards that w ere 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, earnings (loss) from discontinued operations and net ea rnings. 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 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 21. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements Our assets and liabilities measured at fair value on a recurring basis include investment securities primarily supporting obligations to annuitants and policyholders in our run-off insurance operations and supporting obligations to holders of GICs in Trinity ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Netting (In millions) Level 1 (a) Level 2 (a) Level 3 adjustment (b) Net balance December 31, 2014 Assets Investment securities Debt U.S. corporate $ - $ 20,659 $ 3,056 $ - $ 23,715 State and municipal - 4,560 115 - 4,675 Residential mortgage-backed - 1,676 16 - 1,692 Commercial mortgage-backed - 3,054 9 - 3,063 Asset-backed - 172 123 - 295 Corporate – non-U.S. - 680 337 - 1,017 Government – non-U.S. - 1,708 2 - 1,710 U.S. government and federal agency - 1,747 266 - 2,013 Equity Available-for-sale 171 19 9 - 199 Trading 21 - - - 21 Derivatives(c) - 9,957 40 (7,584) 2,413 Other - - 277 - 277 Total $ 192 $ 44,232 $ 4,250 $ (7,584) $ 41,090 Liabilities Derivatives $ - $ 4,890 $ 13 $ (4,363) $ 540 Other(d) - 1,178 - - 1,178 Total $ - $ 6,068 $ 13 $ (4,363) $ 1,718 December 31, 2013 Assets Investment securities Debt U.S. corporate $ - $ 18,788 $ 2,787 $ - $ 21,575 State and municipal - 4,163 96 - 4,259 Residential mortgage-backed - 1,810 86 - 1,896 Commercial mortgage-backed - 3,025 10 - 3,035 Asset-backed - 267 145 - 412 Corporate – non-U.S. 61 646 515 - 1,222 Government – non-U.S. 1,317 789 31 - 2,137 U.S. government and federal agency - 545 225 - 770 Retained interests - - 1 - 1 Equity Available-for-sale 417 30 11 - 458 Trading 28 - - - 28 Derivatives(c) - 8,178 30 (6,717) 1,491 Other - - 201 - 201 Total $ 1,823 $ 38,241 $ 4,138 $ (6,717) $ 37,485 Liabilities Derivatives $ - $ 5,319 $ 14 $ (4,314) $ 1,019 Other(d) - 1,168 - - 1,168 Total $ - $ 6,487 $ 14 $ (4,314) $ 2,187 (a) Included $ 487 million of Government – non-U.S. and $ 13 million of Corporate – non-U.S. available-for-sale debt securities transferred from Level 1 to Level 2 primarily attributable to changes in market observable data during 2014 . There were no securities transferred between Level 1 and Level 2 during 2013 . (b) The netting of derivative receivables and payables (including the effects of any collateral posted or received) is permitted when a legally enforceab le master netting agreement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. The cumulative adjustment was a gain (loss) of $ 16 million and $ (1) million at December 31, 2014 and 2013 , respecti vely. See Note 22 for additional information on the composition of our derivative portfolio. (d ) Primarily represented the liability associated with certain of our deferred incentive compensation plans. Level 3 Instruments The majority of our Level 3 balances consist of investment securities classified as available-for-sale with changes in fair value recorded in shareowners’ equity. CHANGES IN LEVEL 3 INSTRUMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included included into out of Balance at still held at (In millions) January 1 in earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) December 31 December 31(c) 2014 Investment securities Debt U.S. corporate $ 2,787 $ 18 $ 131 $ 544 $ (228) $ (212) $ 175 $ (159) $ 3,056 $ - State and municipal 96 - 12 12 - (5) - - 115 - RMBS 86 - 2 - (16) (9) - (47) 16 - CMBS 10 - - - - (3) 2 - 9 - ABS 145 3 4 - - (19) - (10) 123 - Corporate – non-U.S. 515 64 3 170 (248) (149) 1 (19) 337 - Government – non-U.S. 31 - - - - - 2 (31) 2 - U.S. government and federal agency 225 - 34 - - - 9 (2) 266 - Retained interests 1 - - - - (1) - - - - Equity Available-for-sale 11 - - 2 (2) - - (2) 9 - Derivatives(d)(e) 20 13 - (1) - 3 2 (1) 36 18 Other 201 85 - 32 (41) - - - 277 73 Total $ 4,128 $ 183 $ 186 $ 759 $ (535) $ (395) $ 191 $ (271) $ 4,246 $ 91 2013 Investment securities Debt U.S. corporate $ 3,106 $ 13 $ (75) $ 377 $ (402) $ (231) $ 108 $ (109) $ 2,787 $ - State and municipal 77 - (7) 22 - (6) 10 - 96 - RMBS 100 - (5) - (2) (7) - - 86 - CMBS 6 - - - - (6) 10 - 10 - ABS 145 5 6 - (1) (22) 12 - 145 - Corporate – non-U.S. 721 (94) (5) 23 (3) (132) 21 (16) 515 - Government – non-U.S. 42 1 (12) - - - - - 31 - U.S. government and federal agency 277 - (52) - - - - - 225 - Retained interests - - - 1 - - - - 1 - Equity Available-for-sale 13 - - - - - - (2) 11 - Derivatives(d)(e) 239 (36) 1 1 - (224) 37 2 20 9 Other 367 26 - 45 (237) - - - 201 (12) Total $ 5,093 $ (85) $ (149) $ 469 $ (645) $ (628) $ 198 $ (125) $ 4,128 $ (3) Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were primarily a result of increased use of quotes from independent pricing vendors based on recent trading activity. Represents the amount of unrealized gains or losses for the period included in earnings. Represents derivative as sets net of derivative liabilities and included cash accruals of $ 9 million and $ 4 million not reflected in the fair value hierarchy table during 2014 and 2013 , respectively. Gains (losses) included in net realized/unr ealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 22 . Non-Recurring Fair Value Measurements The following table represents non-recurring fair value amo unts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis during the fiscal year and still held at December 31, 2014 and 2013 . Remeasured during the years ended December 31 2014 2013 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and loans held for sale $ 1 $ 584 $ - $ 663 Cost and equity method investments - 346 - 391 Long-lived assets, including real estate 102 718 1,449 219 Total $ 103 $ 1,648 $ 1,449 $ 1,273 The following table represents the fair value adjustments to assets measured at fair value on a non-recurring basis and still held at December 31, 2014 and 2013 . Years ended December 31 (In millions) 2014 2013 Financing receivables and loans held for sale $ (159) $ (168) Cost and equity method investments (286) (248) Long-lived assets, including real estate (435) (800) Total $ (880) $ (1,216) LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted average) December 31, 2014 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 917 Income approach Discount rate(a) 1.5%-14.8% (6.6%) State and municipal 17 Income approach Discount rate(a) 4.9%-4.9% (4.9%) Asset-backed 102 Income approach Discount rate(a) 4.3%-9.0% (5.6%) Corporate – non-U.S. 278 Income approach Discount rate(a) 3.3%-14.0% (6.5%) Other financial assets 117 Income approach, Capitalization rate 6.5%-7.8% (7.7%) Market comparables EBITDA multiple 5.4X-9.1X (7.7X) Non-recurring fair value measurements Cost and equity method investments 309 Income approach, Discount rate(a) 8.0%-10.0% (9.4%) Market comparables EBITDA multiple 1.8X-5.2X (4.8X) Long-lived assets, including real estate 664 Income approach Discount rate(a) 2.0%-10.8% (6.7%) December 31, 2013 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 759 Income approach Discount rate(a) 1.5%-8.9% (5.9%) Asset-backed 101 Income approach Discount rate(a) 3.0%-9.0%(5.9%) Corporate – non-U.S. 304 Income approach Discount rate(a) 3.3%-46.0%(22.2%) Other financial assets 93 Income approach, EBITDA multiple 5.4X-8.9X(6.9X) Market comparables Capitalization rate 6.3%-7.5%(7.2%) (a ) Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value. At December 31, 2014 and 2013 , other Level 3 recurring fair value measurements of $2,596 million and $2,653 million, respectively, and non-recurring measurements of $657 million and $894 million, respectively, are valued using non-binding broker quotes or othe r third-party sources. At December 31, 2014 and 2013 , other recurring fair value measurements of $210 million and $214 million, respectively, and non-recurring fair value measurements of $18 million and $379 million, respectivel y, were individually insignificant and utilize a number of different unobservable inputs not subject to meaningful aggregation . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments [Abstract] | |
Financial Instruments | NOTE 22 . FINANC IAL INSTRUMENTS The following table provides information about assets and liabilities not carried at fair value. The table excludes finance leases and non-financial assets and liabilities. Substantially all of the assets discussed below are considered to be Level 3. The v ast majority of our liabilities’ fair value can be determined based on significant observable inputs and thus considered Level 2. Few of the instruments 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. 2014 2013 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) $ 502 $ 551 $ (a) $ 488 $ 512 Liabilities Borrowings(b) (a) (16,340) (17,503) (a) (13,356) (13,707) GECC Assets Loans (a) 115,889 120,067 (a) 124,288 128,037 Other commercial mortgages (a) 1,427 1,508 (a) 1,609 1,619 Loans held for sale (a) 778 799 (a) 82 82 Other financial instruments(c) (a) 122 136 (a) 231 267 Liabilities Borrowings and bank deposits(b)(d) (a) (317,674) (333,956) (a) (341,709) (357,073) Investment contract benefits (a) (2,970) (3,565) (a) (3,144) (3,644) Guaranteed investment contracts (a) (1,000) (1,031) (a) (1,471) (1,459) Insurance – credit life(e) 1,843 (90) (77) 2,149 (108) (94) (a ) These financial instruments do not have notional amounts. (b) See Note 10. (c) Principally comprises 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, 2014 and 2013 would have been reduced by $ 5,020 million and $ 2,284 milli o n, respectively. (e) Net of reinsurance of $ 964 million and $ 1,250 million at December 31, 2014 and 2013 , respectively. A description of how we estimate fair values follows: Loans . Based on a discounted future cash flows methodology, using current market interest rate data adjusted for inherent credit risk or quoted market prices and recent transactions, if available. Borrowings and bank deposits . Based on valuation methodologies using current market interest rate data that are comparable to market quotes adjusted for our non-performance risk. Investment contract benefits . Based on expected future cash flows, discou nted 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. Insurance – credit life . Certain insurance affiliates, primarily in Consumer, issue credit life insurance designed to pay the balance due on a loan if the borrower dies before the loan is repaid. As part of our overall risk managemen t process, we cede to third parties a portion of this associated risk, but are not relieved of our primary obligation to the policy holders. All other instruments. Based on observable market transaction and/or valuation methodologies using current market interest rate data adjusted for inherent credit risk. Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securit ies and derivative financial instruments. Additional information about Notional Amounts of Loan Commitments follows. NOTIONAL AMOUNTS OF LOAN COMMITMENTS December 31 (In millions) 2014 2013 Ordinary course of business lending commitments(a) $ 1,214 $ 1,727 Unused revolving credit lines(b) Commercial 2,908 2,908 Consumer – principally credit cards 306,188 290,662 Excluded investment commitments of $ 818 million and $ 955 million at December 31, 2014 and 2013 , respectively. Excluded amounts related to inventory financing arrangements, which may be withdrawn at our option, of $ 47 million and $ 110 million at December 31, 2014 and 2013 , respectively. Securities Repurchase and Reverse Repurchase Arrangements Our issuances of securities repurchase agreements are insignificant and are limited to activities at certain of our foreign banks primarily for purposes of liquidity management. At December 31, 2014 , we were party to repurchase agreements totaling $ 169 million, which were reported in short-term borrowings on the financial statements. No repurchase agreements were accounted for as off-book financing and we do not engage in securities lending transactions. We also enter into reverse securities repurch ase agreements, primarily for short-term investment with maturities of 90 days or less. At December 31, 2014 , we were party to reverse repurchase agreements totaling $ 11.5 billion, which were reported in cash and equivalents on the financial statements. Under these reverse securities repurchase agreements, we typically lend available cash at a specified rate of interest and hold U.S. or highly-rated European government securities as collateral during the term of the agreement. Collateral value is in exce ss of amounts loaned under the agreements. 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 within pre-defined limits. 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 marke t related factors that affect the type of debt we can issue. The notional amounts of derivative contracts represent the basis upon which interest and other payments are calculated and are reported gross, except for offsetting foreign currency forward con tracts that are executed in order to manage our currency risk of net investment in foreign subsidiaries. Of the outstanding notional amount of $ 289,000 million, approximately 88 % or $ 255,000 million, is associated with reducing or elimi nating 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 commodit y prices related to anticipated sales and purchases and contracts containing certain clauses that 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 ap ply hedge accounting, or when the derivative and the hedged item are both recorded in earnings concurrently, the derivatives are deemed economic hedges and hedge accounting is not applied. This most frequently occurs when we hedge a recognized foreign curr ency transaction (e.g., a receivable or payable) with a derivative. Since the effects of changes in exchange rates are reflected concurrently in earnings for both the derivative and the transaction, th e economic hedge does not require hedge accounting . FAIR VALUE OF DERIVATIVES 2014 2013 December 31 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,859 $ 461 $ 3,837 $ 1,989 Currency exchange contracts 2,579 884 1,830 984 Other contracts - 2 1 - 8,438 1,347 5,668 2,973 Derivatives not accounted for as hedges Interest rate contracts 111 64 59 95 Currency exchange contracts 1,209 3,450 2,250 2,238 Other contracts 239 42 231 27 1,559 3,556 2,540 2,360 Gross derivatives recognized in statement of financial position Gross derivatives 9,997 4,903 8,208 5,333 Gross accrued interest 1,392 (24) 1,210 (254) 11,389 4,879 9,418 5,079 Amounts offset in statement of financial position Netting adjustments(a) (3,886) (3,902) (4,107) (4,106) Cash collateral(b) (3,698) (461) (2,610) (208) (7,584) (4,363) (6,717) (4,314) Net derivatives recognized in statement of financial position Net derivatives 3,805 516 2,701 765 Amounts not offset in statement of financial position Securities held as collateral(c) (3,188) - (1,962) - Net amount $ 617 $ 516 $ 739 $ 765 Derivatives are classified in the captions “All other assets” and “All other liabilities” and the related accrued interest is classified in “Other GECC receivables” and “All other liabilities” in our financial statements. The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amo unts include fair value adjustments related to our own and counterparty non-performance risk. At December 31, 2014 and 2013 , the cumulative adjustment f or non-performance risk was a gain (loss) of $ 16 million and $ (1) million, respectively. Excluded excess cash collateral received and posted of $ 63 million and $ 211 million, and $ 160 million and $ 31 million at December 31, 2014 and 2013 , respectively. Excluded excess securities collateral received of $ 397 million and $ 363 million at December 31, 2014 and 2013 , respectively. Fair value hedges We use interest rate and cur rency exchange derivatives to hedge the fair value effects of interest rate and currency exchange rate changes on local and non-functional currency denominated fixed-rate debt. For relationships designated as fair value hedges, changes in fair value of the derivatives are recorded in earnings within interest and other financial charges, along with offsetting adjustments to the carrying amount of the hedged debt. EARNINGS EFFECTS OF FAIR VALUE HEDGING RELATIONSHIPS 2014 2013 Gain (loss) Gain (loss) Gain (loss) Gain (loss) on hedging on hedged on hedging on hedged (In millions) derivatives items derivatives items Interest rate contracts $ 3,898 $ (3,973) $ (5,258) $ 5,180 Currency exchange contracts (19) 17 (7) 6 Fai r value hedges resulted in $ (77) million and $ (79) million of ineffectiveness in 2014 and 2013 , respectively. In both 2014 and 2013 , there were insignificant amounts excluded from the assessment of effectiveness. Cash flow hedges We use interest rate, currency exchange and commodity derivatives to reduce the variability of expected future cash flows associated with variable rate borrowings and commercial purchase and sale transactions, including comm odities. For derivatives that are designated in a cash flow hedging relationship, the effective portion of the change in fair value of the derivative is reported as a component of AOCI and reclassified into earnings contemporaneously and in the same captio n with the earnings effects of the hedged transaction. Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings (In millions) 2014 2013 2014 2013 Interest rate contracts $ (1) $ (26) $ (234) $ (364) Currency exchange contracts (541) 941 (641) 817 Commodity contracts (4) (6) (3) (5) Total(a) $ (546) $ 909 $ (878) $ 448 (a) Gain (loss) is recorded in GECC revenues from services, interest and other financial charges, and other costs and expenses when reclassified to earnings. The total pre-tax amount in AOCI related to cash flow hedges of forecasted transactions was a $ 213 million loss at December 31, 2014 . We expect to transfer $ 212 million to earnings as an expense in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. In both 2014 and 2013 , we recognized insignificant gains and losses related to hedged forecasted transactions and firm commitments that did not occur by the end of the originally specified period. At December 31, 2014 and 2013 , the maximum term of derivative instruments that hedge forecasted transactions was 18 years and 19 years, respectively. See Note15 for additional information about reclassifications out of AOCI. For cash flow hedges, the amount of ineffectiveness in the hedging relationship an d amount of the changes in fair value of the derivatives that are not included in the measurement of ineffectiveness were insignificant for each reporting period. Net investment hedges in foreign operations We use currency exchange derivatives to protec t our net investments in global operations conducted in non-U.S. dollar currencies. For derivatives that are designated as hedges of net investment in a foreign operation, we assess effectiveness based on changes in spot currency exchange rates. Changes in spot rates on the derivative are recorded as a component of AOCI until such time as the foreign entity is substantially liquidated or sold, or upon the loss of a controlling interest in a foreign entity. The change in fair value of the forward points, whi ch reflects the interest rate differential between the two countries on the derivative, is excluded from the effectiveness assessment. GAINS (LOSSES) RECOGNIZED THROUGH CTA Gain (loss) recognized in CTA Gain (loss) reclassified from CTA (In millions) 2014 2013 2014 2013 Currency exchange contracts(a) $ 5,741 $ 2,322 $ 88 $ (1,525) (a) Gain (loss) is recorded in GECC revenues from services when reclassified out of AOCI. The amounts related to the change in the fair value of the forward points that are excluded from the measure of effectiveness were $ (549) million and $ (678) million for the years ended December 31, 2014 and 2013 , respectively, and were recorded in interest and other financial charges. Free-standing derivatives Changes in the fair value of derivatives that are not designated as hedges are recorde d in earnings each period. As discussed above, these derivatives are typically entered into as economic hedges of changes in interest rates, currency exchange rates, commodity prices and other risks. Gains or losses related to the derivative are typically recorded in GECC revenues from services or other income, based on our accounting policy. In general, the earnings effects of the item that represent the economic risk exposure are recorded in the same caption as the derivative. Gains (losses) for the year ended December 31, 2014 on derivatives not designated as hedges were $ (2,077) million composed of amounts related to interest rate contracts of $ (90) million, currency exchange contracts of $ (2,041) million, and other derivatives of $ 54 million. These losses were more than offset by the earnings effects from the underlying items that were economically hedged. Gains (losses) for the year ended December 31, 2013 on derivatives not designated as hedges were $ (497) million composed of amounts related to interest rate contracts of $ (169) million, currency exchange contracts of $ (552) million, and other derivatives of $ 224 million. These losses were more than offset by the earnings effects from the underlying items that were economically hedged. Counterparty credit risk Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk that counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis. Where we have agreed to netting of derivative exposures with a counterparty, we net our exposures with tha t counterparty and apply the value of collateral posted to us to determine the exposure. We actively monitor these net exposures against defined limits and take appropriate actions in response, including requiring additional collateral. As discussed abov e, we have provisions in certain of our master agreements that require counterparties to post collateral (typically, cash or U.S. Treasury securities) when our receivable due from the counterparty, measured at current market value, exceeds a specified limi t. The fair value of such collateral was $ 6,886 million at December 31, 2014 , of which $ 3,698 million was cash and $ 3,188 million was in the form of securities held by a custodian for our benefit. Under certain of these same agreements, we post collateral to our counterparties for our derivative obligations, the fair value of which was $ 461 million at December 31, 2014 . At December 31, 2014 , our exposure to counterparties (including accrued interest), net of collateral we hold, was $ 504 million. This excludes exposure related to embedded derivatives. Additionally, our master agreements typically contain mutual downgrade provisions that provide the ability of each party to require termination if the long-term credit rating of the counterparty were to fall below A-/A3. In certain of these master agreements, each party also has the ability to require termination if the short-term rating of the counterparty were to fall below A-1/P-1. Our master agreements also typically contain prov isions that provide termination rights upon the occurrence of certain other events, such as a bankruptcy or events of default by one of the parties. If an agreement was terminated under any of these circumstances, the termination amount payable would be de termined on a net basis and could also take into account any collateral posted. The net amount of our derivative liability, after consideration of collateral posted by us and outstanding interest payments was $ 471 million at December 31, 2014 . This excludes embedded derivatives. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | NOTE 23. VARIABLE INTEREST ENTITIES We use variable interest entities primarily to securitize financial assets and arrange other forms of asset-backed financing in the ordinary course of business. Except as noted below, investors in these entities only have recourse to the assets owned by the entity and not to our general credit. We do not have implicit support arrangements with any VIE. We did not provide non-contractual support for previously transferred financin g receivables to any VIE in 2014 or 2013 . In evaluating whether we have the power to direct the activities of a VIE that most significantly impact its economic performance, we consider the purpose for which the VIE was created, the importance of each of the activities in whi ch it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance as compared to other economic interest holders. This evaluation requires consideration of all facts and circumstances relevant to decision-making that affects the entity’s future performance and the exercise of professional judgment in deciding which decision-making rights are most important. In determining whether we have the right to receive benefits or the obligation t o absorb losses that could potentially be significant to the VIE, we evaluate all of our economic interests in the entity, regardless of form (debt, equity, management and servicing fees, and other contractual arrangements). This evaluation considers all r elevant factors of the entity’s design, including: the entity’s capital structure, contractual rights to earnings (losses), subordination of our interests relative to those of other investors, contingent payments, as well as other contractual arrangements that have the potential to be economically significant. The evaluation of each of these factors in reaching a conclusion about the potential significance of our economic interests is a matter that requires the exercise of professional judgment. Consolida ted Variable Interest Entities We consolidate VIEs because we have the power to direct the activities that significantly affect the VIE’s economic performance, typically because of our role as either servicer or manager for the VIE. Our consolidated VIEs fall into three main groups, which are further described below: Trinity comprises two consolidated entities that hold investment securities, the majority of which are investment-grade, and were funded by the issuance of GICs. The GICs include conditions u nder which certain holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. The outstanding GICs are subject to their scheduled maturi ties and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC’s ratings, among other things, and are reported in investment contracts, insurance liabilities and insurance annuity benefits. Consolidat ed Securitization Entities (CSEs) were created to facilitate securitization of financial assets and other forms of asset-backed financing that serve as an alternative funding source by providing access to variable funding notes and term markets. The securi tization transactions executed with these entities are similar to those used by many financial institutions and all are non-recourse. We provide servicing for substantially all of the assets in these entities. The financing receivables in these entities ha ve similar risks and characteristics to our other financing receivables and were underwritten to the same standard. Accordingly, the performance of these assets has been similar to our other financing receivables; however, the blended performance of the po ols of receivables in these entities reflects the eligibility criteria that we apply to determine which receivables are selected for transfer. Contractually the cash flows from these financing receivables must first be used to pay third-party debt holders as well as other expenses of the entity. Excess cash flows are available to GE. The creditors of these entities have no claim on other assets of GE. Other remaining assets and liabilities of consolidated VIEs relate primarily to three categories of entit ies: (1) joint ventures that lease equipment with $ 527 million of assets and $ 527 million of liabilities; (2) other entities that are involved in power generating and leasing activities with $ 667 million of assets and no liabilit ies; and (3) insurance entities that, among other lines of business, provide property and casualty and workers’ compensation coverage for GE with $ 1,162 million of assets and $ 541 million of liabilities. ASSETS AND LIABILITIES OF CONSOLIDATED VIEs Consolidated Securitization Entities Trade (In millions) Trinity(a) Credit cards (b) Equipment (b) receivables Other Total December 31, 2014 Assets(c) Financing receivables, net $ - $ 25,645 $ 526 $ - $ 504 $ 26,675 Current receivables - - - 3,028 (d) 509 3,537 Investment securities 2,369 - - - 1,005 3,374 Other assets 17 1,059 16 2 2,329 3,423 Total $ 2,386 $ 26,704 $ 542 $ 3,030 $ 4,347 $ 37,009 Liabilities(c) Borrowings $ - $ - $ - $ - $ 517 $ 517 Non-recourse borrowings - 14,967 436 2,692 - 18,095 Other liabilities 1,022 332 123 26 1,367 2,870 Total $ 1,022 $ 15,299 $ 559 $ 2,718 $ 1,884 $ 21,482 December 31, 2013 Assets(c) Financing receivables, net $ - $ 24,766 $ 752 $ - $ 581 $ 26,099 Current receivables - - - 2,509 349 2,858 Investment securities 2,786 - - - 1,044 3,830 Other assets 213 20 31 - 1,944 2,208 Total $ 2,999 $ 24,786 $ 783 $ 2,509 $ 3,918 $ 34,995 Liabilities(c) Borrowings $ - $ - $ - $ - $ 592 $ 592 Non-recourse borrowings - 15,363 628 2,180 - 18,171 Other liabilities 1,482 228 82 25 1,130 2,947 Total $ 1,482 $ 15,591 $ 710 $ 2,205 $ 1,722 $ 21,710 Excluded intercompany advances from GECC to Trinity, which were elimin ated in consolidation of $ 1,565 million and $ 1,837 million at December 31, 2014 and 2013 , respectively. We provide servicing to the CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to CSE investors with our own cash prior to payment to a CSE, provided our short-term credit rating does not fall below A-1/P-1. These CSEs also owe us amounts for purchased financia l assets and scheduled interest and principal payments. At December 31, 2014 and 2013 , the amounts of commingled ca sh owed to the CSEs were $ 235 million and $ 4,071 million, respectively, and the amounts owed to us by CSEs were $ 389 million and $ 3,341 million, respectively. Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE CC as servicer, which are eliminated in consolidation. Such receivables provide the cash to repay the en tities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition, other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation . Included $686 m illion of receivables origin ated by Appliances. We require third party debt holder consent to sell these assets. The receivables will be included in assets of businesses held for sale when the consent is received. Total revenues from our consolidated VIEs were $ 6,923 million, $ 6,529 million and $ 6,018 million in 2014 , 2013 and 2012 , respectively. Related expenses consisted primarily of provisions for losses of $ 1,148 million, $ 1,223 million an d $ 1,159 million in 2014 , 2013 and 2012 , respectively, and interest and other financial charges of $ 270 million, $ 267 million and $ 306 million in 2014 , 2013 and 2012 , res pectively. These amounts do not include intercompany revenues and costs, principally fees and interest between GE and the VIEs, which are eliminated in consolidation. Investments in Unconsolidated Variable Interest Entities Our involvement with unconsolidated VIEs consists of the following activities: assisting in the formation and financing of the entity; providing recourse and/or liquidity support; servicing the assets; and receiving variable fees for services provided. We are not required to consolidate these entities because the nature of our involvement with the activities of the VIEs does not give us power over decisions that significantly affect their economic performance. The classification of our variable interests in these entities in our financial statements is based on the nature of the entity and the type o f investment we hold. Variable interests in partnerships and corporate entities are classified as either equity method or cost method investments. In the ordinary course of business, we also make investments in entities in which we are not the primary bene ficiary but may hold a variable interest such as limited partner interests or mezzanine debt investments. These investments are classified in two captions in our financial statements: “All o ther assets” for investments accounted for under the equity method , and “Financing receivables – net” for debt financing provided to these entities. INVESTMENTS IN UNCONSOLIDATED VIEs December 31 (In millions) 2014 2013 Other assets and investment securities $ 806 $ 809 Financing receivables – net 120 156 Total investments 926 965 Contractual obligations to fund investments or guarantees 17 124 Revolving lines of credit 20 7 Total $ 963 $ 1,096 In addition to the entities included in the table above, we also hold passive investments in RMBS, CMBS and ABS issued by VIEs. Such investments were, by design, investment-grade at issuance and held by a diverse group of investors. Further information about such investments is provided in Note 3 . |
Commitments and Guarantees
Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Guarantees | NOTE 24. COMMITMENTS, Product warranties AND GUARANTEES Commitments In our Aviation segment, we had committed to provide financing assistance on $ 2,887 million of future customer acquisitions of aircraft equipped with our engines, including commitments made to airlines in 2014 for future sales under our GE90 and GEnx engine campaigns. The GECAS business of GE Capital had placed multiple-year orders for v arious Boeing, Airbus and other aircraft with list prices approximating $ 25,232 million and secondary orders with airlines for used aircraft of approximately $ 2,144 million at December 31, 2014 . Product Warranties We provide for estimated produ ct 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) 2014 2013 2012 Balance at January 1 $ 1,370 $ 1,429 $ 1,553 Current-year provisions 593 798 645 Expenditures (714) (867) (757) Other changes (50) 10 (12) Balance at December 31 $ 1,199 $ 1,370 $ 1,429 Guarantees Our guarantees are provided in the ordinary course of business. We underwrite these guarantees considering economic, liquidity and credit risk of the counterparty. We believe that the likelihood is remote that any such arrangements could have a significant adverse effect on our financial position, results of operations or liquidity. We record liabilities for guarantees at estimated fair value, generally the amount of the premium received, or if we do not receive a premium, the amount based on a ppraisal, observed market values or discounted cash flows. Any associated expected recoveries from third parties are recorded as other receivables, not netted against the liabilities. At December 31, 2014 , we were committed under the following guarantee arrang ements beyond those provided on behalf of VIEs. See Note 23. Credit Support. We have provided $ 1,220 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 $ 28 million at December 31, 2014 . Indemnification Agreements. We have agreements that require us to fund up to $ 26 million at December 31, 2014 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. The liability for these indemnification agreements was $ 10 million at December 31, 2014 . At December 31, 2014 , we also had $ 712 million of other indemnification commitments, substantially all of which relate to representation s and warranties in sales of businesses or assets. Contingent Consideration. These are agreements to provide additional consideration to a buyer or seller in a business combination if contractually specified conditions related to the acquisition or dispos ition are achieved. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Supplemental Disclosures [Text Block] | 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 “Proceeds from sales of discontinued operations” and “Proceeds from principal business dispositions” lines in the Statement of Cash Flows are net of cash disposed and included certain deal-related costs. Amounts reported in the “Net cash from (payments for) principal businesses purchased” line is net of cash acquired and included certain deal-related costs and debt as sumed and immediately repaid in acquisitions. Amounts reported in the “Proceeds from sale of equity interest in NBCU LLC” line included certain deal-related costs. Amounts reported in the “All other operating activities” line in the Statement of Cash Flows consist primarily of adjustments to current and noncurrent accruals, deferrals of costs and expenses and adjustments to assets. GECC had non-cash transactions related to foreclosed properties and repossessed assets totaling $218 million, $ 482 million and $ 839 million in 2014 , 2013 and 2012 , respectively. Certain supplemental information related to our cash flows is shown below. For the years ended December 31 (In millions) 2014 2013 2012 GE Net dispositions (purchases) of GE shares for treasury Open market purchases under share repurchase program $ (2,211) $ (10,225) $ (5,005) Other purchases (49) (91) (110) Dispositions 1,042 1,038 951 $ (1,218) $ (9,278) $ (4,164) GECC All other operating activities Cash collateral on derivative contracts $ 749 $ (2,281) $ 2,937 Increase (decrease) in other liabilities (1,548) 2,284 773 Other 3,867 2,158 503 $ 3,068 $ 2,161 $ 4,213 Net decrease (increase) in GECC financing receivables Increase in loans to customers $ (82,283) $ (74,317) $ (81,451) Principal collections from customers - loans 74,807 78,687 82,199 Investment in equipment for financing leases (1,114) (1,839) (1,867) Principal collections from customers - financing leases 2,212 3,102 3,073 Net change in credit card receivables (5,571) (8,058) (8,030) Sales of financing receivables 5,580 3,018 1,546 $ (6,369) $ 593 $ (4,530) All other investing activities Purchases of investment securities $ (6,890) $ (7,149) $ (13,766) Dispositions and maturities of investment securities 6,284 10,542 15,747 Decrease (increase) in other assets - investments (765) 2,292 6,185 Other 10,125 19,102 23,881 $ 8,754 $ 24,787 $ 32,047 Newly issued debt (maturities longer than 90 days) Short-term (91 to 365 days) $ 29 $ 55 $ 59 Long-term (longer than one year) 29,126 38,262 45,344 $ 29,155 $ 38,317 $ 45,403 Repayments and other reductions (maturities longer than 90 days) Short-term (91 to 365 days) $ (42,239) $ (47,700) $ (86,098) Long-term (longer than one year) (3,890) (2,439) (6,195) Principal payments - non-recourse, leveraged leases (304) (434) (283) $ (46,433) $ (50,573) $ (92,576) All other financing activities Proceeds from sales of investment contracts $ 322 $ 491 $ 2,697 Redemption of investment contracts (1,113) (980) (5,515) Other (438) (384) (1) $ (1,229) $ (873) $ (2,819) |
Intercompany Transactions
Intercompany Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | NOTE 26 . INTERCOMPANY TRANSACTIONS Transactions between related companies are made on an arms-length basis, are eliminated and consist primarily of GECC dividends to GE; GE customer receivables sold to GECC; GECC services for trade receivables management and material procurement; buildings and equipment (including automobiles) leased between GE and GECC; information technology (IT) and other services sold to GECC by GE; aircraft engines manufactured by GE that are installed on aircraft purchased by GECC from third-party producers for lease t o others; and various investments, loans and allocations of GE corporate overhead costs. These intercompany transactions are reported in the GE and GECC columns of our financial statements, but are eliminated in deriving our consolidated financial stateme nts. Effects of these eliminations on our consolidated cash flows from operating, investing and financing activities are $ (5,404) million, $ 1,978 million and $ 3,426 million for 2014 , $ (5,088) million, $ 492 million a nd $ 4,690 million for 2013 and $ (8,542) million, $ 2,328 million and $ 6,703 million for 2012 , respectively. Details of these eliminations are shown below . (In millions) 2014 2013 2012 Cash from (used for) operating activities-continuing operations Combined $ 28,575 $ 27,555 $ 30,640 GE customer receivables sold to GECC (1,918) 360 (1,809) GECC dividends to GE (3,000) (5,985) (6,426) Other reclassifications and eliminations (486) 537 (307) $ 23,171 $ 22,467 $ 22,098 Cash from (used for) investing activities-continuing operations Combined $ (3,101) $ 37,741 $ 19,208 GE customer receivables sold to GECC 1,766 262 2,005 Other reclassifications and eliminations 212 230 323 $ (1,123) $ 38,233 $ 21,536 Cash from (used for) financing activities-continuing operations Combined $ (23,126) $ (53,276) $ (59,063) GE customer receivables sold to GECC 152 (622) (196) GECC dividends to GE 3,000 5,985 6,426 Other reclassifications and eliminations 274 (673) 473 $ (19,700) $ (48,586) $ (52,360) |
Supplemental Information About
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables | 12 Months Ended |
Dec. 31, 2014 | |
Credit Quality Financing Receivables [Abstract] | |
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables | NOTE 27. SUPPLEMENTAL INFORMATION ABOUT THE CREDIT QUALITY OF FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES Credit Quality Indicators D etailed information about the credit quality of our Commercial and Consumer financing receivables portfolios is provided below . For each portfolio, we describe the characteristics of the financing receivables and provide information about collateral, payment performa nce, credit quality indicators and impairment. We manage these portfolios using delinquency and nonaccrual data as key performance indicators. The categories used within this section such as impaired loans, troubled debt restructuring ( TDR ) and nonaccrual financing receivables are defined by the authoritative guidance and we base our categorization on the related scope and definitions contained in the related standards. The categories of nonaccrual and delinquent are used in our process for managing our financing receivables. PAST DUE AND NONACCRUAL FINANCING RECEIVABLES 2014 2013 Over 30 days Over 90 days Over 30 days Over 90 days December 31 (In millions) past due past due Nonaccrual past due past due Nonaccrual Commercial CLL $ 610 $ 131 $ 25 $ 465 $ 83 $ 12 Energy Financial Services - - 68 - - 4 GECAS - - 419 - - - Other - - - - - 6 Total Commercial 610 131 512 (a) 465 83 22 (a) Consumer Non-U.S. residential mortgages 2,171 1,195 1,262 3,406 2,104 2,161 Non-U.S. installment and revolving credit 333 89 53 601 159 106 U.S. installment and revolving credit 2,492 1,147 2 2,442 1,105 2 Other 141 64 167 172 99 351 Total Consumer 5,137 2,495 (b) 1,484 (c) 6,621 3,467 (b) 2,620 (c) Total $ 5,747 $ 2,626 $ 1,996 $ 7,086 $ 3,550 $ 2,642 Total as a percent of financing receivables 4.5 % 2.1 % 1.6 % 5.2 % 2.6 % 2.0 % Included $ 484 million and $ 16 million at December 31, 2014 and 2013 , respectively, that are currently paying in accordance with their contractual terms. Included $ 1,231 million and $ 1,197 million of Consumer loans at December 31, 2014 and 2013, respectively, that are over 90 days past due and continue to accrue interest until the accounts are written off in the period that the account becomes 180 days past due. Include d $ 179 million and $ 324 million at December 31, 2014 and 2013 , respectively, that are currently paying in accordance with their contr actual term s. IMPAIRED LOANS AND RELATED RESERVES With no specific allowance With a specific allowance Recorded Unpaid Average Recorded Unpaid Average investment principal investment investment principal Associated investment December 31 (In millions) in loans balance in loans in loans balance allowance in loans 2014 Commercial CLL $ 10 $ 10 $ 7 $ 5 $ 5 $ 4 $ 4 Energy Financial Services 53 54 26 15 15 12 24 GECAS 329 337 88 - - - 15 Other - - - - - - 1 Total Commercial(b) 392 401 121 20 20 16 44 Consumer(c) 138 179 120 2,042 2,092 408 2,547 Total $ 530 $ 580 $ 241 $ 2,062 $ 2,112 $ 424 $ 2,591 2013 Commercial CLL $ 6 $ 6 $ 7 $ 2 $ 2 $ 2 $ 2 Energy Financial Services - - - 4 4 1 2 GECAS - - - - - - 1 Other 2 3 9 4 4 - 5 Total Commercial(b) 8 9 16 10 10 3 10 Consumer(c) 109 153 98 2,879 2,948 567 3,058 Total $ 117 $ 162 $ 114 $ 2,889 $ 2,958 $ 570 $ 3,068 Write-offs to net realizable value are recognized against the allowance for losses primarily in the reporting period in which management has deemed all or a portion of the financing receivable to be uncollectible, but not later than 360 days after initial recognition of a specific reserve for a collateral dependent loan. We recognized insignificant amounts of interest income, including none on a cash basis, at December 31, 2014 and 2013 , respectively, in CLL . The total average inv estment in impaired loans at December 31, 2014 and 2013 was $ 165 million and $ 26 million, respectively. We recognized $ 126 million and $ 221 million of interest income, including $ 5 millio n, and $ 3 million on a cash basis, at December 31, 2014 and 2013 , respectively, principally in ou r Consumer- U.S. installment and revolving credit portfolios. The total average investment in impaired loans at December 31, 2014 and 2013 was $ 2,667 million and $ 3,156 million, respectively. December 31 (In millions) Non-impaired financing receivables General reserves Impaired loans Specific reserves 2014 Commercial $ 25,329 $ 77 $ 412 $ 16 Consumer 98,640 3,603 2,180 408 Total $ 123,969 $ 3,680 $ 2,592 $ 424 2013 Commercial $ 26,408 $ 41 $ 18 $ 3 Consumer 106,051 3,414 2,988 567 Total $ 132,459 $ 3,455 $ 3,006 $ 570 IMPAIRED LOAN BALANCE CLASSIFIED BY THE METHOD USED TO MEASURE IMPAIRMENT December 31 (In millions) 2014 2013 Discounted cash flow $ 2,149 $ 2,751 Collateral value 443 255 Total $ 2,592 $ 3,006 Our loss mitigation strategy is intended to minimize economic loss and, at times, can result in rate reductions, principal forgiveness, extensions, forbearance or other actions, which may cause the related loan to be classified as a troubled debt restructuring (TDR), and also as impaired. The determination of whether these changes to the terms and conditions of our commercial loans meet the TDR criteria includes our consideration of all relevant facts and circumstances. At December 31, 2014 , TDRs includ ed in impaired loans were $ 2,182 million, primarily relating to Consumer ($ 2,132 million) and GECAS ($ 48 million). Impaired loans in our Consumer business represent restructured smaller balance homogeneous loans meeting the d efinition of a TDR, and are therefore subject to the disclosure requirement for impaired loans, and commercial loans in our Consumer–Other portfolio. The recorded investment of these impaired loans totaled $ 2,180 million (with an unpaid principal b alance of $ 2,271 million) and comprised $ 138 million with no specific allowance, primarily all in our Consumer–Other portfolio, and $ 2,042 million with a specific allowance of $ 408 million at December 31, 2014 . The impaired l oans with a specific allowance included $ 70 million with a specific allowance of $ 7 million in our Consumer–Other portfolio and $ 1,972 million with a specific allowance of $ 401 million across the remaining Consumer business and had an unpaid principal balance and average investment of $ 2,092 million and $ 2,547 million, respectively, at December 31, 2014 . Impaired loans classified as TDRs in our Consumer business were $ 2,132 million and $ 2,874 million at December 31, 2014 and 2013 , respectively. We utilize certain loan modification programs for borrowers experiencing financial difficulties in our Consumer loan portfolio. These loan modification programs primarily include interest rate re ductions and payment deferrals in excess of three months, which were not part of the terms of the original contract, and are primarily concentrated in our non-U.S. residential mortgage and U.S. credit card portfolios. For the year ended December 31, 2014 , we mo dified $ 981 million of consumer loans for borrowers experiencing financial difficulties, which are classified as TDRs, and included $ 506 million of non-U.S. consumer loans, primarily residential mortgages, credit cards and personal loan s and $ 475 million of U.S. consumer loans, primarily credit cards. We expect borrowers whose loans have been modified under these programs to continue to be able to meet their contractual obligations upon the conclusion of the modification. Of ou r $ 981 million and $ 1,441 million of modifications classified as TDRs during 2014 and 2013 , respectively, $ 102 million and $ 266 million have subsequently experienced a payment default in 2014 an d 2013 , respectively. We also utilize certain short-term (three months or less) loan modification programs for borrowers experiencing temporary financial difficulties in our Consumer loan portfolio, which are not classified as TDRs. These loan mod ification programs are primarily concentrated in our non-U.S. residential mortgage and non-U.S. installment and revolving portfolios. We sold our U.S. residential mortgage business in 2007 and, as such, do not participate in the U.S. government-sponsored m ortgage modification programs. For the year ended December 31, 2014 , we provided short-term modifications of $ 45 million of consumer loans for borrowers experiencing financial difficulties, substantially all in our non-U.S. residential mortgage, cre dit card and personal loan portfolios. For these modified loans, we provided insignificant interest rate reductions and payment deferrals, which were not part of the terms of the original contract. We expect borrowers whose loans have been modified under t hese short-term programs to continue to be able to meet their contractual obligations upon the conclusion of the short-term modification. Supplemental Credit Quality Information Commercial Substantially all of our Commercial financing receivables portf olio is secured lending and we assess the overall quality of the portfolio based on the potential risk of loss measure. The metric incorporates both the borrower’s credit quality along with any related collateral protection. Our internal risk ratings proc ess is an important source of information in determining our allowance for losses and represents a comprehensive approach to evaluate risk in our financing receivables portfolios. In deriving our internal risk ratings, we stratify our Commercial portfolios into 21 categories of default risk and/or six categories of loss given default to group into three categories: A, B and C. Our process starts by developing an internal risk rating for our borrowers, which is based upon our proprietary models using data de rived from borrower financial statements, agency ratings, payment history information, equity prices and other commercial borrower characteristics. We then evaluate the potential risk of loss for the specific lending transaction in the event of borrower de fault, which takes into account such factors as applicable collateral value, historical loss and recovery rates for similar transactions, and our collection capabilities. Our internal risk ratings process and the models we use are subject to regular monito ring and internal controls. The frequency of rating updates is set by our credit risk policy, which requires annual Risk Committee approval. As described above, financing receivables are assigned one of 21 risk ratings based on our process and then these are grouped by similar characteristics into three categories in the table below. Category A is characterized by either high-credit-quality borrowers or transactions with significant collateral coverage that substantially reduces or eliminates the risk of l oss in the event of borrower default. Category B is characterized by borrowers with weaker credit quality than those in Category A, or transactions with moderately strong collateral coverage that minimizes but may not fully mitigate the risk of loss in the event of default. Category C is characterized by borrowers with higher levels of default risk relative to our overall portfolio or transactions where collateral coverage may not fully mitigate a loss in the event of default. COMMERCIAL FINANCING RECEIVABLES BY RISK CATEGORY Secured December 31 (In millions) A B C Total 2014 CLL 14,271 49 98 14,418 Energy Financial Services 2,479 60 16 2,555 GECAS 7,908 237 118 8,263 Other 130 - - 130 Total $ 24,788 $ 346 $ 232 $ 25,366 2013 CLL 13,053 37 184 13,274 Energy Financial Services 2,969 9 - 2,978 GECAS 9,175 50 152 9,377 Other 318 - - 318 Total $ 25,515 $ 96 $ 336 $ 25,947 For our secured financing receivables portfolio, our collateral position and ability to work out problem accounts mitigate our losses. Our asset managers have deep industry expertise that enables us to identify the optimum approach to default situations. We price risk premiums for weaker credits at origination, closely monitor changes in creditworthiness through our risk ratings and watch list process, and are engaged early with deteriorating credits to minimize economic loss. Loans within Category C ar e reviewed and monitored regularly, and classified as impaired when it is probable that they will not pay in accordance with contractual terms. Our internal risk rating process identifies credits warranting closer monitoring; and as such, these loans are n ot necessarily classified as nonaccrual or impaired. At December 31, 2014 and 2013 , these financing receivables included $ 88 million and $ 93 million rated A, $ 287 million and $ 382 million rated B, and none and $ 4 million rated C, respectively. Consumer At December 31, 2014 , our U.S. consumer financing receivables included private-label credit card and sales financing for approximately 64 million customers across the U.S. with no metropolitan area accounting for more than 6 % of the portfolio. Of the total U.S. consumer financing receivables, approximately 67 % relate to credit card loans that are often subject to profit and loss sharing arrangements with the retailer (which are recorded in revenues), and the remainin g 33 % are sales finance receivables that provide financing to customers in areas such as electronics, recreation, medical and home improvement. Our Consumer financing receivables portfolio comprises both secured and unsecured lending. Secured f inancing receivables comprise residential loans and lending to small and medium-sized enterprises predominantly secured by auto and equipment, inventory finance, and cash flow loans. Unsecured financing receivables include private-label credit card financi ng. A substantial majority of these cards are not for general use and are limited to the products and services sold by the retailer. The private-label portfolio is diverse with no metropolitan area accounting for more than 5 % of the related por tfolio. Non-U.S. residential mortgages For our secured non-U.S. residential mortgage book, we assess the overall credit quality of the portfolio through loan-to-value ratios (the ratio of the outstanding debt on a property to the value of that property a t origination). In the event of default and repossession of the underlying collateral, we have the ability to remarket and sell the properties to eliminate or mitigate the potential risk of loss. Loan-to-value ratio 2014 2013 80% or Greater than Greater than 80% or Greater than Greater than December 31 (In millions) less 80% to 90% 90% less 80% to 90% 90% Non-U.S. residential mortgages $ 13,964 $ 4,187 $ 6,742 $ 17,224 $ 5,130 $ 8,147 The majority of these financing receivables are in our U.K. and France portfolios and have re-indexed loan-to-value ratios of 70 % and 55 %, respectively. Re-indexed loan-to-value ratios may not reflect actual realizable values of future repossessions. We have third-party mortgage insurance for about 21 % of the balance of Consumer non-U.S. residential mortgage loans with loan-to-value ratios greater than 90% at December 31, 2014 . Such loans were primarily originated in France and the U.K. Installment and Revolving Credit We assess overall credit quality using internal and external credit scores. For our U.S. installment and revolving credit portfolio we use Fair Isaac Corporation (“FICO”) scores. FICO scores are generally obt ained at origination of the account and are refreshed at a minimum quarterly, but could be as often as weekly, to assist in predicting customer behavior. We categorize these credit scores into the following three categories; (a) 661 or higher, which are co nsidered the strongest credits; (b) 601 to 660, which are considered moderate credit risk; and (c) 600 or less, which are considered weaker credits. Refreshed FICO score 2014 2013 661 or 601 to 600 or 661 or 601 to 600 or December 31 (In millions) higher 660 less higher 660 less U.S. installment and revolving credit $ 43,466 $ 11,865 $ 4,532 $ 40,079 $ 11,142 $ 4,633 For our non-U.S. installment and revolving credit, our internal credit scores imply a probability of default that we consistently translate into three approximate credit bureau equivalent credit score categories, including (a) 671 or higher, which are considered the strongest credits; (b) 626 to 670, which are considered moderate credit risk; and (c) 625 or less, which are considered weaker credits. Internal ratings translated to approximate credit bureau equivalent score 2014 2013 671 or 626 to 625 or 671 or 626 to 625 or December 31 (In millions) higher 670 less higher 670 less Non-U.S. installment and revolving credit $ 6,599 $ 2,045 $ 1,756 $ 9,705 $ 3,228 $ 2,798 U.S. installment and revolving credit accounts with FICO scores of 600 or less and non U.S. installment and revolving credit accounts with credit bureau equivalent scores of 625 or less have an average outstanding balance less than one thousand U.S. dollars and are primarily concentrated in our retail card and sales finance receivables in the U.S. and closed-end loans outside the U.S., which minimizes the potential for loss in the event of default. For lower credit scores, we adequately price for the incremental risk at origination and monitor credit migration through our risk ratings process. We continuously adjust our credit line underwriting management and collection strategies based on customer behavior and risk profile changes. Consumer – Other We develop our internal risk ratings for this portfolio in a manner consistent with the process used to develop our Commercial credit quality indicators, described above. We use the borrower’s credit quality and underlying collateral strength to determin e the potential risk of loss from these activities. At December 31, 2014 , Consumer – Other financing receivables of $ 5,006 million, $ 276 million and $ 382 million were rated A, B and C, respectively. At December 31, 2013 , Consumer – Othe r financing receivables of $ 6,137 million, $ 315 million and $ 501 million were rated A, B and C, respectively. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2014 | |
Operating Segments [Abstract] | |
Summary of Operating Segments | NOTE 28. 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. Results of our formerly consolidated subsidiary, NBCU, and our equity method investment in NBCU LLC, which we sold in the first quarter of 2013 are reported in the Corporate items and elimination s line on the Summary of Operating Segments. A description of our operating segments as of December 31, 2014 , can be found below, and details of segment profit by operating segment can be found in the Summary of Operating Se gments table in “Management’s Discus sion and Analysis of Financial Cond ition and Results of Operations’ section. Power & Water Power plant products and services, including design, installation, operation and maintenance services are sold into global markets. Gas, steam and aeroderivative turbines, nuclear reactors, 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 generation and other industrial customers. Renewable energy solutions include wind turbines. Water treatment services and equipment include specialty chemical treatment programs, water purification equipment, mobile treatment systems and desalination processes. Oil & Gas Oil & Gas supplies mission critical equipment for the global oil and gas industry, used in applications spanning the entire value chain from drilling and completion through production, liquefied natural gas (LNG) and pipeline compression, pipeline inspection, a nd including downstream processing in refineries and petrochemical plants. The business designs and manufactures surface and subsea drilling and production systems, equipment for floating production platforms, compressors, turbines, turboexpanders , high pr essure reactors, industrial power generation and a broad portfolio of auxiliary equipment. Energy Management Energy Management is GE’s electrification business. Global teams design leading technology solutions for the delivery, management, conversion and optimization of electrical power for customers across multiple energy-intensive industries. GE has invested in our Energy Management capabilities, with strategic acquisitions and joint ventures that enable GE to increase its offerings to the utility, industrial, renewables, oil and gas, marine, metals and mining industries. Plant auto mation hardware, software and embedded computing systems including controllers, embedded systems, advanced software, motion control, operator interfaces and industrial computers are also provided by Energy Management. Aviation Aviation products and services include jet engines, aerospace systems and equipment, replacement parts and repair and maintenance services for all categories of commercial aircraft; for a wide varie ty of military aircraft, includ ing fighters, bombers, tankers an d helicopters; for marine appli cations; and for executive and regional aircraft. Products and services are sold worldwide to airframe manufacturers, airlines and government agencies. Healthcare Healthcare products include diagnostic imaging systems such as m agnetic resonance (MR), computed t omography (CT) and p ositron e mission t omography (PET) scanners, X-ray, nuclea r imaging, digital mammography and molecular i maging technologies. Healthcare-manufactured technologies include patient and resident monitoring, diagnostic cardiology, ultrasound, bone densitometry, anesthesiology and oxygen therapy, and neonatal and critical care devices. Related services include equipment monitoring and repair, information technologies and customer productivity services. Products also include diagnostic imaging agents used in medical scanning procedures, drug discovery, biopharmaceutical manufacturing and purification, and tools for protein and cellular ana lysis for pharmaceutical and academic research, including a pipeline of precision molecular diagnostics in development for neurology, cardiology and oncology applications. Products and services are sold worldwide to hospitals, medical facilities, pharma ceutical and biotechnology companies, and to the life science research market. Transportation Transportation is a global technology leader and supplier to the railroad, mining, marine and drilling industries. GE provides freight and passenger locomotives, diesel engines for rail, marine and stationary power applications, railway signaling and communications systems, underground mining equipment, motorized drive systems for mining trucks, information technology solutions, high-quality replacement parts and value added services. Appliances & Lighting Products include major appliances and related services for products such as refrigerators, freezers, electric and gas ranges, cooktops, dishwashers, clothes washers and dryers, microwave ovens, room air conditioners, residential water systems for filtration, softening and heating, and hybrid water heaters. These products are distributed both to retail outlets and direct to consumers, mainly for the replacement market, and to building contractors and distributors for new installati ons. Lighting products include a wide variety of lamps and lighting fixtures, including light-emitting diodes. Products and services are sold in North America and in global markets under various GE and private-label brands. GE Capital GE Capital businesses offer a broad range of financial services and products worldwide for businesses of all sizes. Services include commercial loans and leases, financial programs, credit cards, personal loans and other financial services. GE Capital also develops strategic partnerships and joint ventures that utilize GE’s industry-specific expertise in aviation, energy, infrastructure and healthcare to capitalize on market-specific opportunities. Products and services ar e offered in North America and in global markets through the following businesses: CLL, Consumer, Energy Financial Services and GECAS. REVENUES Total revenues(a) Intersegment revenues(b) External revenues (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Power & Water $ 27,564 $ 24,724 $ 28,299 $ 969 $ 947 $ 1,119 $ 26,595 $ 23,777 $ 27,180 Oil & Gas 18,676 16,975 15,241 401 360 314 18,275 16,615 14,927 Energy Management 7,319 7,569 7,412 890 848 487 6,429 6,721 6,925 Aviation 23,990 21,911 19,994 692 500 672 23,298 21,411 19,322 Healthcare 18,299 18,200 18,290 6 14 37 18,293 18,186 18,253 Transportation 5,650 5,885 5,608 (2) 12 11 5,652 5,873 5,597 Appliances & Lighting 8,404 8,338 7,967 22 25 23 8,382 8,313 7,944 Total industrial 109,902 103,602 102,811 2,978 2,706 2,663 106,924 100,896 100,148 GE Capital 26,344 27,008 26,571 1,037 855 728 25,307 26,153 25,843 Corporate items and eliminations(c) (4,038) (1,624) (1,491) (4,015) (3,561) (3,391) (23) 1,937 1,900 Total $ 132,208 $ 128,986 $ 127,891 $ - $ - $ - $ 132,208 $ 128,986 $ 127,891 (a) Revenues of GE businesses include income from sales of goods and services to customers and other income. (b) Sales from one component to another generally are priced at equivalent commercial selling prices. (c) Includes the results of NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC. Revenues from customers located in the United States were $ 61,296 million, $ 58,653 million and $ 59,748 million in 2014 , 2013 and 2012 , respectively. Revenues from customers located outside the United States were $ 70,912 million, $ 70,333 million and $ 68,143 million in 2014 , 2013 and 2012 , respectively. Property, plant and Assets(a)(b) equipment additions(c) Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Power & Water $ 30,338 $ 29,494 $ 27,143 $ 622 $ 714 $ 661 $ 678 $ 668 $ 647 Oil & Gas 27,260 26,193 20,111 653 1,185 467 583 479 426 Energy Management 10,976 10,305 9,594 176 137 155 313 323 287 Aviation 33,716 32,273 25,145 1,197 1,178 781 824 677 644 Healthcare 29,227 27,858 28,369 405 316 322 843 861 879 Transportation 4,449 4,418 4,335 128 282 724 168 167 90 Appliances & Lighting 4,560 4,306 4,201 359 405 485 235 300 265 GE Capital 502,570 520,040 543,093 3,933 3,336 5,086 2,864 3,088 2,486 Corporate items and eliminations(d) 10,418 6,613 27,870 (110) 194 (99) 166 260 218 Total $ 653,514 $ 661,500 $ 689,861 $ 7,363 $ 7,747 $ 8,582 $ 6,674 $ 6,823 $ 5,942 (a) Assets of discontinued operations, NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC are included in Corporate items and eliminations for all periods presented. (b) Total assets of Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and GE Capital operating segments at December 31, 2014 , include investment in and advances to associated companies of $ 357 million, $ 146 million, $ 824 million, $ 1,378 million, $ 511 million, $ 6 million, $ 57 million and $ 11,729 million, respectively. Investments in and advances to associated companies contributed approximately $( 7 ) million, $ 20 million, $ 29 million, $ 94 million, $( 33 ) million, an insignificant amount , $ 70 million and $ 887 million to segment pre-tax income of Power & Water, Oil & Gas, Energy Management, A viation, Healthcare, Transportation, Appliances & Lighting and GE Capital operating segments, respectively, for the year ended December 31, 2014 . Aggregate summarized financial information for significant associated companies assuming a 100% ownership interest at December 31, 2014 included: total assets of $ 81,781 million, primarily financing receivables of $ 36,857 million; total liabilities of $ 56,308 million, primarily debt of $ 39,872 million; revenues totaled $ 45,690 mi llion; and net loss totaled $( 1,511 ) million. (c) Additions to property, plant and equipment include amounts relating to principal businesses purchased. (d) Includes deferred income taxes that are presented as assets for purposes of our consolidat ing balance sheet presentation. Interest and other financial charges Provision (benefit) for income taxes (In millions) 2014 2013 2012 2014 2013 2012 GE Capital $ 4,249 $ 4,690 $ 5,632 $ (126) $ (456) $ 513 Corporate items and eliminations(a) 1,085 849 810 1,634 1,668 2,013 Total $ 5,334 $ 5,539 $ 6,442 $ 1,508 $ 1,212 $ 2,526 (a) Included amounts for Power & Water, Oil & Gas, Energy Management, Aviati on, Healthcare, Transportation and Appliances & Lighting, for which our measure of segment profit excludes interest and other financial charges and income taxes. Property, plant and equipment – net associated with operations based in the United States were $ 10,134 million, $ 10,341 million and $ 9,036 million at year-end 2014 , 2013 and 2012 , respectively. Property, plant and equipment – net associated with operations based outside the United States were $ 38,202 million, $ 40,166 million and $ 41,350 million at year-end 2014 , 2013 and 2012 , respectively. |
Quarterly Information (unaudite
Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Information (unaudited) | NOTE 29. QUARTERLY INFORMATION (UNAUDITED) First quarter Second quarter Third quarter Fourth quarter (In millions; per-share amounts in dollars) 2014 2013 2014 2013 2014 2013 2014 2013 Consolidated operations Earnings from continuing operations $ 2,254 $ 2,701 $ 2,884 $ 2,538 $ 2,803 $ 2,263 $ 4,705 $ 4,709 Earnings (loss) from discontinued operations 698 810 661 761 706 918 634 (1,345) Net earnings 2,952 3,511 3,545 3,299 3,509 3,181 5,339 3,364 Less net earnings (loss) attributable to noncontrolling interests (47) (16) - 166 (28) (10) 187 158 Net earnings attributable to the Company $ 2,999 $ 3,527 $ 3,545 $ 3,133 $ 3,537 $ 3,191 $ 5,152 $ 3,206 Per-share amounts – earnings from continuing operations Diluted earnings per share $ 0.23 $ 0.26 $ 0.28 $ 0.23 $ 0.28 $ 0.22 $ 0.45 $ 0.45 Basic earnings per share 0.23 0.26 0.29 0.23 0.28 0.22 0.45 0.45 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings per share 0.07 0.08 0.07 0.07 0.07 0.09 0.06 (0.13) Basic earnings per share 0.07 0.08 0.07 0.07 0.07 0.09 0.06 (0.13) Per-share amounts – net earnings Diluted earnings per share 0.30 0.34 0.35 0.30 0.35 0.31 0.51 0.32 Basic earnings per share 0.30 0.34 0.35 0.30 0.35 0.31 0.51 0.32 Selected data GE Sales of goods and services $ 24,011 $ 22,303 $ 26,226 $ 24,623 $ 26,025 $ 25,262 $ 31,046 $ 28,826 Gross profit from sales 5,326 4,867 6,090 6,006 6,148 5,691 7,867 6,820 GECC Total revenues 6,564 6,560 6,275 6,432 6,384 6,535 7,121 7,481 Earnings from continuing operations attributable to the Company 1,246 1,008 1,163 1,040 843 893 1,278 2,053 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events Text Block | NOTE 30 . GE CAPITAL EXIT PLAN On April 10, 2015, the Company announced its plan (the GE Capital Exit Plan) to reduce the size of its financial services businesses through the sale of most of the assets of GECC over the following 24 months, and to focus on continued investment and growth in the Company’s industrial businesses. Under the GE Capital Exit Plan, which was approved on April 2, 2015 and aspects of which were approved on March 31, 2015, the Company will retain certain GE CC businesses, principally its vertical financing businesses – GE Capital Aviation Services, Energy Financial Services and Healthcare Equipment Finance – that directly relate to the Company’s core industrial domain and other operations including Working Ca pital Solutions and our run-off insurance activities. The assets planned for disposition include Real Estate, most of CLL and all Consumer platforms (including all U.S. banking assets). As a result of the GE Capital Exit Plan, GE’s consolidated financial statements reflect GECC’s Real Estate business and most of CLL business as discontinued operations, including reclassification of all comparative prior period information. Information in these financial statements has not been updated to reflect aspects o f the GE Capital Exit Plan, other than the required reclassification of the Real Estate business and most of CLL business to discontinued operations. As part of the GE Capital Exit Plan, the Company and GECC entered into an amendment to their existing fin ancial support agreement. Under this amendment (the Amendment), the Company has provided a full and unconditional guarantee (the Guarantee) of the payment of principal and interest on all tradable senior and subordinated outstanding long-term debt securiti es and all commercial paper issued or guaranteed by GECC identified in the Amendment. In the aggregate, the Guarantee applied to $210,107 million of GECC debt as of April 10, 2015. See Note 10. The Guarantee replaced the requirement that the Company make c ertain income maintenance payments to GECC in certain circumstances. GECC’s U.S. public indentures were concurrently amended to provide the full and unconditional guarantee by the Company set forth in the Guarantee. In the first and second quarters of 201 5, GE recorded $16,118 million and $4,581 million, respectively, of after-tax charges related to the GE Capital Exit Plan. As a result of certain businesses meeting discontinued operations criteria, $6,691 million of first quarter after-tax charges and $4, 405 million of second quarter after-tax charges (including $4,329 million related to CLL) were reported in discontinued operations. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation Our financial statements consolidate all of our affiliates – entities in which we have a controlling financial interest, most often because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (VIE) model to the entity, otherwis e the entity is evaluated under the voting interest model. Where we hold current or potential rights that give us the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance combined with a variable interest t hat gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in that VIE. Rights held by others to remove the party with power over the VIE are not c onsidered unless one party can exercise those rights unilaterally. When changes occur to the design of an entity, we reconsider whether it is subject to the VIE model. We continuously evaluate whether we have a controlling financial interest in a VIE. We hold a controlling financial interest in other entities where we currently hold, directly or indirectly, more than 50% of the voting rights or where we exercise control through substantive participating rights or as a general partner. Where we are a genera l partner, we consider substantive removal rights held by other partners in determining if we hold a controlling financial interest. We reevaluate whether we have a controlling financial interest in these entities when our voting or substantive participati ng rights change. Associated companies are unconsolidated VIEs and other entities in which we do not have a controlling financial interest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associat ed companies are accounted for as equity method investments. 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, which represents our best estimate of probable losses inherent in such assets. |
Financial Statement Presentation | 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 Corporation (GECC), whose continuing operations are presented on a one-line basis, giving effect to the e limination of transactions among such affiliates. GECC . This represents the adding together of all affiliates of GECC, giving effect to the elimination of transactions among such affiliates. Consolidated . This represents the adding together of GE and GE CC, giving effect to the elimination of transactions between GE and GECC. Operating Segments . These comprise our eight businesses, focused on the broad markets they serve: Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and GE Capital. 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 expe nses are translated at average rates for the respective periods. Preparing financial sta tements in conformity with GAAP requires us to make estimates based on assumptions about current, and for some estimates future, economic and market conditions (for ex ample, 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 f uture, as appropriate, it is reasonably possible th at in 2015 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 could resu lt in future impairments of investment securities, goodwill, intangibles and long-lived assets, incremental losses on financing receivables, establishment of valuation allowances on deferred tax assets and increased tax liabilities. |
Sales of Goods and Services Policy | Sales of Goods and Services We record all sales of goods and services only when a firm sales agreement is in place, delivery has occurred or services have been rendered and collect ability of the fixed or determinable sales price is reasonably assured. Arrangements for the sale of goods and services sometimes include multiple components. Most of our multiple component arrangements involve the sale of goods and services in the Health care segment. Our arrangements with multiple components usually involve an upfront deliverable of large machinery or equipment and future service deliverables such as installation, commissioning, training or the future delivery of ancillary products. In mo st cases, the relative values of the undelivered components are not significant to the overall arrangement and are typically delivered within three to six months after the core product has been delivered. In such agreements, selling price is determined for each component and any difference between the total of the separate selling prices and total contract consideration (i.e., discount) is allocated pro rata across each of the components in the arrangement. The value assigned to each component is objectivel y determined and obtained primarily from sources such as the separate selling price for that or a similar item or from competitor prices for similar items. If such evidence is not available, we use our best estimate of selling price, which is established c onsistent with the pricing strategy of the business and considers product configuration, geography, customer type, and other market specific factors. Except for goods sold under long-term agr eements, we recognize sales of goods under the provisions of U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition . We often sell consumer products and computer hardware and software products with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize reve nue when we have reliably demonstrated that all specified acceptance criteria have been met or when formal acceptance occurs, respectively. In arrangements where we provide goods for trial and evaluation purposes, we only recognize revenue after customer a cceptance occurs. Unless otherwise noted, we do not provide for anticipated losses before we record sales. We recognize revenue on agreements for sales of goods and services under power generation unit and uprate contracts, nuclear fuel assemblies, larger oil drilling equipment projects, aeroderivative unit contracts, military development contracts, locomotive production contracts, and long-term construction projects, using long-term construction and production contract accounting. We estimate total long-t erm contract revenue net of price concessions as well as total contract costs. For goods sold under power generation unit and uprate contracts, nuclear fuel assemblies, aeroderivative unit contracts, military development contracts and locomotive production contracts, we recognize sales as we complete major contract-specified deliverables, most often when customers receive title to the goods or accept the services as performed. For larger oil drilling equipment projects and long-term construction projects, w e recognize sales based on our progress toward contract completion measured by actual costs incurred in relation to our estimate of total expected costs. We measure long-term contract revenues by applying our contract-specific estimated margin rates to inc urred costs. We routinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. We provide for any loss that we expect to incur on these agreements when that loss is prob able. We recognize revenue upon delivery for sales of aircraft engines, military propulsion equipment and related spare parts not sold under long-term product services agreements. Delivery of commercial engines, non-U.S. military equipment and all relate d spare parts occurs on shipment; delivery of military propulsion equipment sold to the U.S. government or agencies thereof occurs upon receipt of a Material Inspection and Receiving Report, DD Form 250 or Memorandum of Shipment. Commercial aircraft engine s are complex equipment manufactured to customer order under a variety of sometimes complex, long-term agreements. We measure sales of commercial aircraft engines by applying our contract-specific estimated margin rates to incurred costs. We routinely upda te our estimates of future revenues and costs for commercial aircraft engine agreements in process and report any cumulative effects of such adjustments in current operations. Significant components of our revenue and cost estimates include price concessio ns and performance-related guarantees as well as material, labor and overhead costs. We measure revenue for military propulsion equipment and spare parts not subject to long-term product services agreements based on the specific contract on a specifically measured output basis. We provide for any loss that we expect to incur on these agreements when that loss is probable; consistent with industry practice, for commercial aircraft engines, we make such provision only if such losses are not recoverable from f uture highly probable sales of spare parts and services for those engines. We sell product services under long-term product maintenance or extended warranty agreements in our Aviation, Power & Water, Oil & Gas and Transportation segments, where costs of p erforming services are incurred on other than a straight-line basis. We also sell product services in our Healthcare segment, where such costs generally are expected to be on a straight-line basis. For the Aviation, Power & Water, Oil & Gas and Transportat ion agreements, we recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We routinely update our estimates of future costs for agreements in process and report a ny cumulative effects of such adjustments in current operations. For the Healthcare agreements, we recognize revenues on a straight-line basis and expense related costs as incurred. We provide for any loss that we expect to incur on any of these agreements when that loss is probable. |
GECC Revenues from Servicies (Earned Income) | GECC Revenues from Services (Earned Income) We use the interest method to recognize income on loans. Interest on loans includes origination, commitment and other non-refundable fees related to funding (recorded in earned income on the interest method). We stop accruing interest at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days past due, with the exception of consumer credit card accounts. Beginning in the fourth qu arter of 2013 , we continue to accrue interest on consumer credit cards until the accounts are written off in the period the account becomes 180 days past due. Previously, we stopped accruing interest on consumer credit cards when the account became 90 days past due. Previously recognized interest income that was accrued but not collected from the borrower is reversed, unless the terms of the loan agreement permit capitalization of accrued interest to the principal balance. Although we stop accruing interest in advance of payments, we recognize interest income as cash is collected when appropriate, provided the amount does not exceed that which would have been earned at the historical effective interest rate; otherwise, payments received are applied to reduce the principal balance of the loan. We resume accruing interest on nonaccrual, non-restructured commercial loans only when (a) payments are brought current according to the loan’s original terms and (b) future payments are reasonably assured. When we agr ee to restructured terms with the borrower, we resume accruing interest only when it is reasonably assured that we will recover full contractual payments, and such loans pass underwriting reviews equivalent to those applied to new loans. We resume accruing interest on nonaccrual consumer loans when the customer’s account is less than 90 days past due and collection of such amounts is probable . Interest accruals on modified consumer loans that are not considered to be troubled debt restructurings (TDRs) may return to current status (re-aged) only after receipt of at least three consecutive minimum monthly payments or the equivalent cumulative amount, subject to a re-aging limitation of once a year, or twice in a five-year period. We recognize financing lease income on the interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values are based upon management's best estimates of the value of the leased asset at the end of the lease term. We use various sources of d ata in determining this estimate, including information obtained from third parties, which is adjusted for the attributes of the specific asset under lease. Guarantees of residual values by unrelated third parties are considered part of minimum lease payme nts. Significant assumptions we use in estimating residual values include estimated net cash flows over the remaining lease term, anticipated results of future remarketing, and estimated future component part and scrap metal prices, discounted at an approp riate rate. We recognize operating lease income on a straight-line basis over the terms of underlying leases. Fees include commitment fees related to loans that we do not expect to fund and line-of-credit fees. We record these fees in earned income on a straight-line basis over the period to which they relate. We record syndication fees in earned income at the time related services are performed, unless significant contingencies exist. |
Depreciation and Amortization Policy | Depreciation and Amortization The cost of GE manufacturing plant and equipment is depreciated over its estimated economic life. U.S. assets are depreciated using an accelerated method based on a sum-of-the-years digits formula; non-U.S. assets are generally depreciated on a straight-line basis. The cost of GECC equipment leased to others on operating leases is depreciated on a straight-line basis to estimated residual value over the lease term or over the estimated economic life of the equipment. The cost of GECC acquired real estate investments is depreciated on a straight-line basis to the estimated salvage value over the expected useful life or the estimated proceeds upon sale of the investment at the end of the expected holding period if that approach produces a higher measure of depreciation expense. The cost of individually significant customer relationships is amortized in proportion to estimated total related sales; cost of other intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life. We review long-li ved assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. See Notes 7 and 8. |
Losses on Financing Receivables | Losses on Financing Receivables Losses on financing receivables are recognized when they are incur red, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate r equires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific custom ers and market sectors, collateral values (including housing price indices as applicable), and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodic ally to reflect our view of current conditions and are subject to the regulatory examination process, which can result in changes to our assumptions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollectible and subsequent recoveries are added to the allowance at the time cash is received on a written-off account. "Impaired" loans are defined as larger-balance or restructured loans for which it is probable that the lender will be unable to collect all amounts due according to the original contractual terms of the loan agreeme nt. The vast majority of our Consumer and a portion of our Commercial Lending and Leasing (CLL) nonaccrual receivables are excluded from this definition, as they represent smaller-balance homogeneous loans that we evaluate collectively by portfolio for i mpairment. Impaired loans include nonaccrual receivables on larger-balance or restructured loans, loans that are currently paying interest under the cash basis and loans paying currently that had been previously restructured. Specific reserves are recor ded for individually impaired loans to the extent we have determined that it is probable that we will be unable to collect all amounts due according to original contractual terms of the loan agreement. Certain loans classified as impaired may not require a reserve because we believe that we will ultimately collect the unpaid balance (through collection or collateral repossession). “Troubled debt restructurings” (TDRs) are those loans for which we have granted a concession to a borrower experiencing financial difficulties where we do not receive adequate compensation. Such loans are classified as impaired, and are individually reviewed for specific reserves. “Nonaccrual financing receivables” are those on which we have stopped accruing interest. We s top accruing interest at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days past due, with the exception of consumer credit card accounts, for which we continue to accrue interest until the accounts ar e written off in the period that the account becomes 180 days past due. Although we stop accruing interest in advance of payments, we recognize interest income as cash is collected when appropriate provided the amount does not exceed that which would have been earned at the historical effective interest rate. Recently restructured financing receivables are not considered delinquent when payments are brought current according to the restructured terms, but may remain classified as nonaccrual until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. “Delinquent” receivables are those that are 30 days or more past due based on their contractual terms. The same financing receivab le may meet more than one of the definitions above. Accordingly, these categories are not mutually exclusive and it is possible for a particular loan to meet the defin itions of a TDR, impaired loan and nonaccrual loan and be included in each of these categ ories. The categorization of a particular loan also may not be indicative of the potential for loss. Our consumer loan portfolio consists of smaller-balance, homogeneous loans, including credit card receivables, installment loans, auto loans and leases an d residential mortgages. We collectively evaluate each portfolio for impairment quarterly. The allowance for losses on these receivables is established through a process that estimates the probable losses inherent in the portfolio based upon statistical an alyses of portfolio data. These analyses include migration analysis, in which historical delinquency and credit loss experience is applied to the current aging of the portfolio, together with other analyses that reflect current trends and conditions. We al so consider our historical loss experience to date based on actual defaulted loans and overall portfolio indicators including nonaccrual loans, trends in loan volume and lending terms, credit policies and other observable environmental factors such as unem ployment rates and home price indices. Our commercial loan and lease portfolio consists of a variety of loans and leases, including both larger-balance, non-homogeneous loans and leases and smaller-balance homogeneous loans and leases. Losses on such loa ns and leases are recorded when probable and estimable. We routinely evaluate our entire portfolio for potential specific credit or collection issues that might indicate an impairment. For larger-balance, non-homogeneous loans and leases, we consider the financial status, payment history, collateral value, industry conditions and guarantor support related to specific customers. Any delinquencies or bankruptcies are indications of potential impairment requiring further assessment of collectability. We rout inely receive financial as well as rating agency reports on our customers, and we elevate for further attention those customers whose operations we judge to be marginal or deteriorating. We also elevate customers for further attention when we observe a dec line in collateral values for asset-based loans. While collateral values are not always available, when we observe such a decline, we evaluate relevant markets to assess recovery alternatives. Measurement of the loss on our impaired commercial loans is b ased on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of collateral, net of expected selling costs, if the loan is determined to be collateral dependent. We determine whether a loan is co llateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. Our review process can often result in reserves being established in advance of a modification of terms or designation as a TDR. After providing for specific incurred losses, we then determine an allowance for losses that have been incurred in the balance of the portfolio but cannot yet be identified to a specific loan or lease. This estimate is based upon various statistical analyses considering historical and projected default rates and loss severity and aging, as well as our view on current market and economic conditions. It is prepared by ea ch respective line of business. Experience is not available for new products; therefore, while we are de veloping that experience, we set loss allowances based on our experience with the most closely analogous products in our portfolio. Our loss mitigation strategy intends to minimize economic loss and, at times, can result in rate reductions, principal for giveness, extensions, forbearance or other actions, which may cause the related loan to be classified as a TDR. We utilize certain loan modification programs for borrowers experiencing temporary financial difficulties in our Consumer loan portfolio. Thes e loan modification programs are primarily concentrated in our non-U.S. residential mortgage and non-U.S. installment and revolving portfolios and include short-term (three months or less) interest rate reductions and payment deferrals, which were not part of the terms of the original contract. We sold our U.S. residential mortgage business in 2007 and, as such, do not participate in the U.S. government-sponsored mortgage modification programs. Our allowance for losses on financing receivables on these mo dified consumer loans is determined based upon a formulaic approach that estimates the probable losses inherent in the portfolio based upon statistical analyses of the portfolio. Data related to redefault experience is also considered in our overall reserv e adequacy review. Once the loan has been modified, it returns to current status (re-aged) only after receipt of at least three consecutive minimum monthly payments or the equivalent cumulative amount, subject to a re-aging limitation of once a year, or tw ice in a five-year period in accordance with the Federal Financial Institutions Examination Council guidelines on Uniform Retail Credit Classification and Account Management policy issued in June 2000. We believe that the allowance for losses would not be materially different had we not re-aged these accounts. For commercial loans, we evaluate changes in terms and conditions to determine whether those changes meet the criteria for classification as a TDR on a loan-by-loan basis. T hese changes prim arily include: changes to covenants, short-term payment deferrals and maturity extensions. For these changes, we receive economic consideration, including additional fees and/or increased interest rates, and evaluate them under our normal underwriting sta ndards and criteria. The determination of whether these changes to the terms and conditions of our commercial loans meet the TDR criteria includes our consideration of all of the relevant facts and circumstances. When the borrower is experiencing financial difficulty, we carefully evaluate these changes to determine whether they meet the form of a concession. In these circumstances, if the change is deemed to be a concession, we classify the loan as a TDR. When we repossess collateral in satisfaction of a loan, we write down the receivable against the allowance for losses. Repossessed collateral is included in the caption “All other assets” in the Statement of Financial Position and carried at the lower of cost or estimated fair value less costs to sell. F or Consumer loans, we write off unsecured closed-end installment loans when they are 120 days contractually past due and unsecured open-ended revolving loans at 180 days contractually past due. We write down consumer loans secured by collateral other than residential real estate when such loans are 120 days past due. Consumer loans secured by residential real estate (both revolving and closed-end loans) are written down to the fair value of collateral, less costs to sell, no later than when they become 180 days past due. Unsecured consumer loans in bankruptcy are written off within 60 days of notification of filing by the bankruptcy court or within contractual write-off periods, whichever occurs earlier. Write-offs on larger-balance impaired commercial loan s are based on amounts deemed uncollectible and are reviewed quarterly. Write-offs are determined based on the consideration of many factors, such as expectations of the workout plan or restructuring of the loan, valuation of the collateral and the priorit ization of our claim in bankruptcy. Write-offs are recognized against the allowance for losses at the earlier of transaction confirmation (for example, discounted pay-off, restructuring, foreclosure, etc.) or not later than 360 days after initial recogniti on of a specific reserve for a collateral dependent loan. If foreclosure is probable, the write-off is determined based on the fair value of the collateral less costs to sell. Smaller-balance, homogeneous commercial loans are written off at the earlier of when deemed uncollectible or at 180 days past due. |
Partial Sales of Business Interests | Partial Sales of Business Interests Gains or losses on sales of affiliate shares where we retain a controlling financial interest are recorded in equity. Gains or losses on sales that result in our loss of a controlling financial interest are recorded in earnings along with remeasurement gains or losses on any investments in the entity that we retained. |
Cash and Equivalents Policy | Cash and Equivalents Debt securities and money market instruments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities. |
Investment Securities Policy | Investment Securities We report investments in debt and marketable equity securities, and certain other equity securities, at fair value. See Note 21 for further information on fair value. Unrealized gains and losses on available-for-sale investment securities are included in shareowners ’ equity, net of applicable taxes and other adjustments. We regularly review investment secur ities for impairment using both quantitative and qualitative criteria. For debt securities, if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery of our amortized cost, we evaluate other qualitative criteria to determine whether we do not expect to recover the amortized cost basis of the security, such as the financial health of and specific prospects for the issuer, including whether the issuer is in compliance with the te rms and covenants of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consi der the security to be other-than-temporarily impaired, and we record the difference between the security ’ s amortized cost basis and its recoverable amount in earnings and the difference between the security ’ s recoverable amount and fair value in other com prehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, the security is also considered other-than-temporarily impaired and we recognize the en tire difference between the security ’ s amortized cost basis and its fair value in earnings. For equity securities, we consider the length of time and magnitude of the amount that each security is in an unrealized loss position. If we do not expect to recov er the entire amortized cost basis of the security, we consider the security to be other-than-temporarily impaired, and we record the difference between the security’s amortized cost basis and its fair value in earnings. Realized gains and losses are acco unted for on the specific identification method. Unrealized gains and losses on investment securities classified as trading and certain retained interests are included in earnings. |
Goodwill and Intangible Assets Policy | Goodwill and Other Intangible Assets We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is the operating segment, or one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value and the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill. We use a market approach, when available and appropriate, or the income approach, or a combination of both to establish fair values. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on dispos ition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will be retained. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite . The cost of intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life, except that individually significant customer-related intangible assets are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if imp aired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required. |
GECC Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits | GECC Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits Certain entities that we consolidate provide guaranteed i nvestment contracts, primarily to states, municipalities and municipal authorities. Our insurance activities include providing insurance and reinsurance for life and health risks and providing certain annuity products. Two primary product groups are provi ded: traditional insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. For short-duration insurance contracts, includ ing accident and health insurance, we report premiums as earned income over the terms of the related agreements, generally on a pro-rata basis. For traditional long-duration insurance contracts including long-term care, term, whole life and annuities payab le for the life of the annuitant, we report premiums as earned income when due. Premiums received on investment contracts (including annuities without significant mortality risk) are not reported as revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortality, contract initiation, administration and surrender. Amounts credited to policyholder accounts are charged to expense. Liabilities for traditional long-duration insurance contra cts represent the present value of such benefits less the present value of future net premiums based on mortality, morbidity, interest and other assumptions at the time the policies were issued or acquired. Liabilities for investment contracts equal the ac count value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. For guaranteed investment contracts, the liability is also adjusted as a result o f fair value hedging activity. Liabilities for unpaid claims and estimated claim settlement expenses represent our best estimate of the ultimate obligations for reported and incurred-but-not-reported claims and the related estimated claim settlement expen ses. Liabilities for unpaid claims and estimated claim settlement expenses are continually reviewed and adjusted through current operations. |
Fair Value Measurements | Fair Value Measurements For financial assets and liabilities measured at fair value on a recurring basis, fair v alue is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements invo lve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inpu ts reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whos e significant value drivers are observable. Level 3 – Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data available. In addition, we have risk managem ent teams that review valuation, including independent price validation for certain instruments. With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valua tions. Such reviews, which may be performed quarterly, monthly or weekly, include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit enviro nment, as well as other published data, such as rating agency market reports and current appraisals. These reviews are performed within each business by the asset and risk managers, pricing committees and valuation committees. A detailed review of methodol ogies and assumptions is performed by individuals independent of the business for individual measurements with a fair value exceeding predefined thresholds. This detailed review may include the use of a third-party valuation firm. Recurring Fair Value Mea surements The following sections describe the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis. Investments in Debt and Equity Securities . When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For large numbers of investment securities for which market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we obtain pricing information fro m an independent pricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market ob servable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor uses available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The pricing vendor considers available market observable inputs in determining the evaluation for a se curity. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and primarily comprise our portfolio of corporate fixed income, and government, mort gage and asset-backed securities. In infrequent circumstances, our pricing vendors may provide us with valuations that are based on significant unobservable inputs, and in those circumstances we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. While we are not provided access to proprietary models of the vendor, our reviews have included on-site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. Our reviews also include an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process we perform each reporting period. In addition, the pricing vendor has an established challenge process in place for all security valuations, which facilitate s identification and resolution of potentially erroneous prices. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified app ropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share si milar characteristics. We have not adjusted the prices we have obtained. Investment securities priced using non-binding broker quotes and other third-party pricing services are included in Level 3. As is the case with our primary pricing vendor, third-part y brokers and other third-party pricing services do not provide access to their proprietary valuation models, inputs and assumptions. Accordingly, our risk management personnel conduct reviews of vendors, as applicable, similar to the reviews performed of our primary pricing vendor. In addition, we conduct internal reviews of pricing for all such investment securities quarterly to ensure reasonableness of valuations used in our financial statements. These reviews are designed to identify prices that appear stale, those that have changed significantly from prior valuations, and other anomalies that may indicate that a price may not be accurate. Based on the information available, we believe that the fair values provided by the brokers and other third-party pr icing services are representative of prices that would be received to sell the assets at the measurement date (exit prices). Derivatives. We use closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the-co unter markets. The majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent equity derivatives and interest rate products that contain embedded optionality or prepayment features. Non-recurring Fair Value Measurements Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. These assets can include loans and long-lived assets that have been reduced to fair value when they are held for sale, impaired loans that have been reduced based on the fair value of the underlying collateral, cost and equity method investments and long-lived assets that are written down to fair value when they are impaired and the remeasurement of retained investments in formerly consolidated subsidiaries upon a change in control tha t results in deconsolidation of a subsidiary, if we sell a controlling interest and retain a noncontrolling stake in the entity. Assets that are written down to fair value when impaired and retained investments are not subsequently adjusted to fair value u nless further impairment occurs. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value on a non-recurring basis and for certain assets within our pension plans and retiree benefit plans at each reporting period, as applicable. Financing Receivables and Loans Held for Sale. When available, we use observable market data, including pricing on recent closed market transactions, to value loans that are included in Lev el 2. When this data is unobservable, we use valuation methodologies using current market interest rate data adjusted for inherent credit risk, and such loans are included in Level 3. When appropriate, loans may be valued using collateral values (see Long- Lived Assets below). Cost and Equity Method Investments. Cost and equity method investments are valued using market observable data such as quoted prices when available. When market observable data is unavailable, investments are valued using a discounted cash flow model, comparative market multiples or a combination of both approaches as appropriate and other third-party pricing sources. These investments are generally included in Level 3. Investments in private equity, real estate and collective funds are valued using net asset values. The net asset values are determined based on the fair values of the underlying investments in the funds. Investments in private equity and real estate funds are generally included in Level 3 because they are not redeemabl e at the measurement date. Investments in collective funds are included in Level 2. Long-liv ed Assets, including real estate . Fair values of long-lived assets, including aircraft and real estate, are primarily derived internally and are based on observed sales transactions for similar assets. In other instances, for example, collateral types for which we do not have comparable observed sales transaction data, collateral values are developed internally and corroborated by external appraisal information. Adj ustments to third-party valuations may be performed in circumstances where market comparables are not specific to the attributes of the specific collateral or appraisal information may not be reflective of current market conditions due to the passage of ti me and the occurrence of market events since receipt of the information. For real estate, fair values are based on discounted cash flow estimates that reflect current and projected lease profiles and available industry information about capitalization rate s and expected trends in rents and occupancy and are corroborated by external appraisals. These investments are generally included in Level 2 or Level 3. Retained Investments in Formerly Consolidated Subsidiaries. Upon a change in control that results in deconsolidation of a subsidiary, the fair value measurement of our retained noncontrolling stake is valued using market observable data such as quoted prices when available, or if not available, an income approach, a market approach, or a combination of bo th approaches as appropriate. In applying these methodologies, we rely on a number of factors , including actual operating results, future business plans, economic projections, market observable pricing multiples of similar businesses and comparable transac tions, and possible control premium. These investments are generally included in Level 1 or Level 3, as appropriate, determined at the time of the transaction. |
Accounting Changes | Accounting Changes In the second quarter of 2014, the Company elected to early adopt Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . This ASU changes the criteria for reporting discontinued operations. To be classified as a discontinued operation, the disposal of a component or group of components must represent a strategic shift that has, or wil l have, a major effect on an entity’s operations and financial results. The ASU also expands the disclosure requirements for those transactions that meet the new criteria to be classified as discontinued operations. The revised accounting guidance applies prospectively to all disposals (or classifications as held for sale) of components of an entity and for businesses that, upon acquisition, are classified as held for sale on or after adoption. Early adoption is permitted for disposals (or classifications a s held for sale) that have not been previously reported in financial statements. The effects of applying the revised guidance will vary based upon the nature and size of future disposal transactions. It is expected that fewer disposal transactions will mee t the new criteria to be reported as discontinued operations. On January 1, 2014, we adopted ASU 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or G roups of Assets within a Foreign Entity or of an Investment in a Foreign Entity . Under the revised guidance, the entire amount of the cumulative translation adjustment associated with the foreign entity will be released into earnings in the following circu mstances: (a) the sale of a subsidiary or group of net assets within a foreign entity that represents a complete or substantially complete liquidation of that entity, (b) the loss of a controlling financial interest in an investment in a foreign entity, or (c) when the accounting for an investment in a foreign entity changes from the equity method to full consolidation. The revised guidance applies prospectively to transactions or events occurring on or after January 1, 2014. On January 1, 2014, we adopted ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists . Under the new guidance, an unrecognized tax benefit is required to be presented as a reduction to a d eferred tax asset if the disallowance of the tax position would reduce the available tax loss or tax credit carryforward instead of resulting in a cash tax liability. The ASU applies prospectively to all unrecognized tax benefits that exist as of the adopt ion date and reduced both deferred tax assets and income tax liabilities (including amounts reported in assets and liabilities of discontinued operations) by $1,224 million as of January 1, 2014. On January 1, 2012 , we adopted ASU 2011-05, an amendment to Accounting Standards Codification (ASC) 220, Comprehensive Income . ASU 2011-05 introduced a new statement, the Consolidated Statement of Comprehensive Income. The amendments affect only the display of those components of equity categorized as other compre hensive income and do not change existing recognition and measurement requirements that determine net earnings. On January 1, 2012, we adopted ASU 2011-04, an amendment to ASC 820, Fair Value Measurements . ASU 2011-04 clarifies or changes the application of existing fair value measurements, including: that the highest and best use valuation premise in a fair value measurement is relevant only when measuring the fair value of nonfinancial assets; that a reporting entity should measure the fair value of its own equity instrument from the perspective of a market participant that holds that instrument as an asset; to permit an entity to measure the fair value of certain financial instruments on a net basis rather than based on its gross exposure when the report ing entity manages its financial instruments on the basis of such net exposure; that in the absence of a Level 1 input, a reporting entity should apply premiums and discounts when market participants would do so when pricing the asset or liability consiste nt with the unit of account; and that premiums and discounts related to size as a characteristic of the reporting entity’s holding are not permitted in a fair value measurement. Adopting these amendments had no effect on the financial statements. |
Business and assets held for sale policy | BUSINESSES AND ASSETS HELD FOR SALE Businesses held for sale represent components that meet accounting requirements to be classified as held for sale and are presented as single asset and liability amounts in our financial statements with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less cost to sell. Financing receivables that no longer qualify to be presented as held for investment must be classified as held for sale and recognized in our financial statements at the lower of c ost or fair value, less cost to sell, with that amount representing a new cost basis at the date of transfer. The determination of fair value for businesses and portfolios of financing receivables involves significant judgments and assumptions. Developmen t of estimates of fair values in this circumstance is complex and is dependent upon, among other factors, the nature of the potential sales transaction (for example, asset sale versus sale of legal entity), composition of assets and/or businesses in the di sposal group, the comparability of the disposal group to market transactions, negotiations with third party purchasers etc. Such factors bear directly on the range of potential fair values and the selection of the best estimates. Key assumptions were devel oped based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction. We will review all businesses and assets held for sale each reporting per iod to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. |
Iinventory policy | Inventories All inventories are stated at the lower of cost or realizable values. Cost for a significant portion of GE U.S. inventories is determined on a last-in, first-out (LIFO) basis. Cost of other GE inventories is determined on a first-in, first-out (F IFO) basis. LIFO was used for 40 % and 39 % of GE inv entories at 2014 and 2013 , respectively. |
Assets and Liabilities of Bus39
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Financial Information For Businesses Held For Sale [Line Items] | |
Businesses held for sale | FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31 (In millions) 2014 2013 Assets Cash and equivalents $ 676 $ 5 Investment securities 448 7 Current receivables(a) 180 - Inventories 588 - Financing receivables – net 2,144 - Property, plant, and equipment – net 1,015 - Goodwill 539 24 Intangible assets – net 170 2 Other 540 12 Assets of businesses held for sale $ 6,300 $ 50 Liabilities Accounts payable(a) $ 510 $ 1 Other current liabilities 348 - Bank deposits 1,931 - Other 586 5 Liabilities of businesses held for sale $ 3,375 $ 6 ( a) Certain transactions at our Appliances and Signaling businesses are made on an arms-length basis with GECC, consisting primarily of GE customer receivables sold to GECC and GECC services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GECC columns of our financial statements, but are eliminated in deriving our consolidated financial statements . |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS (In millions) 2014 2013 2012 Operations Total revenues and other income (loss) $ 16,113 $ 17,245 $ 18,984 Earnings (loss) from discontinued operations before income taxes $ 2,724 $ 2,233 $ 2,233 Benefit (provision) for income taxes (40) 692 191 Earnings (loss) from discontinued operations, net of taxes $ 2,684 $ 2,925 $ 2,424 Disposal Gain (loss) on disposal before income taxes $ 14 $ (2,027) $ (792) Benefit (provision) for income taxes 1 246 197 Gain (loss) on disposal, net of taxes $ 15 $ (1,781) $ (595) Earnings (loss) from discontinued operations, net of taxes(a) $ 2,699 $ 1,144 $ 1,829 (a) The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GECC earnings (loss) from discontinued operations, net of taxes, is reported as GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Earnings . December 31 (In millions) 2014 2013 Assets Cash and equivalents $ 5,414 $ 2,040 Investment securities 10,006 8,561 Financing receivables – net 114,561 122,300 Other receivables 2,192 2,238 Property, plant and equipment – net 18,051 18,326 Goodwill(a) 13,569 14,292 Other intangible assets – net 301 448 Deferred income taxes 2,920 4,109 Other 19,920 24,444 Assets of discontinued operations $ 186,934 $ 196,758 Liabilities Short-term borrowings $ 1,125 $ 2,452 Accounts payable 3,770 4,157 Other GE current liabilities 28 30 Non-recourse borrowings 10,569 10,403 Bank deposits 18,998 15,190 Long term borrowings 1,182 1,624 All other liabilities 7,720 11,991 Deferred income taxes 5,402 5,189 Liabilities of discontinued operations $ 48,794 $ 51,036 (a) We tested CLL and Real Estate goodwill for impairment using data as of July 1 in both 2014 and 2013. Fair value was determined using an income approach and based upon results of testing, goodwill was not impaired in either period. (a) Earnings (loss) from discontinued operations attributable to the company, before income taxes, was $ 778 million, $ 1,246 million and $ 241 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Real Estate | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR REAL ESTATE (In millions) 2014 2013 2012 Operations Total revenues and other income (loss) $ 2,969 $ 3,915 $ 3,654 Interest $ (1,079) $ (1,278) $ (1,883) Operating and administrative (870) (960) (911) Depreciation and amortization (326) (396) (542) Provision for losses on financing receivables 86 (28) (72) Earnings (loss) from discontinued operations before income taxes 780 1,253 246 Benefit (provision) for income taxes 223 472 562 Earnings (loss) from discontinued operations, net of taxes $ 1,003 $ 1,725 $ 808 Disposal Gain (loss) on disposal before income taxes $ - $ - $ - Benefit (provision) for income taxes - - - Gain (loss) on disposal, net of taxes $ - $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 1,003 $ 1,725 $ 808 |
CLL [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING (In millions) 2014 2013 2012 Operations Total revenues and other income (loss) $ 13,412 $ 13,144 $ 15,139 Interest $ (3,069) $ (3,300) $ (4,080) Operating and administrative (3,662) (3,551) (3,875) Depreciation and amortization (3,930) (4,083) (4,074) Provision for losses on financing receivables (456) (736) (536) Earnings (loss) from discontinued operations before income taxes 2,295 1,474 2,574 Benefit (provision) for income taxes (487) 65 (570) Earnings (loss) from discontinued operations, net of taxes $ 1,808 $ 1,539 $ 2,004 Disposal Gain (loss) on disposal before income taxes $ - $ - $ - Benefit (provision) for income taxes - - - Gain (loss) on disposal, net of taxes $ - $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 1,808 $ 1,539 $ 2,004 (a) Earnings (loss) from discontinued operations attributable to the company, before income taxes, was $ 2,278 million, $ 1,457 million and $ 2,537 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
GE Money Japan [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR GE MONEY JAPAN (In millions) 2014 2013 2012 Earnings (loss) from discontinued operations, net of taxes $ 59 $ (1,636) $ (649) |
WMC Discontinued Operations [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | ROLLFORWARD OF THE RESERVE December 31 (In millions) 2014 2013 Balance, beginning of period $ 800 $ 633 Provision 365 354 Claim resolutions / rescissions (356) (187) Balance, end of period $ 809 $ 800 FINANCIAL INFORMATION FOR WMC (In millions) 2014 2013 2012 Total revenues and other income (loss) $ (291) $ (346) $ (500) Earnings (loss) from discontinued operations, net of taxes $ (199) $ (232) $ (337) |
Consumer Russia [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR CONSUMER RUSSIA (In millions) 2014 2013 2012 Total revenues and other income (loss) $ 24 $ 260 $ 276 Gain (loss) on disposal, net of taxes $ 4 $ (170) $ - Earnings (loss) from discontinued operations, net of taxes $ (2) $ (193) $ 33 |
Trailer Services [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR CLL TRAILER SERVICES (In millions) 2014 2013 2012 Total revenues and other income (loss) $ 1 $ 271 $ 399 Gain (loss) on disposal, net of taxes $ 12 $ 18 $ - Earnings (loss) from discontinued operations, net of taxes $ 37 $ (2) $ 22 |
Consumer Ireland [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR CONSUMER IRELAND (In millions) 2014 2013 2012 Total revenues and other income (loss) $ - $ - $ 7 Gain (loss) on disposal, net of taxes $ 1 $ 6 $ (121) Earnings (loss) from discontinued operations, net of taxes $ 1 $ 6 $ (195) |
GE Industrial | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR GE INDUSTRIAL (In millions) 2014 2013 2012 Earnings (loss) from discontinued operations, net of taxes $ (5) $ (66) $ 147 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 2014 2013 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 $ - $ - $ 12 $ 21 $ 14 $ - $ 35 Corporate – non-U.S. 1 - - 1 13 - (1) 12 Equity Available-for-sale 69 4 (2) 71 302 9 (41) 270 Trading - - - - 6 - - 6 82 4 (2) 84 342 23 (42) 323 GECC Debt U.S. corporate 19,810 3,962 (69) 23,703 19,450 2,307 (217) 21,540 State and municipal 4,173 555 (53) 4,675 4,214 235 (190) 4,259 Residential mortgage-backed(a) 1,544 153 (5) 1,692 1,803 139 (46) 1,896 Commercial mortgage-backed 2,903 170 (10) 3,063 2,929 188 (82) 3,035 Asset-backed 304 8 (17) 295 448 7 (43) 412 Corporate – non-U.S. 908 109 (1) 1,016 1,131 85 (6) 1,210 Government – non-U.S. 1,560 152 (2) 1,710 2,062 81 (6) 2,137 U.S. government and federal agency 1,957 56 - 2,013 752 45 (27) 770 Retained interests - - - - 1 - - 1 Equity Available-for-sale 109 24 (1) 132 167 28 (2) 193 Trading 21 - - 21 22 - - 22 33,289 5,189 (158) 38,320 32,979 3,115 (619) 35,475 Eliminations (4) - - (4) (5) - - (5) Total $ 33,367 $ 5,193 $ (160) $ 38,400 $ 33,316 $ 3,138 $ (661) $ 35,793 (a) Substantially collateralized by U.S. mortgages. A t December 31, 2014 , $ 1,158 million related to securities issued by government-sponsored entities and $ 534 million related to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions |
Schedule of investments, by type and length in continuous loss position | ESTIMATED FAIR VALUE AND GROSS UNREALIZED LOSSES OF 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(a) losses(a)(b) fair value losses(b) 2014 Debt U.S. corporate $ 554 $ (16) $ 836 $ (53) State and municipal 67 (1) 308 (52) Residential mortgage-backed 30 - 146 (5) Commercial mortgage-backed 165 (1) 204 (9) Asset-backed 9 - 42 (17) Corporate – non-U.S. 42 (1) 3 - Government – non-U.S. 677 (2) 14 - U.S. government and federal agency 705 - 1 - Equity 10 (3) - - Total $ 2,259 $ (24) $ 1,554 $ (136) (c) 2013 Debt U.S. corporate $ 2,170 $ (122) $ 598 $ (95) State and municipal 1,051 (80) 367 (109) Residential mortgage-backed 219 (10) 430 (37) Commercial mortgage-backed 396 (24) 780 (58) Asset-backed 23 (2) 299 (42) Corporate – non-U.S. 94 (2) 160 (4) Government – non-U.S. 1,268 (6) 1 - U.S. government and federal agency 229 (27) 254 - Retained interests - - - - Equity 246 (43) - - Total $ 5,696 $ (316) $ 2,889 $ (345) (a) Includes the estimated fair value of and gross unrealized losses on Corporate-non-U.S. and Equity securities held by GE. At December 31, 2014, there were no Corporate-non-U.S. securities held by GE in a loss position. At December 31, 2014 , the estimated fair value of and gross unrealized losses on Equity securities were $ 4 million and $ (2) million, respectively. At December 31, 2013 , the estimated fair value of and gross unrealized losses on Corporate-non-U.S. securities were $ 12 million and $ (1) million, respectively. At December 31, 2013 the estimated fair value of and gross unrealized losses on Equity securities were $ 222 million and $ (41) million, respectively. (b) Included gross unrealized losses rel ated to securities that had other-than-temporary impairments previously recognized of an insignificant amount at December 31, 2014 . (c) The majority relate to debt securities held to support obligations to holders of GICs and substantially all are debt securities that we re considered to be investment-grade by the major rating agencies at December 31, 2014 . |
Pre Tax Other Than Temporary Impairments On Investment Securities [TableTextBlock] | PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES (In millions) 2014 2013 2012 Total pre-tax, OTTI recognized $ 317 $ 202 $ 122 Pre-tax, OTTI recognized in AOCI (4) (31) (51) Pre-tax, OTTI recognized in earnings(a) $ 313 $ 171 $ 71 (a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $ 220 million, $ 1 million and $ 10 million in 2014 , 2013 and 2012 , respectively |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD (In millions) 2014 2013 2012 Cumulative credit loss impairments recognized, beginning of period $ 474 $ 392 $ 512 Credit loss impairments recognized on securities not previously impaired - 121 14 Incremental credit loss impairments recognized on securities previously impaired 4 25 24 Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell 302 64 158 Cumulative credit loss impairments recognized, end of period $ 176 $ 474 $ 392 |
Schedule of contractual maturities | CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-SALE DEBT SECURITIES (EXCLUDING MORTGAGE-BACKED AND ASSET-BACKED SECURITIES) Amortized Estimated (In millions) cost fair value Due Within one year $ 2,385 $ 2,395 After one year through five years 3,110 3,346 After five years through ten years 4,683 5,060 After ten years 18,243 22,329 |
Supplemental gross realized gains losses on available-for-sale investment securities | GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES (In millions) 2014 2013 2012 GE Gains $ 3 $ 1 $ - Losses, including impairments (218) (20) (1) Net (215) (19) (1) GECC Gains 95 148 134 Losses, including impairments (108) (158) (134) Net (13) (10) - Total $ (228) $ (29) $ (1) |
Current Receivables (Tables)
Current Receivables (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Current Receivables [Abstract] | |
Schedule of current receivables | Consolidated(a) GE(b) December 31 (In millions) 2014 2013 2014 2013 Power & Water $ 4,984 $ 3,895 $ 2,783 $ 2,335 Oil & Gas 5,775 5,444 3,215 3,134 Energy Management 1,655 1,540 731 686 Aviation 4,656 4,307 1,997 2,260 Healthcare 4,350 4,398 2,241 2,029 Transportation 454 526 351 318 Appliances & Lighting 1,468 1,337 216 273 Corporate items and eliminations 390 388 464 377 23,732 21,835 11,998 11,412 Less Allowance for Losses (495) (447) (485) (442) Total $ 23,237 $ 21,388 $ 11,513 $ 10,970 Includes GE industrial customer receivables factored through a GECC affiliate and reported as financing receivables by GECC. See Note 26. GE current receivables of $ 254 million and $ 127 million at December 31, 2014 and 2013 , respectively, arose from sales, principally of Aviation goods and services, on open account to various agencies of the U.S. government. As a percentage of GE revenues, approximately 3 % of GE sales of goods and services were to the U.S. governmen t in 2014 , compared with 4 % in 2013 and 2012 . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Inventory, Net [Abstract] | |
Inventories | December 31 (In millions) 2014 2013 GE Raw materials and work in process $ 9,820 $ 9,760 Finished goods 7,126 7,161 Unbilled shipments 755 609 17,701 17,530 Less revaluation to LIFO (62) (273) Total GE 17,639 17,257 GECC Finished goods 50 68 Total consolidated $ 17,689 $ 17,325 |
GECC Financing Receivables an43
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Abstract] | |
GECC financing receivables | FINANCING RECEIVABLES, NET December 31 (In millions) 2014 2013 Loans, net of deferred income $ 120,007 $ 128,371 Investment in financing leases, net of deferred income 6,554 7,094 126,561 135,465 Allowance for losses (4,104) (4,025) Financing receivables – net(a) $ 122,457 $ 131,440 (a) Financing receivables at December 31, 2014 and 2013 included $ 2 million and $ 16 million, respectively, relating to loans that had been acquired in a transfer but have been subject to credit deterioration since origination. |
Net Investment in Financing Leases | NET INVESTMENT IN FINANCING LEASES Total financing leases Direct financing leases(a) Leveraged leases(b) December 31 (In millions) 2014 2013 2014 2013 2014 2013 Total minimum lease payments receivable $ 7,907 $ 9,096 $ 4,821 $ 5,542 $ 3,086 $ 3,554 Less principal and interest on third-party non-recourse debt (1,868) (2,249) - - (1,868) (2,249) Net rentals receivables 6,039 6,847 4,821 5,542 1,218 1,305 Estimated unguaranteed residual value of leased assets 2,371 2,675 1,138 1,296 1,233 1,379 Less deferred income (1,856) (2,428) (1,170) (1,636) (686) (792) Investment in financing leases, net of deferred income 6,554 7,094 4,789 5,202 1,765 1,892 Less amounts to arrive at net investment Allowance for losses (39) (31) (24) (21) (15) (10) Deferred taxes (1,899) (1,790) (697) (189) (1,202) (1,601) Net investment in financing leases $ 4,616 $ 5,273 $ 4,068 $ 4,992 $ 548 $ 281 Included $ 46 million and $ 47 million of initial direct costs on direct financing le ases at December 31, 2014 and 2013 , respectively. Included pre-tax income of $ 53 million and $ 11 million and income tax of $ 20 million and $ 4 million during 2014 and 2013 , respectively. Net investment credits recognized on leveraged leases during 2014 and 2013 were insignificant . |
Contractual Maturities | CONTRACTUAL MATURITIES Total Net rentals (In millions) loans receivable Due in 2015 $ 18,109 $ 1,382 2016 3,998 1,014 2017 3,913 796 2018 3,073 731 2019 3,154 533 2020 and later 22,896 1,583 55,143 6,039 Consumer revolving loans 64,864 - Total $ 120,007 $ 6,039 |
Financing receivables - net | FINANCING RECEIVABLES (In millions) 2014 2013 Commercial CLL $ 14,418 $ 13,274 Energy Financial Services 2,580 3,107 GE Capital Aviation Services (GECAS) 8,263 9,377 Other 480 668 Total Commercial 25,741 26,426 Consumer Non-U.S. residential mortgages 24,893 30,501 Non-U.S. installment and revolving credit 10,400 15,731 U.S. installment and revolving credit 59,863 55,854 Other 5,664 6,953 Total Consumer 100,820 109,039 Total financing receivables 126,561 135,465 Allowance for losses (4,104) (4,025) Total financing receivables – net $ 122,457 $ 131,440 |
Schedule Of Allowance For Losses | ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES Provision Balance at charged to Gross Balance at (In millions) January 1 operations Other (a) write-offs (b) Recoveries (b) December 31 2014 Commercial CLL $ 17 $ 10 $ - $ (15) $ 9 $ 21 Energy Financial Services 8 30 (1) (17) 6 26 GECAS 17 39 - (10) - 46 Other 2 - (2) - - - Total Commercial 44 79 (3) (42) 15 93 Consumer Non-U.S. residential mortgages 358 256 (151) (207) 69 325 Non-U.S. installment and revolving credit 650 338 (260) (787) 458 399 U.S. installment and revolving credit 2,823 2,875 19 (3,138) 607 3,186 Other 150 75 (33) (151) 60 101 Total Consumer 3,981 3,544 (425) (4,283) 1,194 4,011 Total $ 4,025 $ 3,623 $ (428) $ (4,325) $ 1,209 $ 4,104 2013 Commercial CLL $ 23 $ (3) $ 1 $ (15) $ 11 $ 17 Energy Financial Services 9 (1) - - - 8 GECAS 8 9 - - - 17 Other 3 (1) - (2) 2 2 Total Commercial 43 4 1 (17) 13 44 Consumer Non-U.S. residential mortgages 480 269 10 (458) 57 358 Non-U.S. installment and revolving credit 649 647 (106) (1,093) 553 650 U.S. installment and revolving credit 2,282 3,006 (51) (2,954) 540 2,823 Other 172 127 11 (236) 76 150 Total Consumer 3,583 4,049 (136) (4,741) 1,226 3,981 Total $ 3,626 $ 4,053 $ (135) $ (4,758) $ 1,239 $ 4,025 Other primarily included the 2014 reclassifications of Budapest Bank and GEMB-Nordic to held for sale, dispositions and the effects of currency exchange. GEMB-Nordic was subsequently sold in the fourth quarter of 2014. Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the curren t year, which may identify further deterioration on existing financing receivables . ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES Provision Balance at charged to Gross Balance at (In millions) January 1 operations Other (a) write-offs (b) Recoveries (b) December 31 2012 Commercial CLL $ 38 $ (3) $ - $ (21) $ 9 $ 23 Energy Financial Services 26 4 - (24) 3 9 GECAS 17 4 - (13) - 8 Other 37 1 (20) (17) 2 3 Total Commercial 118 6 (20) (75) 14 43 Consumer Non-U.S. residential mortgages 545 112 8 (261) 76 480 Non-U.S. installment and revolving credit 791 308 20 (1,120) 650 649 U.S. installment and revolving credit 2,008 2,666 (24) (2,906) 538 2,282 Other 199 132 18 (257) 80 172 Total Consumer 3,543 3,218 22 (4,544) 1,344 3,583 Total $ 3,661 $ 3,224 $ 2 $ (4,619) $ 1,358 $ 3,626 Other primarily included transfers to held for sale and the effects of currency exchange. Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables . |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Depreciable lives-new Original Cost Net Carrying Value December 31 (Dollars in millions) (in years) 2014 2013 2014 2013 GE Land and improvements 8 (a) $ 700 $ 707 $ 689 $ 671 Buildings, structures and related equipment 8-40 7,683 8,910 3,048 4,205 Machinery and equipment 4-20 23,437 25,323 9,085 9,701 Leasehold costs and manufacturing plant under construction 1-10 4,731 3,309 4,385 2,997 36,551 38,249 17,207 17,574 GECC(b) Land and improvements, buildings, structures and related equipment 1-35 (a) 1,197 1,353 407 414 Equipment leased to others Aircraft(c) 20 46,017 46,768 30,573 32,315 All other 6-25 767 783 539 558 47,981 48,904 31,519 33,287 Eliminations (462) (419) (390) (354) Total $ 84,070 $ 86,734 $ 48,336 $ 50,507 (a) Depreciable lives exclude land. (b) Included $ 731 million and $ 371 million of original cost of assets leased to GE with accumulated amortization of $ 60 million and $ 52 million at December 31, 2014 and 2013 , respectively. (c) The GECAS business of GE Capital recognized impairment losses of $ 445 million and $ 732 million in 2014 and 2013 , respectively. These losses are recorded in the caption “Other costs and expenses” in t he Statement of Earnings to reflect adjustments to fair value based on an evaluation of average current market values (obtained from third parties) of similar type and age aircraft, which are adjusted for the attributes of the specific aircraft under lease . |
Rentals due from customers for equipment on operating leases | (In millions) Due in 2015 $ 3,761 2016 3,452 2017 3,130 2018 2,747 2019 2,374 2020 and later 6,537 Total $ 22,001 |
Acquisitions, Goodwill and Ot45
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill balance | CHANGES IN GOODWILL BALANCES 2014 2013 Dispositions, Dispositions, currency currency Balance at exchange Balance at Balance at exchange Balance at (In millions) January 1 Acquisitions and other December 31 January 1 Acquisitions and other December 31 Power & Water $ 8,822 $ 21 $ (89) $ 8,754 $ 8,821 $ - $ 1 $ 8,822 Oil & Gas 10,516 276 (220) 10,572 8,365 2,217 (66) 10,516 Energy Management 4,748 - (178) 4,570 4,610 7 131 4,748 Aviation 9,103 - (151) 8,952 5,975 3,043 85 9,103 Healthcare 16,643 1,004 (115) 17,532 16,762 45 (164) 16,643 Transportation 1,012 2 (127) 887 999 - 13 1,012 Appliances & Lighting 606 - (380) 226 611 - (5) 606 GE Capital 11,960 - (504) 11,456 12,619 13 (672) 11,960 Corporate 3 31 - 34 - 4 (1) 3 Total $ 63,413 $ 1,334 $ (1,764) $ 62,983 $ 58,762 $ 5,329 $ (678) $ 63,413 |
Goodwill and other intangible assets | OTHER INTANGIBLE ASSETS - NET (In millions) 2014 2013 Intangible assets subject to amortization $ 13,725 $ 13,707 Indefinite-lived intangible assets(a) 130 160 Total $ 13,855 $ 13,867 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Intangible assets subject to amortization | INTANGIBLE ASSETS SUBJECT TO AMORTIZATION 2014 2013 Gross Gross carrying Accumulated carrying Accumulated December 31 (In millions) amount amortization Net amount amortization Net Customer-related $ 8,064 $ (2,261) $ 5,803 $ 7,481 $ (1,905) $ 5,576 Patents and technology 6,694 (2,900) 3,794 6,489 (2,511) 3,978 Capitalized software 7,349 (4,178) 3,171 7,355 (4,480) 2,875 Trademarks 1,151 (263) 888 1,356 (295) 1,061 Present value of future profits(a) 614 (614) - 574 (574) - All other 203 (134) 69 331 (114) 217 Total $ 24,075 $ (10,350) $ 13,725 $ 23,586 $ (9,879) $ 13,707 (a) Balances at December 31, 2014 and 2013 reflect adjustments of $ 293 million and $ 322 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. |
Components of finite-lived intangible assets | COMPONENTS OF FINITE-LIVED INTANGIBLE ASSETS ACQUIRED DURING 2014 Weighted-average Gross amortizable period (In millions) carrying value (in years) Customer-related $ 730 14.1 Patents and technology 178 10.8 Capitalized software 1,112 5.6 Trademarks 52 17.2 All other 6 2.5 |
Consolidated amortization | ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION (In millions) 2015 2016 2017 2018 2019 Estimated annual pre-tax amortization $ 1,634 $ 1,496 $ 1,364 $ 1,216 $ 1,061 |
All Other Assets (Tables)
All Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Other Assets [Abstract] | |
All other Assets | December 31 (In millions) 2014 2013 GE Investments Associated companies $ 3,384 $ 3,937 Other 613 626 3,997 4,563 Contract costs and estimated earnings(a) 13,990 12,522 Long-term receivables, including notes 766 993 Derivative instruments 783 623 Other 5,144 5,007 24,680 23,708 GECC Investments Associated companies 13,091 14,085 Assets held for sale(b) 1,784 484 Other 1,278 379 16,153 14,948 Derivative instruments 1,630 868 Advances to suppliers 1,374 2,246 Deferred borrowing costs 849 867 Deferred acquisition costs(c) 17 29 Other 3,953 3,997 23,976 22,955 Eliminations (330) (265) Total $ 48,326 $ 46,398 (a) Contract costs and estimated earnings reflect revenues earned in excess of billings on our long-term contracts to construct technically complex equipment (such as power generation, aircraft engines and aeroderivative units) and long-term product maintenance or extended warranty arrangements. These amounts are presented net of related billings in excess of revenues relating to long-term product maintenance or extended warranty arrangements of $ 2,329 million and $ 1,842 million at December 31, 2014 and 2013 , respectively. (b) Assets were classified as held for sale on the date a decision was made to dispose of them through sale or other means. At December 31, 2014 and 2013 , such assets consisted primar ily of loans, aircraft, and other equipment , 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 $ 6 million and $ 10 mill ion at December 31, 2014 and 2013 , respectively. (c) Balances at December 31, 2014 and 2013 reflect adjustments of $ 624 million and $ 700 million, respectively, to deferred acquisition costs in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. |
Borrowings and Bank Deposits (T
Borrowings and Bank Deposits (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
GECC Borrowings | December 31 (Dollars in millions) 2014 2013 Short-term borrowings Amount Average Rate(a) Amount Average Rate(a) GE Commercial paper $ 500 0.10 % $ - - % Payable to banks 343 1.32 346 3.38 Current portion of long-term borrowings 2,068 1.05 70 5.65 Other 961 1,425 Total GE short-term borrowings 3,872 1,841 GECC Commercial paper U.S. 22,019 0.19 24,877 0.18 Non-U.S. 2,993 0.25 4,168 0.33 Current portion of long-term borrowings(b)(c)(f) 36,995 2.54 38,266 2.71 GE Interest Plus notes(d) 5,467 1.01 8,699 1.11 Other(c) 231 276 Total GECC short-term borrowings 67,705 76,286 Eliminations (863) (1,250) Total short-term borrowings $ 70,714 $ 76,877 Long-term borrowings Maturities Amount Average Rate(a) Amount Average Rate(a) GE Senior notes 2017-2044 $ 11,945 4.25 % $ 10,968 3.63 % Payable to banks 2016-2019 5 0.89 10 1.10 Other 518 537 Total GE long-term borrowings 12,468 11,515 GECC Senior unsecured notes(b)(e) 2016-2055 162,194 2.72 185,605 2.96 Subordinated notes(f) 2021-2037 4,804 3.36 4,821 3.93 Subordinated debentures(g) 2066-2067 7,085 5.88 7,462 5.64 Other(c)(h) 12,676 9,643 Total GECC long-term borrowings 186,759 207,531 Eliminations (45) (128) Total long-term borrowings $ 199,182 $ 218,918 Non-recourse borrowings of consolidated securitization entities(i) 2015-2019 $ 19,369 1.16 % $ 19,721 1.17 % Bank deposits(j) $ 43,841 $ 38,171 Total borrowings and bank deposits $ 333,106 $ 353,687 Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging. Included $ 439 million and $ 481 million of obligations to holders of GICs at December 31, 2014 and 2013 , respectively. These obligations included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3. The remaining outstanding GICs will continue to be s ubject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC’s ratings, among other things. Included $ 4,835 million and $ 7,673 million of funding secured by real estate, aircraft and other collateral at December 31, 2014 and 2013 , respectively, of which $ 1,183 million and $ 1,899 million is non-recourse to GECC at December 31, 2014 and 2013 , respectively. Entirely variable denomination f loating-rate demand notes. Included $ 700 million of debt at both December 31, 2014 and 2013 raised by a funding entity related to Penske Truck Leasing Co., L.P. (PTL). GECC, as co-issuer and co-guarantor of the debt, reports this amount as bor rowings in its financial statements. GECC has been indemnified by the other limited partners of PTL for their proportionate share of the debt obligation. Also included $ 3,593 million related to Synchrony Financial. See Note 1. Included $ 300 million of subordinated notes guaranteed by GE at both December 31, 2014 and 2013 . Subordinated debentures receive rating agency equity credit. Included $ 8,245 million related to Synchrony Financial. See Note 1. Included $ 3,377 million and $ 6,208 million of current portion of long-term borrowings at December 31, 2014 and 2013 , respectively. See Note 23. Included $ 8,905 million and $ 12,472 million of deposits in non-U.S. banks at December 31, 2014 and 2013 , respectively, and $ 14,500 million and $ 11,481 million of certificates of deposits with maturities greater than one year at December 31, 2014 and 2013 , respectively. |
Long-Term Debt Maturities | (In millions) 2015 2016 2017 2018 2019 GE $ 2,068 $ 194 $ 4,052 $ 28 $ 29 GECC 36,995 (a) 31,116 26,858 18,890 21,899 (a) Fixed and floating rate notes of $ 474 million contain put options with exercise dates in 2015, and which have final maturity beyond 2019. |
Investment Contracts Insuranc48
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits [Abstract] | |
Schedule of Investment Contracts Insurance Liabilities and Insurance Annuity Benefits | December 31 (In millions) 2014 2013 Investment contracts $ 2,970 $ 3,144 Guaranteed investment contracts 1,000 1,471 Total investment contracts 3,970 4,615 Life insurance benefits(a) 20,688 18,959 Other(b) 3,369 3,405 28,027 26,979 Eliminations (449) (435) Total $ 27,578 $ 26,544 Life insurance benefits are accounted for mainly by a net-level-premium method using estimated yields generally ranging from 3.0 % to 8.5 % in both 2014 and 2013 . Substantially all unpaid claims and claims adjustment expenses and unearned premiums. |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Plan Participants | PENSION PLAN PARTICIPANTS Principal Other pension pension December 31, 2014 Total plans plans Active employees 117,000 86,000 31,000 Vested former employees 225,000 179,000 46,000 Retirees and beneficiaries 267,000 232,000 35,000 Total 609,000 497,000 112,000 |
Cost of Postretirement Benefit Plans | COST OF PENSION PLANS Total Principal pension plans Other pension plans (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Service cost for benefits earned $ 1,608 $ 1,970 $ 1,779 $ 1,205 $ 1,535 $ 1,387 $ 403 $ 435 $ 392 Prior service cost amortization 220 253 287 214 246 279 6 7 8 Expected return on plan assets (3,979) (4,163) (4,394) (3,190) (3,500) (3,768) (789) (663) (626) Interest cost on benefit obligations 3,332 2,983 2,993 2,745 2,460 2,479 587 523 514 Net actuarial loss amortization 2,770 4,007 3,701 2,565 3,664 3,421 205 343 280 Curtailment loss 65 - - 65 (a) - - - - - Pension plans cost $ 4,016 $ 5,050 $ 4,366 $ 3,604 $ 4,405 $ 3,798 $ 412 $ 645 $ 568 (a) Loss resulting from our agreement with Electrolux to sell the GE Appliance s business. |
Actuarial Assumptions | Principal pension plans Other pension plans (weighted average) December 31 2014 2013 2012 2011 2014 2013 2012 2011 Discount rate 4.02 % 4.85 % 3.96 % 4.21 % 3.53 % 4.39 % 3.92 % 4.42 % Compensation increases 4.10 4.00 3.90 3.75 3.60 3.76 3.30 4.31 Expected return on assets 7.50 7.50 8.00 8.00 6.95 6.92 6.82 7.09 |
Accumulated Benefit Obligation | PROJECTED BENEFIT OBLIGATION Principal pension plans Other pension plans (In millions) 2014 2013 2014 2013 Balance at January 1 $ 58,113 $ 63,502 $ 13,535 $ 13,584 Service cost for benefits earned 1,205 1,535 403 435 Interest cost on benefit obligations 2,745 2,460 587 523 Participant contributions 153 156 9 14 Plan amendments - - (29) 11 Actuarial loss (gain) 11,718 (a) (6,406) (b) 2,170 (b) (575) (b) Benefits paid (3,199) (3,134) (493) (477) Acquisitions (dispositions) / other - net - - 48 46 Exchange rate adjustments - - (641) (26) Balance at December 31(c) $ 70,735 $ 58,113 $ 15,589 $ 13,535 Principally associated with discount rate and mortality assumption changes. Principally associated with discount rate changes. The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $ 6,632 million and $ 5,162 m illion at year-end 2014 and 2013 , respectively. ACCUMULATED BENEFIT OBLIGATION December 31 (In millions) 2014 2013 GE Pension Plan $ 61,631 $ 50,967 GE Supplementary Pension Plan 5,070 3,946 Other pension plans 14,790 12,629 |
Plans With Assets Less Than ABO | PLANS WITH ASSETS LESS THAN ABO December 31 (In millions) 2014 2013 Funded plans with assets less than ABO Plan assets $ 53,126 $ 57,430 Accumulated benefit obligations 67,676 60,715 Projected benefit obligations 70,354 63,532 Unfunded plans(a) Accumulated benefit obligations 6,719 5,243 Projected benefit obligations 8,342 6,512 (a ) Primarily related to the GE Supplementary Pension Plan. |
Fair Value of Plan Assets | FAIR VALUE OF PLAN ASSETS Principal pension plans Other pension plans (In millions) 2014 2013 2014 2013 Balance at January 1 $ 48,297 $ 44,738 $ 11,059 $ 9,702 Actual gain on plan assets 2,793 6,312 1,537 1,212 Employer contributions 236 225 726 673 Participant contributions 153 156 9 14 Benefits paid (3,199) (3,134) (493) (477) Acquisitions (dispositions) / other - net - - - (31) Exchange rate adjustments - - (452) (34) Balance at December 31 $ 48,280 $ 48,297 $ 12,386 $ 11,059 |
Asset Allocation | ASSET ALLOCATION Other pension plans Principal pension plans (weighted average) 2014 2014 2014 2014 Target Actual Target Actual allocation allocation allocation allocation Equity securities(a) 17 - 57 % (b) 45 % (c) 39 % 48 % Debt securities (including cash equivalents) 13 - 53 31 35 38 Private equities 8 - 18 11 7 2 Real estate 2 - 12 7 9 6 Other investments(d) 3 - 13 6 10 6 Includes investment funds that primarily hold this type of asset. Target equally divided between U.S. equity securities and non-U.S. equity securities. Actual allocations were 25 % for U.S. equity securities and 20 % for non-U.S. equity securities. Substantially all represented hedge fund investments. |
Pension Plan Investments Measured at Fair Value | (In millions) Level 1 Level 2 Level 3 Total December 31, 2014 Equity securities U.S. equity securities(a) $ 11,493 $ 1,463 $ - $ 12,956 Non-U.S. equity securities(a) 7,021 2,132 - 9,153 Debt securities Fixed income and cash investment funds 245 4,255 - 4,500 U.S. corporate(b) - 5,153 2 5,155 Residential mortgage-backed - 1,118 1 1,119 Non-U.S. Corporate - 1,097 3 1,100 U.S. government and federal agency - 2,468 - 2,468 Other debt securities(c) - 1,042 - 1,042 Private equities(a) - 32 5,217 5,249 Real estate(a) - - 3,129 3,129 Other investments(d) - 70 2,248 2,318 Total investments $ 18,759 $ 18,830 $ 10,600 $ 48,189 Other(e) 91 Total assets $ 48,280 December 31, 2013 Equity securities U.S. equity securities(a) $ 11,067 $ 1,568 $ - $ 12,635 Non-U.S. equity securities(a) 7,832 1,292 - 9,124 Debt securities Fixed income and cash investment funds - 2,078 - 2,078 U.S. corporate(b) - 4,555 - 4,555 Residential mortgage-backed - 1,093 - 1,093 Non-U.S. Corporate - 1,269 - 1,269 U.S. government and federal agency - 5,253 - 5,253 Other debt securities(c) - 1,048 - 1,048 Private equities(a) - - 6,269 6,269 Real estate(a) - - 3,354 3,354 Other investments(d) - 169 1,622 1,791 Total investments $ 18,899 $ 18,325 $ 11,245 $ 48,469 Other(e) (172) Total assets $ 48,297 (a) Included direct investments and investment funds. (b) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (c) Primarily represented investments in state and municipal debt, non-U.S. government bonds and commercial mortgage-backed securities. (d) Substantially all represented hedge fund investments. (e) Primarily represented net unsettled transactions related investment activity and cash balances. |
Changes in Level 3 Investments | CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2014 gains (losses) (a) gains (losses) (a) settlements Level 3 (b) 2014 Debt securities $ - $ (9) $ 11 $ 4 $ - $ 6 Private equities 6,269 592 (54) (1,565) (25) 5,217 Real estate 3,354 36 334 (595) - 3,129 Other investments 1,622 47 86 194 299 2,248 $ 11,245 $ 666 $ 377 $ (1,962) $ 274 $ 10,600 The realized/unrealized gains (losses) include $ 899 million related to assets still held and $ 144 million for assets no longer held. Transfers in and out of Le vel 3 are considered to occur at the beginning of the period. CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2013 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2013 gains (losses) (a) gains (losses) (a) settlements Level 3 (b) 2013 Debt securities $ 75 $ (7) $ - $ (65) $ (3) $ - Private equities 6,878 525 588 (1,675) (47) 6,269 Real estate 3,356 23 330 (355) - 3,354 Other investments 1,694 (1) 200 (77) (194) 1,622 $ 12,003 $ 540 $ 1,118 $ (2,172) $ (244) $ 11,245 The realized/unrealized gains (losses) include $ 1,616 million related to assets still held and $ 42 million for assets no longer held. Transfers in and out of Level 3 are considered to occur at the beginning of the period. |
Pension Asset (Liability) | PENSION ASSET (LIABILITY) Principal pension plans Other pension plans December 31 (In millions) 2014 2013 2014 2013 Funded status(a)(b) $ (22,455) $ (9,816) $ (3,203) $ (2,476) Pension asset (liability) recorded in the Statement of Financial Position Pension asset $ - $ - $ 295 $ 325 Pension liabilities Due within one year(c) (190) (170) (72) (67) Due after one year (22,265) (9,646) (3,426) (2,734) Net amount recognized $ (22,455) $ (9,816) $ (3,203) $ (2,476) Amounts recorded in shareowners’ equity (unamortized) Prior service cost (credit) $ 881 $ 1,160 $ (23) $ 9 Net actuarial loss 21,105 11,555 3,533 2,459 Total $ 21,986 $ 12,715 $ 3,510 $ 2,468 (a) Fair value of assets less PBO, as shown in the preceding tables. (b) The GE Pension Plan was underfunded by $ 15.8 billion and $ 4.7 billion at December 31, 2014 and 2013 , respectively. (c) For principal pension plans, represents the GE Supplementary Pension Plan liability. |
Estimated Future Benefit Payments | ESTIMATED FUTURE BENEFIT PAYMENTS 2020 - (In millions) 2015 2016 2017 2018 2019 2024 Principal pension plans $ 3,225 $ 3,300 $ 3,380 $ 3,465 $ 3,560 $ 19,430 Other pension plans $ 505 $ 510 $ 520 $ 530 $ 540 $ 2,925 |
Retiree Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Postretirement Benefit Plans | COST OF PRINCIPAL RETIREE BENEFIT PLANS (In millions) 2014 2013 2012 Service cost for benefits earned $ 164 $ 229 $ 219 Prior service cost amortization 353 393 518 Expected return on plan assets (50) (60) (73) Interest cost on benefit obligations 424 410 491 Net actuarial loss (gain) amortization (150) (45) 32 Net curtailment/settlement loss (gain) 48 (a) - (101) Retiree benefit plans cost $ 789 $ 927 $ 1,086 (a) Loss resulting from our agreement with Electrolux to sell the GE Appliances business. |
Actuarial Assumptions | December 31 2014 2013 2012 2011 Discount rate 3.89 % 4.61 %(a) 3.74 %(a) 4.09 %(a) Compensation increases 4.10 4.00 3.90 3.75 Expected return on assets 7.00 7.00 7.00 7.00 Initial healthcare trend rate(b) 6.00 6.00 6.50 7.00 Weighted average discount rates of 4.47 %, 3.77 %, and 3.94 % were used for determination of costs in 2014 , 2013 and 2012 , respectively. For 2014 , ultimately declining to 5 % for 2030 and thereafter. |
Accumulated Benefit Obligation | ACCUMULATED POSTRETIREMENT BENEFIT OBLIGATION (APBO) (In millions) 2014 2013 Balance at January 1 $ 9,913 $ 11,804 Service cost for benefits earned 164 229 Interest cost on benefit obligations 424 410 Participant contributions 52 52 Plan amendments (586) - Actuarial loss (gain) 1,440 (a) (1,836) (b) Benefits paid (704) (746) Balance at December 31(c) $ 10,703 $ 9,913 Primarily associated with discount rate and mortality assumption changes . Primarily associated with discount rate change and lower costs from new healthcare supplier contracts . The APBO for the retiree health plans was $ 8,445 million and $ 7,626 million at year-end 2014 and 2013 , respectively. |
Effect of a One Percentage Point Change in Assumed Healthcare Cost Trend Rate | 1% 1% (In millions) Increase Decrease APBO at December 31, 2014 $ 977 $ (810) Service and interest cost in 2014 56 (47) |
Fair Value of Plan Assets | FAIR VALUE OF PLAN ASSETS (In millions) 2014 2013 Balance at January 1 $ 903 $ 946 Actual gain on plan assets 44 118 Employer contributions 518 533 Participant contributions 52 52 Benefits paid (704) (746) Balance at December 31 $ 813 $ 903 |
Asset Allocation | ASSET ALLOCATION 2014 2014 Target Actual December 31 allocation allocation Equity securities(a) 35 - 75 %(b) 50 %(c) Debt securities (including cash equivalents) 11 - 46 26 Private equities 0 - 25 13 Real estate 0 - 12 9 Other investments(d) 0 - 10 2 Includes investment fund s that primarily hold this type of asset. Target allocations were 18 - 38 % for U.S. equity securities and 17 - 37 % for non-U.S. equity securities. Actual allocations were 29 % for U.S. equity securities and 21 % for non-U.S. equity securities. Substantially all represented hedge fund investments. |
Pension Asset (Liability) | RETIREE BENEFIT ASSET(LIABILITY) December 31 (In millions) 2014 2013 Funded status(a) $ (9,890) $ (9,010) Liability recorded in the Statement of Financial Position Retiree health plans Due within one year $ (518) $ (531) Due after one year (7,927) (7,095) Retiree life plans (1,445) (1,384) Net liability recognized $ (9,890) $ (9,010) Amounts recorded in shareowners' equity (unamortized) Prior service cost (credit) $ (24) $ 963 Net actuarial gain (71) (1,667) Total $ (95) $ (704) (a ) Fair value of assets less APBO, as shown in the preceding tables. |
Estimated Future Benefit Payments | ESTIMATED FUTURE BENEFIT PAYMENTS 2020 - (In millions) 2015 2016 2017 2018 2019 2024 $ 680 $ 665 $ 670 $ 675 $ 685 $ 3,285 |
Postretirement Benefit Plans | POSTRETIREMENT BENEFIT PLANS 2014 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME Total Principal Other Retiree postretirement pension pension benefit (In millions) benefit plans plans plans plans Cost of postretirement benefit plans $ 4,805 $ 3,604 $ 412 $ 789 Changes in other comprehensive income Prior service cost – current year (615) - (29) (586) Net actuarial loss – current year(a) 14,843 12,115 1,282 1,446 Net curtailment/settlement (113) (65) - (48) Prior service cost amortization (573) (214) (6) (353) Net actuarial gain (loss) amortization (2,620) (2,565) (205) 150 Total changes in other comprehensive income 10,922 9,271 1,042 609 Cost of postretirement benefit plans and changes in other comprehensive income $ 15,727 $ 12,875 $ 1,454 $ 1,398 (a) Principally associated with discount rate and mortality assumption changes. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2014 2013 2012 GE Current tax expense $ 2,110 $ 4,239 $ 2,307 Deferred tax expense (benefit) from temporary differences (476) (2,571) (294) 1,634 1,668 2,013 GECC Current tax expense (benefit) 727 454 1,597 Deferred tax expense (benefit) from temporary differences (853) (910) (1,084) (126) (456) 513 Consolidated Current tax expense 2,837 4,693 3,904 Deferred tax expense (benefit) from temporary differences (1,329) (3,481) (1,378) Total $ 1,508 $ 1,212 $ 2,526 CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) 2014 2013 2012 U.S. earnings $ 5,107 $ 6,207 $ 7,682 Non-U.S. earnings 9,047 7,216 6,879 Total $ 14,154 $ 13,423 $ 14,561 CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2014 2013 2012 U.S. Federal Current(a) $ 442 $ 1,214 $ 2,017 Deferred (71) (2,375) (1,417) Non - U.S. Current 2,525 3,336 1,672 Deferred (1,067) (1,132) 193 Other (321) 169 61 Total $ 1,508 $ 1,212 $ 2,526 (a ) Includes the benefit from GECC deductions and credits applied against GE’s current U.S. tax expense. |
Reconciliation of Unrecognized Tax Benefits | UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) 2014 2013 Balance at January 1, $ 5,816 $ 5,445 Additions for tax positions of the current year 234 771 Additions for tax positions of prior years 673 872 Reductions for tax positions of prior years (761) (1,140) Settlements with tax authorities (305) (98) Expiration of the statute of limitations (38) (34) Balance at December 31 $ 5,619 $ 5,816 |
Unrecognized tax benefits | UNRECOGNIZED TAX BENEFITS December 31 (In millions) 2014 2013 Unrecognized tax benefits $ 5,619 $ 5,816 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,059 4,307 Accrued interest on unrecognized tax benefits 807 975 Accrued penalties on unrecognized tax benefits 103 164 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-900 0-900 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-300 0-350 (a) Some portion of such reduction may be reported as discontinued operations. |
Reconciliation of Income Tax Rate | RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE Consolidated GE GECC 2014 2013 2012 2014 2013 2012 2014 2013 2012 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase (reduction) in rate resulting from inclusion of after-tax earnings of GECC in before-tax earnings of GE - - - (11.2) (12.6) (11.3) - - - Tax on global activities including exports(a) (17.6) (19.3) (8.8) (9.4) (5.1) (5.1) (25.3) (41.0) (11.1) U.S. business credits(b) (2.4) (3.3) (2.1) (0.8) (1.8) (0.8) (5.1) (4.3) (3.7) Business Property disposition - - (2.3) - - - - - (6.5) All other – net (4.3) (3.4) (4.5) (2.0) (3.4) (3.4) (7.4) 0.4 (3.7) (24.3) (26.0) (17.7) (23.4) (22.9) (20.6) (37.8) (44.9) (25.0) Actual income tax rate 10.7 % 9.0 % 17.3 % 11.6 % 12.1 % 14.4 % (2.8) % (9.9) % 10.0 % Included (2.1) % and (6.4) % in consolidated and GECC, respectively, related to the sale of GEMB-Nordic in 2014 and (7.3) % and (21.2) % in consolidated and GECC, respectively, related to the sale of 68.5 % of our Swiss consumer finance bank, Cembra Money Bank AG ( Cembra ), through an initial public offering in 2013 . Also included 1.9% in both consolidated and GE related to repatriation of prior years’ non-U.S. earnings in 2013. U.S. general business credits, primarily the credit for manufacture of energy efficient appliances, the credit for energy produced from renewable sources, the advanced energy project credit, the low-income housing credit and the credit for research performed in the U.S. |
Schedule of Deferred Tax Assets and Liabilities | December 31 (In millions) 2014 2013 Assets GE $ 19,942 $ 15,284 GECC 9,113 8,714 29,055 23,998 Liabilities GE (11,170) (10,223) GECC (12,533) (11,771) (23,703) (21,994) Net deferred income tax asset (liability) $ 5,352 $ 2,004 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 (In millions) 2014 2013 GE Principal pension plans $ 7,859 $ 3,436 Provision for expenses(a) 6,192 5,934 Retiree insurance plans 3,462 3,154 Non-U.S. loss carryforwards(b) 738 874 Contract costs and estimated earnings (3,996) (3,550) Intangible assets (2,364) (2,268) Depreciation (1,226) (1,079) Investment in global subsidiaries (979) (1,077) Other – net (914) (363) 8,772 5,061 GECC Operating leases (3,748) (3,776) Financing leases (1,898) (1,791) Intangible assets (855) (947) Net unrealized gains (losses) on securities (544) (154) Cash flow hedges (80) (108) Non-U.S. loss carryforwards(b) 3,008 2,534 Allowance for losses 1,455 1,392 Investment in global subsidiaries 1,750 1,764 Other – net (2,508) (1,971) (3,420) (3,057) Net deferred income tax asset (liability) $ 5,352 $ 2,004 (a) Represented the tax effects of temporary differences related to expense accruals for a wide variety of items, such as employee compensation and benefits, other pension plan liabilities, interest on tax liabilities, product warranties and other sundry items that are not currently deductible. (b) Net of valuation allowances of $ 2,015 million and $ 2,089 million for GE and $ 430 million and $ 409 million for GECC, for 2014 and 2013 , respectively. Of the net deferred tax asset as of December 31, 2014 , of $ 3,746 million, $ 38 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2015 through December 31, 2017; $ 75 million relate s to net operating losses that expire in various years ending from December 31, 2018 through December 31, 203 4 and $ 3,633 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
Shareowners' Equity (Tables)
Shareowners' Equity (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' equity | (In millions) 2014 2013 2012 Preferred stock issued $ - $ - $ - Common stock issued $ 702 $ 702 $ 702 Accumulated other comprehensive income Balance at January 1 $ (9,120) $ (20,230) $ (23,974) Other comprehensive income before reclassifications (12,087) 8,844 841 Reclassifications from other comprehensive income 3,035 2,266 2,903 Other comprehensive income, net, attributable to GE (9,052) 11,110 3,744 Balance at December 31 $ (18,172) $ (9,120) $ (20,230) Other capital Balance at January 1 $ 32,494 $ 33,070 $ 33,693 Gains (losses) on treasury stock dispositions and other(a) 395 (576) (623) Balance at December 31 $ 32,889 $ 32,494 $ 33,070 Retained earnings Balance at January 1 $ 149,051 $ 144,055 $ 137,786 Net earnings attributable to the Company 15,233 13,057 13,641 Dividends and other transactions with shareowners (8,951) (8,061) (7,372) Balance at December 31 $ 155,333 $ 149,051 $ 144,055 Common stock held in treasury Balance at January 1 $ (42,561) $ (34,571) $ (31,769) Purchases (1,950) (10,466) (5,295) Dispositions 1,918 2,476 2,493 Balance at December 31 $ (42,593) $ (42,561) $ (34,571) Total equity GE shareowners' equity balance at December 31 $ 128,159 $ 130,566 $ 123,026 Noncontrolling interests balance at December 31 8,674 6,217 5,444 Total equity balance at December 31 $ 136,833 $ 136,783 $ 128,470 (a) 2014 included $440 million related to the excess of the net proceeds from the Synchrony Financial IPO over the carrying value of the interest sold. |
Common Shares Issued And Outstanding | December 31 (In thousands) 2014 2013 2012 Issued 11,693,841 11,693,841 11,693,841 In treasury (1,636,461) (1,632,960) (1,288,216) Outstanding 10,057,380 10,060,881 10,405,625 |
Accumulated other comprehensive income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) 2014 2013 2012 Investment securities Balance at January 1 $ 307 $ 677 $ (30) Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $353, $(407) and $387(a) 562 (692) 683 Reclassifications from OCI – net of deferred taxes of $84, $222 and $13 146 318 22 Other comprehensive income (loss)(b) 708 (374) 705 Less OCI attributable to noncontrolling interests 2 (4) (2) Balance at December 31 $ 1,013 $ 307 $ 677 Currency translation adjustments (CTA) Balance at January 1(c) $ 283 $ 412 $ 133 OCI before reclassifications – net of deferred taxes (2,600) 510 474 of $(129), $(613) and $(266) Reclassifications from OCI – net of deferred taxes of $213, $793 and $54 (129) (818) (174) Other comprehensive income (loss)(b) (2,729) (308) 300 Less OCI attributable to noncontrolling interests (19) (22) 21 Balance at December 31 $ (2,427) $ 126 $ 412 Cash flow hedges Balance at January 1(c) $ (414) $ (722) $ (1,176) OCI before reclassifications – net of deferred taxes (610) 738 385 of $23, $250 and $392 Reclassifications from OCI – net of deferred taxes of $34, $(177) and $(245) 844 (271) 68 Other comprehensive income (loss)(b) 234 467 453 Less OCI attributable to noncontrolling interests - 2 (1) Balance at December 31 $ (180) $ (257) $ (722) Benefit plans Balance at January 1 $ (9,296) $ (20,597) $ (22,901) Prior service credit (costs) - net of deferred taxes of $219, $(5) and $304 396 (6) 534 Net actuarial gain (loss) – net of deferred taxes of $(5,332), $4,506 and $(574) (9,849) 8,269 (1,396) Net curtailment/settlement - net of deferred taxes of $41, $0 and $123 72 - 174 Prior service cost amortization – net of deferred taxes of $241, $267 and $326 349 397 497 Net actuarial loss amortization – net of deferred taxes of $859, $1,343 and $1,278 1,753 2,640 2,490 Other comprehensive income (loss)(b) (7,279) 11,300 2,299 Less OCI attributable to noncontrolling interests 3 (1) (5) Balance at December 31 $ (16,578) $ (9,296) $ (20,597) Accumulated other comprehensive income (loss) at December 31 $ (18,172) $ (9,120) $ (20,230) (a) Includes adjustments of $ 960 million, $ (1,171) million and $ 527 million in 2014 , 2013 and 2012 , respectively, to deferred acquisition costs, present value of future profits, and investment contracts, insurance liabilities and insurance annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. (b) Total oth er comprehensive income (loss) was $ (9,066) million, $ 11,085 million and $ 3,757 million in 2014 , 2013 and 2012 , respectively. (c) Includes a $157 million reclassification between 2014 opening balances in Currency Tr anslation Adjustments and Cash Flow Hedges. |
Reclassification out of Accumulated Other Comprehensive Income | RECLASSIFICATION OUT OF AOCI (In millions) 2014 2013 2012 Statement of Earnings Caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ (230) $ (540) $ (35) Other income 84 222 13 Benefit (provision) for income taxes $ (146) $ (318) $ (22) Net of tax Currency translation adjustments Gains (losses) on dispositions $ (84) $ 25 $ 120 Costs and expenses 213 793 54 Benefit (provision) for income taxes $ 129 $ 818 $ 174 Net of tax Cash flow hedges Gains (losses) on interest rate derivatives $ (234) $ (364) $ (499) Interest and other financial charges Foreign exchange contracts (666) 564 792 (a) Other 22 248 (116) (b) (878) 448 177 Total before tax 34 (177) (245) Benefit (provision) for income taxes $ (844) $ 271 $ (68) Net of tax Benefit plan items Curtailment loss $ (113) $ - $ - (c) Amortization of prior service costs (590) (664) (823) (c) Amortization of actuarial gains (losses) (2,612) (3,983) (3,768) (c) (3,315) (4,647) (4,591) Total before tax 1,141 1,610 1,604 Benefit (provision) for income taxes $ (2,174) $ (3,037) $ (2,987) Net of tax Total reclassification adjustments $ (3,035) $ (2,266) $ (2,903) Net of tax Included $ (607) million, $ 608 million and $ 894 million in GECC revenues from services and $ (59) million, $ (44) million and $ (102) million in interest and other financial charges in 2014 , 2013 and 2012 , respectively. Primarily recorded in costs and expenses. Curtailment loss, amortization of prior service costs and actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs. See Note 12 for further information. |
Noncontrolling Interests Balance [Table Text Block] | December 31 (In millions) 2014 2013 GECC preferred stock $ 4,950 $ 4,950 Synchrony Financial 2,531 - Other noncontrolling interests in consolidated affiliates(a) 1,193 1,267 Total $ 8,674 $ 6,217 (a) Consisted of a number of individually insignificant noncontrolling interests in partnerships and consolidated affiliates. |
Changes to noncontrolling interests | CHANGES TO NONCONTROLLING INTERESTS (In millions) 2014 2013 2012 Beginning balance $ 6,217 $ 5,444 $ 1,696 Net earnings 183 298 223 GECC issuance of preferred stock - 990 3,960 GECC preferred stock dividend (322) (298) (123) Dividends (74) (80) (42) Dispositions (81) (175) - Synchrony Financial IPO 2,393 - - Other (including AOCI)(a) 358 38 (270) Ending balance $ 8,674 $ 6,217 $ 5,444 (a) Includes research & development partner funding arrangements, acquisitions and eliminations. |
Other Stock-related Informati52
Other Stock-related Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | STOCK COMPENSATION PLANS Securities to be Weighted Securities issued average available upon exercise for future December 31, 2014 (Shares in thousands) exercise price issuance Approved by shareowners Options 500,948 $ 20.92 (a) RSUs 14,896 (b) (a) PSUs 1,000 (b) (a) Not approved by shareowners (Consultants’ Plan) Options 338 25.32 (c) RSUs - (b) (c) Total 517,182 $ 20.92 327,525 (a) In 2007, the Board of Directors approved the 2007 Long-Term Incentive Plan (the Plan), which replaced the 1990 Long-Term Incentive Plan. During 2012, an amendment was approved to increase the number of shares authorized for issuance under the Plan from 500 million shares to 925 million shares. No more than 230 million of the total number of authorized shares may be available for awards granted in any form provided under the Plan other than options or stock appreciatio n rights. Total shares available for future issuance under the Plan amounted to 299.3 million shares at December 31, 2014 . (b) Not applicable. (c) Total shares available for future issuance under the Consultants’ Plan amount to 28.2 million shares. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | STOCK OPTIONS OUTSTANDING Outstanding Exercisable Average Average Shares Average exercise Shares exercise Exercise price range (In thousands) life(a) price (In thousands) price Under $10.00 28,484 3.9 $ 9.57 28,484 $ 9.57 10.01-15.00 46,905 4.2 11.98 46,905 11.98 15.01-20.00 158,534 5.7 17.46 113,286 17.32 20.01-25.00 132,295 7.9 22.55 50,587 22.25 25.01-30.00 100,668 8.5 26.51 19,039 28.22 30.01-35.00 21,712 1.2 34.10 21,712 34.10 Over $35.00 12,688 2.4 38.67 12,688 38.57 Total 501,286 6.3 $ 20.92 292,701 $ 19.44 (a) Weighted a verage contractual life remaining in years. |
Schedule Of Share Based Compensation Stock Options Activity [Table Text Block] | STOCK OPTION ACTIVITY Weighted Weighted average Aggregate average remaining intrinsic Shares exercise contractual value (In thousands) price term (In years) (In millions) Outstanding at January 1, 2014 473,611 $ 20.02 Granted 82,142 26.11 Exercised (30,433) 14.42 Forfeited (7,414) 21.89 Expired (16,620) 32.40 Outstanding at December 31, 2014 501,286 $ 20.92 6.3 $ 2,668 Exercisable at December 31, 2014 292,701 $ 19.44 4.9 $ 2,124 Options expected to vest 189,186 $ 22.97 8.3 $ 496 |
Schedule Of Other Share Based Compensation Activity [Table Text Block] | OTHER STOCK-BASED COMPENSATION Weighted Weighted average Aggregate average remaining intrinsic Shares grant date contractual value (In thousands) fair value term (In years) (In millions) RSUs outstanding at January 1, 2014 13,572 $ 22.58 Granted 5,016 26.08 Vested (3,305) 21.70 Forfeited (387) 22.31 RSUs outstanding at December 31, 2014 14,896 $ 24.00 2.5 $ 376 RSUs expected to vest 13,667 $ 21.94 2.2 $ 345 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Other Income [Abstract] | |
Schedule of Other Income | (In millions) 2014 2013 2012 GE Licensing and royalty income $ 288 $ 320 $ 290 Purchases and sales of business interests(a) 188 1,750 574 Associated companies(b) 176 40 1,545 Net interest and investment income(c) (77) 116 196 Other items(d) 132 660 52 707 2,886 2,657 Eliminations 71 222 (94) Total $ 778 $ 3,108 $ 2,563 (a) Included a pre-tax gain of $ 1,096 million on the sale of our 49% com mon equity interest in NBCU LLC in 2013 . See Note 2. (b) Included income of $ 1,416 million from our former equity method investment in NBCU LLC in 2012 . (c) Included other-than-temporary impairments on investment securities of $217 million in 2014. (d) Included net gains on ass et sales of $127 million in 2014 and $ 357 million in 2013 . |
GECC Revenues from Services (Ta
GECC Revenues from Services (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Financial Services Revenue [Abstract] | |
GECC Revenues from services | (In millions) 2014 2013 2012 Interest on loans $ 12,368 $ 12,461 $ 12,294 Equipment leased to others 4,516 4,558 4,570 Fees 3,310 3,367 3,151 Investment income(a) 1,938 2,001 2,292 Financing leases 422 561 666 Associated companies(b) 1,056 1,624 1,411 Premiums earned by insurance activities 1,509 1,572 1,713 Other items(a)(c) 1,104 738 356 26,223 26,882 26,453 Eliminations 1,552 1,546 1,273 Total $ 24,671 $ 25,336 $ 25,180 (a) Included net other-than-temporary impairments on investment securities of $ (173) million, $ (747) million and $ (140) million in 2014 , 2013 and 2012 , res pectively, of which $ 96 million related to the impairment of an investment in a Brazilian company that was fully offset by the benefit of a guarantee provided by GE reflected as a component in other items for 2013. See Note 3. (b) During 2013, we sold our remaining equity interest in th e Bank of Ayudhya (Bay Bank) and recorded a pre-tax gain of $641 million. During 2012, we sold our remaining equity interest in Garanti Bank, which was classified as an available-for-sale security. (c ) During 2014, we sold GEMB -Nordic and recorded a pre-t ax gain of $473 million. During 2013, we sold a portion of Cembra through an initial public offering and recorded a pre-tax gain of $351 million. |
Supplemental Cost Information (
Supplemental Cost Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cost Information [Abstract] | |
Research And Development | (In millions) 2014 2013 2012 Total R&D $ 5,273 $ 5,461 $ 5,200 Less customer funded R&D (principally the U.S. Government) (721) (711) (680) Less partner funded R&D (319) (107) (6) GE funded R&D $ 4,233 $ 4,643 $ 4,514 |
Consolidated Other Cost and Expenses | NOTE 19. SUPPLEMENTAL COST INFORMATION RESEARCH & DEVELOPMENT We conduct research and development (R&D) activities to continually enhance our existing products and services, develop new product and services to meet our customer’s changing needs and requirements, and address new market opportunities. Research and development expenses are classified in cos t of goods sold in the Statement of Earnings. In addition, research and development funding from customers, principally the U.S. government, is recorded as an offset to cost of goods sold. We also enter into research and development arrangements with unr elated investors, which are generally formed through partnerships. Research and development funded by investors is classified within net earnings/loss attributable to noncontrolling interests. (In millions) 2014 2013 2012 Total R&D $ 5,273 $ 5,461 $ 5,200 Less customer funded R&D (principally the U.S. Government) (721) (711) (680) Less partner funded R&D (319) (107) (6) GE funded R&D $ 4,233 $ 4,643 $ 4,514 CONSOLIDATED OTHER COSTS AND EXPENSES Consolidated other costs and expenses consists of selling, general and administrative costs (SG&A), depreciation and amortization and other operating costs. CONSOLIDATED OTHER COSTS AND EXPENSES (In millions) 2014 2013 2012 GE SG&A $ 14,971 $ 16,105 $ 17,671 GECC operating and administrative costs 8,522 7,953 7,238 GECC depreciation and amortization 2,602 2,834 2,285 26,095 26,892 27,194 Eliminations (857) (738) (697) Total $ 25,238 $ 26,154 $ 26,497 COLLABORATIVE ARRANGEMENTS Our businesses enter into collaborative arrangements primarily with manufacturers and suppliers of components used to build and maintain certain engines, under which GE and these participants share in risks and rewards of these product programs. GE’s payments to participants are recorded as cost of services sold ($ 873 million, $ 820 million and $ 594 million for the years 2014 , 2013 and 2012 , respectively) or as cost of goods sold ($ 2,660 million, $ 2,613 million and $ 2,507 million for the years 2014 , 2013 and 2012 , respectively). RENTAL EXPENSE Rental expense under operating leases is shown below . (In millions) 2014 2013 2012 GE $ 1,186 $ 1,220 $ 1,134 GECC 284 290 293 1,470 1,510 1,427 Eliminations (149) (135) (142) Total $ 1,321 $ 1,375 $ 1,285 At December 31, 2014 , minimum rental commitments under noncancellable operating leases aggregated $ 2,870 million and $ 705 million for GE and GECC, respectively. Amounts payable over the next five years follow. (In millions) 2015 2016 2017 2018 2019 GE $ 634 $ 528 $ 432 $ 371 $ 337 GECC 137 116 97 71 56 771 644 529 442 393 Eliminations (73) (44) (28) (20) (18) Total $ 698 $ 600 $ 501 $ 422 $ 375 |
Rental Expense | (In millions) 2014 2013 2012 GE $ 1,186 $ 1,220 $ 1,134 GECC 284 290 293 1,470 1,510 1,427 Eliminations (149) (135) (142) Total $ 1,321 $ 1,375 $ 1,285 |
Rental Expenses Under Operating Leases for Next Five Years | (In millions) 2015 2016 2017 2018 2019 GE $ 634 $ 528 $ 432 $ 371 $ 337 GECC 137 116 97 71 56 771 644 529 442 393 Eliminations (73) (44) (28) (20) (18) Total $ 698 $ 600 $ 501 $ 422 $ 375 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per share | 2014 2013 2012 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 12,517 $ 12,516 $ 11,885 $ 11,898 $ 11,796 $ 11,795 Earnings (loss) from discontinued operations for per-share calculation(a)(b) 2,697 2,697 1,131 1,143 1,828 1,828 Net earnings attributable to GE common shareowners for per-share calculation(a)(b) $ 15,213 $ 15,212 $ 13,028 $ 13,040 $ 13,622 $ 13,622 Average equivalent shares Shares of GE common stock outstanding 10,045 10,045 10,222 10,222 10,523 10,523 Employee compensation-related shares (including stock options) and warrants 78 - 67 - 41 - Total average equivalent shares 10,123 10,045 10,289 10,222 10,564 10,523 Per-share amounts Earnings from continuing operations $ 1.24 $ 1.25 $ 1.16 $ 1.16 $ 1.12 $ 1.12 Earnings (loss) from discontinued operations 0.27 0.27 0.11 0.11 0.17 0.17 Net earnings 1.50 1.51 1.27 1.28 1.29 1.29 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 has an insignificant effect. Included an insignificant amount of dividend equivalents in each of the three years presented. Included in 2013 is a dilutive adjustment for the change in income for forward purchase contr acts that may be settled in stock. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities at fair value | ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Netting (In millions) Level 1 (a) Level 2 (a) Level 3 adjustment (b) Net balance December 31, 2014 Assets Investment securities Debt U.S. corporate $ - $ 20,659 $ 3,056 $ - $ 23,715 State and municipal - 4,560 115 - 4,675 Residential mortgage-backed - 1,676 16 - 1,692 Commercial mortgage-backed - 3,054 9 - 3,063 Asset-backed - 172 123 - 295 Corporate – non-U.S. - 680 337 - 1,017 Government – non-U.S. - 1,708 2 - 1,710 U.S. government and federal agency - 1,747 266 - 2,013 Equity Available-for-sale 171 19 9 - 199 Trading 21 - - - 21 Derivatives(c) - 9,957 40 (7,584) 2,413 Other - - 277 - 277 Total $ 192 $ 44,232 $ 4,250 $ (7,584) $ 41,090 Liabilities Derivatives $ - $ 4,890 $ 13 $ (4,363) $ 540 Other(d) - 1,178 - - 1,178 Total $ - $ 6,068 $ 13 $ (4,363) $ 1,718 December 31, 2013 Assets Investment securities Debt U.S. corporate $ - $ 18,788 $ 2,787 $ - $ 21,575 State and municipal - 4,163 96 - 4,259 Residential mortgage-backed - 1,810 86 - 1,896 Commercial mortgage-backed - 3,025 10 - 3,035 Asset-backed - 267 145 - 412 Corporate – non-U.S. 61 646 515 - 1,222 Government – non-U.S. 1,317 789 31 - 2,137 U.S. government and federal agency - 545 225 - 770 Retained interests - - 1 - 1 Equity Available-for-sale 417 30 11 - 458 Trading 28 - - - 28 Derivatives(c) - 8,178 30 (6,717) 1,491 Other - - 201 - 201 Total $ 1,823 $ 38,241 $ 4,138 $ (6,717) $ 37,485 Liabilities Derivatives $ - $ 5,319 $ 14 $ (4,314) $ 1,019 Other(d) - 1,168 - - 1,168 Total $ - $ 6,487 $ 14 $ (4,314) $ 2,187 (a) Included $ 487 million of Government – non-U.S. and $ 13 million of Corporate – non-U.S. available-for-sale debt securities transferred from Level 1 to Level 2 primarily attributable to changes in market observable data during 2014 . There were no securities transferred between Level 1 and Level 2 during 2013 . (b) The netting of derivative receivables and payables (including the effects of any collateral posted or received) is permitted when a legally enforceab le master netting agreement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. The cumulative adjustment was a gain (loss) of $ 16 million and $ (1) million at December 31, 2014 and 2013 , respecti vely. See Note 22 for additional information on the composition of our derivative portfolio. (d ) Primarily represented the liability associated with certain of our deferred incentive compensation plans. |
Changes in level 3 instruments | CHANGES IN LEVEL 3 INSTRUMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included included into out of Balance at still held at (In millions) January 1 in earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) December 31 December 31(c) 2014 Investment securities Debt U.S. corporate $ 2,787 $ 18 $ 131 $ 544 $ (228) $ (212) $ 175 $ (159) $ 3,056 $ - State and municipal 96 - 12 12 - (5) - - 115 - RMBS 86 - 2 - (16) (9) - (47) 16 - CMBS 10 - - - - (3) 2 - 9 - ABS 145 3 4 - - (19) - (10) 123 - Corporate – non-U.S. 515 64 3 170 (248) (149) 1 (19) 337 - Government – non-U.S. 31 - - - - - 2 (31) 2 - U.S. government and federal agency 225 - 34 - - - 9 (2) 266 - Retained interests 1 - - - - (1) - - - - Equity Available-for-sale 11 - - 2 (2) - - (2) 9 - Derivatives(d)(e) 20 13 - (1) - 3 2 (1) 36 18 Other 201 85 - 32 (41) - - - 277 73 Total $ 4,128 $ 183 $ 186 $ 759 $ (535) $ (395) $ 191 $ (271) $ 4,246 $ 91 2013 Investment securities Debt U.S. corporate $ 3,106 $ 13 $ (75) $ 377 $ (402) $ (231) $ 108 $ (109) $ 2,787 $ - State and municipal 77 - (7) 22 - (6) 10 - 96 - RMBS 100 - (5) - (2) (7) - - 86 - CMBS 6 - - - - (6) 10 - 10 - ABS 145 5 6 - (1) (22) 12 - 145 - Corporate – non-U.S. 721 (94) (5) 23 (3) (132) 21 (16) 515 - Government – non-U.S. 42 1 (12) - - - - - 31 - U.S. government and federal agency 277 - (52) - - - - - 225 - Retained interests - - - 1 - - - - 1 - Equity Available-for-sale 13 - - - - - - (2) 11 - Derivatives(d)(e) 239 (36) 1 1 - (224) 37 2 20 9 Other 367 26 - 45 (237) - - - 201 (12) Total $ 5,093 $ (85) $ (149) $ 469 $ (645) $ (628) $ 198 $ (125) $ 4,128 $ (3) Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were primarily a result of increased use of quotes from independent pricing vendors based on recent trading activity. Represents the amount of unrealized gains or losses for the period included in earnings. Represents derivative as sets net of derivative liabilities and included cash accruals of $ 9 million and $ 4 million not reflected in the fair value hierarchy table during 2014 and 2013 , respectively. Gains (losses) included in net realized/unr ealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 22 . |
Non-recurring fair value amounts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis | Remeasured during the years ended December 31 2014 2013 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and loans held for sale $ 1 $ 584 $ - $ 663 Cost and equity method investments - 346 - 391 Long-lived assets, including real estate 102 718 1,449 219 Total $ 103 $ 1,648 $ 1,449 $ 1,273 |
Fair value adjustments to assets measured on a non-recurring basis | Years ended December 31 (In millions) 2014 2013 Financing receivables and loans held for sale $ (159) $ (168) Cost and equity method investments (286) (248) Long-lived assets, including real estate (435) (800) Total $ (880) $ (1,216) |
Significant Unobservable Inputs Used For Level Three Recurring And Nonrecurring Measurements [Table Text Block] | LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted average) December 31, 2014 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 917 Income approach Discount rate(a) 1.5%-14.8% (6.6%) State and municipal 17 Income approach Discount rate(a) 4.9%-4.9% (4.9%) Asset-backed 102 Income approach Discount rate(a) 4.3%-9.0% (5.6%) Corporate – non-U.S. 278 Income approach Discount rate(a) 3.3%-14.0% (6.5%) Other financial assets 117 Income approach, Capitalization rate 6.5%-7.8% (7.7%) Market comparables EBITDA multiple 5.4X-9.1X (7.7X) Non-recurring fair value measurements Cost and equity method investments 309 Income approach, Discount rate(a) 8.0%-10.0% (9.4%) Market comparables EBITDA multiple 1.8X-5.2X (4.8X) Long-lived assets, including real estate 664 Income approach Discount rate(a) 2.0%-10.8% (6.7%) December 31, 2013 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 759 Income approach Discount rate(a) 1.5%-8.9% (5.9%) Asset-backed 101 Income approach Discount rate(a) 3.0%-9.0%(5.9%) Corporate – non-U.S. 304 Income approach Discount rate(a) 3.3%-46.0%(22.2%) Other financial assets 93 Income approach, EBITDA multiple 5.4X-8.9X(6.9X) Market comparables Capitalization rate 6.3%-7.5%(7.2%) (a ) Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments [Abstract] | |
Estimated fair value of assets and liabilities | 2014 2013 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) $ 502 $ 551 $ (a) $ 488 $ 512 Liabilities Borrowings(b) (a) (16,340) (17,503) (a) (13,356) (13,707) GECC Assets Loans (a) 115,889 120,067 (a) 124,288 128,037 Other commercial mortgages (a) 1,427 1,508 (a) 1,609 1,619 Loans held for sale (a) 778 799 (a) 82 82 Other financial instruments(c) (a) 122 136 (a) 231 267 Liabilities Borrowings and bank deposits(b)(d) (a) (317,674) (333,956) (a) (341,709) (357,073) Investment contract benefits (a) (2,970) (3,565) (a) (3,144) (3,644) Guaranteed investment contracts (a) (1,000) (1,031) (a) (1,471) (1,459) Insurance – credit life(e) 1,843 (90) (77) 2,149 (108) (94) (a ) These financial instruments do not have notional amounts. (b) See Note 10. (c) Principally comprises 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, 2014 and 2013 would have been reduced by $ 5,020 million and $ 2,284 milli o n, respectively. (e) Net of reinsurance of $ 964 million and $ 1,250 million at December 31, 2014 and 2013 , respectively. |
Loan commitments | NOTIONAL AMOUNTS OF LOAN COMMITMENTS December 31 (In millions) 2014 2013 Ordinary course of business lending commitments(a) $ 1,214 $ 1,727 Unused revolving credit lines(b) Commercial 2,908 2,908 Consumer – principally credit cards 306,188 290,662 Excluded investment commitments of $ 818 million and $ 955 million at December 31, 2014 and 2013 , respectively. Excluded amounts related to inventory financing arrangements, which may be withdrawn at our option, of $ 47 million and $ 110 million at December 31, 2014 and 2013 , respectively. |
Fair value of derivatives by contract type | FAIR VALUE OF DERIVATIVES 2014 2013 December 31 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,859 $ 461 $ 3,837 $ 1,989 Currency exchange contracts 2,579 884 1,830 984 Other contracts - 2 1 - 8,438 1,347 5,668 2,973 Derivatives not accounted for as hedges Interest rate contracts 111 64 59 95 Currency exchange contracts 1,209 3,450 2,250 2,238 Other contracts 239 42 231 27 1,559 3,556 2,540 2,360 Gross derivatives recognized in statement of financial position Gross derivatives 9,997 4,903 8,208 5,333 Gross accrued interest 1,392 (24) 1,210 (254) 11,389 4,879 9,418 5,079 Amounts offset in statement of financial position Netting adjustments(a) (3,886) (3,902) (4,107) (4,106) Cash collateral(b) (3,698) (461) (2,610) (208) (7,584) (4,363) (6,717) (4,314) Net derivatives recognized in statement of financial position Net derivatives 3,805 516 2,701 765 Amounts not offset in statement of financial position Securities held as collateral(c) (3,188) - (1,962) - Net amount $ 617 $ 516 $ 739 $ 765 Derivatives are classified in the captions “All other assets” and “All other liabilities” and the related accrued interest is classified in “Other GECC receivables” and “All other liabilities” in our financial statements. The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amo unts include fair value adjustments related to our own and counterparty non-performance risk. At December 31, 2014 and 2013 , the cumulative adjustment f or non-performance risk was a gain (loss) of $ 16 million and $ (1) million, respectively. Excluded excess cash collateral received and posted of $ 63 million and $ 211 million, and $ 160 million and $ 31 million at December 31, 2014 and 2013 , respectively. Excluded excess securities collateral received of $ 397 million and $ 363 million at December 31, 2014 and 2013 , respectively. |
Fair value hedges | EARNINGS EFFECTS OF FAIR VALUE HEDGING RELATIONSHIPS 2014 2013 Gain (loss) Gain (loss) Gain (loss) Gain (loss) on hedging on hedged on hedging on hedged (In millions) derivatives items derivatives items Interest rate contracts $ 3,898 $ (3,973) $ (5,258) $ 5,180 Currency exchange contracts (19) 17 (7) 6 |
Cash flow hedges | Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings (In millions) 2014 2013 2014 2013 Interest rate contracts $ (1) $ (26) $ (234) $ (364) Currency exchange contracts (541) 941 (641) 817 Commodity contracts (4) (6) (3) (5) Total(a) $ (546) $ 909 $ (878) $ 448 (a) Gain (loss) is recorded in GECC revenues from services, interest and other financial charges, and other costs and expenses when reclassified to earnings. |
Net investment hedges | GAINS (LOSSES) RECOGNIZED THROUGH CTA Gain (loss) recognized in CTA Gain (loss) reclassified from CTA (In millions) 2014 2013 2014 2013 Currency exchange contracts(a) $ 5,741 $ 2,322 $ 88 $ (1,525) (a) Gain (loss) is recorded in GECC revenues from services when reclassified out of AOCI. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |
Schedule of VIE | ASSETS AND LIABILITIES OF CONSOLIDATED VIEs Consolidated Securitization Entities Trade (In millions) Trinity(a) Credit cards (b) Equipment (b) receivables Other Total December 31, 2014 Assets(c) Financing receivables, net $ - $ 25,645 $ 526 $ - $ 504 $ 26,675 Current receivables - - - 3,028 (d) 509 3,537 Investment securities 2,369 - - - 1,005 3,374 Other assets 17 1,059 16 2 2,329 3,423 Total $ 2,386 $ 26,704 $ 542 $ 3,030 $ 4,347 $ 37,009 Liabilities(c) Borrowings $ - $ - $ - $ - $ 517 $ 517 Non-recourse borrowings - 14,967 436 2,692 - 18,095 Other liabilities 1,022 332 123 26 1,367 2,870 Total $ 1,022 $ 15,299 $ 559 $ 2,718 $ 1,884 $ 21,482 December 31, 2013 Assets(c) Financing receivables, net $ - $ 24,766 $ 752 $ - $ 581 $ 26,099 Current receivables - - - 2,509 349 2,858 Investment securities 2,786 - - - 1,044 3,830 Other assets 213 20 31 - 1,944 2,208 Total $ 2,999 $ 24,786 $ 783 $ 2,509 $ 3,918 $ 34,995 Liabilities(c) Borrowings $ - $ - $ - $ - $ 592 $ 592 Non-recourse borrowings - 15,363 628 2,180 - 18,171 Other liabilities 1,482 228 82 25 1,130 2,947 Total $ 1,482 $ 15,591 $ 710 $ 2,205 $ 1,722 $ 21,710 Excluded intercompany advances from GECC to Trinity, which were elimin ated in consolidation of $ 1,565 million and $ 1,837 million at December 31, 2014 and 2013 , respectively. We provide servicing to the CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to CSE investors with our own cash prior to payment to a CSE, provided our short-term credit rating does not fall below A-1/P-1. These CSEs also owe us amounts for purchased financia l assets and scheduled interest and principal payments. At December 31, 2014 and 2013 , the amounts of commingled ca sh owed to the CSEs were $ 235 million and $ 4,071 million, respectively, and the amounts owed to us by CSEs were $ 389 million and $ 3,341 million, respectively. Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE CC as servicer, which are eliminated in consolidation. Such receivables provide the cash to repay the en tities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition, other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation . Included $686 m illion of receivables origin ated by Appliances. We require third party debt holder consent to sell these assets. The receivables will be included in assets of businesses held for sale when the consent is received. |
Unconsolidated VIE | INVESTMENTS IN UNCONSOLIDATED VIEs December 31 (In millions) 2014 2013 Other assets and investment securities $ 806 $ 809 Financing receivables – net 120 156 Total investments 926 965 Contractual obligations to fund investments or guarantees 17 124 Revolving lines of credit 20 7 Total $ 963 $ 1,096 |
Commitments and Guarantees (Tab
Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Changes in the Liability for Product Warranties | (In millions) 2014 2013 2012 Balance at January 1 $ 1,370 $ 1,429 $ 1,553 Current-year provisions 593 798 645 Expenditures (714) (867) (757) Other changes (50) 10 (12) Balance at December 31 $ 1,199 $ 1,370 $ 1,429 |
Supplemental Cash Flow Inform61
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Cash Flow Supplemental Disclosures [Table Text Block] | For the years ended December 31 (In millions) 2014 2013 2012 GE Net dispositions (purchases) of GE shares for treasury Open market purchases under share repurchase program $ (2,211) $ (10,225) $ (5,005) Other purchases (49) (91) (110) Dispositions 1,042 1,038 951 $ (1,218) $ (9,278) $ (4,164) GECC All other operating activities Cash collateral on derivative contracts $ 749 $ (2,281) $ 2,937 Increase (decrease) in other liabilities (1,548) 2,284 773 Other 3,867 2,158 503 $ 3,068 $ 2,161 $ 4,213 Net decrease (increase) in GECC financing receivables Increase in loans to customers $ (82,283) $ (74,317) $ (81,451) Principal collections from customers - loans 74,807 78,687 82,199 Investment in equipment for financing leases (1,114) (1,839) (1,867) Principal collections from customers - financing leases 2,212 3,102 3,073 Net change in credit card receivables (5,571) (8,058) (8,030) Sales of financing receivables 5,580 3,018 1,546 $ (6,369) $ 593 $ (4,530) All other investing activities Purchases of investment securities $ (6,890) $ (7,149) $ (13,766) Dispositions and maturities of investment securities 6,284 10,542 15,747 Decrease (increase) in other assets - investments (765) 2,292 6,185 Other 10,125 19,102 23,881 $ 8,754 $ 24,787 $ 32,047 Newly issued debt (maturities longer than 90 days) Short-term (91 to 365 days) $ 29 $ 55 $ 59 Long-term (longer than one year) 29,126 38,262 45,344 $ 29,155 $ 38,317 $ 45,403 Repayments and other reductions (maturities longer than 90 days) Short-term (91 to 365 days) $ (42,239) $ (47,700) $ (86,098) Long-term (longer than one year) (3,890) (2,439) (6,195) Principal payments - non-recourse, leveraged leases (304) (434) (283) $ (46,433) $ (50,573) $ (92,576) All other financing activities Proceeds from sales of investment contracts $ 322 $ 491 $ 2,697 Redemption of investment contracts (1,113) (980) (5,515) Other (438) (384) (1) $ (1,229) $ (873) $ (2,819) |
Intercompany Transactions (Tabl
Intercompany Transactions (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | (In millions) 2014 2013 2012 Cash from (used for) operating activities-continuing operations Combined $ 28,575 $ 27,555 $ 30,640 GE customer receivables sold to GECC (1,918) 360 (1,809) GECC dividends to GE (3,000) (5,985) (6,426) Other reclassifications and eliminations (486) 537 (307) $ 23,171 $ 22,467 $ 22,098 Cash from (used for) investing activities-continuing operations Combined $ (3,101) $ 37,741 $ 19,208 GE customer receivables sold to GECC 1,766 262 2,005 Other reclassifications and eliminations 212 230 323 $ (1,123) $ 38,233 $ 21,536 Cash from (used for) financing activities-continuing operations Combined $ (23,126) $ (53,276) $ (59,063) GE customer receivables sold to GECC 152 (622) (196) GECC dividends to GE 3,000 5,985 6,426 Other reclassifications and eliminations 274 (673) 473 $ (19,700) $ (48,586) $ (52,360) |
Supplemental Information Abou63
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables [Line Items] | |
Nonaccrual Financing Receivables | PAST DUE AND NONACCRUAL FINANCING RECEIVABLES 2014 2013 Over 30 days Over 90 days Over 30 days Over 90 days December 31 (In millions) past due past due Nonaccrual past due past due Nonaccrual Commercial CLL $ 610 $ 131 $ 25 $ 465 $ 83 $ 12 Energy Financial Services - - 68 - - 4 GECAS - - 419 - - - Other - - - - - 6 Total Commercial 610 131 512 (a) 465 83 22 (a) Consumer Non-U.S. residential mortgages 2,171 1,195 1,262 3,406 2,104 2,161 Non-U.S. installment and revolving credit 333 89 53 601 159 106 U.S. installment and revolving credit 2,492 1,147 2 2,442 1,105 2 Other 141 64 167 172 99 351 Total Consumer 5,137 2,495 (b) 1,484 (c) 6,621 3,467 (b) 2,620 (c) Total $ 5,747 $ 2,626 $ 1,996 $ 7,086 $ 3,550 $ 2,642 Total as a percent of financing receivables 4.5 % 2.1 % 1.6 % 5.2 % 2.6 % 2.0 % Included $ 484 million and $ 16 million at December 31, 2014 and 2013 , respectively, that are currently paying in accordance with their contractual terms. Included $ 1,231 million and $ 1,197 million of Consumer loans at December 31, 2014 and 2013, respectively, that are over 90 days past due and continue to accrue interest until the accounts are written off in the period that the account becomes 180 days past due. Include d $ 179 million and $ 324 million at December 31, 2014 and 2013 , respectively, that are currently paying in accordance with their contr actual term s. |
Impaired Loans | IMPAIRED LOANS AND RELATED RESERVES With no specific allowance With a specific allowance Recorded Unpaid Average Recorded Unpaid Average investment principal investment investment principal Associated investment December 31 (In millions) in loans balance in loans in loans balance allowance in loans 2014 Commercial CLL $ 10 $ 10 $ 7 $ 5 $ 5 $ 4 $ 4 Energy Financial Services 53 54 26 15 15 12 24 GECAS 329 337 88 - - - 15 Other - - - - - - 1 Total Commercial(b) 392 401 121 20 20 16 44 Consumer(c) 138 179 120 2,042 2,092 408 2,547 Total $ 530 $ 580 $ 241 $ 2,062 $ 2,112 $ 424 $ 2,591 2013 Commercial CLL $ 6 $ 6 $ 7 $ 2 $ 2 $ 2 $ 2 Energy Financial Services - - - 4 4 1 2 GECAS - - - - - - 1 Other 2 3 9 4 4 - 5 Total Commercial(b) 8 9 16 10 10 3 10 Consumer(c) 109 153 98 2,879 2,948 567 3,058 Total $ 117 $ 162 $ 114 $ 2,889 $ 2,958 $ 570 $ 3,068 Write-offs to net realizable value are recognized against the allowance for losses primarily in the reporting period in which management has deemed all or a portion of the financing receivable to be uncollectible, but not later than 360 days after initial recognition of a specific reserve for a collateral dependent loan. We recognized insignificant amounts of interest income, including none on a cash basis, at December 31, 2014 and 2013 , respectively, in CLL . The total average inv estment in impaired loans at December 31, 2014 and 2013 was $ 165 million and $ 26 million, respectively. We recognized $ 126 million and $ 221 million of interest income, including $ 5 millio n, and $ 3 million on a cash basis, at December 31, 2014 and 2013 , respectively, principally in ou r Consumer- U.S. installment and revolving credit portfolios. The total average investment in impaired loans at December 31, 2014 and 2013 was $ 2,667 million and $ 3,156 million, respectively. |
Financing Receivables And Allowance For Losses | December 31 (In millions) Non-impaired financing receivables General reserves Impaired loans Specific reserves 2014 Commercial $ 25,329 $ 77 $ 412 $ 16 Consumer 98,640 3,603 2,180 408 Total $ 123,969 $ 3,680 $ 2,592 $ 424 2013 Commercial $ 26,408 $ 41 $ 18 $ 3 Consumer 106,051 3,414 2,988 567 Total $ 132,459 $ 3,455 $ 3,006 $ 570 |
Schedule Of Impaired Loan Balance Classified To Measure Impairment | IMPAIRED LOAN BALANCE CLASSIFIED BY THE METHOD USED TO MEASURE IMPAIRMENT December 31 (In millions) 2014 2013 Discounted cash flow $ 2,149 $ 2,751 Collateral value 443 255 Total $ 2,592 $ 3,006 |
Commercial Portfolio Segment [Member] | |
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables [Line Items] | |
Credit Quality Indicators | COMMERCIAL FINANCING RECEIVABLES BY RISK CATEGORY Secured December 31 (In millions) A B C Total 2014 CLL 14,271 49 98 14,418 Energy Financial Services 2,479 60 16 2,555 GECAS 7,908 237 118 8,263 Other 130 - - 130 Total $ 24,788 $ 346 $ 232 $ 25,366 2013 CLL 13,053 37 184 13,274 Energy Financial Services 2,969 9 - 2,978 GECAS 9,175 50 152 9,377 Other 318 - - 318 Total $ 25,515 $ 96 $ 336 $ 25,947 |
Consumer Portfolio Segment [Member] | |
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables [Line Items] | |
Credit Quality Indicators | Loan-to-value ratio 2014 2013 80% or Greater than Greater than 80% or Greater than Greater than December 31 (In millions) less 80% to 90% 90% less 80% to 90% 90% Non-U.S. residential mortgages $ 13,964 $ 4,187 $ 6,742 $ 17,224 $ 5,130 $ 8,147 Refreshed FICO score 2014 2013 661 or 601 to 600 or 661 or 601 to 600 or December 31 (In millions) higher 660 less higher 660 less U.S. installment and revolving credit $ 43,466 $ 11,865 $ 4,532 $ 40,079 $ 11,142 $ 4,633 Internal ratings translated to approximate credit bureau equivalent score 2014 2013 671 or 626 to 625 or 671 or 626 to 625 or December 31 (In millions) higher 670 less higher 670 less Non-U.S. installment and revolving credit $ 6,599 $ 2,045 $ 1,756 $ 9,705 $ 3,228 $ 2,798 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Operating Segments [Abstract] | |
Summary of operating segments | REVENUES Total revenues(a) Intersegment revenues(b) External revenues (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Power & Water $ 27,564 $ 24,724 $ 28,299 $ 969 $ 947 $ 1,119 $ 26,595 $ 23,777 $ 27,180 Oil & Gas 18,676 16,975 15,241 401 360 314 18,275 16,615 14,927 Energy Management 7,319 7,569 7,412 890 848 487 6,429 6,721 6,925 Aviation 23,990 21,911 19,994 692 500 672 23,298 21,411 19,322 Healthcare 18,299 18,200 18,290 6 14 37 18,293 18,186 18,253 Transportation 5,650 5,885 5,608 (2) 12 11 5,652 5,873 5,597 Appliances & Lighting 8,404 8,338 7,967 22 25 23 8,382 8,313 7,944 Total industrial 109,902 103,602 102,811 2,978 2,706 2,663 106,924 100,896 100,148 GE Capital 26,344 27,008 26,571 1,037 855 728 25,307 26,153 25,843 Corporate items and eliminations(c) (4,038) (1,624) (1,491) (4,015) (3,561) (3,391) (23) 1,937 1,900 Total $ 132,208 $ 128,986 $ 127,891 $ - $ - $ - $ 132,208 $ 128,986 $ 127,891 (a) Revenues of GE businesses include income from sales of goods and services to customers and other income. (b) Sales from one component to another generally are priced at equivalent commercial selling prices. (c) Includes the results of NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC. |
Disclosure Operating Segment Assets | Property, plant and Assets(a)(b) equipment additions(c) Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Power & Water $ 30,338 $ 29,494 $ 27,143 $ 622 $ 714 $ 661 $ 678 $ 668 $ 647 Oil & Gas 27,260 26,193 20,111 653 1,185 467 583 479 426 Energy Management 10,976 10,305 9,594 176 137 155 313 323 287 Aviation 33,716 32,273 25,145 1,197 1,178 781 824 677 644 Healthcare 29,227 27,858 28,369 405 316 322 843 861 879 Transportation 4,449 4,418 4,335 128 282 724 168 167 90 Appliances & Lighting 4,560 4,306 4,201 359 405 485 235 300 265 GE Capital 502,570 520,040 543,093 3,933 3,336 5,086 2,864 3,088 2,486 Corporate items and eliminations(d) 10,418 6,613 27,870 (110) 194 (99) 166 260 218 Total $ 653,514 $ 661,500 $ 689,861 $ 7,363 $ 7,747 $ 8,582 $ 6,674 $ 6,823 $ 5,942 (a) Assets of discontinued operations, NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC are included in Corporate items and eliminations for all periods presented. (b) Total assets of Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and GE Capital operating segments at December 31, 2014 , include investment in and advances to associated companies of $ 357 million, $ 146 million, $ 824 million, $ 1,378 million, $ 511 million, $ 6 million, $ 57 million and $ 11,729 million, respectively. Investments in and advances to associated companies contributed approximately $( 7 ) million, $ 20 million, $ 29 million, $ 94 million, $( 33 ) million, an insignificant amount , $ 70 million and $ 887 million to segment pre-tax income of Power & Water, Oil & Gas, Energy Management, A viation, Healthcare, Transportation, Appliances & Lighting and GE Capital operating segments, respectively, for the year ended December 31, 2014 . Aggregate summarized financial information for significant associated companies assuming a 100% ownership interest at December 31, 2014 included: total assets of $ 81,781 million, primarily financing receivables of $ 36,857 million; total liabilities of $ 56,308 million, primarily debt of $ 39,872 million; revenues totaled $ 45,690 mi llion; and net loss totaled $( 1,511 ) million. (c) Additions to property, plant and equipment include amounts relating to principal businesses purchased. (d) Includes deferred income taxes that are presented as assets for purposes of our consolidat ing balance sheet presentation. |
Disclosure Operating Segment Interest And Financial Charges and Provision for Income Taxes | Interest and other financial charges Provision (benefit) for income taxes (In millions) 2014 2013 2012 2014 2013 2012 GE Capital $ 4,249 $ 4,690 $ 5,632 $ (126) $ (456) $ 513 Corporate items and eliminations(a) 1,085 849 810 1,634 1,668 2,013 Total $ 5,334 $ 5,539 $ 6,442 $ 1,508 $ 1,212 $ 2,526 (a) Included amounts for Power & Water, Oil & Gas, Energy Management, Aviati on, Healthcare, Transportation and Appliances & Lighting, for which our measure of segment profit excludes interest and other financial charges and income taxes. |
Quarterly Information (unaudi65
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |
Quaterly Information | First quarter Second quarter Third quarter Fourth quarter (In millions; per-share amounts in dollars) 2014 2013 2014 2013 2014 2013 2014 2013 Consolidated operations Earnings from continuing operations $ 2,254 $ 2,701 $ 2,884 $ 2,538 $ 2,803 $ 2,263 $ 4,705 $ 4,709 Earnings (loss) from discontinued operations 698 810 661 761 706 918 634 (1,345) Net earnings 2,952 3,511 3,545 3,299 3,509 3,181 5,339 3,364 Less net earnings (loss) attributable to noncontrolling interests (47) (16) - 166 (28) (10) 187 158 Net earnings attributable to the Company $ 2,999 $ 3,527 $ 3,545 $ 3,133 $ 3,537 $ 3,191 $ 5,152 $ 3,206 Per-share amounts – earnings from continuing operations Diluted earnings per share $ 0.23 $ 0.26 $ 0.28 $ 0.23 $ 0.28 $ 0.22 $ 0.45 $ 0.45 Basic earnings per share 0.23 0.26 0.29 0.23 0.28 0.22 0.45 0.45 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings per share 0.07 0.08 0.07 0.07 0.07 0.09 0.06 (0.13) Basic earnings per share 0.07 0.08 0.07 0.07 0.07 0.09 0.06 (0.13) Per-share amounts – net earnings Diluted earnings per share 0.30 0.34 0.35 0.30 0.35 0.31 0.51 0.32 Basic earnings per share 0.30 0.34 0.35 0.30 0.35 0.31 0.51 0.32 Selected data GE Sales of goods and services $ 24,011 $ 22,303 $ 26,226 $ 24,623 $ 26,025 $ 25,262 $ 31,046 $ 28,826 Gross profit from sales 5,326 4,867 6,090 6,006 6,148 5,691 7,867 6,820 GECC Total revenues 6,564 6,560 6,275 6,432 6,384 6,535 7,121 7,481 Earnings from continuing operations attributable to the Company 1,246 1,008 1,163 1,040 843 893 1,278 2,053 |
Operating Segment Table - MDA (
Operating Segment Table - MDA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | $ 132,208 | $ 128,986 | $ 127,891 | $ 126,548 | $ 128,560 | ||||||||||||
Interest and other financial charges | 5,334 | 5,539 | 6,442 | ||||||||||||||
Income Tax Expense (Benefit) | 1,508 | 1,212 | 2,526 | ||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 14,154 | 13,423 | 14,561 | ||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2,699 | 1,144 | 1,829 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 5,339 | $ 3,509 | $ 3,545 | $ 2,952 | $ 3,364 | $ 3,181 | $ 3,299 | $ 3,511 | 15,345 | 13,355 | 13,864 | ||||||
Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 132,208 | 128,986 | 127,891 | 126,548 | 128,560 | ||||||||||||
Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||
GE Capital [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest and other financial charges | 4,249 | 4,690 | 5,632 | ||||||||||||||
Income Tax Expense (Benefit) | (126) | (456) | 513 | ||||||||||||||
Corporate Items And Eliminations [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest and other financial charges | 1,085 | 849 | 810 | ||||||||||||||
Income Tax Expense (Benefit) | 1,634 | 1,668 | 2,013 | ||||||||||||||
GE | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | [1] | 112,545 | 108,894 | 108,065 | |||||||||||||
Interest and other financial charges | 1,579 | [1] | 1,333 | [1] | 1,353 | [1] | 1,299 | 1,600 | |||||||||
Income Tax Expense (Benefit) | 1,634 | [1] | 1,668 | [1] | 2,013 | [1] | 4,839 | 2,024 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | [1] | 14,118 | 13,826 | 13,985 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | [2] | 2,699 | 1,144 | 1,829 | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [2] | 15,183 | 13,302 | 13,801 | |||||||||||||
GE | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 136,246 | 130,610 | 129,382 | 123,555 | 114,064 | ||||||||||||
Operating Income (Loss) | 21,972 | 20,916 | 19,896 | 19,064 | 17,628 | ||||||||||||
GE | Power And Water [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 26,595 | 23,777 | 27,180 | ||||||||||||||
GE | Power And Water [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 27,564 | 24,724 | 28,299 | 25,675 | 24,779 | ||||||||||||
Operating Income (Loss) | 5,352 | 4,992 | 5,422 | 5,021 | 5,804 | ||||||||||||
GE | Power And Water [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 969 | 947 | 1,119 | ||||||||||||||
GE | Oil And Gas [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 18,275 | 16,615 | 14,927 | ||||||||||||||
GE | Oil And Gas [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 18,676 | 16,975 | 15,241 | 13,608 | 9,433 | ||||||||||||
Operating Income (Loss) | 2,585 | 2,178 | 1,924 | 1,660 | 1,406 | ||||||||||||
GE | Oil And Gas [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 401 | 360 | 314 | ||||||||||||||
GE | Energy Management [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 6,429 | 6,721 | 6,925 | ||||||||||||||
GE | Energy Management [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 7,319 | 7,569 | 7,412 | 6,422 | 5,161 | ||||||||||||
Operating Income (Loss) | 246 | 110 | 131 | 78 | 156 | ||||||||||||
GE | Energy Management [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 890 | 848 | 487 | ||||||||||||||
GE | Aviation [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 23,298 | 21,411 | 19,322 | ||||||||||||||
GE | Aviation [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 23,990 | 21,911 | 19,994 | 18,859 | 17,619 | ||||||||||||
Operating Income (Loss) | 4,973 | 4,345 | 3,747 | 3,512 | 3,304 | ||||||||||||
GE | Aviation [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 692 | 500 | 672 | ||||||||||||||
GE | Healthcare [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 18,293 | 18,186 | 18,253 | ||||||||||||||
GE | Healthcare [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 18,299 | 18,200 | 18,290 | 18,083 | 16,897 | ||||||||||||
Operating Income (Loss) | 3,047 | 3,048 | 2,920 | 2,803 | 2,741 | ||||||||||||
GE | Healthcare [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 6 | 14 | 37 | ||||||||||||||
GE | Transportation [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 5,652 | 5,873 | 5,597 | ||||||||||||||
GE | Transportation [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 5,650 | 5,885 | 5,608 | 4,885 | 3,370 | ||||||||||||
Operating Income (Loss) | 1,130 | 1,166 | 1,031 | 757 | 315 | ||||||||||||
GE | Transportation [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | (2) | 12 | 11 | ||||||||||||||
GE | Appliances And Lighting [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 8,382 | 8,313 | 7,944 | ||||||||||||||
GE | Appliances And Lighting [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 8,404 | 8,338 | 7,967 | 7,693 | 7,957 | ||||||||||||
Operating Income (Loss) | 431 | 381 | 311 | 237 | 404 | ||||||||||||
GE | Appliances And Lighting [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 22 | 25 | 23 | ||||||||||||||
GE | Industrial Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 106,924 | 100,896 | 100,148 | ||||||||||||||
GE | Industrial Segments [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 109,902 | 103,602 | 102,811 | 95,225 | 85,216 | ||||||||||||
Operating Income (Loss) | 17,764 | 16,220 | 15,486 | 14,068 | 14,130 | ||||||||||||
GE | Industrial Segments [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 2,978 | 2,706 | 2,663 | ||||||||||||||
GE | GE Capital [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 25,307 | 26,153 | 25,843 | ||||||||||||||
GE | GE Capital [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 26,344 | 27,008 | 26,571 | 28,330 | 28,848 | ||||||||||||
Operating Income (Loss) | 4,208 | 4,696 | 4,410 | 4,996 | 3,498 | ||||||||||||
GE | GE Capital [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 1,037 | 855 | 728 | ||||||||||||||
GE | Corporate Items And Eliminations [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | (23) | 1,937 | 1,900 | ||||||||||||||
GE | Corporate Items And Eliminations [Member] | Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | (4,038) | (1,624) | (1,491) | 2,993 | 14,496 | ||||||||||||
Operating Income (Loss) | (6,225) | (6,002) | (4,718) | (288) | (1,012) | ||||||||||||
GE | Corporate Items And Eliminations [Member] | Intersegment [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | (4,015) | (3,561) | (3,391) | ||||||||||||||
GECC | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | $ 7,121 | $ 6,384 | $ 6,275 | $ 6,564 | $ 7,481 | $ 6,535 | $ 6,432 | $ 6,560 | 26,344 | 27,008 | 26,571 | $ 28,330 | $ 28,848 | ||||
Interest and other financial charges | 4,249 | 4,690 | 5,632 | ||||||||||||||
Income Tax Expense (Benefit) | (126) | (456) | 513 | ||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 4,566 | 4,591 | 5,109 | ||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2,704 | 1,210 | 1,682 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 7,396 | $ 6,257 | $ 6,278 | ||||||||||||||
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. | ||||||||||||||||
[2] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. |
Summary of Significant Accoun67
Summary of Significant Accounting Policies (Details) - Long-term Debt, Type [Domain] - USD ($) $ / shares in Units, $ in Millions | Sep. 03, 2014 | Aug. 05, 2014 | Oct. 31, 2014 | Aug. 31, 2014 | Feb. 13, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | |||||||
Percentage of LIFO Inventory | 40.00% | 39.00% | |||||
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward 1 | $ 1,224 | ||||||
Synchrony Financial | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Sale of Stock, Consideration Received on Transaction | $ 2,842 | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 85.00% | ||||||
Proceeds From Issuance Of Unsecured Debt | $ 8,000 | ||||||
Unsecured Long-Term Debt, Noncurrent | $ 750 | $ 3,593 | $ 1,000 | ||||
Debt Conversion Original Debt Due Date Of Debt Year | 2,019 | 2,019 | 2,020 | ||||
Synchrony Financial Noncontrolling Interest | 15.00% | ||||||
Debt Instrument Term | 10 years | ||||||
Synchrony Financial | IPO [Member] | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Sale of Stock, Number Of Shares Issued In Transaction | 3,500,000 | 125,000,000 | |||||
Sale of Stock, Price Per Share | $ 23 |
Assets and Liabilities of Bus68
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Assets and Liabilities of Businesses Held for Sale) (Details) - USD ($) $ in Millions | Dec. 02, 2013 | Jul. 15, 2013 | Mar. 19, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 232 | $ 528 | $ 227 | ||||
Preferred Stock, Value, Issued | 0 | 0 | $ 0 | ||||
Investment securities (Note 3) | 38,400 | 35,793 | |||||
Current receivables (Note 4) | 23,237 | 21,388 | |||||
Assets of businesses held for sale | 186,934 | 196,758 | |||||
Liabilities of businesses held for sale | 48,794 | 51,036 | |||||
GEMB-Nordic | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 2,320 | ||||||
NBCU LLC | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 1,430 | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 11,997 | ||||||
Guaranteed Debt Included In Sale Of Asset | 4,000 | ||||||
Preferred Stock, Value, Issued | 725 | ||||||
Consideration Received For Sale Of Business | $ 16,722 | ||||||
Pre Tax Gain On Sale Of Business | $ 1,096 | ||||||
Gain On Sale Of Business Net Of Tax | 825 | ||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||
Portugal Consumer Auto Personal Loan | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 83 | ||||||
Machining And Fabrication Business | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 108 | ||||||
Appliances | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 3,300 | ||||||
Assets of businesses held for sale | 2,538 | ||||||
Liabilities of businesses held for sale | 1,356 | ||||||
Assets held for sale | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Cash and cash equivalents | 676 | 5 | |||||
Investment securities (Note 3) | 448 | 7 | |||||
Current receivables (Note 4) | 180 | 0 | |||||
Inventories | 588 | 0 | |||||
Loans and Finance Receivables | 2,144 | 0 | |||||
Property, plant and equipment - net | 1,015 | 0 | |||||
Goodwill | 539 | 24 | |||||
Intangible assets - net | 170 | 2 | |||||
Other | 540 | 12 | |||||
Assets of businesses held for sale | 6,300 | 50 | |||||
Accounts payable | 510 | 1 | |||||
Other GE current liabilities | 348 | 0 | |||||
Bank deposits | 1,931 | 0 | |||||
Liabilities Other | 586 | 5 | |||||
Liabilities of businesses held for sale | 3,375 | $ 6 | |||||
GECC Real Estate Properties [Member] | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Pre Tax Gain On Sale Of Business | 921 | ||||||
Gain On Sale Of Business Net Of Tax | $ 564 | ||||||
Hungary Bank [Member] | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Assets of businesses held for sale | 3,474 | ||||||
Liabilities of businesses held for sale | 2,434 | ||||||
Signaling [Member] | |||||||
Financial Information For Businesses Held For Sale [Line Items] | |||||||
Consideration Received For Sale Of Business | 800 | ||||||
Assets of businesses held for sale | 267 | ||||||
Liabilities of businesses held for sale | $ 148 |
Assets and Liabilities of Bus69
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets | |||||||||||||
Assets of discontinued operations | $ 186,934 | $ 196,758 | $ 186,934 | $ 196,758 | |||||||||
Liabilities | |||||||||||||
Liabilities of discontinued operations | 48,794 | 51,036 | 48,794 | 51,036 | |||||||||
Operations | |||||||||||||
Total revenues and other income (loss) | 16,113 | 17,245 | $ 18,984 | ||||||||||
Provision for Loan and Lease Losses | (3,623) | (4,053) | (3,224) | ||||||||||
Earnings (loss) from discontinued operations before income taxes | 2,724 | 2,233 | 2,233 | ||||||||||
Benefit (provision) for income taxes | (40) | 692 | 191 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 2,684 | 2,925 | 2,424 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | 14 | (2,027) | (792) | ||||||||||
Benefit (provision) for income taxes | 1 | 246 | 197 | ||||||||||
Gain (loss) on disposal, net of taxes | 15 | (1,781) | (595) | ||||||||||
Earnings (loss) from discontinued operations, net of taxes(a) | 634 | $ 706 | $ 661 | $ 698 | (1,345) | $ 918 | $ 761 | $ 810 | 2,699 | 1,144 | 1,829 | ||
Discontinued Operations [Member] | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 5,414 | 2,040 | 5,414 | 2,040 | |||||||||
Investment securities | 10,006 | 8,561 | 10,006 | 8,561 | |||||||||
Financing receivables - net | 114,561 | 122,300 | 114,561 | 122,300 | |||||||||
Other receivables | 2,192 | 2,238 | 2,192 | 2,238 | |||||||||
Property, plant and equipment - net | 18,051 | 18,326 | 18,051 | 18,326 | |||||||||
Goodwill | 13,569 | 14,292 | 13,569 | 14,292 | |||||||||
Intangible assets - net | 301 | 448 | 301 | 448 | |||||||||
Disposal deferred tax asset | 2,920 | 4,109 | 2,920 | 4,109 | |||||||||
Other | 19,920 | 24,444 | 19,920 | 24,444 | |||||||||
Assets of discontinued operations | 186,934 | 196,758 | 186,934 | 196,758 | |||||||||
Liabilities | |||||||||||||
Short-term borrowings | 1,125 | 2,452 | 1,125 | 2,452 | |||||||||
Accounts payable | 3,770 | 4,157 | 3,770 | 4,157 | |||||||||
Other GE current liabilities | 28 | 30 | 28 | 30 | |||||||||
Non-recourse borrowings | 10,569 | 10,403 | 10,569 | 10,403 | |||||||||
Bank deposits | 18,998 | 15,190 | 18,998 | 15,190 | |||||||||
Long-term borrowings | 1,182 | 1,624 | 1,182 | 1,624 | |||||||||
All other liabilities | 7,720 | 11,991 | 7,720 | 11,991 | |||||||||
Deferred income taxes | 5,402 | 5,189 | 5,402 | 5,189 | |||||||||
Liabilities of discontinued operations | $ 48,794 | $ 51,036 | 48,794 | 51,036 | |||||||||
Discontinued Operations [Member] | Real Estate | |||||||||||||
Operations | |||||||||||||
Total revenues and other income (loss) | 2,969 | 3,915 | 3,654 | ||||||||||
Interest | (1,079) | (1,278) | (1,883) | ||||||||||
Operating and administrative | (870) | (960) | (911) | ||||||||||
Depreciation and amortization | (326) | (396) | (542) | ||||||||||
Provision for Loan and Lease Losses | 86 | (28) | (72) | ||||||||||
Earnings (loss) from discontinued operations before income taxes | 780 | 1,253 | 246 | ||||||||||
Benefit (provision) for income taxes | 223 | 472 | 562 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 1,003 | 1,725 | 808 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | 0 | 0 | 0 | ||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||||
Gain (loss) on disposal, net of taxes | 0 | 0 | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes(a) | 1,003 | 1,725 | 808 | ||||||||||
Earnings (loss) before income tax, attributable to parent excludes NCI portion | 778 | 1,246 | 241 | ||||||||||
Discontinued Operations [Member] | Real Estate | GE Capital Exit Plan [Member] | |||||||||||||
Operations | |||||||||||||
Benefit (provision) for income taxes | $ (1,808) | ||||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | $ 2,354 | ||||||||||||
Discontinued Operations [Member] | CLL [Member] | |||||||||||||
Operations | |||||||||||||
Total revenues and other income (loss) | 13,412 | 13,144 | 15,139 | ||||||||||
Interest | (3,069) | (3,300) | (4,080) | ||||||||||
Operating and administrative | (3,662) | (3,551) | (3,875) | ||||||||||
Depreciation and amortization | (3,930) | (4,083) | (4,074) | ||||||||||
Provision for Loan and Lease Losses | (456) | (736) | (536) | ||||||||||
Earnings (loss) from discontinued operations before income taxes | 2,295 | 1,474 | 2,574 | ||||||||||
Benefit (provision) for income taxes | (487) | 65 | (570) | ||||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 1,808 | 1,539 | 2,004 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | 0 | 0 | 0 | ||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||||
Gain (loss) on disposal, net of taxes | 0 | 0 | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes(a) | 1,808 | 1,539 | 2,004 | ||||||||||
Earnings (loss) before income tax, attributable to parent excludes NCI portion | $ 2,278 | $ 1,457 | $ 2,537 | ||||||||||
Discontinued Operations [Member] | CLL [Member] | GE Capital Exit Plan [Member] | |||||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | $ 3,380 | ||||||||||||
Gain (loss) on disposal, net of taxes | $ 4,329 |
Assets and Liabilities of Bus70
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (GE Money Japan Narrative) (Details) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Sep. 30, 2008JPY (¥) | Sep. 30, 2008USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Feb. 26, 2014JPY (¥) | Feb. 26, 2014USD ($) | |
Financial Information For Discontinued Operations | |||||||||||||||
Gain (loss) on disposal of discontinued operations | $ 15 | $ (1,781) | $ (595) | ||||||||||||
Losses from discontinued operations, net of tax | $ 634 | $ 706 | $ 661 | $ 698 | $ (1,345) | $ 918 | $ 761 | $ 810 | 2,699 | 1,144 | 1,829 | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 14 | (2,027) | (792) | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 2,699 | 1,144 | 1,829 | ||||||||||||
GE Money Japan [Member] | |||||||||||||||
Financial Information For Discontinued Operations | |||||||||||||||
Liability For Reimbursement Of Claims In Excess Of Statutory Interest Rate | ¥ 258,000 | $ 3,000 | 1,836 | ||||||||||||
Losses from discontinued operations, net of tax | $ 59 | $ (1,636) | $ (649) | ||||||||||||
Buyout Payment To Extinguish Obligation Under Sale Agreement | ¥ 175,000 | $ 1,700 |
Assets and Liabilities of Bus71
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (WMC) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014USD ($)Lawsuits | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Financial Information For Discontinued Operations | |||
Revenues from discontinued operations | $ 16,113 | $ 17,245 | $ 18,984 |
Earnings (loss) from discontinued operations, net of taxes | 2,699 | 1,144 | 1,829 |
WMC Discontinued Operations [Member] | |||
Financial Information For Discontinued Operations | |||
Adjustment For Pending Claims For Unmet Representations And Warranties | 9 | ||
Lawsuit Relating To Representations And Warranties Amount Of Mortgages | $ 12,919 | ||
Number Of Securitizations Related To Lawsuits Involving repurchase Claims On Loans In Which Adverse Parties Are Securitization Trustees | 14 | ||
Revenues from discontinued operations | $ (291) | (346) | (500) |
Earnings (loss) from discontinued operations, net of taxes | $ (199) | $ (232) | $ (337) |
Number Of Lawsuits Involving Repurchase Claims On Loans | Lawsuits | 15 | ||
WMC Discontinued Operations [Member] | Minimum [Member] | |||
Financial Information For Discontinued Operations | |||
Increase To Reserve For Claims For Unmet Representations And Warranties For Adverse Effect In Assumptions | $ 0 | ||
WMC Discontinued Operations [Member] | Maximum [Member] | |||
Financial Information For Discontinued Operations | |||
Increase To Reserve For Claims For Unmet Representations And Warranties For Adverse Effect In Assumptions | $ 500 |
Assets and Liabilities of Bus72
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Rollforward of the Reserve) (Details) - WMC Discontinued Operations [Member] - USD ($) $ in Millions | Oct. 10, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Information For Discontinued Operations [Line Items] | |||
Reserve, beginning of period | $ 800 | $ 633 | |
Provision | 365 | 354 | |
Claim resolutions | (356) | (187) | |
Reserve, end of period | 809 | 800 | |
Pending claims, beginning of period | 5,643 | ||
New claims | $ 0 | 9,225 | 6,780 |
Pending claims, end of period | 3,694 | $ 5,643 | |
Claims Relating To Alleged Breaches Of Representations That Are Beyond Applicable Statute Of Llimitations | 1,070 | ||
Non Litigation Claims | $ 0 |
Assets and Liabilities of Bus73
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Other Financial Services and Industrial) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
Financial Information For Discontinued Operations | ||||||||||||
Revenues and other income (loss) | $ 16,113 | $ 17,245 | $ 18,984 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | 2,699 | 1,144 | 1,829 | |||||||||
Gain (loss) on disposal of discontinued operations | 15 | (1,781) | (595) | |||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 232 | 528 | 227 | |||||||||
Benefit (provision) for income taxes (Note 14) | (1,508) | (1,212) | (2,526) | |||||||||
GE | ||||||||||||
Financial Information For Discontinued Operations | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | [1] | 2,699 | 1,144 | 1,829 | ||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | [1] | 0 | 0 | 0 | ||||||||
Benefit (provision) for income taxes (Note 14) | (1,634) | [2] | (1,668) | [2] | (2,013) | [2] | $ (4,839) | $ (2,024) | ||||
GECC | ||||||||||||
Financial Information For Discontinued Operations | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 2,704 | 1,210 | 1,682 | |||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 232 | 528 | 227 | |||||||||
Benefit (provision) for income taxes (Note 14) | 126 | 456 | (513) | |||||||||
Consumer Russia [Member] | ||||||||||||
Financial Information For Discontinued Operations | ||||||||||||
Revenues and other income (loss) | 24 | 260 | 276 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (2) | (193) | 33 | |||||||||
Gain (loss) on disposal of discontinued operations | 4 | (170) | 0 | |||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 232 | |||||||||||
Trailer Services [Member] | ||||||||||||
Financial Information For Discontinued Operations | ||||||||||||
Revenues and other income (loss) | 1 | 271 | 399 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | 37 | (2) | 22 | |||||||||
Gain (loss) on disposal of discontinued operations | 12 | 18 | 0 | |||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 528 | |||||||||||
Consumer Ireland [Member] | ||||||||||||
Financial Information For Discontinued Operations | ||||||||||||
Revenues and other income (loss) | 0 | 0 | 7 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | 1 | 6 | (195) | |||||||||
Gain (loss) on disposal of discontinued operations | 1 | 6 | (121) | |||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 227 | |||||||||||
GE Industrial | ||||||||||||
Financial Information For Discontinued Operations | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ (5) | $ (66) | $ 147 | |||||||||
Benefit (provision) for income taxes (Note 14) | $ 148 | |||||||||||
[1] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. | |||||||||||
[2] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Investment Securities (Investme
Investment Securities (Investment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 33,367 | $ 33,316 | |
Gross unrealized gains | 5,193 | 3,138 | |
Gross unrealized losses | (160) | (661) | |
Investments | 38,400 | 35,793 | |
Eliminations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | (4) | (5) | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | (4) | (5) | |
U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated fair value | 38,400 | 35,793 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 534 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 1,191 | ||
GE | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 82 | 342 | |
Gross unrealized gains | 4 | 23 | |
Gross unrealized losses | (2) | (42) | |
Investments | [1] | 84 | 323 |
GE | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 12 | 21 | |
Gross unrealized gains | 0 | 14 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 12 | 35 | |
GE | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1 | 13 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | (1) | |
Estimated fair value | 1 | 12 | |
GE | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 69 | 302 | |
Gross unrealized gains | 4 | 9 | |
Gross unrealized losses | (2) | (41) | |
Estimated fair value | 71 | 270 | |
GE | Trading Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 0 | 6 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 0 | 6 | |
GECC | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 33,289 | 32,979 | |
Gross unrealized gains | 5,189 | 3,115 | |
Gross unrealized losses | (158) | (619) | |
Investments | 38,320 | 35,475 | |
GECC | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 19,810 | 19,450 | |
Gross unrealized gains | 3,962 | 2,307 | |
Gross unrealized losses | (69) | (217) | |
Estimated fair value | 23,703 | 21,540 | |
GECC | State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 4,173 | 4,214 | |
Gross unrealized gains | 555 | 235 | |
Gross unrealized losses | (53) | (190) | |
Estimated fair value | 4,675 | 4,259 | |
GECC | Residential Mortgage Backed Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1,544 | 1,803 | |
Gross unrealized gains | 153 | 139 | |
Gross unrealized losses | (5) | (46) | |
Estimated fair value | 1,692 | 1,896 | |
GECC | Commercial mortgage backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 2,903 | 2,929 | |
Gross unrealized gains | 170 | 188 | |
Gross unrealized losses | (10) | (82) | |
Estimated fair value | 3,063 | 3,035 | |
GECC | Asset-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 304 | 448 | |
Gross unrealized gains | 8 | 7 | |
Gross unrealized losses | (17) | (43) | |
Estimated fair value | 295 | 412 | |
GECC | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 908 | 1,131 | |
Gross unrealized gains | 109 | 85 | |
Gross unrealized losses | (1) | (6) | |
Estimated fair value | 1,016 | 1,210 | |
GECC | Government - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1,560 | 2,062 | |
Gross unrealized gains | 152 | 81 | |
Gross unrealized losses | (2) | (6) | |
Estimated fair value | 1,710 | 2,137 | |
GECC | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1,957 | 752 | |
Gross unrealized gains | 56 | 45 | |
Gross unrealized losses | 0 | (27) | |
Estimated fair value | 2,013 | 770 | |
GECC | Retained interest | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 0 | 1 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 0 | 1 | |
GECC | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 109 | 167 | |
Gross unrealized gains | 24 | 28 | |
Gross unrealized losses | (1) | (2) | |
Estimated fair value | 132 | 193 | |
GECC | Trading Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 21 | 22 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | $ 21 | $ 22 | |
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Investment Securities (Invest75
Investment Securities (Investments, by type and length in continuous loss position) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | $ 2,259 | $ 5,696 |
Gross unrealized losses, less than 12 months | (24) | (316) |
Estimated fair value, 12 months or more | 1,554 | 2,889 |
Gross unrealized losses, 12 months or more | (136) | (345) |
US Corporate | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 554 | 2,170 |
Gross unrealized losses, less than 12 months | (16) | (122) |
Estimated fair value, 12 months or more | 836 | 598 |
Gross unrealized losses, 12 months or more | (53) | (95) |
State and municipal | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 67 | 1,051 |
Gross unrealized losses, less than 12 months | (1) | (80) |
Estimated fair value, 12 months or more | 308 | 367 |
Gross unrealized losses, 12 months or more | (52) | (109) |
Residential Mortgage Backed Securities | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 30 | 219 |
Gross unrealized losses, less than 12 months | 0 | (10) |
Estimated fair value, 12 months or more | 146 | 430 |
Gross unrealized losses, 12 months or more | (5) | (37) |
Mortgage-backed Securities, Residential, Subprime, Financing Receivable [Member] | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Debt securities, Estimated fair value | 287 | |
Commercial mortgage backed | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 165 | 396 |
Gross unrealized losses, less than 12 months | (1) | (24) |
Estimated fair value, 12 months or more | 204 | 780 |
Gross unrealized losses, 12 months or more | (9) | (58) |
Asset-backed | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 9 | 23 |
Gross unrealized losses, less than 12 months | 0 | (2) |
Estimated fair value, 12 months or more | 42 | 299 |
Gross unrealized losses, 12 months or more | (17) | (42) |
Corporate - non-U.S. | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 42 | 94 |
Gross unrealized losses, less than 12 months | (1) | (2) |
Estimated fair value, 12 months or more | 3 | 160 |
Gross unrealized losses, 12 months or more | 0 | (4) |
Government - non-U.S. | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 677 | 1,268 |
Gross unrealized losses, less than 12 months | (2) | (6) |
Estimated fair value, 12 months or more | 14 | 1 |
Gross unrealized losses, 12 months or more | 0 | 0 |
U.S. Government and federal agency | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 705 | 229 |
Gross unrealized losses, less than 12 months | 0 | (27) |
Estimated fair value, 12 months or more | 1 | 254 |
Gross unrealized losses, 12 months or more | 0 | 0 |
Retained interest | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 0 | 0 |
Gross unrealized losses, less than 12 months | 0 | 0 |
Estimated fair value, 12 months or more | 0 | 0 |
Gross unrealized losses, 12 months or more | 0 | 0 |
Equity Securities | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 10 | 246 |
Gross unrealized losses, less than 12 months | (3) | (43) |
Estimated fair value, 12 months or more | 0 | 0 |
Gross unrealized losses, 12 months or more | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Debt securities, Estimated fair value | 1,191 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Debt securities, Estimated fair value | 534 | |
Subsidiaries [Member] | Corporate - non-U.S. | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 12 | |
Gross unrealized losses, less than 12 months | (1) | |
Subsidiaries [Member] | Equity Securities | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 4 | 222 |
Gross unrealized losses, less than 12 months | $ (2) | $ (41) |
Investment Securities (Impairme
Investment Securities (Impairments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pre-tax, Other-Than-Temporary Impairments on Investment Securities | |||
Total pre tax, OTTI recognized | $ 317 | $ 202 | $ 122 |
Less: pre-tax, OTTI recognized in AOCI | (4) | (31) | (51) |
Pre-tax, OTTI recognized in earnings | 313 | 171 | 71 |
Other Than Temporary Impairment Related To Equity Securities | $ 220 | $ 1 | $ 10 |
Investment Securities (Changes
Investment Securities (Changes in Cumulative Credit Loss Impairments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in Cumulative Credit Loss Impairments Recognized on Debt Securities | |||
Cumulative credit loss impairments recognized, beginning of period | $ 474 | $ 392 | $ 512 |
Credit loss impairments recognized on securities not previously impaired | 0 | 121 | 14 |
Incremental credit loss impairments recognized on securities previously impaired | 4 | 25 | 24 |
Less: credit loss impairments previously recognized on securities sold during the period | 302 | 64 | 158 |
Cumulative credit loss impairments recognized, end of period | $ 176 | $ 474 | $ 392 |
Investment Securities (Contract
Investment Securities (Contractual maturities) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Amortized cost | |
Within one year | $ 2,385 |
After one year through five years | 3,110 |
After five years through ten years | 4,683 |
After ten years | 18,243 |
Estimated fair value | |
Within one year | 2,395 |
After one year through five years | 3,346 |
After five years through ten years | 5,060 |
After ten years | $ 22,329 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gain Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Total | $ (228) | $ (29) | $ (1) |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 3,968 | 12,175 | 11,797 |
Net pre-tax gains (loss) on trading securities | 13 | 9 | 0 |
Subsidiaries [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains | 3 | 1 | 0 |
Losses, including impairments | (218) | (20) | (1) |
Total | (215) | (19) | (1) |
Subsidiaries GECC [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains | 95 | 148 | 134 |
Losses, including impairments | (108) | (158) | (134) |
Total | $ (13) | $ (10) | $ 0 |
Current Receivables (Details)
Current Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | $ 23,732 | $ 21,835 | ||
Less allowance for losses | (495) | (447) | ||
Total | 23,237 | 21,388 | ||
Accounts Receivable Current From Sale Of Goods And Services To Customers | 7,808 | 7,441 | ||
Accounts receivable, related parties, current | 22 | 37 | ||
Power And Water [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 4,984 | 3,895 | ||
Oil And Gas [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 5,775 | 5,444 | ||
Energy Management [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 1,655 | 1,540 | ||
Aviation [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 4,656 | 4,307 | ||
Healthcare [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 4,350 | 4,398 | ||
Transportation [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 454 | 526 | ||
Appliances And Lighting [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 1,468 | 1,337 | ||
Corporate Items And Eliminations [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 390 | 388 | ||
GE | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 11,998 | 11,412 | ||
Less allowance for losses | (485) | (442) | ||
Total | [1] | $ 11,513 | $ 10,970 | |
Percentage sales of goods and services to U.S. government | 3.00% | 4.00% | 4.00% | |
GE | Power And Water [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | $ 2,783 | $ 2,335 | ||
GE | Oil And Gas [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 3,215 | 3,134 | ||
GE | Energy Management [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 731 | 686 | ||
GE | Aviation [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 1,997 | 2,260 | ||
Current receivables from sale of goods and services to US government agencies | 254 | 127 | ||
GE | Healthcare [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 2,241 | 2,029 | ||
GE | Transportation [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 351 | 318 | ||
GE | Appliances And Lighting [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | 216 | 273 | ||
GE | Corporate Items And Eliminations [Member] | ||||
Accounts Receivable, Current | ||||
Accounts Receivable Gross Current | $ 464 | $ 377 | ||
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | |||
Total | $ 17,689 | $ 17,325 | |
GE | |||
Inventory [Line Items] | |||
Raw materials and work in process | 9,820 | 9,760 | |
Finished goods | 7,126 | 7,161 | |
Unbilled shipments | 755 | 609 | |
Inventory, Gross, Total | 17,701 | 17,530 | |
Less revaluation to LIFO | (62) | (273) | |
Total | [1] | 17,639 | 17,257 |
GECC | |||
Inventory [Line Items] | |||
Finished goods | 50 | 68 | |
Total | $ 50 | $ 68 | |
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
GECC Financing Receivables an82
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net | $ 110,255 | $ 120,351 | ||
GECC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 126,561 | 135,465 | ||
Less allowance for losses | (4,104) | (4,025) | $ (3,626) | $ (3,661) |
Financing receivables, net | 122,457 | 131,440 | ||
GECC | Loans and Finance Receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 120,007 | 128,371 | ||
GECC | Financing Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 6,554 | 7,094 | ||
Loans that have been acquired in a transfer but have been subject to credit deterioration since origination per ASC 310, Receivables | $ 2 | $ 16 |
GECC Financing Receivables an83
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Net Investment in Financing Leases) (Details) - GECC - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Leases [Abstract] | ||
Loans and leases receivable, Gross | $ 126,561 | $ 135,465 |
Direct Financing Leases [Abstract] | ||
Total minimum lease payments receivables | 4,821 | 5,542 |
Less Principal and interest on third-party nonrecourse debt | 0 | 0 |
Net rentals receivable | 4,821 | 5,542 |
Estimated unguaranteed residual value of leased assets | 1,138 | 1,296 |
Deferred income | (1,170) | (1,636) |
Investment in financing leases, net of deferred income | 4,789 | 5,202 |
Allowance for losses | (24) | (21) |
Deferred taxes | (697) | (189) |
Net investment in financing leases | 4,068 | 4,992 |
Leveraged Leases [Abstract] | ||
Total minimum lease payments receivables | 3,086 | 3,554 |
Less Principal and interest on third-party nonrecourse debt | (1,868) | (2,249) |
Net rentals receivable | 1,218 | 1,305 |
Estimated unguaranteed residual value of leased assets | 1,233 | 1,379 |
Deferred income | (686) | (792) |
Investment in financing leases, net of deferred income | 1,765 | 1,892 |
Allowance for losses | (15) | (10) |
Deferred taxes | (1,202) | (1,601) |
Net investment in financing leases | 548 | 281 |
Initial direct costs on direct financing leases | 46 | 47 |
Pre-tax income | 53 | 11 |
Income tax | 20 | 4 |
Financing Receivable | ||
Financing Leases [Abstract] | ||
Total minimum lease payments receivables | 7,907 | 9,096 |
Less Principal and interest on third-party nonrecourse debt | (1,868) | (2,249) |
Net rentals receivable | 6,039 | 6,847 |
Estimated unguaranteed residual value of leased assets | 2,371 | 2,675 |
Deferred income | (1,856) | (2,428) |
Loans and leases receivable, Gross | 6,554 | 7,094 |
Allowance for losses | (39) | (31) |
Deferred taxes | (1,899) | (1,790) |
Net investment in financing leases | $ 4,616 | $ 5,273 |
GECC Financing Receivables an84
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Contractual Maturities) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Total loans | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,015 | $ 18,109 |
2,016 | 3,998 |
2,017 | 3,913 |
2,018 | 3,073 |
2,019 | 3,154 |
2020 and later | 22,896 |
Total | 55,143 |
Consumer revolving loans | 64,864 |
Total Contractual Maturities | 120,007 |
Net rentals receivable | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,015 | 1,382 |
2,016 | 1,014 |
2,017 | 796 |
2,018 | 731 |
2,019 | 533 |
2020 and later | 1,583 |
Total | 6,039 |
Consumer revolving loans | 0 |
Total Contractual Maturities | $ 6,039 |
GECC Financing Receivables an85
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Financing Receivables by Portfolio) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables - net (Note 6 and 27) | $ 110,255 | $ 120,351 | ||
GECC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 126,561 | 135,465 | ||
Less allowance for losses | (4,104) | (4,025) | $ (3,626) | $ (3,661) |
Financing receivables - net (Note 6 and 27) | 122,457 | 131,440 | ||
GECC | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 25,741 | 26,426 | ||
Less allowance for losses | (93) | (44) | (43) | (118) |
GECC | Commercial | Total CLL | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 14,418 | 13,274 | ||
Less allowance for losses | (21) | (17) | (23) | (38) |
GECC | Commercial | Energy Financial Services | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 2,580 | 3,107 | ||
Less allowance for losses | (26) | (8) | (9) | (26) |
GECC | Commercial | GECAS | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 8,263 | 9,377 | ||
Less allowance for losses | (46) | (17) | (8) | (17) |
GECC | Commercial | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 480 | 668 | ||
Less allowance for losses | 0 | (2) | (3) | (37) |
GECC | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 100,820 | 109,039 | ||
Less allowance for losses | (4,011) | (3,981) | (3,583) | (3,543) |
GECC | Consumer | Non US residential mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 24,893 | 30,501 | ||
Less allowance for losses | (325) | (358) | (480) | (545) |
GECC | Consumer | Non US installment and revolving credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 10,400 | 15,731 | ||
Less allowance for losses | (399) | (650) | (649) | (791) |
GECC | Consumer | US installment and revolving credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 59,863 | 55,854 | ||
Less allowance for losses | (3,186) | (2,823) | (2,282) | (2,008) |
GECC | Consumer | Consumer Other Financing Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 5,664 | 6,953 | ||
Less allowance for losses | $ (101) | $ (150) | $ (172) | $ (199) |
GECC Financing Receivables an86
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Allowance for Losses on Financing Receivables) (Details) - GECC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | $ 4,025 | $ 3,626 | $ 3,661 |
Provision charged | 3,623 | 4,053 | 3,224 |
Other | (428) | (135) | 2 |
Gross write-offs | (4,325) | (4,758) | (4,619) |
Recoveries | 1,209 | 1,239 | 1,358 |
Ending Balance | 4,104 | 4,025 | 3,626 |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 44 | 43 | 118 |
Provision charged | 79 | 4 | 6 |
Other | (3) | 1 | (20) |
Gross write-offs | (42) | (17) | (75) |
Recoveries | 15 | 13 | 14 |
Ending Balance | 93 | 44 | 43 |
Commercial | Total CLL | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 17 | 23 | 38 |
Provision charged | 10 | (3) | (3) |
Other | 0 | 1 | 0 |
Gross write-offs | (15) | (15) | (21) |
Recoveries | 9 | 11 | 9 |
Ending Balance | 21 | 17 | 23 |
Commercial | Energy Financial Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 8 | 9 | 26 |
Provision charged | 30 | (1) | 4 |
Other | (1) | 0 | 0 |
Gross write-offs | (17) | 0 | (24) |
Recoveries | 6 | 0 | 3 |
Ending Balance | 26 | 8 | 9 |
Commercial | GECAS | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 17 | 8 | 17 |
Provision charged | 39 | 9 | 4 |
Other | 0 | 0 | 0 |
Gross write-offs | (10) | 0 | (13) |
Recoveries | 0 | 0 | 0 |
Ending Balance | 46 | 17 | 8 |
Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 2 | 3 | 37 |
Provision charged | 0 | (1) | 1 |
Other | (2) | 0 | (20) |
Gross write-offs | 0 | (2) | (17) |
Recoveries | 0 | 2 | 2 |
Ending Balance | 0 | 2 | 3 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 3,981 | 3,583 | 3,543 |
Provision charged | 3,544 | 4,049 | 3,218 |
Other | (425) | (136) | 22 |
Gross write-offs | (4,283) | (4,741) | (4,544) |
Recoveries | 1,194 | 1,226 | 1,344 |
Ending Balance | 4,011 | 3,981 | 3,583 |
Consumer | Non US residential mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 358 | 480 | 545 |
Provision charged | 256 | 269 | 112 |
Other | (151) | 10 | 8 |
Gross write-offs | (207) | (458) | (261) |
Recoveries | 69 | 57 | 76 |
Ending Balance | 325 | 358 | 480 |
Consumer | Non US installment and revolving credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 650 | 649 | 791 |
Provision charged | 338 | 647 | 308 |
Other | (260) | (106) | 20 |
Gross write-offs | (787) | (1,093) | (1,120) |
Recoveries | 458 | 553 | 650 |
Ending Balance | 399 | 650 | 649 |
Consumer | US installment and revolving credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 2,823 | 2,282 | 2,008 |
Provision charged | 2,875 | 3,006 | 2,666 |
Other | 19 | (51) | (24) |
Gross write-offs | (3,138) | (2,954) | (2,906) |
Recoveries | 607 | 540 | 538 |
Ending Balance | 3,186 | 2,823 | 2,282 |
Consumer | Consumer Other Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 150 | 172 | 199 |
Provision charged | 75 | 127 | 132 |
Other | (33) | 11 | 18 |
Gross write-offs | (151) | (236) | (257) |
Recoveries | 60 | 76 | 80 |
Ending Balance | $ 101 | $ 150 | $ 172 |
Property, Plant and Equipment87
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 84,070 | $ 86,734 | |
Property, Plant and Equipment, Net | 48,336 | 50,507 | |
Consolidation, Eliminations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | (462) | (419) | |
Property, Plant and Equipment, Net | (390) | (354) | |
Equipment Leased to Other Party [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | 731 | 371 | |
Subsidiaries [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | 36,551 | 38,249 | |
Property, Plant and Equipment, Net | [1] | 17,207 | 17,574 |
Subsidiaries [Member] | Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | 700 | 707 | |
Property, Plant and Equipment, Net | $ 689 | 671 | |
Depreciable lives-new (in years) | 8 years | ||
Subsidiaries [Member] | Buildings Structures And Related Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 7,683 | 8,910 | |
Property, Plant and Equipment, Net | $ 3,048 | 4,205 | |
Subsidiaries [Member] | Buildings Structures And Related Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 8 years | ||
Subsidiaries [Member] | Buildings Structures And Related Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 40 years | ||
Subsidiaries [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 23,437 | 25,323 | |
Property, Plant and Equipment, Net | $ 9,085 | 9,701 | |
Subsidiaries [Member] | Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 4 years | ||
Subsidiaries [Member] | Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 20 years | ||
Subsidiaries [Member] | Leasehold Costs And Manufacturing Plant Under Construction [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 4,731 | 3,309 | |
Property, Plant and Equipment, Net | $ 4,385 | 2,997 | |
Subsidiaries [Member] | Leasehold Costs And Manufacturing Plant Under Construction [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 1 year | ||
Subsidiaries [Member] | Leasehold Costs And Manufacturing Plant Under Construction [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 10 years | ||
Subsidiaries GECC [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 47,981 | 48,904 | |
Property, Plant and Equipment, Net | 31,519 | 33,287 | |
Subsidiaries GECC [Member] | Air Transportation Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | 46,017 | 46,768 | |
Property, Plant and Equipment, Net | $ 30,573 | 32,315 | |
Subsidiaries GECC [Member] | Air Transportation Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 20 years | ||
Subsidiaries GECC [Member] | Air Transportation Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 20 years | ||
Subsidiaries GECC [Member] | Other Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 767 | 783 | |
Property, Plant and Equipment, Net | $ 539 | 558 | |
Subsidiaries GECC [Member] | Other Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 6 years | ||
Subsidiaries GECC [Member] | Other Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 25 years | ||
Subsidiaries GECC [Member] | Equipment Leased to Other Party [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 1,197 | 1,353 | |
Property, Plant and Equipment, Net | $ 407 | $ 414 | |
Subsidiaries GECC [Member] | Equipment Leased to Other Party [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 1 year | ||
Subsidiaries GECC [Member] | Equipment Leased to Other Party [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives-new (in years) | 35 years | ||
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Property, Plant and Equipment88
Property, Plant and Equipment (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Original cost | $ 84,070 | $ 86,734 | |
Depreciation and amortization | 5,026 | 5,283 | $ 4,576 |
Property, Plant and Equipment, Net | 48,336 | 50,507 | |
Subsidiaries GECC [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | 47,981 | 48,904 | |
Impairment of Long-Lived Assets Held-for-use | 445 | 732 | |
Amortization of Leased Asset | 2,386 | 2,693 | $ 2,127 |
Property, Plant and Equipment, Net | 31,519 | 33,287 | |
Equipment Leased to Other Party [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | 731 | 371 | |
Accumulated depreciation and amortization | 60 | 52 | |
Equipment Leased to Other Party [Member] | Subsidiaries GECC [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Original cost | 1,197 | 1,353 | |
Property, Plant and Equipment, Net | $ 407 | $ 414 |
Property, Plant and Equipment89
Property, Plant and Equipment (Noncancellable future Rental schedule) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Property, Plant and Equipment [Abstract] | |
2,015 | $ 3,761 |
2,016 | 3,452 |
2,017 | 3,130 |
2,018 | 2,747 |
2,019 | 2,374 |
2020 and later | 6,537 |
Total | $ 22,001 |
Acquisitions, Goodwill and Ot90
Acquisitions, Goodwill and Other Intangible Assets (Goodwill) (Details) - Range [Domain] € in Millions, $ in Millions | Jun. 20, 2014EUR (€) | Jun. 02, 2014USD ($) | Mar. 21, 2014USD ($) | Feb. 12, 2014USD ($) | Aug. 31, 2013USD ($) | Jul. 31, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Goodwill [Line Items] | |||||||||
Goodwill (Note 8) | $ 62,983 | $ 63,413 | $ 58,762 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 2,639 | 1,634 | $ 1,456 | ||||||
Increase (Decrease) in Intangible Assets, Current | 2,078 | ||||||||
Intangible assets subject to amortization | 13,725 | 13,707 | |||||||
Indefinite-lived intangible assets | 130 | 160 | |||||||
Total | 13,855 | 13,867 | |||||||
Dispositions, currency exchange and other | (1,764) | (678) | |||||||
Goodwill, Acquired During Period | 1,334 | 5,329 | |||||||
Goodwill, period increase (decrease) | (430) | 4,651 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Implied Fair Value Of Goodwill Exceeding Carrying Value Of Goodwill | 3,700 | ||||||||
Energy Management Power Conversion Member [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill (Note 8) | $ 1,500 | ||||||||
Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount | 10.00% | ||||||||
Reporting Unit Goodwill As Percent Of Total | 2.00% | ||||||||
Acquisition API Healthcare | |||||||||
Goodwill [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 340 | ||||||||
Increase (Decrease) in Intangible Assets, Current | $ 125 | ||||||||
Goodwill, Acquired During Period | 280 | ||||||||
Acquisition Avio SpA | |||||||||
Goodwill [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 4,449 | ||||||||
Increase (Decrease) in Intangible Assets, Current | 1,817 | ||||||||
Business Acquisition, Preexisting Relationship, Gain (Loss) Recognized | $ (96) | ||||||||
Goodwill, period increase (decrease) | 3,230 | ||||||||
Acquisition Lufkin Industries Inc | |||||||||
Goodwill [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 3,309 | ||||||||
Increase (Decrease) in Intangible Assets, Current | 997 | ||||||||
Goodwill, Acquired During Period | $ 2,120 | ||||||||
Acquisition Thermo Fisher | |||||||||
Goodwill [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,065 | ||||||||
Increase (Decrease) in Intangible Assets, Current | 320 | ||||||||
Goodwill, Acquired During Period | $ 700 | ||||||||
Acquisition Alstom | |||||||||
Goodwill [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | € | € 260 | ||||||||
Estimated Purchase Price to Aquire Business, Net of Cash Acquired | € | 12,350 | ||||||||
Anticipated Third Party Investment In Joint Venture | € | € 2,600 | ||||||||
Acquisition Cameron's Reciprocating Compression Div | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill (Note 8) | $ 250 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 550 | ||||||||
Increase (Decrease) in Intangible Assets, Current | $ 100 |
Acquisitions, Goodwill and Ot91
Acquisitions, Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 63,413 | $ 58,762 |
Acquisitions | 1,334 | 5,329 |
Dispositions, currency exchange and other | (1,764) | (678) |
Goodwill, Ending Balance | 62,983 | 63,413 |
Power And Water [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 8,822 | 8,821 |
Acquisitions | 21 | 0 |
Dispositions, currency exchange and other | (89) | 1 |
Goodwill, Ending Balance | 8,754 | 8,822 |
Oil And Gas [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 10,516 | 8,365 |
Acquisitions | 276 | 2,217 |
Dispositions, currency exchange and other | (220) | (66) |
Goodwill, Ending Balance | 10,572 | 10,516 |
Energy Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 4,748 | 4,610 |
Acquisitions | 0 | 7 |
Dispositions, currency exchange and other | (178) | 131 |
Goodwill, Ending Balance | 4,570 | 4,748 |
Aviation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 9,103 | 5,975 |
Acquisitions | 0 | 3,043 |
Dispositions, currency exchange and other | (151) | 85 |
Goodwill, Ending Balance | 8,952 | 9,103 |
Healthcare [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 16,643 | 16,762 |
Acquisitions | 1,004 | 45 |
Dispositions, currency exchange and other | (115) | (164) |
Goodwill, Ending Balance | 17,532 | 16,643 |
Transportation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 1,012 | 999 |
Acquisitions | 2 | 0 |
Dispositions, currency exchange and other | (127) | 13 |
Goodwill, Ending Balance | 887 | 1,012 |
Appliances And Lighting [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 606 | 611 |
Acquisitions | 0 | 0 |
Dispositions, currency exchange and other | (380) | (5) |
Goodwill, Ending Balance | 226 | 606 |
GE Capital [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 11,960 | 12,619 |
Acquisitions | 0 | 13 |
Dispositions, currency exchange and other | (504) | (672) |
Goodwill, Ending Balance | 11,456 | 11,960 |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 3 | 0 |
Acquisitions | 31 | 4 |
Dispositions, currency exchange and other | 0 | (1) |
Goodwill, Ending Balance | $ 34 | $ 3 |
Acquisitions, Goodwill and Ot92
Acquisitions, Goodwill and Other Intangible Assets (Other Intangible Assets, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets subject to amortization | $ 13,725 | $ 13,707 |
Indefinite-lived intangible assets | 130 | 160 |
Total | $ 13,855 | $ 13,867 |
Acquisitions, Goodwill and Ot93
Acquisitions, Goodwill and Other Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Millions | Jun. 02, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 24,075 | $ 23,586 | ||
Accumulated amortization | (10,350) | (9,879) | ||
Net | 13,725 | 13,707 | ||
Intangible Assets, Net (Excluding Goodwill) | 13,855 | 13,867 | ||
Increase (Decrease) in Intangible Assets, Current | 2,078 | |||
Amortization expense | 1,648 | 1,540 | $ 1,366 | |
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||
2,015 | 1,634 | |||
2,016 | 1,496 | |||
2,017 | 1,364 | |||
2,018 | 1,216 | |||
2,019 | 1,061 | |||
Adjustments related to Present Value of Future Profits | 293 | 322 | ||
Acquisition API Healthcare [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Increase (Decrease) in Intangible Assets, Current | 125 | |||
Acquisition Avio SpA [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Increase (Decrease) in Intangible Assets, Current | 1,817 | |||
Acquisition Lufkin Industries Inc [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Increase (Decrease) in Intangible Assets, Current | 997 | |||
Acquisition Thermo Fisher [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Increase (Decrease) in Intangible Assets, Current | 320 | |||
Acquisition Cameron's Reciprocating Compression Div [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Increase (Decrease) in Intangible Assets, Current | $ 100 | |||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 8,064 | 7,481 | ||
Accumulated amortization | (2,261) | (1,905) | ||
Net | 5,803 | 5,576 | ||
Finite-lived Intangible Assets Acquired | $ 730 | |||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||
Finite-Lived Intangible Assets, Useful Life Average | 14 years 01 month 06 days | |||
Patents And Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 6,694 | 6,489 | ||
Accumulated amortization | (2,900) | (2,511) | ||
Net | 3,794 | 3,978 | ||
Finite-lived Intangible Assets Acquired | $ 178 | |||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||
Finite-Lived Intangible Assets, Useful Life Average | 10 years 09 months 18 days | |||
Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 1,151 | 1,356 | ||
Accumulated amortization | (263) | (295) | ||
Net | 888 | 1,061 | ||
Finite-lived Intangible Assets Acquired | $ 52 | |||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||
Finite-Lived Intangible Assets, Useful Life Average | 17 years 02 months 12 days | |||
Capitalized software[Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 7,349 | 7,355 | ||
Accumulated amortization | (4,178) | (4,480) | ||
Net | 3,171 | 2,875 | ||
Finite-lived Intangible Assets Acquired | $ 1,112 | |||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||
Finite-Lived Intangible Assets, Useful Life Average | 05 years 08 months 12 days | |||
Present Value Of Future Profits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 614 | 574 | ||
Accumulated amortization | (614) | (574) | ||
Net | 0 | 0 | ||
All Other [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 203 | 331 | ||
Accumulated amortization | (134) | (114) | ||
Net | 69 | $ 217 | ||
Finite-lived Intangible Assets Acquired | $ 6 | |||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||
Finite-Lived Intangible Assets, Useful Life Average | 02 years 06 months |
All Other Assets (Details)
All Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments [Abstract] | |||
Assets held for sale | $ 6,300 | $ 50 | |
Derivative instruments | 617 | 739 | |
Other Assets | 48,326 | 46,398 | |
Other Assets | |||
Investments [Abstract] | |||
Other Assets | 48,326 | 46,398 | |
Eliminations | (330) | (265) | |
GE | |||
Investments [Abstract] | |||
Assets held for sale | [1] | 2,805 | 0 |
Contract costs and estimated earnings | 13,990 | 12,522 | |
Long-term Investments and Receivables, Net | 766 | 993 | |
Derivative instruments | 783 | 623 | |
Other | 5,144 | 5,007 | |
Other Assets | [1] | 24,680 | 23,708 |
GE | Other Assets | |||
Investments [Abstract] | |||
Other Assets | 24,680 | 23,708 | |
GE | Other Assets | Investments [Member] | |||
Investments [Abstract] | |||
Associated companies - other assets | 3,384 | 3,937 | |
Other investments | 613 | 626 | |
Other Assets | 3,997 | 4,563 | |
GECC | |||
Investments [Abstract] | |||
Assets held for sale | 3,474 | 50 | |
Other Assets | 23,976 | 22,955 | |
GECC | Other Assets | |||
Investments [Abstract] | |||
Derivative instruments | 1,630 | 868 | |
Deferred borrowing costs | 849 | 867 | |
Advances to suppliers | 1,374 | 2,246 | |
Deferred acquistion costs | 17 | 29 | |
Other | 3,953 | 3,997 | |
Other Assets | 23,976 | 22,955 | |
GECC | Other Assets | Investments [Member] | |||
Investments [Abstract] | |||
Associated companies - other assets | 13,091 | 14,085 | |
Assets held for sale | 1,784 | 484 | |
Other investments | 1,278 | 379 | |
Other Assets | $ 16,153 | $ 14,948 | |
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
All Other Assets (Parenthetical
All Other Assets (Parenthetical) (Details) - Other Assets [Member] - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Other Assets [Line Items] | ||
Valuation allowances | $ 6 | $ 10 |
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 624 | 700 |
Subsidiaries [Member] | ||
Other Assets [Line Items] | ||
Amount Of Liability Net Against Contract Costs And Estimated Earnings | $ 2,329 | $ 1,842 |
Borrowings and Bank Deposits (D
Borrowings and Bank Deposits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 70,714 | $ 76,877 | |
Long-term borrowings (Note 10) | 199,182 | 218,918 | |
Non Recourse Borrowings Of Consolidated Securitization Entities | 19,369 | 19,721 | |
Bank deposits (Note 10) | 43,841 | 38,171 | |
Total borrowings and bank deposits | $ 333,106 | $ 353,687 | |
Long-term Debt, Weighted Average Interest Rate | 1.16% | 1.17% | |
Adjustment [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ (863) | $ (1,250) | |
Long-term borrowings (Note 10) | $ (45) | (128) | |
Non Recourse Borrowings Of Consolidated Securitization Entites [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Maturities on long-term borrowings, Minimum | 2,015 | ||
Maturities on long-term borrowings, Maximum | 2,019 | ||
GE | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 3,872 | 1,841 | |
Long-term borrowings (Note 10) | [1] | 12,468 | 11,515 |
Non Recourse Borrowings Of Consolidated Securitization Entities | [1] | 0 | 0 |
Bank deposits (Note 10) | [1] | $ 0 | 0 |
Maturities on long-term borrowings, Minimum | 2,017 | ||
Maturities on long-term borrowings, Maximum | 2,044 | ||
GE | Commercial Paper [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 500 | $ 0 | |
Short-term Debt, Weighted Average Interest Rate | 0.00% | ||
GE | US Commercial Paper [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate | 0.10% | ||
GE | Notes Payable to Banks [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 343 | $ 346 | |
Long-term borrowings (Note 10) | $ 5 | $ 10 | |
Maturities on long-term borrowings, Minimum | 2,016 | ||
Maturities on long-term borrowings, Maximum | 2,019 | ||
Long-term Debt, Weighted Average Interest Rate | 0.89% | 1.10% | |
Short-term Debt, Weighted Average Interest Rate | 1.32% | 3.38% | |
GE | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 2,068 | $ 70 | |
Short-term Debt, Weighted Average Interest Rate | 1.05% | 5.65% | |
GE | Other Short Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 961 | $ 1,425 | |
GE | Senior unsecured notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings (Note 10) | $ 11,945 | $ 10,968 | |
Long-term Debt, Weighted Average Interest Rate | 4.25% | 3.63% | |
GE | Other Long Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings (Note 10) | $ 518 | $ 537 | |
GE | Non Recourse Borrowings Of Consolidated Securitization Entites [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Non Recourse Borrowings Of Consolidated Securitization Entities | 19,369 | 19,721 | |
GECC | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | 67,705 | 76,286 | |
Long-term borrowings (Note 10) | 186,759 | 207,531 | |
Non Recourse Borrowings Of Consolidated Securitization Entities | 19,369 | 19,721 | |
Bank deposits (Note 10) | 43,841 | 38,171 | |
GECC | US Commercial Paper [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 22,019 | $ 24,877 | |
Short-term Debt, Weighted Average Interest Rate | 0.19% | 0.18% | |
GECC | Non US Commercial Paper [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 2,993 | $ 4,168 | |
Short-term Debt, Weighted Average Interest Rate | 0.25% | 0.33% | |
GECC | Notes Payable to Banks [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate | 2.54% | 2.71% | |
GECC | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 36,995 | $ 38,266 | |
Short-term Debt, Weighted Average Interest Rate | 1.01% | 1.11% | |
GECC | GE Interest Plus notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | $ 5,467 | $ 8,699 | |
GECC | Other Short Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings (Note 10) | 231 | 276 | |
GECC | Senior unsecured notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings (Note 10) | $ 162,194 | $ 185,605 | |
Maturities on long-term borrowings, Minimum | 2,016 | ||
Maturities on long-term borrowings, Maximum | 2,055 | ||
Long-term Debt, Weighted Average Interest Rate | 2.72% | 2.96% | |
GECC | Subordinated notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings (Note 10) | $ 4,804 | $ 4,821 | |
Maturities on long-term borrowings, Minimum | 2,021 | ||
Maturities on long-term borrowings, Maximum | 2,037 | ||
Long-term Debt, Weighted Average Interest Rate | 3.36% | 3.93% | |
GECC | Subordinated Debt [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings (Note 10) | $ 7,085 | $ 7,462 | |
Maturities on long-term borrowings, Minimum | 2,066 | ||
Maturities on long-term borrowings, Maximum | 2,067 | ||
Long-term Debt, Weighted Average Interest Rate | 5.88% | 5.64% | |
GECC | Other Long Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings (Note 10) | $ 12,676 | $ 9,643 | |
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Borrowings and Bank Deposits (P
Borrowings and Bank Deposits (Parenthetical) (Details) - USD ($) $ in Millions | 1 Months Ended | ||||||
Aug. 31, 2014 | Feb. 13, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Aug. 05, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Borrowings And Bank Deposits [Line Items] | |||||||
Long-term borrowings (Note 10) | $ 199,182 | $ 218,918 | |||||
Bank deposits (Note 10) | 43,841 | 38,171 | |||||
Short-term borrowings (Note 10) | 70,714 | 76,877 | |||||
Non Recourse Borrowings Of Consolidated Securitization Entities | 19,369 | 19,721 | |||||
Subordinated Notes Guaranteed By GE | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Long-term debt, current maturities | 300 | 300 | |||||
Non US Banks | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Bank deposits (Note 10) | 8,905 | 12,472 | |||||
Unsecured Debt | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Senior Notes | $ 3,000 | ||||||
Notes Reclassified To Current Portion Of Long Term Borrowing [Member] | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Non Recourse Borrowings Of Consolidated Securitization Entities | 3,377 | 6,208 | |||||
Notes Due In 2024 | Unsecured Debt | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Senior Notes | $ 750 | ||||||
Senior Unsecured Note Interest Rate | 3.375% | ||||||
Notes Due In 2044 | Unsecured Debt | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Senior Notes | $ 2,250 | ||||||
Senior Unsecured Note Interest Rate | 4.50% | ||||||
GECC | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Long-term borrowings (Note 10) | 186,759 | 207,531 | |||||
Secured Debt | 4,835 | 7,673 | |||||
Bank deposits (Note 10) | 43,841 | 38,171 | |||||
Short-term borrowings (Note 10) | 67,705 | 76,286 | |||||
Non Recourse Borrowings Of Consolidated Securitization Entities | 19,369 | 19,721 | |||||
GECC | Guaranteed investment contracts | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Long-term debt, current maturities | 439 | 481 | |||||
GECC | PTL | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Long-term debt, current maturities | 700 | 700 | |||||
GECC | Non Recourse | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Secured Debt | 1,183 | 1,899 | |||||
GECC | Certificates of Deposit | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Bank deposits (Note 10) | $ 14,500 | $ 11,481 | |||||
Synchrony Financial | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Long-term debt, current maturities | $ 3,593 | ||||||
Proceeds From Issuance Of Unsecured Debt | $ 8,000 | ||||||
Unsecured Long-Term Debt, Noncurrent | $ 3,593 | $ 1,000 | $ 750 | ||||
Synchrony Financial | Long-term Debt | |||||||
Borrowings And Bank Deposits [Line Items] | |||||||
Unsecured Long-Term Debt, Noncurrent | $ 8,245 |
Borrowings and Bank Deposits (L
Borrowings and Bank Deposits (Liquidity) (Details) - Dec. 31, 2014 $ in Millions | USD ($)NumberOfBanks |
Long-term Debt, Fiscal Year Maturity | |
Banks extending committed credit lines | NumberOfBanks | 50 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 44,900 |
GE | |
Long-term Debt, Fiscal Year Maturity | |
2,015 | 2,068 |
2,016 | 194 |
2,017 | 4,052 |
2,018 | 28 |
2,019 | 29 |
Line of Credit Facility, Maximum Borrowing Capacity | 14,200 |
GECC | |
Long-term Debt, Fiscal Year Maturity | |
2,015 | 36,995 |
2,016 | 31,116 |
2,017 | 26,858 |
2,018 | 18,890 |
2,019 | 21,899 |
Fixed and floating rate notes containing put options | 474 |
Line of Credit Facility, Maximum Borrowing Capacity | 44,400 |
GECC | Three hundred sixty four day lines containing a term out feature [Member] | |
Long-term Debt, Fiscal Year Maturity | |
Line of Credit Facility, Maximum Borrowing Capacity | 19,300 |
GECC | Revolving Credit Facility [Member] | |
Long-term Debt, Fiscal Year Maturity | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,100 |
Investment Contracts Insuranc99
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total | $ 27,578 | $ 26,544 | |
Reinsurance Recoverables Gross | $ 240 | $ 250 | $ 234 |
Minimum [Member] | |||
Life Insurance Benefits Net Level Premium Method Using Estimated Yields | 3.00% | 3.00% | |
Maximum [Member] | |||
Life Insurance Benefits Net Level Premium Method Using Estimated Yields | 8.50% | 8.50% | |
Consolidation, Eliminations [Member] | |||
Total | $ (449) | $ (435) | |
Parent [Member] | |||
Investment contracts | 2,970 | 3,144 | |
Guaranteed interest contracts | 1,000 | 1,471 | |
Total investment contracts | 3,970 | 4,615 | |
Liability for Future Policy Benefits, Life | 20,688 | 18,959 | |
Other Investment Contracts | 3,369 | 3,405 | |
Total | 28,027 | 26,979 | |
Reinsurance Recoverables Allowance | $ 1,759 | $ 1,685 |
Postretirement Benefit Plans (P
Postretirement Benefit Plans (Pension Benefits Narratives and Pension Plan Participants) (Details) - Dec. 31, 2014 $ in Millions | USD ($)NumberOfEmployees |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of total pension assets disclosed | 99.00% |
Minimum Pension Assets Or Obligations | $ | $ 50 |
Pension Benefit Plan [Member] | |
Pension Plan Participants [Abstract] | |
Active employees | 117,000 |
Vested former employees | 225,000 |
Retirees and beneficiaries | 267,000 |
Total pension plan participants | 609,000 |
Pension Benefit Plan [Member] | Principal pension plans [Member] | |
Pension Plan Participants [Abstract] | |
Active employees | 86,000 |
Vested former employees | 179,000 |
Retirees and beneficiaries | 232,000 |
Total pension plan participants | 497,000 |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | |
Pension Plan Participants [Abstract] | |
Active employees | 31,000 |
Vested former employees | 46,000 |
Retirees and beneficiaries | 35,000 |
Total pension plan participants | 112,000 |
Retiree Benefit Plan [Member] | |
Pension Plan Participants [Abstract] | |
Retirees and beneficiaries | 193,000 |
Postretirement Benefit Plans (C
Postretirement Benefit Plans (Cost of Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan amendments | $ 586 | ||
Prior service cost amortization | (573) | ||
Net actuarial (gain) loss amortization | 2,620 | ||
Net curtailment / other gain | (113) | ||
Pension plans cost | 4,016 | ||
Actuarial loss (gain) | 290 | ||
Principal pension plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost amortization | (214) | ||
Net actuarial (gain) loss amortization | 2,565 | ||
Net curtailment / other gain | (65) | ||
Other Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost amortization | (6) | ||
Net actuarial (gain) loss amortization | 205 | ||
Net curtailment / other gain | 0 | ||
Principal Retiree Health and Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost amortization | (353) | ||
Net actuarial (gain) loss amortization | (150) | ||
Net curtailment / other gain | (48) | ||
Pension Benefit Plan [Member] | Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 1,608 | $ 1,970 | $ 1,779 |
Prior service cost amortization | 220 | 253 | 287 |
Expected return on plan assets | (3,979) | (4,163) | (4,394) |
Interest cost on benefit obligation | 3,332 | 2,983 | 2,993 |
Net actuarial (gain) loss amortization | 2,770 | 4,007 | 3,701 |
Net curtailment / other gain | 65 | 0 | 0 |
Pension plans cost | 4,016 | 5,050 | 4,366 |
Pension Benefit Plan [Member] | Principal pension plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | (21,105) | (11,555) | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 1,205 | 1,535 | 1,387 |
Prior service cost amortization | 214 | 246 | 279 |
Expected return on plan assets | (3,190) | (3,500) | (3,768) |
Interest cost on benefit obligation | 2,745 | 2,460 | 2,479 |
Net actuarial (gain) loss amortization | 2,565 | 3,664 | 3,421 |
Net curtailment / other gain | 65 | 0 | 0 |
Pension plans cost | 3,604 | 4,405 | 3,798 |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | (3,533) | (2,459) | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 403 | 435 | 392 |
Prior service cost amortization | 6 | 7 | 8 |
Expected return on plan assets | (789) | (663) | (626) |
Interest cost on benefit obligation | 587 | 523 | 514 |
Net actuarial (gain) loss amortization | 205 | 343 | 280 |
Net curtailment / other gain | 0 | 0 | 0 |
Pension plans cost | 412 | 645 | 568 |
Retiree Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | 71 | 1,667 | |
Retiree Benefit Plan [Member] | Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 164 | 229 | 219 |
Prior service cost amortization | 353 | 393 | 518 |
Expected return on plan assets | (50) | (60) | (73) |
Interest cost on benefit obligation | 424 | 410 | 491 |
Net actuarial (gain) loss amortization | (150) | (45) | 32 |
Net curtailment / other gain | 48 | 0 | (101) |
Pension plans cost | $ 789 | $ 927 | $ 1,086 |
Postretirement Benefit Plans (A
Postretirement Benefit Plans (Acturial Assumptions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2015 | |
Pension Benefit Plan [Member] | |||||
Actuarial Assumptions [Abstract] | |||||
Discount rate | 750.00% | ||||
Pension Benefit Plan [Member] | Principal pension plans [Member] | |||||
Actuarial Assumptions [Abstract] | |||||
Discount rate | 4.02% | 4.85% | 3.96% | 4.21% | |
Compensation increases | 4.10% | 4.00% | 3.90% | 3.75% | |
Expected return on assets | 7.50% | 7.50% | 8.00% | 8.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | |||||
Actuarial Assumptions [Abstract] | |||||
Discount rate | 3.53% | 4.39% | 3.92% | 4.42% | |
Compensation increases | 3.60% | 3.76% | 3.30% | 4.31% | |
Expected return on assets | 6.95% | 6.92% | 6.82% | 7.09% | |
Pension Benefit Plan [Member] | Mortality Assumption [Member] | |||||
Actuarial Assumptions [Abstract] | |||||
Defined Benefit Plan Benefit Obligation Increase Decrease | $ 3,953 | ||||
Retiree Benefit Plan [Member] | |||||
Actuarial Assumptions [Abstract] | |||||
Discount rate | 700.00% | ||||
Weighted average discount rate used for determination of costs | 4.47% | 3.77% | 3.94% | ||
Retiree Benefit Plan [Member] | Principal Retiree Health and Life Insurance Plans [Member] | |||||
Actuarial Assumptions [Abstract] | |||||
Discount rate | 3.89% | 4.61% | 3.74% | 4.09% | |
Compensation increases | 4.10% | 4.00% | 3.90% | 3.75% | |
Expected return on assets | 7.00% | 7.00% | 7.00% | 7.00% | |
Initial healthcare trend rate | 6.00% | 6.00% | 6.50% | 7.00% | |
Ultimate declining initial healthcare trend rate | 5.00% | ||||
Retiree Benefit Plan [Member] | Mortality Assumption [Member] | |||||
Actuarial Assumptions [Abstract] | |||||
Defined Benefit Plan Benefit Obligation Increase Decrease | $ 612 |
Postretirement Benefit Plans (F
Postretirement Benefit Plans (Funding Policy Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefit Plan [Member] | |||
Funding Policy [Abstract] | |||
Amount Expected To Be Contributed To Fund Company Pension Plan | $ 0 | $ 0 | $ 0 |
Pension Benefit Plan [Member] | Principal pension plans [Member] | |||
Funding Policy [Abstract] | |||
Expected Future Benefit Payments And Administrative Expenses | 265 | 236 | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | |||
Funding Policy [Abstract] | |||
Expected Future Benefit Payments And Administrative Expenses | 540 | $ 726 | |
Retiree Benefit Plan [Member] | |||
Funding Policy [Abstract] | |||
Amount Expected To Be Contributed To Fund Company Pension Plan | $ 540 |
Postretirement Benefit Plans104
Postretirement Benefit Plans (Projected Benefit Obligation and Accumulated Postretirement Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Projected Benefit Obligation [Abstract] | ||
Plan amendments | $ 586 | |
Actuarial loss (gain) | (290) | |
Net curtailment / other gain | (113) | |
Principal pension plans [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Net curtailment / other gain | (65) | |
Other Pension Plan, Defined Benefit [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Net curtailment / other gain | 0 | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Actuarial loss (gain) | 21,105 | $ 11,555 |
Pension Benefit Plan [Member] | Principal pension plans [Member] | Projected Benefit Obligation [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Beginning balance | 58,113 | 63,502 |
Service cost for benefits earned | 1,205 | 1,535 |
Interest cost on benefit obligation | 2,745 | 2,460 |
Participant contributions | 153 | 156 |
Plan amendments | 0 | 0 |
Actuarial loss (gain) | 11,718 | (6,406) |
Benefits paid | (3,199) | (3,134) |
Acquisitions (dispositions)-net | 0 | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 |
Ending balance | 70,735 | 58,113 |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Actuarial loss (gain) | 3,533 | 2,459 |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Projected Benefit Obligation [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Beginning balance | 13,535 | 13,584 |
Service cost for benefits earned | 403 | 435 |
Interest cost on benefit obligation | 587 | 523 |
Participant contributions | 9 | 14 |
Plan amendments | (29) | 11 |
Actuarial loss (gain) | 2,170 | (575) |
Benefits paid | (493) | (477) |
Acquisitions (dispositions)-net | 48 | 46 |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | (641) | (26) |
Ending balance | 15,589 | 13,535 |
Pension Benefit Plan [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Beginning balance | 5,162 | |
Ending balance | 6,632 | 5,162 |
Retiree Benefit Plan [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Actuarial loss (gain) | (71) | (1,667) |
Retiree Benefit Plan [Member] | Projected Benefit Obligation [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Beginning balance | 9,913 | 11,804 |
Service cost for benefits earned | 164 | 229 |
Interest cost on benefit obligation | 424 | 410 |
Participant contributions | 52 | 52 |
Plan amendments | (586) | 0 |
Actuarial loss (gain) | 1,440 | (1,836) |
Benefits paid | (704) | (746) |
Net curtailment / other gain | 0 | 0 |
Ending balance | 10,703 | 9,913 |
Retiree Benefit Plan [Member] | Defined Benefit Postretirement Health Coverage Member | Projected Benefit Obligation [Member] | ||
Projected Benefit Obligation [Abstract] | ||
Beginning balance | 7,626 | |
Ending balance | $ 8,445 | $ 7,626 |
Postretirement Benefit Plans105
Postretirement Benefit Plans (Accumulated Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | ||
Accumulated Benefit Obligation [Abstract] | ||
Accumulated Benefit Obligation | $ 61,631 | $ 50,967 |
Plan Assets For Plans With Assets Less Than Abo [Abstract] | ||
Accumulated Benefit Obligation | 61,631 | 50,967 |
Pension Benefit Plan [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||
Accumulated Benefit Obligation [Abstract] | ||
Accumulated Benefit Obligation | 5,070 | 3,946 |
Plan Assets For Plans With Assets Less Than Abo [Abstract] | ||
Accumulated Benefit Obligation | 5,070 | 3,946 |
Projected benefit obligation | 6,632 | 5,162 |
Pension Benefit Plan [Member] | Other Pension Plans [Member] | ||
Accumulated Benefit Obligation [Abstract] | ||
Accumulated Benefit Obligation | 14,790 | 12,629 |
Plan Assets For Plans With Assets Less Than Abo [Abstract] | ||
Accumulated Benefit Obligation | 14,790 | 12,629 |
Pension Benefit Plan [Member] | Funded Plans With Assets Less Than ABO [Member] | ||
Accumulated Benefit Obligation [Abstract] | ||
Accumulated Benefit Obligation | 67,676 | 60,715 |
Plan Assets For Plans With Assets Less Than Abo [Abstract] | ||
Defined Benefit Plan Fair Value Of Plan Assets | 53,126 | 57,430 |
Accumulated Benefit Obligation | 67,676 | 60,715 |
Projected benefit obligation | 70,354 | 63,532 |
Pension Benefit Plan [Member] | Unfunded Plans [Member] | ||
Accumulated Benefit Obligation [Abstract] | ||
Accumulated Benefit Obligation | 6,719 | 5,243 |
Plan Assets For Plans With Assets Less Than Abo [Abstract] | ||
Accumulated Benefit Obligation | 6,719 | 5,243 |
Projected benefit obligation | 8,342 | $ 6,512 |
Retiree Benefit Plan [Member] | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | ||
APBO 1% Increase | 977 | |
APBO 1% Decrease | (810) | |
Service and interest cost 1% Increase | 56 | |
Service and interest cost 1% Decrease | $ (47) |
Postretirement Benefit Plans106
Postretirement Benefit Plans (Plan Assets) (Details) - Fair Value Of Plan Assets [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | ||
Fair Value Of Plan Assets [Abstract] | ||
Beginning Balance | $ 48,297 | $ 44,738 |
Actual gain (loss) on plan assets | 2,793 | 6,312 |
Employer contributions | 236 | 225 |
Participant contributions | 153 | 156 |
Benefits paid | (3,199) | (3,134) |
Acquisitions (dispositions)-net | 0 | 0 |
Exchange rate adjustments | 0 | 0 |
Ending Balance | 48,280 | 48,297 |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | ||
Fair Value Of Plan Assets [Abstract] | ||
Beginning Balance | 11,059 | 9,702 |
Actual gain (loss) on plan assets | 1,537 | 1,212 |
Employer contributions | 726 | 673 |
Participant contributions | 9 | 14 |
Benefits paid | (493) | (477) |
Acquisitions (dispositions)-net | 0 | (31) |
Exchange rate adjustments | (452) | (34) |
Ending Balance | 12,386 | 11,059 |
Retiree Benefit Plan [Member] | ||
Fair Value Of Plan Assets [Abstract] | ||
Beginning Balance | 903 | 946 |
Actual gain (loss) on plan assets | 44 | 118 |
Employer contributions | 518 | 533 |
Participant contributions | 52 | 52 |
Benefits paid | (704) | (746) |
Ending Balance | $ 813 | $ 903 |
Postretirement Benefit Plans107
Postretirement Benefit Plans (Asset Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Allocation | ||
Percentage Of Trust Assets That Were Investments In Restricted Securities Excluding Real Estate Investments That Are Not Freely Tradable | 17.00% | |
Percentage Of Securities That May Be Rated A-2/P-2 | 15.00% | |
Maximum Percentage Of Total Assets That Can Be Real Estate Investments | 25.00% | |
Percentage Of Fair Value Of Trust Assets At Time Of Purchase Of Aggregate Holdings Of All Qualifying Employer Securities And Qualifying Employer Real Property | 10.00% | |
Percentage Of Trust Assets Comprised Of Qualifying Employer Securities | 3.80% | 4.50% |
Maximum Percentage Of Sector Concentration Of Plan Assets | 15.00% | |
Maximum Percentage Of Total Assets That Can Be Investments In Restricted Securites Excluding Real Estate Investments That Are Not Freely Tradable | 30.00% | |
Parentage Of US Government Direct And Indirect Obligations Represented In Plan Assets | 16.00% | |
Pension Benefit Plan [Member] | Us Equity Securities [Member] | ||
Asset Allocation | ||
Actual allocation | 25.00% | |
Pension Benefit Plan [Member] | Non Us Equity Securities [Member] | ||
Asset Allocation | ||
Actual allocation | 20.00% | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | Equity Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 17.00% | |
Debt securities (including cash equivalents), maximum | 57.00% | |
Actual allocation | 45.00% | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | Debt Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 13.00% | |
Debt securities (including cash equivalents), maximum | 53.00% | |
Actual allocation | 31.00% | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | Private Equities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 8.00% | |
Debt securities (including cash equivalents), maximum | 18.00% | |
Actual allocation | 11.00% | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | Real Estate Asset [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 2.00% | |
Debt securities (including cash equivalents), maximum | 12.00% | |
Actual allocation | 7.00% | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | Other Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 3.00% | |
Debt securities (including cash equivalents), maximum | 13.00% | |
Actual allocation | 6.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | ||
Asset Allocation | ||
Equity securities (weighted average) | 39.00% | |
Actual allocation percentage of investments in debt securities to total plan assets presented on a weighted-average basis as of the measurement date of the latest statement of financial position. | 35.00% | |
Private equities (weighted average) | 7.00% | |
Real estate (weighted average) | 9.00% | |
Other (weighted average) | 10.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Equity Securities [Member] | ||
Asset Allocation | ||
Actual allocation | 48.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Debt Securities [Member] | ||
Asset Allocation | ||
Actual allocation | 38.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Private Equities [Member] | ||
Asset Allocation | ||
Actual allocation | 2.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Real Estate Asset [Member] | ||
Asset Allocation | ||
Actual allocation | 6.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Other Securities [Member] | ||
Asset Allocation | ||
Actual allocation | 6.00% | |
Retiree Benefit Plan [Member] | Equity Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 35.00% | |
Debt securities (including cash equivalents), maximum | 75.00% | |
Actual allocation | 50.00% | |
Retiree Benefit Plan [Member] | Debt Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 11.00% | |
Debt securities (including cash equivalents), maximum | 46.00% | |
Actual allocation | 26.00% | |
Retiree Benefit Plan [Member] | Private Equities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 0.00% | |
Debt securities (including cash equivalents), maximum | 25.00% | |
Actual allocation | 13.00% | |
Retiree Benefit Plan [Member] | Real Estate Asset [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 0.00% | |
Debt securities (including cash equivalents), maximum | 12.00% | |
Actual allocation | 9.00% | |
Retiree Benefit Plan [Member] | Other Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 0.00% | |
Debt securities (including cash equivalents), maximum | 10.00% | |
Actual allocation | 2.00% | |
Retiree Benefit Plan [Member] | Fair Value Of Plan Assets [Member] | ||
Asset Allocation | ||
Percentage Of Securities That May Be Rated A-2/P-2 | 15.00% | |
Percentage Of Fair Value Of Trust Assets At Time Of Purchase Of Aggregate Holdings Of All Qualifying Employer Securities And Qualifying Employer Real Property | 10.00% | |
Percentage Of Trust Assets Comprised Of Qualifying Employer Securities | 3.90% | 4.00% |
Retiree Benefit Plan [Member] | Us Equity Securities [Member] | Equity Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 18.00% | |
Debt securities (including cash equivalents), maximum | 38.00% | |
Actual allocation | 29.00% | |
Retiree Benefit Plan [Member] | Non Us Equity Securities [Member] | Equity Securities [Member] | ||
Asset Allocation | ||
Debt securities (including cash equivalents), minimum | 17.00% | |
Debt securities (including cash equivalents), maximum | 37.00% | |
Actual allocation | 21.00% |
Postretirement Benefit Plans108
Postretirement Benefit Plans (Pension Plan Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | $ 38,400 | $ 35,793 |
Pension Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Private Equities | 5,249 | 6,269 |
Real estate | 3,129 | 3,354 |
Other investments | 2,318 | 1,791 |
Investments | 48,189 | 48,469 |
Cash and other | 91 | (172) |
Total assets | 48,280 | 48,297 |
Pension Benefit Plan [Member] | Fixed Income And Cash Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 4,500 | 2,078 |
Pension Benefit Plan [Member] | Domestic Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 5,155 | 4,555 |
Pension Benefit Plan [Member] | Residential Mortgage Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 1,119 | 1,093 |
Pension Benefit Plan [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 2,468 | 5,253 |
Pension Benefit Plan [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 1,042 | 1,048 |
Pension Benefit Plan [Member] | Foreign Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 1,100 | 1,269 |
Pension Benefit Plan [Member] | Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 12,956 | 12,635 |
Pension Benefit Plan [Member] | Non Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 9,153 | 9,124 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Private Equities | 0 | 0 |
Real estate | 0 | 0 |
Other investments | 0 | 0 |
Investments | 18,759 | 18,899 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Income And Cash Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 245 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Domestic Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 11,493 | 11,067 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Non Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 7,021 | 7,832 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Private Equities | 32 | 0 |
Real estate | 0 | 0 |
Other investments | 70 | 169 |
Investments | 18,830 | 18,325 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Income And Cash Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 4,255 | 2,078 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Domestic Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 5,153 | 4,555 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 1,118 | 1,093 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 2,468 | 5,253 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 1,042 | 1,048 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 1,097 | 1,269 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 1,463 | 1,568 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Non Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 2,132 | 1,292 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Private Equities | 5,217 | 6,269 |
Real estate | 3,129 | 3,354 |
Other investments | 2,248 | 1,622 |
Investments | 10,600 | 11,245 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Income And Cash Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Domestic Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 2 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 1 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Trading Securities, Debt | 3 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 0 | 0 |
Pension Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Non Us Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Postretirement Benefit Plans109
Postretirement Benefit Plans (Changes in Level 3 Investments) (Details) - Pension Benefit Plan [Member] - Changes In Level 3 Investments [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Transfers Between Measurement Levels [Line Items] | ||
Beginning Balance | $ 11,245 | $ 12,003 |
Actual gain (loss) on plan assets | 666 | 540 |
Net unrealized gains (losses) | 377 | 1,118 |
Purchases, issuances, and settlements | (1,962) | (2,172) |
Transfers in and/or out of Level 1 | 274 | (244) |
Ending Balance | 10,600 | 11,245 |
Assets Held [Member] | ||
Defined Benefit Plan Transfers Between Measurement Levels [Line Items] | ||
Net unrealized gains (losses) | 899 | 1,616 |
Assets Not Held [Member] | ||
Defined Benefit Plan Transfers Between Measurement Levels [Line Items] | ||
Net unrealized gains (losses) | 144 | 42 |
Private Equities [Member] | ||
Defined Benefit Plan Transfers Between Measurement Levels [Line Items] | ||
Beginning Balance | 6,269 | 6,878 |
Actual gain (loss) on plan assets | 592 | 525 |
Net unrealized gains (losses) | (54) | 588 |
Purchases, issuances, and settlements | (1,565) | (1,675) |
Transfers in and/or out of Level 1 | (25) | (47) |
Ending Balance | 5,217 | 6,269 |
Real Estate [Member] | ||
Defined Benefit Plan Transfers Between Measurement Levels [Line Items] | ||
Beginning Balance | 3,354 | 3,356 |
Actual gain (loss) on plan assets | 36 | 23 |
Net unrealized gains (losses) | 334 | 330 |
Purchases, issuances, and settlements | (595) | (355) |
Transfers in and/or out of Level 1 | 0 | 0 |
Ending Balance | 3,129 | 3,354 |
Other Investments [Member] | ||
Defined Benefit Plan Transfers Between Measurement Levels [Line Items] | ||
Beginning Balance | 1,622 | 1,694 |
Actual gain (loss) on plan assets | 47 | (1) |
Net unrealized gains (losses) | 86 | 200 |
Purchases, issuances, and settlements | 194 | (77) |
Transfers in and/or out of Level 1 | 299 | (194) |
Ending Balance | 2,248 | 1,622 |
Debt Securities [Member] | ||
Defined Benefit Plan Transfers Between Measurement Levels [Line Items] | ||
Beginning Balance | 0 | 75 |
Actual gain (loss) on plan assets | (9) | (7) |
Net unrealized gains (losses) | 11 | 0 |
Purchases, issuances, and settlements | 4 | (65) |
Transfers in and/or out of Level 1 | 0 | (3) |
Ending Balance | $ 6 | $ 0 |
Postretirement Benefit Plans110
Postretirement Benefit Plans (Plan Assets Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Asset (Liability) [Abstract] | |||
Actuarial loss (gain) | $ (290) | ||
Pension Benefit Plan [Member] | |||
Pension Asset (Liability) [Abstract] | |||
Funded status | 15,800 | $ 4,700 | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | |||
Pension Asset (Liability) [Abstract] | |||
Funded status | (22,455) | (9,816) | |
Pension assets | 0 | 0 | |
Liabilities due within one year | (190) | (170) | |
Liabilities due after one year | (22,265) | (9,646) | |
Net amount recognized | (22,455) | (9,816) | |
Prior service cost | 881 | 1,160 | |
Actuarial loss (gain) | 21,105 | 11,555 | |
Total | 21,986 | 12,715 | |
Estimated Future Amortization Of Prior Service Cost | 214 | ||
Estimated future amortization of net actuarial gain loss | 2,565 | ||
Pension Benefit Plan [Member] | Principal pension plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Pension Asset (Liability) [Abstract] | |||
Estimated Future Amortization Of Prior Service Cost | $ 210 | ||
Estimated future amortization of net actuarial gain loss | 3,300 | ||
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 12,386 | 11,059 | |
Defined Benefit Plan Equity Investment Fund Value | $ 10,578 | $ 9,781 | |
Defined Benefit Plan Investment Asset Allocation | 86.00% | 89.00% | |
Pension Asset (Liability) [Abstract] | |||
Funded status | $ (3,203) | $ (2,476) | |
Pension assets | 295 | 325 | |
Liabilities due within one year | (72) | (67) | |
Liabilities due after one year | (3,426) | (2,734) | |
Net amount recognized | (3,203) | (2,476) | |
Prior service cost | (23) | 9 | |
Actuarial loss (gain) | 3,533 | 2,459 | |
Total | 3,510 | $ 2,468 | |
Estimated Future Amortization Of Prior Service Cost | 6 | ||
Estimated future amortization of net actuarial gain loss | $ 205 | ||
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Investment Asset Allocation | 9.00% | 11.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Investment Asset Allocation | 77.00% | 78.00% | |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Investment Asset Allocation | 14.00% | 11.00% | |
Pension Asset (Liability) [Abstract] | |||
Estimated Future Amortization Of Prior Service Cost | 5 | ||
Estimated future amortization of net actuarial gain loss | 305 | ||
Retiree Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 813 | $ 903 | |
Defined Benefit Plan Equity Investment Fund Value | $ 615 | $ 727 | |
Defined Benefit Plan Investment Asset Allocation | 78.00% | 77.00% | |
Pension Asset (Liability) [Abstract] | |||
Funded status | $ (9,890) | $ (9,010) | |
Liabilities due within one year | (518) | (531) | |
Liabilities due after one year | (7,927) | (7,095) | |
Retiree life plans | (1,445) | (1,384) | |
Net amount recognized | (9,890) | (9,010) | |
Prior service cost | (24) | 963 | |
Actuarial loss (gain) | (71) | (1,667) | |
Total | $ (95) | $ (704) | |
Retiree Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Investment Asset Allocation | 37.00% | 33.00% | |
Retiree Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Investment Asset Allocation | 41.00% | 43.00% | |
Retiree Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Investment Asset Allocation | 22.00% | 24.00% | |
Pension Asset (Liability) [Abstract] | |||
Estimated Future Amortization Of Prior Service Cost | 125 | $ 353 | |
Estimated future amortization of net actuarial gain loss | $ 5 | $ 150 |
Postretirement Benefit Plans (E
Postretirement Benefit Plans (Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Pension Benefit Plan [Member] | Principal pension plans [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,015 | $ 3,225 |
2,016 | 3,300 |
2,017 | 3,380 |
2,018 | 3,465 |
2,019 | 3,560 |
2020-2024 | 19,430 |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,015 | 505 |
2,016 | 510 |
2,017 | 520 |
2,018 | 530 |
2,019 | 540 |
2020-2024 | 2,925 |
Retiree Benefit Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,015 | 680 |
2,016 | 665 |
2,017 | 670 |
2,018 | 675 |
2,019 | 685 |
2020-2024 | $ 3,285 |
Postretirement Benefit Plans112
Postretirement Benefit Plans (Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Defined Benefit Plan Benefit Obligations [Line Items] | |
Pension And Postretirement Cost Of Benefit Plans | $ 4,805 |
Changes In Other Comprehensive Income [Abstract] | |
Prior service cost (credit) - current year | (615) |
Net actuarial gain - current year (a) | 14,843 |
Net curtailment / settlement | (113) |
Prior service cost amortization | (573) |
Net actuarial (gain) loss amortization | 2,620 |
Total changes in other comprehensive income | 10,922 |
Cost of postretirement benefit plans and changes in other comprehensive income | 15,727 |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Benefit Obligations [Line Items] | |
Pension And Postretirement Cost Of Benefit Plans | 3,604 |
Changes In Other Comprehensive Income [Abstract] | |
Prior service cost (credit) - current year | 0 |
Net actuarial gain - current year (a) | 12,115 |
Net curtailment / settlement | (65) |
Prior service cost amortization | (214) |
Net actuarial (gain) loss amortization | 2,565 |
Total changes in other comprehensive income | 9,271 |
Cost of postretirement benefit plans and changes in other comprehensive income | 12,875 |
Other Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Benefit Obligations [Line Items] | |
Pension And Postretirement Cost Of Benefit Plans | 412 |
Changes In Other Comprehensive Income [Abstract] | |
Prior service cost (credit) - current year | (29) |
Net actuarial gain - current year (a) | 1,282 |
Net curtailment / settlement | 0 |
Prior service cost amortization | (6) |
Net actuarial (gain) loss amortization | 205 |
Total changes in other comprehensive income | 1,042 |
Cost of postretirement benefit plans and changes in other comprehensive income | 1,454 |
Principal Retiree Health and Life Insurance Plans [Member] | |
Defined Benefit Plan Benefit Obligations [Line Items] | |
Pension And Postretirement Cost Of Benefit Plans | 789 |
Changes In Other Comprehensive Income [Abstract] | |
Prior service cost (credit) - current year | (586) |
Net actuarial gain - current year (a) | 1,446 |
Net curtailment / settlement | (48) |
Prior service cost amortization | (353) |
Net actuarial (gain) loss amortization | (150) |
Total changes in other comprehensive income | 609 |
Cost of postretirement benefit plans and changes in other comprehensive income | $ 1,398 |
All Other Liabilities (Details)
All Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
All Other Liabilities [Abstract] | ||
Accruals For Noncurrent Compensation And Benefits | $ 42,015 | $ 27,556 |
Accrual for Environmental Loss Contingencies | $ 2,182 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
(Benefit) Provision For Income Taxes [Abstract] | |||||||||
Current tax expense (benefit) | $ 2,837 | $ 4,693 | $ 3,904 | ||||||
Deferred Income Tax Expense (Benefit) | (1,329) | (3,481) | (1,378) | ||||||
Total | 1,508 | 1,212 | 2,526 | ||||||
GE | |||||||||
(Benefit) Provision For Income Taxes [Abstract] | |||||||||
Current tax expense (benefit) | 2,110 | 4,239 | 2,307 | ||||||
Deferred Income Tax Expense (Benefit) | [1] | (476) | (2,571) | (294) | |||||
Total | 1,634 | [2] | 1,668 | [2] | 2,013 | [2] | $ 4,839 | $ 2,024 | |
GECC | |||||||||
(Benefit) Provision For Income Taxes [Abstract] | |||||||||
Current tax expense (benefit) | 727 | 454 | 1,597 | ||||||
Deferred Income Tax Expense (Benefit) | (853) | (910) | (1,084) | ||||||
Total | $ (126) | $ (456) | $ 513 | ||||||
[1] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. | ||||||||
[2] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Income Taxes (Earnings from ope
Income Taxes (Earnings from operations and provision for income taxes) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S Earnings | $ 5,107 | $ 6,207 | $ 7,682 |
Non-U.S. earning | 9,047 | 7,216 | 6,879 |
Earnings from continuing operations before income taxes | 14,154 | 13,423 | 14,561 |
Current And Deferred Income Tax Benefit Provision For Income Taxes [Abstract] | |||
U.S Federal Current | 442 | 1,214 | 2,017 |
U.S Federal Deferred | (71) | (2,375) | (1,417) |
Non- U.S Current | 2,525 | 3,336 | 1,672 |
Non- U.S Deferred | (1,067) | (1,132) | 193 |
Other | (321) | 169 | 61 |
Income Tax Expense (Benefit) | 1,508 | 1,212 | $ 2,526 |
Cumulative earning of non-U.S affiliates reinvested indefinitely | $ 119 | $ 110 | |
Number of income tax returns file annually | 5,500 | ||
Number Of Global Taxing Jurisdictions | 250 | ||
Percentage of reduction in effective tax rate | 3.20% |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GECC in before-tax earnings of GE | 0.00% | 0.00% | 0.00% |
Tax on global activities including exports | (17.60%) | (19.30%) | (8.80%) |
U.S. business credits | (2.40%) | (3.30%) | (2.10%) |
All other - net | (4.30%) | (3.40%) | (4.50%) |
Total income tax reconciliation items | (24.30%) | (26.00%) | (17.70%) |
Actual income tax rate | 10.70% | 9.00% | 17.30% |
Effective Income Tax Rate Reconciliation, Disposition of Business | 0.00% | 0.00% | (2.30%) |
Cembra [Member] | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
Tax on global activities including exports | (7.30%) | ||
Equity Method Investment, Ownership Percentage | 68.50% | ||
GEMB-Nordic [Member] | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
Tax on global activities including exports | 2.10% | ||
Non-US earnings repatriation [Member] | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
Tax on global activities including exports | 1.90% | ||
GE | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GECC in before-tax earnings of GE | (11.20%) | (12.60%) | (11.30%) |
Tax on global activities including exports | (9.40%) | (5.10%) | (5.10%) |
U.S. business credits | (0.80%) | (1.80%) | (0.80%) |
All other - net | (2.00%) | (3.40%) | (3.40%) |
Total income tax reconciliation items | (23.40%) | (22.90%) | (20.60%) |
Actual income tax rate | 11.60% | 12.10% | 14.40% |
Effective Income Tax Rate Reconciliation, Disposition of Business | 0.00% | 0.00% | 0.00% |
GE | Non-US earnings repatriation [Member] | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
Tax on global activities including exports | 1.90% | ||
GECC | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GECC in before-tax earnings of GE | 0.00% | 0.00% | 0.00% |
Tax on global activities including exports | (25.30%) | (41.00%) | (11.10%) |
U.S. business credits | (5.10%) | (4.30%) | (3.70%) |
All other - net | (7.40%) | 0.40% | (3.70%) |
Total income tax reconciliation items | (37.80%) | (44.90%) | (25.00%) |
Actual income tax rate | (2.80%) | (9.90%) | 10.00% |
Effective Income Tax Rate Reconciliation, Disposition of Business | 0.00% | 0.00% | (6.50%) |
GECC | Cembra [Member] | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
Tax on global activities including exports | (21.20%) | ||
GECC | GEMB-Nordic [Member] | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
Tax on global activities including exports | 6.40% |
Income Taxes (Balance of unreco
Income Taxes (Balance of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | |||
Unrecognized tax benefits | $ 5,619 | $ 5,816 | $ 5,445 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 4,059 | 4,307 | |
Accrued interest on unrecognized tax benefits | 807 | 975 | |
Accrued penalties on unrecognized tax benefits | 103 | 164 | |
Lower Limit | |||
Income Tax Disclosure [Line Items] | |||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | 0 | 0 | |
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 | |
Upper Limit | |||
Income Tax Disclosure [Line Items] | |||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months upper limit | 900 | 900 | |
Portion that, if recognized, would reduce tax expense and effective tax rate | $ 300 | $ 350 |
Income Taxes (Reconciliation118
Income Taxes (Reconciliation of the beginning and ending amounts of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||
Opening Balance | $ 5,816 | $ 5,445 |
Additions for tax positions of current year | 234 | 771 |
Additions for tax positions of prior years | 673 | 872 |
Reductions for tax positions of prior years | (761) | (1,140) |
Settlements with tax authorities | (305) | (98) |
Expiration on the statute of limitations | (38) | (34) |
Closing Balance | $ 5,619 | $ 5,816 |
Income Taxes (Reconciliation119
Income Taxes (Reconciliation of the beginning and ending amounts of unrecognized tax benefits) (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Interest on tax deficiencies | $ (68) | $ 22 | $ (45) |
Income tax penalties | $ (45) | $ 33 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Aggregate Deferred Income Tax [Abstract] | ||
Deferred tax assets | $ 29,055 | $ 23,998 |
Deferred tax liabilities | (23,703) | (21,994) |
Net deferred income assets (liability) | 5,352 | 2,004 |
GE | ||
Aggregate Deferred Income Tax [Abstract] | ||
Deferred tax assets | 19,942 | 15,284 |
Deferred tax liabilities | (11,170) | (10,223) |
Net deferred income assets (liability) | 8,772 | 5,061 |
GECC | ||
Aggregate Deferred Income Tax [Abstract] | ||
Deferred tax assets | 9,113 | 8,714 |
Deferred tax liabilities | (12,533) | (11,771) |
Net deferred income assets (liability) | $ (3,420) | $ (3,057) |
Income Taxes (Principal compone
Income Taxes (Principal components of our net asset (liability) representing deferred income tax balances) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | $ 3,746 | |
Net deferred income assets (liability) | 5,352 | $ 2,004 |
Expires WithIn Three Years [Member] | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 38 | |
Expires After Three Year And Before Fifteen Years [Member] | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 75 | |
May Be Carried Indefinitely [Member] | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 3,633 | |
GE | ||
Components of Deferred Tax Assets and Liabilities | ||
Intangible assets | (2,364) | (2,268) |
Contract costs and estimated earnings | (3,996) | (3,550) |
Depreciation | (1,226) | (1,079) |
Investment in global subsidiaries | (979) | (1,077) |
Provision for expenses | 6,192 | 5,934 |
Principal pension plans | 7,859 | 3,436 |
Retiree insurance plans | 3,462 | 3,154 |
Non-U.S. loss carryforwards | 738 | 874 |
Other - net | (914) | (363) |
Net deferred income assets (liability) | 8,772 | 5,061 |
Valuation allowance | 2,015 | 2,089 |
GECC | ||
Components of Deferred Tax Assets and Liabilities | ||
Intangible assets | (855) | (947) |
Non-U.S. loss carryforwards | 3,008 | 2,534 |
Other - net | (2,508) | (1,971) |
Operating leases | (3,748) | (3,776) |
Financing leases | (1,898) | (1,791) |
Net unrealized losses on securities | (544) | (154) |
Cash flow hedges | (80) | (108) |
Allowance for losses | 1,455 | 1,392 |
GECC Investment in global subsidiaries | 1,750 | 1,764 |
Net deferred income assets (liability) | (3,420) | (3,057) |
Valuation allowance | $ 430 | $ 409 |
Shareowners' Equity (Roll forwa
Shareowners' Equity (Roll forward schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
Common Stock, Value, Issued | 702 | 702 | 702 | 702 | 702 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | $ (9,120) | $ (20,230) | (9,120) | (20,230) | (23,974) | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications | (12,087) | 8,844 | 841 | ||||||||||||||
Reclassifications from OCI, tax | 3,035 | 2,266 | 2,903 | ||||||||||||||
Other comprehensive income attributable to GE | (9,052) | 11,110 | 3,744 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) Ending balance | (18,172) | (9,120) | (18,172) | (9,120) | (20,230) | ||||||||||||
Other Capital [Abstract] | |||||||||||||||||
Additional Paid in Capital, Beginning Balance | 32,494 | 33,070 | 32,494 | 33,070 | 33,693 | ||||||||||||
Gains (losses) on treasury stock dispositions and other | 395 | (576) | (623) | ||||||||||||||
Additional Paid in Capital, Ending Balance | 32,889 | 32,494 | 32,889 | 32,494 | 33,070 | ||||||||||||
Retained Earnings [Abstract] | |||||||||||||||||
Retained Earnings (Accumulated Deficit), Beginning Balance | 149,051 | 144,055 | 149,051 | 144,055 | 137,786 | ||||||||||||
Net Income (Loss) Attributable to Parent | 5,152 | $ 3,537 | $ 3,545 | 2,999 | 3,206 | $ 3,191 | $ 3,133 | 3,527 | 15,233 | 13,057 | 13,641 | ||||||
Dividends | (8,951) | (8,061) | (7,372) | ||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 155,333 | 149,051 | 155,333 | 149,051 | 144,055 | ||||||||||||
Common Stock Held In Treasury [Abstract] | |||||||||||||||||
Treasury Stock, Value, Beginning Balance | $ 42,561 | $ 34,571 | 42,561 | 34,571 | (31,769) | ||||||||||||
Purchases | (1,950) | (10,466) | (5,295) | ||||||||||||||
Dispositions | 1,918 | 2,476 | 2,493 | ||||||||||||||
Treasury Stock, Value, Ending Balance | 42,593 | 42,561 | 42,593 | 42,561 | 34,571 | ||||||||||||
Equity [Abstract] | |||||||||||||||||
Ending balance at December 31 | 128,159 | 130,566 | 128,159 | 130,566 | 123,026 | ||||||||||||
Noncontrolling interests | 8,674 | [1] | 6,217 | [1] | 8,674 | [1] | 6,217 | [1] | 5,444 | [1] | $ 1,696 | ||||||
Total equity balance at December 31 | $ 136,833 | $ 136,783 | $ 136,833 | $ 136,783 | $ 128,470 | ||||||||||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (194) million and $ (180) million at December 31, 2014 and 2013 , respectively. |
Shareowners' Equity (Narratives
Shareowners' Equity (Narratives) (Details) $ / shares in Units, $ in Millions | Oct. 17, 2008USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012USD ($)$ / shares | Oct. 17, 2013shares | Jun. 30, 2013$ / shares | Oct. 16, 2008USD ($)$ / sharesshares |
Shares Of Preferred Stock [Abstract] | |||||||
Preferred Stock, Shares Issued | shares | 30,000 | ||||||
Cumulative percentage of dividends on preferred stock | 10.00% | ||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 1 | $ 1 | $ 0.01 | $ 0.01 | $ 1 | ||
Aggregate liquidation value of preferred stocks | $ 3,000 | ||||||
Number Of Common Stock Shares Warrants Can Purchase | shares | 134,831,460 | ||||||
Par Value Of Common Stock That Warrants Can Purchase | $ / shares | 0.06 | ||||||
Aggregate proceeds of cash from the issuance of the cumulative perpetual preferred stock and warrants | $ 2,965 | ||||||
Preferred stock redemption | 2,494 | ||||||
Value allocated to warrants | 471 | ||||||
Exercise price of stock warrants | $ / shares | $ 22.25 | ||||||
Preferred Stock Redemption Price | $ 3,300 | ||||||
Number of Securities Called by Warrants | shares | 10,700,000 | ||||||
Percentage Of Liquidation Value Plus Accrued And Unpaid Dividends At Which Cumulative Perpetual Preferred Stock Is Redeemable | 110.00% | ||||||
Preferred Stock Shares Authorized | shares | 50,000,000 | 50,000,000 | |||||
Class Of Stock Disclosures [Abstract] | |||||||
Dividend Amount Paid By Finance Subsidiary To Parent | $ 2,000 | $ 1,930 | $ 1,926 | ||||
Special Dividend Paid By Finance Subsidiary To Parent | $ 1,000 | $ 4,055 | $ 4,500 |
Shareowners' Equity (Shares of
Shareowners' Equity (Shares of GE Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares Of GE Common Stock | |||
Increase In Stock Repurchase Program Number Of Shares Authorized To Be Repurchased | $ 10,000 | $ 10,000 | |
Stock repurchased during period | 73.6 | 432.6 | 248.6 |
Value of stock repurchased during period | $ 1,901 | $ 10,375 | $ 5,185 |
Common Stock, Shares Authorized | 13,200,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.06 | ||
Issued | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 |
In treasury | (1,636,461,000) | (1,632,960,000) | (1,288,216,000) |
Common Stock, Shares, Outstanding | 10,057,380,000 | 10,060,881,000 | 10,405,625,000 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 35,000 | $ 25,000 |
Shareowners' Equity (Changes In
Shareowners' Equity (Changes In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders equity note | |||
Adjustment To Reclass Unrealized Gains To Offset Deferred Acquisition Costs And Present Value Of Future Profits | $ 960 | $ (1,171) | $ 527 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (9,120) | (20,230) | (23,974) |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | 157 | ||
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (12,087) | 8,844 | 841 |
Reclassifications from OCI, tax | 3,035 | 2,266 | 2,903 |
Other comprehensive income, net of tax | (9,066) | 11,085 | 3,757 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (14) | (25) | 13 |
Accumulated Other Comprehensive Income (Loss) Ending balance | (18,172) | (9,120) | (20,230) |
Investment Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | 307 | 677 | (30) |
OCI before reclassification tax | 353 | (407) | 387 |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | 562 | (692) | 683 |
Reclassifications from OCI, tax | 84 | 222 | 13 |
Reclassification from OCI net of deferred taxes | 146 | 318 | 22 |
Other comprehensive income, net of tax | 708 | (374) | 705 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 2 | (4) | (2) |
Accumulated Other Comprehensive Income (Loss) Ending balance | 1,013 | 307 | 677 |
Currency Translation Adjustment | |||
Stockholders equity note | |||
Adjustment To Reclass Unrealized Gains To Offset Deferred Acquisition Costs And Present Value Of Future Profits | 283 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | 126 | 412 | 133 |
OCI before reclassification tax | (129) | (613) | (266) |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (2,600) | 510 | 474 |
Reclassifications from OCI, tax | 213 | 793 | 54 |
Reclassification from OCI net of deferred taxes | (129) | (818) | (174) |
Other comprehensive income, net of tax | (2,729) | (308) | 300 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (19) | (22) | 21 |
Accumulated Other Comprehensive Income (Loss) Ending balance | (2,427) | 126 | 412 |
Cash Flow Hedge | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (257) | (722) | (1,176) |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | (414) | ||
OCI before reclassification tax | 23 | 250 | 392 |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (610) | 738 | 385 |
Reclassifications from OCI, tax | 34 | (177) | (245) |
Reclassification from OCI net of deferred taxes | 844 | (271) | 68 |
Other comprehensive income, net of tax | 234 | 467 | 453 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 2 | (1) |
Accumulated Other Comprehensive Income (Loss) Ending balance | (180) | (257) | (722) |
Pension Plan, Defined Benefit | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (9,296) | (20,597) | (22,901) |
Other comprehensive income, net of tax | (7,279) | 11,300 | 2,299 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 3 | (1) | (5) |
Prior Service credit (cost)- net of deferred taxes | 396 | (6) | 534 |
Net actuarial gain (loss), Tax | (5,332) | 4,506 | (574) |
Net actuarial gain (loss) - net of deferred taxes | (9,849) | 8,269 | (1,396) |
Prior service credit (costs), tax | 219 | (5) | 304 |
Net curtailment/settlement, tax | 41 | 0 | 123 |
Net curtailment/settlement - net of deferred taxes | 72 | 0 | 174 |
Prior service cost amortization, tax | 241 | 267 | 326 |
Prior service cost amortization - net of deferred taxes | 349 | 397 | 497 |
Net actuarial loss amortization, tax | 859 | 1,343 | 1,278 |
Net actuarial loss amortization - net of deferred taxes | 1,753 | 2,640 | 2,490 |
Accumulated Other Comprehensive Income (Loss) Ending balance | $ (16,578) | $ (9,296) | $ (20,597) |
Shareowners' Equity (Reclass Ou
Shareowners' Equity (Reclass Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Other Income | $ 778 | $ 3,108 | $ 2,563 | ||||||||
Benefit (provision) for income taxes (Note 14) | (1,508) | (1,212) | (2,526) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 5,339 | $ 3,509 | $ 3,545 | $ 2,952 | $ 3,364 | $ 3,181 | $ 3,299 | $ 3,511 | 15,345 | 13,355 | 13,864 |
Costs and Expenses | (118,054) | (115,563) | (113,330) | ||||||||
Financial Services Revenue | 24,671 | 25,336 | 25,180 | ||||||||
GE interest and other financial charges | (5,334) | (5,539) | (6,442) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 14,154 | 13,423 | 14,561 | ||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | (2,620) | ||||||||||
Prior service cost amortization | 573 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,035) | (2,266) | (2,903) | ||||||||
Financial Services Revenue | (607) | 608 | 894 | ||||||||
GE interest and other financial charges | (59) | (44) | (102) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Available-for-sale Securities | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Other Income | (230) | (540) | (35) | ||||||||
Benefit (provision) for income taxes (Note 14) | 84 | 222 | 13 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 146 | 318 | 22 | ||||||||
Currency Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Benefit (provision) for income taxes (Note 14) | 213 | 793 | 54 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 129 | 818 | 174 | ||||||||
Costs and Expenses | (84) | 25 | 120 | ||||||||
Cash Flow Hedge | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Benefit (provision) for income taxes (Note 14) | 34 | (177) | (245) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (844) | 271 | (68) | ||||||||
Other Nonoperating Income (Expense) | 22 | 248 | (116) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (878) | 448 | 177 | ||||||||
Cash Flow Hedge | Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Contract | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
GE interest and other financial charges | (234) | (364) | (499) | ||||||||
Cash Flow Hedge | Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contract | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Financial Services Revenue | (666) | 564 | 792 | ||||||||
Pension Plan, Defined Benefit | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Benefit (provision) for income taxes (Note 14) | 1,141 | 1,610 | 1,604 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,174) | (3,037) | (2,987) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (3,315) | (4,647) | (4,591) | ||||||||
Curtailment loss | (113) | 0 | 0 | ||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | (2,612) | (3,983) | (3,768) | ||||||||
Prior service cost amortization | (590) | (664) | (823) | ||||||||
GECC | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Benefit (provision) for income taxes (Note 14) | 126 | 456 | (513) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 7,396 | 6,257 | 6,278 | ||||||||
Costs and Expenses | (21,778) | (22,417) | (21,462) | ||||||||
Financial Services Revenue | 26,223 | 26,882 | 26,453 | ||||||||
GE interest and other financial charges | (4,249) | (4,690) | (5,632) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 4,566 | $ 4,591 | $ 5,109 |
Shareowners' Equity (Noncontrol
Shareowners' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Changes To Noncontrolling Interest | ||||||
Beginning balance | $ 6,217 | [1] | $ 5,444 | [1] | $ 1,696 | |
Net earnings | 183 | 298 | 223 | |||
GECC issuance of preferred stock | 0 | 990 | 3,960 | |||
GECC preferred stock dividend | (322) | (298) | (123) | |||
Dividends | (74) | (80) | (42) | |||
Dispositions | (81) | (175) | 0 | |||
Synchrony Financial | 2,393 | 0 | 0 | |||
AOCI and other | 358 | 38 | (270) | |||
Ending balance | [1] | 8,674 | 6,217 | $ 5,444 | ||
Other noncontrolling interests in consolidated affiliates | ||||||
Changes To Noncontrolling Interest | ||||||
Synchrony Financial | 2,531 | 0 | ||||
AOCI and other | 1,193 | 1,267 | ||||
GECC preferred stock | ||||||
Changes To Noncontrolling Interest | ||||||
GECC issuance of preferred stock | $ 4,950 | $ 4,950 | ||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (194) million and $ (180) million at December 31, 2014 and 2013 , respectively. |
Shareowner's Equity (Other) (De
Shareowner's Equity (Other) (Details) - shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2012 | |
Noncumulative Preferred Stock Member | ||
Class Of Stock [Line Items] | ||
GECC Preferred Stock, Shares Issued | 10,000 | 40,000 |
Noncumulative Preferred Stock Member | Fixed Income Interest Rate Member | ||
Class Of Stock [Line Items] | ||
GECC Preferred Stock, Shares Issued | 22,500 | |
Noncumulative Preferred Stock Member | London Interbank Offered Rate LIBOR Member | ||
Class Of Stock [Line Items] | ||
GECC Preferred Stock, Shares Issued | 17,500 | |
10,000 non-cumulative perpetual preferred stock shares [Member] | June 15, 2023 [Member] | ||
Class Of Stock [Line Items] | ||
GECC Initial fixed interest | 5.25% | |
10,000 non-cumulative perpetual preferred stock shares [Member] | London Interbank Offered Rate LIBOR Member | June 15, 2023 [Member] | ||
Class Of Stock [Line Items] | ||
GECC Floating Rate | 2.967% | |
22,500 non-cumulative perpetual preferred stock shares [Member] | June 15, 2022 [Member] | ||
Class Of Stock [Line Items] | ||
GECC Initial fixed interest | 7.125% | |
22,500 non-cumulative perpetual preferred stock shares [Member] | London Interbank Offered Rate LIBOR Member | June 15, 2022 [Member] | ||
Class Of Stock [Line Items] | ||
GECC Floating Rate | 5.296% | |
17,500 non-cumulative perpetual preferred stock shares [Member] | December 15, 2022 [Member] | ||
Class Of Stock [Line Items] | ||
GECC Initial fixed interest | 6.25% | |
17,500 non-cumulative perpetual preferred stock shares [Member] | London Interbank Offered Rate LIBOR Member | December 15, 2022 [Member] | ||
Class Of Stock [Line Items] | ||
GECC Floating Rate | 4.704% |
Other Stock-Related Informat129
Other Stock-Related Information (Stock Compensation Plans) (Details) - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options | 517,182,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 20.92 | $ 20.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 327,525,000 | |
Preferred Stock Shares Authorized | 50,000,000 | 50,000,000 |
Approved By Shareowners [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options | 500,948,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 20.92 | |
Not Approved By Shareowners Consultants Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options | 338,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.32 | |
Plan 2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Shares Authorized Under Stock Option Years Until Expiration | 28,200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 299,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 230,000,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU's | 14,896,000 | 13,572,000 |
Restricted Stock Units (RSUs) [Member] | Approved By Shareowners [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU's | 14,896,000 | |
Restricted Stock Units (RSUs) [Member] | Not Approved By Shareowners Consultants Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU's | 0 | |
Performance Share Units [Member] | Approved By Shareowners [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU's | 1,000,000 | |
Maximum [Member] | Plan 2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 925 | |
Minimum [Member] | Plan 2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500 |
Other Stock-Related Informat130
Other Stock-Related Information (Options Outstanding) (Details) - Award Type [Domain] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 501,286 | |
Shares - Outstanding - Total | 517,182 | |
Average life - Outstanding - Total | 06 years 04 months | |
Average exercise price Outstanding - Total | $ 20.92 | $ 20.02 |
Shares - Exercisable - Total | 292,701 | |
Average exercise price - Exercisable - Total | $ 19.44 | |
Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Shares - Outstanding - Total | 1,000 | |
Average life - Outstanding | 06 years 03 months 18 days | |
Shares - Exercisable | 254,000 | |
Average exercise price - Exercisable | $ 20.15 | |
$10.00 | ||
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 28,484 | |
Average exercise price - Outstanding | $ 9.57 | |
Shares - Exercisable | 28,484 | |
Average exercise price - Exercisable | $ 9.57 | |
Under $10.00 | Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Average life - Outstanding | 03 years 10 months 24 days | |
10.01-15.00 | ||
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 46,905 | |
Average exercise price - Outstanding | $ 11.977 | |
Shares - Exercisable | 46,905 | |
Average exercise price - Exercisable | $ 11.98 | |
10.01-15.00 | Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Average life - Outstanding | 04 years 02 months 12 days | |
15.01-20.00 | ||
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 158,534 | |
Average exercise price - Outstanding | $ 17.457 | |
Shares - Exercisable | 113,286 | |
Average exercise price - Exercisable | $ 17.32 | |
15.01-20.00 | Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Average life - Outstanding | 05 years 08 months 12 days | |
20.01-25.00 | ||
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 132,295 | |
Average exercise price - Outstanding | $ 22.55 | |
Shares - Exercisable | 50,587 | |
Average exercise price - Exercisable | $ 22.25 | |
20.01-25.00 | Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Average life - Outstanding | 07 years 10 months 24 days | |
25.01-30.00 | ||
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 100,668 | |
Average exercise price - Outstanding | $ 26.51 | |
Shares - Exercisable | 19,039 | |
Average exercise price - Exercisable | $ 28.22 | |
25.01-30.00 | Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Average life - Outstanding | 08 years 06 months | |
30.01-35.00 | ||
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 21,712 | |
Average exercise price - Outstanding | $ 34.1 | |
Shares - Exercisable | 21,712 | |
Average exercise price - Exercisable | $ 34.1 | |
30.01-35.00 | Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Average life - Outstanding | 01 year 02 months 12 days | |
$35.00 | ||
Share-based Compensation [Line Items] | ||
Options - Outstanding - Total | 12,688 | |
Average exercise price - Outstanding | $ 38.67 | |
Shares - Exercisable | 12,688 | |
Average exercise price - Exercisable | $ 38.57 | |
Over $35.00 | Stock Option [Member] | ||
Share-based Compensation [Line Items] | ||
Average life - Outstanding | 02 years 04 months 24 days |
Other Stock-Related Informat131
Other Stock-Related Information (Stock Option Activity) (Details) - Dec. 31, 2014 - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Total |
Shares [Abstract] | |
Closing Balance | 517,182 |
Exercisable at December 31, 2014 | 292,701 |
Options expected to vest | 189,186 |
Weighted Average Exercise Price [Abstract] | |
Opening balance | $ 20.02 |
Granted | 26.11 |
Exercised | 14.42 |
Forfeited | 21.89 |
Expired | 32.4 |
Closing balance | 20.92 |
Exercisable at December 31, 2014 | 19.44 |
Options expected to vest | $ 22.97 |
Weighted average exercise remaining contractual term (in years) | |
Outstanding at December 31, 2014 | 06 years 04 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 04 years 10 months |
Options expected to vest | 08 years 04 months |
Aggregate intrinsic value | |
Outstanding at December 31, 2014 | $ 2,668 |
Exercisable at December 31, 2014 | 2,124 |
Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Outstanding Aggregate Intrinsic Value | $ 496 |
Stock Option [Member] | |
Shares [Abstract] | |
Opening Balance | 473,611 |
Granted | 82,142 |
Exercised | (30,433) |
Forfeited | (7,414) |
Expired | (16,620) |
Closing Balance | 501,286 |
Other Stock-Related Informat132
Other Stock-Related Information (Stock Option Activity - Narratives) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.26% | 2.506% | 1.30% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.14% | 4.00% | 4.04% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.00% | 28.00% | 29.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 360 | $ 392 | $ 265 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 739 | |||
Stock or Unit Option Plan Expense | 215 | 231 | 220 | |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 439 | 490 | 355 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 118 | $ 128 | $ 88 | |
Share Based Compensation Arrangement By Share Based Payment Award FairValue Assumptions Expected Lives | ||||
Stock Option [Member] | ||||
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.26 | $ 4.52 | $ 3.8 | |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | $ 185 | |||
Expected Term Of Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions | P02Y | |||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized Period For Recognition | P01Y06M |
Other Stock-Related Informat133
Other Stock-Related Information (Other Stock-based Compensation) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares [Abstract] | |||
Opening balance | 13,572 | ||
Granted | 5,016 | ||
Vested | (3,305) | ||
Forfeited | (387) | ||
Closing balance | 14,896 | 13,572 | |
RSUs expected to vest | 13,667 | ||
Weighted Average Exercise Price [Abstract] | |||
RSUs Outstanding, Opening balance | $ 22.58 | ||
Granted | 26.08 | $ 24.54 | $ 20.79 |
Vested | 21.7 | ||
Forfeited | 22.31 | ||
RSUs Outstanding, Closing balance | 24 | $ 22.58 | |
RSUs expected to vest | $ 21.94 | ||
Weighted average exercise remaining contractual term (in years) | |||
RSUs outstanding at December 31, 2014 | 02 years 06 months | ||
Share-based compensation other than stock options expected to vest | 02 years 02 months | ||
Aggregate intrinsic value | |||
RSUs Outstanding at December 31, 2014 | $ 376 | ||
RSUs expected to vest | $ 345 |
Other Stock-Related Informat134
Other Stock-Related Information (Other Stock-based Compensation - Narratives) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 739 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 118 | $ 128 | $ 88 |
Excess Of Actual Tax Deductions Over Amounts Assumed Recognized In Shareowners Equity | $ 86 | $ 86 | $ 53 |
Restricted Stock Units (RSUs) [Member] | |||
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.08 | $ 24.54 | $ 20.79 |
Share Based Compensation Arrangement Equity Awards Other Than Options Vested In Period Intrinsic Value | $ 86 | $ 109 | $ 116 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 233 | ||
Unrecognized Compensation Cost Expected To Be Recognized In Subsequent Year | 54 | ||
Performance Share Units [Member] | |||
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | |||
Share Based Compensation Arrangement By Share Based PaymentAward Equity Instruments Other Than Options Outstanding Intrinsic Value | 25 | ||
Unrecognized Compensation Cost Expected To Be Recognized In Subsequent Year | 9 | ||
Restricted Stock Units Rsu And Performance Share Units [Member] | |||
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | |||
Allocated Share-based Compensation Expense | 56 | 62 | 79 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 147 | $ 145 | $ 153 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 19, 2013 | |
Other Income | $ 778 | $ 3,108 | $ 2,563 | ||
Net other-than-temporary impairments on investment securities | (173) | (747) | (140) | ||
Eliminations | |||||
Other Income | 71 | 222 | (94) | ||
Parent [Member] | |||||
Purchases and Sales of Business Interests | 188 | 1,750 | 574 | ||
Licensing And Royalty Income | 288 | 320 | 290 | ||
Associated Companies | 176 | 40 | 1,545 | ||
Interest and investment income from GECC | (77) | 116 | 196 | ||
Other items | 132 | 660 | 52 | ||
Other Income | 707 | 2,886 | 2,657 | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 127 | $ 357 | |||
Net other-than-temporary impairments on investment securities | $ 217 | ||||
NBCU LLC [Member] | |||||
Pre Tax Gain On Sale Of Business | $ 1,096 | ||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||
Income (Loss) from Equity Method Investments | $ 1,416 |
GECC Revenues from Services (De
GECC Revenues from Services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Total | $ 24,671 | $ 25,336 | $ 25,180 |
Net other-than-temporary impairments on investment securities | (173) | $ (747) | (140) |
Cembra | |||
Equity Method Investment, Ownership Percentage | 68.50% | ||
Bank of Ayudhya | |||
Gain on Sale of Investments | $ 641 | ||
Eliminations | |||
Total | 1,552 | 1,546 | 1,273 |
GECC | |||
Interest On Loans | 12,368 | 12,461 | 12,294 |
Equipment leased to others | 4,516 | 4,558 | 4,570 |
Fees | 3,310 | 3,367 | 3,151 |
Investment Income | 1,938 | 2,001 | 2,292 |
Financing leases | 422 | 561 | 666 |
Associated companies | 1,056 | 1,624 | 1,411 |
Premiums earned by insurance activities | 1,509 | 1,572 | 1,713 |
Other items | 1,104 | 738 | 356 |
Total | 26,223 | 26,882 | $ 26,453 |
GECC | Cembra | |||
Gain (Loss) on Disposition of Business | 351 | ||
GECC | GEMB-Nordics | |||
Gain (Loss) on Disposition of Business | $ 473 | ||
Brazilian Company | |||
Gain (Loss) on Sale of Equity Investments | $ 96 |
Supplemental Cost Informatio137
Supplemental Cost Information (R&D, narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Supplemental Income Statement Elements [Line Items] | ||||
GE funded R&D | $ 5,273 | $ 5,461 | $ 5,200 | |
Customer funded R&D | (721) | (711) | (680) | |
Partner funded R&D | (319) | (107) | (6) | |
Other costs and expenses | 25,238 | 26,154 | 26,497 | |
GECC depreciation and amortization | 5,026 | 5,283 | 4,576 | |
Cost of Goods Sold | 61,257 | 57,867 | 56,785 | |
Cost of Services | 20,054 | 19,274 | 17,525 | |
Consolidation, Eliminations [Member] | ||||
Supplemental Income Statement Elements [Line Items] | ||||
Other costs and expenses | (857) | (738) | (697) | |
Operating Segments [Member] | ||||
Supplemental Income Statement Elements [Line Items] | ||||
Other costs and expenses | 26,095 | 26,892 | 27,194 | |
GE | ||||
Supplemental Income Statement Elements [Line Items] | ||||
GE funded R&D | 4,233 | 4,643 | 4,514 | |
Other costs and expenses | [1] | 14,971 | 16,105 | 17,671 |
GECC depreciation and amortization | [2] | 2,508 | 2,449 | 2,291 |
Cost of Goods Sold | [1] | 61,420 | 57,962 | 57,118 |
Cost of Services | [1] | 20,457 | 19,668 | 17,938 |
GE | Collaborative Member | ||||
Supplemental Income Statement Elements [Line Items] | ||||
Cost of Goods Sold | 2,660 | 2,613 | 2,507 | |
Cost of Services | 873 | 820 | 594 | |
GECC | ||||
Supplemental Income Statement Elements [Line Items] | ||||
Other costs and expenses | 11,124 | 10,787 | 9,523 | |
GECC depreciation and amortization | 2,602 | 2,834 | 2,285 | |
Cost of Goods Sold | 104 | 108 | 99 | |
Cost of Services | 0 | 0 | 0 | |
GECC operating and administrative costs | $ 8,522 | $ 7,953 | $ 7,238 | |
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. | |||
[2] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. |
Supplemental Cost Informatio138
Supplemental Cost Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Leases, Operating [Abstract] | |||
Rental expense under operating leases | $ 1,321 | $ 1,375 | $ 1,285 |
Amounts payable over the next five years | |||
2,015 | 698 | ||
2,016 | 600 | ||
2,017 | 501 | ||
2,018 | 422 | ||
2,019 | 375 | ||
Consolidation, Eliminations [Member] | |||
Leases, Operating [Abstract] | |||
Rental expense under operating leases | (149) | (135) | (142) |
Amounts payable over the next five years | |||
2,015 | (73) | ||
2,016 | (44) | ||
2,017 | (28) | ||
2,018 | (20) | ||
2,019 | (18) | ||
Operating Segments [Member] | |||
Leases, Operating [Abstract] | |||
Rental expense under operating leases | 1,470 | 1,510 | 1,427 |
Amounts payable over the next five years | |||
2,015 | 771 | ||
2,016 | 644 | ||
2,017 | 529 | ||
2,018 | 442 | ||
2,019 | 393 | ||
GE | |||
Leases, Operating [Abstract] | |||
Minimum rental commitments under noncancellable operating leases | 2,870 | ||
GE | Operating Segments [Member] | |||
Leases, Operating [Abstract] | |||
Rental expense under operating leases | 1,186 | 1,220 | 1,134 |
Amounts payable over the next five years | |||
2,015 | 634 | ||
2,016 | 528 | ||
2,017 | 432 | ||
2,018 | 371 | ||
2,019 | 337 | ||
GECC | |||
Leases, Operating [Abstract] | |||
Minimum rental commitments under noncancellable operating leases | 705 | ||
GECC | Operating Segments [Member] | |||
Leases, Operating [Abstract] | |||
Rental expense under operating leases | 284 | $ 290 | $ 293 |
Amounts payable over the next five years | |||
2,015 | 137 | ||
2,016 | 116 | ||
2,017 | 97 | ||
2,018 | 71 | ||
2,019 | $ 56 |
Earnings Per Share Informati139
Earnings Per Share Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Amount attributable to the Company: | |||||||||||
Earnings (loss) from continuing operations for per-share calculation, Diluted | $ 12,517 | $ 11,885 | $ 11,796 | ||||||||
Earnings (loss) from discontinued operations for per-share calculation, Diluted | 2,697 | 1,131 | 1,828 | ||||||||
Net earnings attributable to GE common shareowners for per-share calculation, Diluted | 15,213 | 13,028 | 13,622 | ||||||||
Earnings (loss) from continuing operations for per-share calculation, basic | $ 12,516 | $ 11,898 | 12,516 | 11,898 | 11,795 | ||||||
Earnings (loss) from discontinued operations for per-share calculation, basic | 2,697 | 1,143 | 2,697 | 1,143 | 1,828 | ||||||
Net earnings attributable to GE common shareowners for per-share calculation, Basic | $ 15,212 | $ 13,040 | $ 15,212 | $ 13,040 | $ 13,622 | ||||||
Average equivalent shares | |||||||||||
Shares of GE common stock outstanding, Diluted | 10,045,000,000 | 10,222,000,000 | 10,523,000,000 | ||||||||
Employee compensation-related shares (including stock options) and warrants, Diluted | 78,000,000 | 67,000,000 | 41,000,000 | ||||||||
Total average equivalent shares, Diluted | 10,123,000,000 | 10,289,000,000 | 10,564,000,000 | ||||||||
Shares of GE common stock outstanding, Basic | 10,045,000,000 | 10,222,000,000 | 10,523,000,000 | ||||||||
Employee compensation-related shares (including stock options) and warrants, Basic | 0 | 0 | 0 | ||||||||
Total average equivalent shares, Basic | 10,045,000,000 | 10,222,000,000 | 10,523,000,000 | ||||||||
Per-share amounts | |||||||||||
Earnings (loss) from continuing operations-Diluted | $ 0.45 | $ 0.28 | $ 0.28 | $ 0.23 | $ 0.45 | $ 0.22 | $ 0.23 | $ 0.26 | $ 1.24 | $ 1.16 | $ 1.12 |
Earnings (loss) from discontinued operations-Diluted | 0.06 | 0.07 | 0.07 | 0.07 | (0.13) | 0.09 | 0.07 | 0.08 | 0.27 | 0.11 | 0.17 |
Net earnings-Diluted | 0.51 | 0.35 | 0.35 | 0.3 | 0.32 | 0.31 | 0.3 | 0.34 | 1.5 | 1.27 | 1.29 |
Earnings (loss) from continuing operations-Basic | 0.45 | 0.28 | 0.29 | 0.23 | 0.45 | 0.22 | 0.23 | 0.26 | 1.25 | 1.16 | 1.12 |
Earnings (loss) from discontinued operations-Basic | 0.06 | 0.07 | 0.07 | 0.07 | (0.13) | 0.09 | 0.07 | 0.08 | 0.27 | 0.11 | 0.17 |
Net earnings-Basic | $ 0.51 | $ 0.35 | $ 0.35 | $ 0.3 | $ 0.32 | $ 0.31 | $ 0.3 | $ 0.34 | $ 1.51 | $ 1.28 | $ 1.29 |
Preferred stock dividends declared | $ 0 | $ 0 | $ 0 | ||||||||
Earnings from continuing operations attributable to common shareowners for per-share calculation, Diluted | $ 12,517 | $ 11,885 | $ 11,796 | ||||||||
Outstanding anti-dilutive stock awards not included in computation of diluted earnings per share | 98 | 121 | 292 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cumulative Gain (Loss) Adjustment For Non Performance Risk | $ 16 | $ (1) |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 41,090 | 37,485 |
Liabilities | 1,718 | 2,187 |
Fair Value Of Securities Transferred Between Level 1 And Level 2 | 0 | |
Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 540 | 1,019 |
Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,178 | 1,168 |
Recurring | Retained interest | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1 | |
Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2,413 | 1,491 |
Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 277 | 201 |
US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 23,715 | 21,575 |
State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,675 | 4,259 |
Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,692 | 1,896 |
Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,063 | 3,035 |
Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 295 | 412 |
Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,017 | 1,222 |
Fair Value Of Securities Transferred Between Level 1 And Level 2 | 13 | |
Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,710 | 2,137 |
Fair Value Of Securities Transferred Between Level 1 And Level 2 | 487 | |
U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2,013 | 770 |
Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 199 | 458 |
Trading | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 21 | 28 |
Level 1 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 192 | 1,823 |
Liabilities | 0 | 0 |
Level 1 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Recurring | Retained interest | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level 1 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 61 |
Level 1 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 1,317 |
Level 1 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 171 | 417 |
Level 1 | Trading | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 21 | 28 |
Level 2 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 44,232 | 38,241 |
Liabilities | 6,068 | 6,487 |
Level 2 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 4,890 | 5,319 |
Level 2 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,178 | 1,168 |
Level 2 | Recurring | Retained interest | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level 2 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 9,957 | 8,178 |
Level 2 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 20,659 | 18,788 |
Level 2 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,560 | 4,163 |
Level 2 | Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,676 | 1,810 |
Level 2 | Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,054 | 3,025 |
Level 2 | Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 172 | 267 |
Level 2 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 680 | 646 |
Level 2 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,708 | 789 |
Level 2 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,747 | 545 |
Level 2 | Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 19 | 30 |
Level 2 | Trading | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,250 | 4,138 |
Liabilities | 13 | 14 |
Level 3 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 13 | 14 |
Level 3 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Recurring | Retained interest | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1 | |
Level 3 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 40 | 30 |
Level 3 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 277 | 201 |
Level 3 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,056 | 2,787 |
Level 3 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 115 | 96 |
Level 3 | Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 16 | 86 |
Level 3 | Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 9 | 10 |
Level 3 | Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 123 | 145 |
Level 3 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 337 | 515 |
Level 3 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2 | 31 |
Level 3 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 266 | 225 |
Level 3 | Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 9 | 11 |
Level 3 | Trading | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (7,584) | (6,717) |
Liabilities | (4,363) | (4,314) |
Netting Adjustment | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | (4,363) | (4,314) |
Netting Adjustment | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Netting Adjustment | Recurring | Retained interest | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Netting Adjustment | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (7,584) | (6,717) |
Netting Adjustment | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Trading | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Level 3 Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash Accruals Not Included In Schedule Assets Measured For Fair Value On Recurring Basis | $ 9 | $ 4 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 2,653 | |
Changes in Level 3, ending balance | 2,596 | 2,653 |
Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 4,128 | 5,093 |
Net realized/unrealized gains (losses) included in earnings | 183 | (85) |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 186 | (149) |
Purchases | 759 | 469 |
Sales | (535) | (645) |
Settlements | (395) | (628) |
Transfers into Level 3 | 191 | 198 |
Transfers out of Level 3 | (271) | (125) |
Changes in Level 3, ending balance | 4,246 | 4,128 |
Net change in unrealized gains (losses) relating to instruments still held | 91 | (3) |
Level 3 | Recurring | Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 20 | 239 |
Net realized/unrealized gains (losses) included in earnings | 13 | (36) |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 1 |
Purchases | (1) | 1 |
Sales | 0 | 0 |
Settlements | 3 | (224) |
Transfers into Level 3 | 2 | 37 |
Transfers out of Level 3 | (1) | 2 |
Changes in Level 3, ending balance | 36 | 20 |
Net change in unrealized gains (losses) relating to instruments still held | 18 | 9 |
Level 3 | Recurring | Retained interest | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 1 | 0 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 |
Purchases | 0 | 1 |
Sales | 0 | 0 |
Settlements | (1) | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Changes in Level 3, ending balance | 0 | 1 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | Recurring | Other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 201 | 367 |
Net realized/unrealized gains (losses) included in earnings | 85 | 26 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 |
Purchases | 32 | 45 |
Sales | (41) | (237) |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Changes in Level 3, ending balance | 277 | 201 |
Net change in unrealized gains (losses) relating to instruments still held | 73 | (12) |
Level 3 | US Corporate | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 2,787 | 3,106 |
Net realized/unrealized gains (losses) included in earnings | 18 | 13 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 131 | (75) |
Purchases | 544 | 377 |
Sales | (228) | (402) |
Settlements | (212) | (231) |
Transfers into Level 3 | 175 | 108 |
Transfers out of Level 3 | (159) | (109) |
Changes in Level 3, ending balance | 3,056 | 2,787 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | State and municipal | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 96 | 77 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 12 | (7) |
Purchases | 12 | 22 |
Sales | 0 | 0 |
Settlements | (5) | (6) |
Transfers into Level 3 | 0 | 10 |
Transfers out of Level 3 | 0 | 0 |
Changes in Level 3, ending balance | 115 | 96 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | Residential Mortgage Backed Securities | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 86 | 100 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 2 | (5) |
Purchases | 0 | 0 |
Sales | (16) | (2) |
Settlements | (9) | (7) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (47) | 0 |
Changes in Level 3, ending balance | 16 | 86 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | Commercial mortgage backed | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 10 | 6 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | (3) | (6) |
Transfers into Level 3 | 2 | 10 |
Transfers out of Level 3 | 0 | 0 |
Changes in Level 3, ending balance | 9 | 10 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | Asset-backed | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 145 | 145 |
Net realized/unrealized gains (losses) included in earnings | 3 | 5 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 4 | 6 |
Purchases | 0 | 0 |
Sales | 0 | (1) |
Settlements | (19) | (22) |
Transfers into Level 3 | 0 | 12 |
Transfers out of Level 3 | (10) | 0 |
Changes in Level 3, ending balance | 123 | 145 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | Corporate - non-U.S. | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 515 | 721 |
Net realized/unrealized gains (losses) included in earnings | 64 | (94) |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 3 | (5) |
Purchases | 170 | 23 |
Sales | (248) | (3) |
Settlements | (149) | (132) |
Transfers into Level 3 | 1 | 21 |
Transfers out of Level 3 | (19) | (16) |
Changes in Level 3, ending balance | 337 | 515 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | Government - non-U.S. | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 31 | 42 |
Net realized/unrealized gains (losses) included in earnings | 0 | 1 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | (12) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 2 | 0 |
Transfers out of Level 3 | (31) | 0 |
Changes in Level 3, ending balance | 2 | 31 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | U.S. Government and federal agency | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 225 | 277 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 34 | (52) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 9 | 0 |
Transfers out of Level 3 | (2) | 0 |
Changes in Level 3, ending balance | 266 | 225 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 |
Level 3 | Available-for-sale Securities | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Level 3, beginning balance | 11 | 13 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 |
Purchases | 2 | 0 |
Sales | (2) | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (2) | (2) |
Changes in Level 3, ending balance | 9 | 11 |
Net change in unrealized gains (losses) relating to instruments still held | $ 0 | $ 0 |
Fair Value Measurements (Non-Re
Fair Value Measurements (Non-Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | $ 657 | $ 894 |
Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (880) | (1,216) |
Nonrecurring | Financing receivables and loans held for sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (159) | (168) |
Nonrecurring | Cost and equity method investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (286) | (248) |
Nonrecurring | Long Lived Assets, Including Real Estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (435) | (800) |
Nonrecurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 103 | 1,449 |
Nonrecurring | Level 2 | Financing receivables and loans held for sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 1 | 0 |
Nonrecurring | Level 2 | Cost and equity method investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 0 | 0 |
Nonrecurring | Level 2 | Long Lived Assets, Including Real Estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 102 | 1,449 |
Nonrecurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 1,648 | 1,273 |
Nonrecurring | Level 3 | Financing receivables and loans held for sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 584 | 663 |
Nonrecurring | Level 3 | Cost and equity method investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 346 | 391 |
Nonrecurring | Level 3 | Long Lived Assets, Including Real Estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | $ 718 | $ 219 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 2,596 | $ 2,653 | |
Assets Fair Value Disclosure Nonrecurring | 657 | 894 | |
Individually Insignificant Recurring Fair Value Measurements | 210 | 214 | |
Individually Insignificant NonRecurring Fair Value Measurements | 18 | 379 | |
Recurring | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,246 | $ 4,128 | $ 5,093 |
Recurring | Income Approach, Market Comparables | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Capitalization Rate | 6.30% | ||
Recurring | Income Approach, Market Comparables | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Capitalization Rate | 7.50% | ||
Recurring | Income Approach, Market Comparables | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Capitalization Rate | 7.20% | ||
Recurring | US Corporate | Income Approach | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Investments, Fair Value Disclosure | $ 917 | $ 759 | |
Recurring | US Corporate | Income Approach | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 1.50% | 1.50% | |
Recurring | US Corporate | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 14.80% | 8.90% | |
Recurring | US Corporate | Income Approach | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 6.60% | 5.90% | |
Recurring | State And Municipal Debt | Income Approach | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Investments, Fair Value Disclosure | $ 17 | ||
Recurring | State And Municipal Debt | Income Approach | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 4.90% | ||
Recurring | State And Municipal Debt | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 4.90% | ||
Recurring | State And Municipal Debt | Income Approach | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 4.90% | ||
Recurring | Asset-backed | Income Approach | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Investments, Fair Value Disclosure | $ 102 | $ 101 | |
Recurring | Asset-backed | Income Approach | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 4.30% | 3.00% | |
Recurring | Asset-backed | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 9.00% | 9.00% | |
Recurring | Asset-backed | Income Approach | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 2.60% | 5.90% | |
Recurring | Corporate - non-U.S. | Income Approach | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Investments, Fair Value Disclosure | $ 278 | $ 304 | |
Recurring | Corporate - non-U.S. | Income Approach | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 3.30% | 3.30% | |
Recurring | Corporate - non-U.S. | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 14.00% | 46.00% | |
Recurring | Corporate - non-U.S. | Income Approach | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 6.50% | 22.20% | |
Recurring | Other financial assets | Income Approach | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Capitalization Rate | 6.50% | ||
Recurring | Other financial assets | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Capitalization Rate | 7.80% | ||
Recurring | Other financial assets | Income Approach | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Capitalization Rate | 7.70% | ||
Recurring | Other financial assets | Market comparables | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 5.4 | ||
Recurring | Other financial assets | Market comparables | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 9.1 | ||
Recurring | Other financial assets | Market comparables | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 7.7 | ||
Recurring | Other financial assets | Income Approach, Market Comparables | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Investments, Fair Value Disclosure | $ 117 | $ 93 | |
Recurring | Other financial assets | Income Approach, Market Comparables | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 5.4 | ||
Recurring | Other financial assets | Income Approach, Market Comparables | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 8.9 | ||
Recurring | Other financial assets | Income Approach, Market Comparables | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 6.9 | ||
Nonrecurring | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Assets Fair Value Disclosure Nonrecurring | 1,648 | $ 1,273 | |
Nonrecurring | Cost and equity method investments | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Assets Fair Value Disclosure Nonrecurring | $ 346 | 391 | |
Nonrecurring | Cost and equity method investments | Income Approach | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 8.00% | ||
Nonrecurring | Cost and equity method investments | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 10.00% | ||
Nonrecurring | Cost and equity method investments | Income Approach | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 9.40% | ||
Nonrecurring | Cost and equity method investments | Income Approach, Market Comparables | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Assets Fair Value Disclosure Nonrecurring | $ 309 | ||
Nonrecurring | Cost and equity method investments | Income Approach, Market Comparables | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 1.8 | ||
Nonrecurring | Cost and equity method investments | Income Approach, Market Comparables | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 5.2 | ||
Nonrecurring | Cost and equity method investments | Income Approach, Market Comparables | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
EBITDA Multiple | 4.8 | ||
Nonrecurring | Long Lived Assets, Including Real Estate | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Assets Fair Value Disclosure Nonrecurring | $ 718 | $ 219 | |
Nonrecurring | Long Lived Assets, Including Real Estate | Income Approach | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Assets Fair Value Disclosure Nonrecurring | $ 664 | ||
Nonrecurring | Long Lived Assets, Including Real Estate | Income Approach | Lower Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 2.00% | ||
Nonrecurring | Long Lived Assets, Including Real Estate | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 10.80% | ||
Nonrecurring | Long Lived Assets, Including Real Estate | Income Approach | Weighted Average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 6.70% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Instruments [Line Items] | ||
Effect of including interest rate and currency derivatives on borrowings and bank deposits | $ 5,020 | $ 2,284 |
Reinsurance Recoverables | 964 | 1,250 |
GE | Carrying amount | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 502 | 488 |
Borrowings | (16,340) | (13,356) |
GE | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 551 | 512 |
Borrowings | (17,503) | (13,707) |
GECC | Notional amount | ||
Financial Instruments [Line Items] | ||
Notional Amount Of Life Insurance Benefit Net | 1,843 | 2,149 |
GECC | Carrying amount | ||
Financial Instruments [Line Items] | ||
Loans | 115,889 | 124,288 |
Other commercial mortgages | 1,427 | 1,609 |
Loans held for sale | 778 | 82 |
Other financial instruments | 122 | 231 |
Borrowings and bank deposits | (317,674) | (341,709) |
Investment contract benefits | (2,970) | (3,144) |
Guaranteed investment contracts | (1,000) | (1,471) |
Liability for Future Policy Benefits, Life | (90) | (108) |
GECC | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Loans | 120,067 | 128,037 |
Other commercial mortgages | 1,508 | 1,619 |
Loans held for sale | 799 | 82 |
Other financial instruments | 136 | 267 |
Borrowings and bank deposits | (333,956) | (357,073) |
Investment contract benefits | (3,565) | (3,644) |
Guaranteed investment contracts | (1,031) | (1,459) |
Liability for Future Policy Benefits, Life | $ (77) | $ (94) |
Financial Instruments (Notional
Financial Instruments (Notional amount of loan commitments) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Loan Commitments By Notional Amount [Line Items] | ||
Ordinary course of business lending commitments | $ 1,214 | $ 1,727 |
Notional amount | ||
Loan Commitments By Notional Amount [Line Items] | ||
Excluded investment commitments | 818 | 955 |
Inventory financing arrangements excluded | 47 | 110 |
Commercial | ||
Loan Commitments By Notional Amount [Line Items] | ||
Unused revolving credit lines | 2,908 | 2,908 |
Consumer Principally Credit Cards | ||
Loan Commitments By Notional Amount [Line Items] | ||
Unused revolving credit lines | $ 306,188 | $ 290,662 |
Financial Instruments (Securiti
Financial Instruments (Securities Repurchase and Reverse Repurchase Arrangements) (Details) - Dec. 31, 2014 - USD ($) $ in Millions | Total |
Financial Instruments [Line Items] | |
Securities For Repurchase Agreements | $ 169 |
Reverse Repurchase Agreements Maturities | 90 days |
Securities for Reverse Repurchase Agreements | $ 11,500 |
Financial Instruments (Derivati
Financial Instruments (Derivatives and hedging) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 289,000 | |
Derivative asset, fair value | 617 | $ 739 |
Derivative liability, fair value | 516 | 765 |
Cumulative gain (loss) adjustment for non performance risk | 16 | (1) |
Excess Collateralization | 63 | 160 |
Excess Collateral Posted | 211 | 31 |
Excess Securities Collateral Held | 397 | 363 |
Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 11,389 | 9,418 |
Derivative liabilities | 4,879 | 5,079 |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (7,584) | (6,717) |
Derivative liabilities | (4,363) | (4,314) |
Netting Adjustment [Member] | Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (3,886) | (4,107) |
Derivative liabilities | (3,902) | (4,106) |
Cash Collateral [Member] | Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (3,698) | (2,610) |
Derivative liabilities | (461) | (208) |
Securities Pledged as Collateral [Member] | Not Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (3,188) | (1,962) |
Derivative liabilities | 0 | 0 |
Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 8,438 | 5,668 |
Derivative liabilities | 1,347 | 2,973 |
Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,559 | 2,540 |
Derivative liabilities | 3,556 | 2,360 |
Derivatives Associated With Interest Rate, Currency Or Market Risk Reduction Or Elimination [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 255,000 | |
Percentage Of Notional Amount That Is Associated With Reducing Or Eliminating Interest Rate, Currency, Or Market Risk | 88.24% | |
Gross Derivatives [Member] | Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 9,997 | 8,208 |
Derivative liabilities | 4,903 | 5,333 |
Gross Accrued Interest [Member] | Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,392 | 1,210 |
Derivative liabilities | (24) | (254) |
Net Derivative [Member] | Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,805 | 2,701 |
Derivative liabilities | 516 | 765 |
Interest Rate Contract | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5,859 | 3,837 |
Derivative liabilities | 461 | 1,989 |
Interest Rate Contract | Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 111 | 59 |
Derivative liabilities | 64 | 95 |
Foreign Exchange Contract | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2,579 | 1,830 |
Derivative liabilities | 884 | 984 |
Foreign Exchange Contract | Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,209 | 2,250 |
Derivative liabilities | 3,450 | 2,238 |
Other Contract | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 1 |
Derivative liabilities | 2 | 0 |
Other Contract | Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 239 | 231 |
Derivative liabilities | $ 42 | $ 27 |
Financial Instruments (Fair val
Financial Instruments (Fair value hedges) (Details) - Fair Value Hedges - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair value hedges | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ (77) | $ (79) |
Interest Rate Contract | ||
Fair value hedges | ||
Gain (loss) on derivatives | 3,898 | (5,258) |
Gain (loss) on hedged items | (3,973) | 5,180 |
Foreign Exchange Contract | ||
Fair value hedges | ||
Gain (loss) on derivatives | (19) | (7) |
Gain (loss) on hedged items | $ 17 | $ 6 |
Financial Instruments (Cash flo
Financial Instruments (Cash flow hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Maximum term of hedged forecasted transactions | 18 years | 19 years |
Cash Flow Hedge | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | $ (546) | $ 909 |
Gain (loss) reclassified from AOCI into earnings | (878) | 448 |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | 213 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (212) | |
Cash Flow Hedge | Interest Rate Contract | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | (1) | (26) |
Gain (loss) reclassified from AOCI into earnings | (234) | (364) |
Cash Flow Hedge | Foreign Exchange Contract | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | (541) | 941 |
Gain (loss) reclassified from AOCI into earnings | (641) | 817 |
Cash Flow Hedge | Commodity Contract | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | (4) | (6) |
Gain (loss) reclassified from AOCI into earnings | $ (3) | $ (5) |
Financial Instruments (Net inve
Financial Instruments (Net investment hedges in foreign operations) (Details) - Foreign Exchange Contract [Member] - Net Investment Hedge [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net investment hedges in foreign operation | |||
Gain (loss) recognized in AOCI | $ 5,741 | $ 2,322 | |
Gain (loss) reclassified from AOCI into earnings | 88 | (1,525) | |
Gain (loss) on hedged items | $ 0 | $ (549) | $ (678) |
Financial Instruments (Free-sta
Financial Instruments (Free-standing derivatives) (Details) - Free Standing Derivatives [Member] - Nondesignated as Hedges - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Free standing derivatives | ||
Gain (loss) on derivatives | $ (2,077) | $ (497) |
Interest Rate Contract [Member] | ||
Free standing derivatives | ||
Gain (loss) on derivatives | (90) | (169) |
Foreign Exchange Contract [Member] | ||
Free standing derivatives | ||
Gain (loss) on derivatives | (2,041) | (552) |
Other Contract [Member] | ||
Free standing derivatives | ||
Gain (loss) on derivatives | $ 54 | $ 224 |
Financial Instruments (Counterp
Financial Instruments (Counterparty credit risk) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Counterparty credit risk | |
Total Collateral | $ 6,977 |
Fair value of collateral posted to counterparties for derivative obligations | 502 |
Exposure To Counterparties Including Interest Net Collateral Excluding Derivatives | 487 |
Derivative Liability After Collateral And Outstanding Interest Payments Excluding Embedded Derivatives | 514 |
Cash [Member] | |
Counterparty credit risk | |
Total Collateral | 3,709 |
Securities Held By Third Parties [Member] | |
Counterparty credit risk | |
Total Collateral | $ 3,268 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | $ 110,255 | $ 120,351 | $ 110,255 | $ 120,351 | |||||||||
Investment securities (Note 3) | 38,400 | 35,793 | 38,400 | 35,793 | |||||||||
Other Assets | 48,326 | 46,398 | 48,326 | 46,398 | |||||||||
Nonrecourse Borrowings | 19,369 | 19,721 | 19,369 | 19,721 | |||||||||
Other Liabilities | 63,720 | 52,397 | 63,720 | 52,397 | |||||||||
Total revenues of consolidated VIEs | 132,208 | 128,986 | $ 127,891 | $ 126,548 | $ 128,560 | ||||||||
Provision for Loan and Lease Losses | 3,623 | 4,053 | 3,224 | ||||||||||
Interest And Other Financial Charges | 5,334 | 5,539 | 6,442 | ||||||||||
Appliances | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Current Receivables | 686 | 686 | |||||||||||
Consolidated VIE | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | 26,675 | 26,099 | 26,675 | 26,099 | |||||||||
Current Receivables | 3,537 | 2,858 | 3,537 | 2,858 | |||||||||
Investment securities (Note 3) | 3,374 | 3,830 | 3,374 | 3,830 | |||||||||
Other Assets | 3,423 | 2,208 | 3,423 | 2,208 | |||||||||
Assets VIE | 37,009 | 34,995 | 37,009 | 34,995 | |||||||||
Borrowings | 517 | 592 | 517 | 592 | |||||||||
Nonrecourse Borrowings | 18,095 | 18,171 | 18,095 | 18,171 | |||||||||
Other Liabilities | 2,870 | 2,947 | 2,870 | 2,947 | |||||||||
Liabilities VIE | 21,482 | 21,710 | 21,482 | 21,710 | |||||||||
Total revenues of consolidated VIEs | 6,923 | 6,529 | 6,018 | ||||||||||
Provision for Loan and Lease Losses | 1,148 | 1,223 | 1,159 | ||||||||||
Interest And Other Financial Charges | 270 | 267 | 306 | ||||||||||
Trinity [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | 0 | 0 | 0 | 0 | |||||||||
Current Receivables | 0 | 0 | 0 | 0 | |||||||||
Investment securities (Note 3) | 2,369 | 2,786 | 2,369 | 2,786 | |||||||||
Other Assets | 17 | 213 | 17 | 213 | |||||||||
Assets VIE | 2,386 | 2,999 | 2,386 | 2,999 | |||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||
Nonrecourse Borrowings | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities | 1,022 | 1,482 | 1,022 | 1,482 | |||||||||
Liabilities VIE | 1,022 | 1,482 | 1,022 | 1,482 | |||||||||
Other 1 [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | 504 | 581 | 504 | 581 | |||||||||
Current Receivables | 509 | 349 | 509 | 349 | |||||||||
Investment securities (Note 3) | 1,005 | 1,044 | 1,005 | 1,044 | |||||||||
Other Assets | 2,329 | 1,944 | 2,329 | 1,944 | |||||||||
Assets VIE | 4,347 | 3,918 | 4,347 | 3,918 | |||||||||
Borrowings | 517 | 592 | 517 | 592 | |||||||||
Nonrecourse Borrowings | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities | 1,367 | 1,130 | 1,367 | 1,130 | |||||||||
Liabilities VIE | 1,884 | 1,722 | 1,884 | 1,722 | |||||||||
Consolidated Securitization Entities [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Commingled cash amounts owed to CSEs | 235 | 4,071 | 235 | 4,071 | |||||||||
Commingled cash receivable from CSEs | 389 | 3,341 | 389 | 3,341 | |||||||||
Equipment [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | 526 | 752 | 526 | 752 | |||||||||
Current Receivables | 0 | 0 | 0 | 0 | |||||||||
Investment securities (Note 3) | 0 | 0 | 0 | 0 | |||||||||
Other Assets | 16 | 31 | 16 | 31 | |||||||||
Assets VIE | 542 | 783 | 542 | 783 | |||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||
Nonrecourse Borrowings | 436 | 628 | 436 | 628 | |||||||||
Other Liabilities | 123 | 82 | 123 | 82 | |||||||||
Liabilities VIE | 559 | 710 | 559 | 710 | |||||||||
Credit Card Receivable [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | 25,645 | 24,766 | 25,645 | 24,766 | |||||||||
Current Receivables | 0 | 0 | 0 | 0 | |||||||||
Investment securities (Note 3) | 0 | 0 | 0 | 0 | |||||||||
Other Assets | 1,059 | 20 | 1,059 | 20 | |||||||||
Assets VIE | 26,704 | 24,786 | 26,704 | 24,786 | |||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||
Nonrecourse Borrowings | 14,967 | 15,363 | 14,967 | 15,363 | |||||||||
Other Liabilities | 332 | 228 | 332 | 228 | |||||||||
Liabilities VIE | 15,299 | 15,591 | 15,299 | 15,591 | |||||||||
Trade Receivable [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | 0 | 0 | 0 | 0 | |||||||||
Current Receivables | 3,028 | 2,509 | 3,028 | 2,509 | |||||||||
Investment securities (Note 3) | 0 | 0 | 0 | 0 | |||||||||
Other Assets | 2 | 0 | 2 | 0 | |||||||||
Assets VIE | 3,030 | 2,509 | 3,030 | 2,509 | |||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||
Nonrecourse Borrowings | 2,692 | 2,180 | 2,692 | 2,180 | |||||||||
Other Liabilities | 26 | 25 | 26 | 25 | |||||||||
Liabilities VIE | 2,718 | 2,205 | 2,718 | 2,205 | |||||||||
Industrial Equipment Joint Venture [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Assets VIE | 527 | 527 | |||||||||||
Liabilities VIE | 527 | 527 | |||||||||||
Power Generating And Leasing [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Assets VIE | 667 | 667 | |||||||||||
Liabilities VIE | 0 | 0 | |||||||||||
Insurance Entities [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Assets VIE | 1,162 | 1,162 | |||||||||||
Liabilities VIE | 541 | 541 | |||||||||||
GECC | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivable, net | 122,457 | 131,440 | 122,457 | 131,440 | |||||||||
Investment securities (Note 3) | 38,320 | 35,475 | 38,320 | 35,475 | |||||||||
Other Assets | 23,976 | 22,955 | 23,976 | 22,955 | |||||||||
Nonrecourse Borrowings | 19,369 | 19,721 | 19,369 | 19,721 | |||||||||
Other Liabilities | 9,549 | 11,871 | 9,549 | 11,871 | |||||||||
Total revenues of consolidated VIEs | 7,121 | $ 6,384 | $ 6,275 | $ 6,564 | 7,481 | $ 6,535 | $ 6,432 | $ 6,560 | 26,344 | 27,008 | 26,571 | $ 28,330 | $ 28,848 |
Provision for Loan and Lease Losses | 3,623 | 4,053 | 3,224 | ||||||||||
Interest And Other Financial Charges | 4,249 | 4,690 | $ 5,632 | ||||||||||
GECC | Trinity [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Intercompany Advances Eliminated In Consolidation | $ 1,565 | $ 1,837 | $ 1,565 | $ 1,837 |
Variable Interest Entities (Unc
Variable Interest Entities (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ||
Financing receivables | $ 110,255 | $ 120,351 |
Investment in Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Other assets and investment securities | 806 | 809 |
Financing receivables | 120 | 156 |
Total investment | 926 | 965 |
Contractual obligations to fund new investments or guarantees | 17 | 124 |
Revolving lines of credit | 20 | 7 |
Total | $ 963 | $ 1,096 |
Commitments and Guarantees (Nar
Commitments and Guarantees (Narratives) (Details) - Dec. 31, 2014 - USD ($) $ in Millions | Total |
Aviation [Member] | |
Commitments | |
Long-term purchase commitment | $ 2,887 |
Credit Support [Member] | |
Guarantees | |
Liability for arrangements | 28 |
Other Commitment | 1,220 |
Indemnification Agreement [Member] | |
Guarantees | |
Residual value guarantee | 26 |
Liability for arrangements | 10 |
Other Commitment | 712 |
Used Aircraft Order [Member] | Ge Capital Aviation Services [Member] | |
Commitments | |
Long-term purchase commitment | 2,144 |
Aircraft Order List [Member] | Ge Capital Aviation Services [Member] | |
Commitments | |
Long-term purchase commitment | $ 25,232 |
Commitments and Guarantees (Pro
Commitments and Guarantees (Product Warranties) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Product Warranties | |||
Beginning Balance | $ 1,370 | $ 1,429 | $ 1,553 |
Current-year provisions | 593 | 798 | 645 |
Expenditures | (714) | (867) | (757) |
Other changes | (50) | 10 | (12) |
Ending Balance | $ 1,199 | $ 1,370 | $ 1,429 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net dispositions (purchases of GE shares for treasury [Abstract] | |||
Open market purchases under share repurchase program | $ (2,211) | $ (10,225) | $ (5,005) |
Other purchases | (49) | (91) | (110) |
Dispositions | 1,042 | 1,038 | 951 |
Net dispositions (purchases) of GE shares for treasury | (1,218) | (9,278) | (4,164) |
All other operating activities | |||
All other operating activities | 5,903 | 4,237 | 6,824 |
Net decrease (increase) in financing receivables | |||
Net decrease (increase) in financing receivables | (4,947) | (281) | (3,041) |
All other investing activities | |||
All other investing activities | 8,204 | 24,440 | 31,410 |
All other financing activities | |||
All other financing activities | (1,205) | (1,382) | (2,910) |
SupplementalCashFlowElementsAbstract | |||
Non-cash Transactions Foreclosed Properties And Repossessed Assets | 218 | 482 | 839 |
Subsidiaries GECC [Member] | |||
Net dispositions (purchases of GE shares for treasury [Abstract] | |||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | 0 |
All other operating activities | |||
Cash collateral on derivative contracts | 749 | (2,281) | 2,937 |
Increase (decrease) in other liabilities | (1,548) | 2,284 | 773 |
Other | 3,867 | 2,158 | 503 |
All other operating activities | 3,068 | 2,161 | 4,213 |
Net decrease (increase) in financing receivables | |||
Increase in loans to customers | (82,283) | (74,317) | (81,451) |
Principal collections from customers - loans | 74,807 | 78,687 | 82,199 |
Investment in equipment for financing leases | (1,114) | (1,839) | (1,867) |
Principal collections from customers - financing leases | 2,212 | 3,102 | 3,073 |
Net Change In Credit Card Receivables | (5,571) | (8,058) | (8,030) |
Sales of financing receivables | 5,580 | 3,018 | 1,546 |
Net decrease (increase) in financing receivables | (6,369) | 593 | (4,530) |
All other investing activities | |||
Purchases of investment securities | (6,890) | (7,149) | (13,766) |
Dispositions and maturities of investment securities | 6,284 | 10,542 | 15,747 |
Decrease (increase) in other assets - investments | (765) | 2,292 | 6,185 |
Other | 10,125 | 19,102 | 23,881 |
All other investing activities | 8,754 | 24,787 | 32,047 |
Newly issued debt (maturities longer than 90 days) | |||
Short-term (91 to 365 days) | 29 | 55 | 59 |
ProceedsFromIssuanceOfLongTermDebt | 29,126 | 38,262 | 45,344 |
Newly issued debt (maturities longer than 90 days) | 29,155 | 38,317 | 45,403 |
Repayments and other reductions (maturities longer than 90 days) | |||
Short-term (91 to 365 days) | (42,239) | (47,700) | (86,098) |
Long-term (longer than one year) | (3,890) | (2,439) | (6,195) |
Principal payments - nonrecourse, leveraged lease | (304) | (434) | (283) |
Repayments and other debt reductions (maturities longer than 90 days) | (46,433) | (50,573) | (92,576) |
All other financing activities | |||
Proceeds from sales of investment contracts | 322 | 491 | 2,697 |
Redemption of investment contracts | (1,113) | (980) | (5,515) |
Other | (438) | (384) | (1) |
All other financing activities | $ (1,229) | $ (873) | $ (2,819) |
Intercompany Transactions (Narr
Intercompany Transactions (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 23,171 | $ 22,467 | $ 22,098 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,123) | 38,233 | 21,536 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (19,700) | (48,586) | (52,360) |
Combined | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 28,575 | 27,555 | 30,640 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (3,101) | 37,741 | 19,208 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (23,126) | (53,276) | (59,063) |
Elimination GE Customer Receivables Sold To GECC | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (1,918) | 360 | (1,809) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 1,766 | 262 | 2,005 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 152 | (622) | (196) |
Elimination GECC Dividends To GE | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (3,000) | (5,985) | (6,426) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 3,000 | 5,985 | 6,426 |
Other Reclassifications and Eliminations | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (486) | 537 | (307) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 212 | 230 | 323 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 274 | (673) | 473 |
Effect of Elimination | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (5,404) | (5,088) | (8,542) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 1,978 | 492 | 2,328 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ 3,426 | $ 4,690 | $ 6,703 |
Supplemental Information Abo159
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Past Due & Nonaccrual Financing Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Past Due Financing Receivables | ||
Over 30 days past due | $ 5,747 | $ 7,086 |
Over 90 days past due | $ 2,626 | $ 3,550 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 30 Days | 4.50% | 5.20% |
Percent of Financing Receivable, Recorded Investment, Past Due Over 90 Days | 2.10% | 2.60% |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | $ 1,996 | $ 2,642 |
Percent Financing Receivable, Recorded Investment, Nonaccrual Status | 1.60% | 2.00% |
Commercial | ||
Past Due Financing Receivables | ||
Over 30 days past due | $ 610 | $ 465 |
Over 90 days past due | 131 | 83 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 512 | 22 |
Amount of nonaccrual loans currently paying in accordance with contractual terms | 484 | 16 |
Consumer | ||
Past Due Financing Receivables | ||
Over 30 days past due | 5,137 | 6,621 |
Over 90 days past due | 2,495 | 3,467 |
Loans which are 90+ days past due and still accruing interest | 1,231 | 1,197 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 1,484 | 2,620 |
Amount of nonaccrual loans currently paying in accordance with contractual terms | 179 | 324 |
Consumer | Non US residential mortgages | ||
Past Due Financing Receivables | ||
Over 30 days past due | 2,171 | 3,406 |
Over 90 days past due | 1,195 | 2,104 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 1,262 | 2,161 |
Consumer | Non US installment and revolving credit | ||
Past Due Financing Receivables | ||
Over 30 days past due | 333 | 601 |
Over 90 days past due | 89 | 159 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 53 | 106 |
Consumer | US installment and revolving credit | ||
Past Due Financing Receivables | ||
Over 30 days past due | 2,492 | 2,442 |
Over 90 days past due | 1,147 | 1,105 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 2 | 2 |
Energy Financial Services | ||
Past Due Financing Receivables | ||
Over 30 days past due | 0 | 0 |
Over 90 days past due | 0 | 0 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 68 | 4 |
GECAS | ||
Past Due Financing Receivables | ||
Over 30 days past due | 0 | 0 |
Over 90 days past due | 0 | 0 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 419 | 0 |
Other commercial [Member] | ||
Past Due Financing Receivables | ||
Over 30 days past due | 0 | 0 |
Over 90 days past due | 0 | 0 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 0 | 6 |
Total CLL | ||
Past Due Financing Receivables | ||
Over 30 days past due | 610 | 465 |
Over 90 days past due | 131 | 83 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 25 | 12 |
Consumer Other Financing Receivable | ||
Past Due Financing Receivables | ||
Over 30 days past due | 141 | 172 |
Over 90 days past due | 64 | 99 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | $ 167 | $ 351 |
Supplemental Information Abo160
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Impaired Loans) (Details) - GECC - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Loans | ||
Recorded investment in loans | $ 2,592 | $ 3,006 |
Allowance for losses (specific reserves) | 424 | 570 |
Impaired loans classified as Troubled debt restructuring (TDR) | 2,182 | |
Non-impaired financing receivables | 123,969 | 132,459 |
General reserves | 3,680 | 3,455 |
Discounted Cash Flow | ||
Impaired Loans | ||
Recorded investment in loans | 2,149 | 2,751 |
Collateral Value Method | ||
Impaired Loans | ||
Recorded investment in loans | 443 | 255 |
No Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 530 | 117 |
Unpaid principal balance | 580 | 162 |
Average investment in loans | 241 | 114 |
Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 2,062 | 2,889 |
Unpaid principal balance | 2,112 | 2,958 |
Average investment in loans | 2,591 | 3,068 |
Allowance for losses (specific reserves) | 424 | 570 |
Commercial | ||
Impaired Loans | ||
Recorded investment in loans | 412 | 18 |
Average investment in loans | 165 | 26 |
Allowance for losses (specific reserves) | 16 | 3 |
Interest income recognized | 0 | 0 |
Interest income recognized on a cash basis | 0 | 0 |
Non-impaired financing receivables | 25,329 | 26,408 |
General reserves | 77 | 41 |
Commercial | No Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 392 | 8 |
Unpaid principal balance | 401 | 9 |
Average investment in loans | 121 | 16 |
Commercial | Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 20 | 10 |
Unpaid principal balance | 20 | 10 |
Average investment in loans | 44 | 10 |
Allowance for losses (specific reserves) | 16 | 3 |
Commercial | Other Financing Receivables [Member] | No Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 0 | 2 |
Unpaid principal balance | 0 | 3 |
Average investment in loans | 0 | 9 |
Commercial | Other Financing Receivables [Member] | Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 0 | 4 |
Unpaid principal balance | 0 | 4 |
Average investment in loans | 1 | 5 |
Allowance for losses (specific reserves) | 0 | 0 |
Consumer | ||
Impaired Loans | ||
Recorded investment in loans | 2,180 | 2,988 |
Average investment in loans | 2,667 | 3,156 |
Allowance for losses (specific reserves) | 408 | 567 |
Interest income recognized | 126 | 221 |
Interest income recognized on a cash basis | 5 | 3 |
Impaired loans classified as Troubled debt restructuring (TDR) | 2,132 | |
Loans Modified As Troubled Debt Restructuring That Have Subsequently Experienced Payment Default | 102 | 266 |
Non-impaired financing receivables | 98,640 | 106,051 |
General reserves | 3,603 | 3,414 |
Short-term modifications not classified as TDR | 45 | |
Consumer | Troubled Debt Restructuring | ||
Impaired Loans | ||
Impaired loans classified as Troubled debt restructuring (TDR) | 2,132 | 2,874 |
Consumer | No Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 138 | 109 |
Unpaid principal balance | 179 | 153 |
Average investment in loans | 120 | 98 |
Consumer | Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 2,042 | 2,879 |
Unpaid principal balance | 2,092 | 2,948 |
Average investment in loans | 2,547 | 3,058 |
Allowance for losses (specific reserves) | 408 | 567 |
Consumer | Modifications Classified As TDRs In Last Twelve Months | ||
Impaired Loans | ||
Impaired loans classified as Troubled debt restructuring (TDR) | 981 | 1,441 |
Consumer | Impaired Loans | ||
Impaired Loans | ||
Unpaid principal balance | 2,271 | |
Consumer | Remaining Consumer Business | ||
Impaired Loans | ||
Allowance for losses (specific reserves) | 401 | |
Consumer | Remaining Consumer Business | Related Allowance | ||
Impaired Loans | ||
Impaired loans classified as Troubled debt restructuring (TDR) | 1,972 | |
Consumer | Non US Consumer | ||
Impaired Loans | ||
Changes In Loans Modified As Troubled Debt Restructurings | 506 | |
Consumer | Credit Card Loans | ||
Impaired Loans | ||
Changes In Loans Modified As Troubled Debt Restructurings | 475 | |
Consumer | Consumer Other Portfolio [Member] | ||
Impaired Loans | ||
Allowance for losses (specific reserves) | 7 | |
Consumer | Consumer Other Portfolio [Member] | Related Allowance | ||
Impaired Loans | ||
Impaired loans classified as Troubled debt restructuring (TDR) | 70 | |
Energy Financial Services | No Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 53 | 0 |
Unpaid principal balance | 54 | 0 |
Average investment in loans | 26 | 0 |
Energy Financial Services | Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 15 | 4 |
Unpaid principal balance | 15 | 4 |
Average investment in loans | 24 | 2 |
Allowance for losses (specific reserves) | 12 | 1 |
GECAS | ||
Impaired Loans | ||
Impaired loans classified as Troubled debt restructuring (TDR) | 48 | |
GECAS | No Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 329 | 0 |
Unpaid principal balance | 337 | 0 |
Average investment in loans | 88 | 0 |
GECAS | Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average investment in loans | 15 | 1 |
Allowance for losses (specific reserves) | 0 | 0 |
Total CLL | No Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 10 | 6 |
Unpaid principal balance | 10 | 6 |
Average investment in loans | 7 | 7 |
Total CLL | Related Allowance | ||
Impaired Loans | ||
Recorded investment in loans | 5 | 2 |
Unpaid principal balance | 5 | 2 |
Average investment in loans | 4 | 2 |
Allowance for losses (specific reserves) | $ 4 | $ 2 |
Supplemental Information Abo161
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Credit Quality) (Details) - GECC NumberOfCustomer in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2014USD ($)NumberOfCustomer | Dec. 31, 2013USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 126,561 | $ 135,465 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 25,741 | 26,426 |
Credit Quality Indicators | ||
Credit derivative internal grouping parameter | 21 | |
Commercial | Default risk [Member] | ||
Credit Quality Indicators | ||
Credit derivative internal grouping parameter | 6 | |
Commercial | Loss given default [Member] | ||
Credit Quality Indicators | ||
Credit derivative internal grouping parameter | 3 | |
Commercial | Secured Financing Receivables Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 25,366 | 25,947 |
Commercial | Secured Financing Receivables Portfolio | Risk Level, Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 24,788 | 25,515 |
Commercial | Secured Financing Receivables Portfolio | Risk Level, Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 346 | 96 |
Commercial | Secured Financing Receivables Portfolio | Risk Level, High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 232 | 336 |
Commercial | Unsecured Financing Receivables Portfolio | Risk Level, Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 88 | 93 |
Commercial | Unsecured Financing Receivables Portfolio | Risk Level, Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 287 | 382 |
Commercial | Unsecured Financing Receivables Portfolio | Risk Level, High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 0 | 4 |
Commercial | Other Financing Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 480 | 668 |
Commercial | Other Financing Receivables [Member] | Secured Financing Receivables Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 130 | 318 |
Commercial | Other Financing Receivables [Member] | Secured Financing Receivables Portfolio | Risk Level, Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 130 | 318 |
Commercial | Other Financing Receivables [Member] | Secured Financing Receivables Portfolio | Risk Level, Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 0 | 0 |
Commercial | Other Financing Receivables [Member] | Secured Financing Receivables Portfolio | Risk Level, High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 100,820 | 109,039 |
Credit Quality Indicators | ||
Maximum Percentage Of Private Label Consumer Financing Receivables Located In Any Metropolitan Area | 6.00% | |
Number Of Consumer Financing Receivable Customers Across US Including Private Label Credit Card And Sales Financing | NumberOfCustomer | 64 | |
Percentage of customers with no metropolitan statistical area | 5.00% | |
Percentage Of US Consumer Financing Receivables Related To Credit Cards Loans | 67.00% | |
Percentage Of US Consumer Financing Receivables Related To Sales Finance Receivables | 33.00% | |
Consumer | Other Financing Receivables [Member] | Risk Level, Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 5,006 | 6,137 |
Consumer | Other Financing Receivables [Member] | Risk Level, Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 276 | 315 |
Consumer | Other Financing Receivables [Member] | Risk Level, High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 382 | 501 |
Consumer | Non US residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 24,893 | 30,501 |
Credit Quality Indicators | ||
Percent Of Non US Mortgages With Loan To Value Ratios Greater Than 90 Percent Covered By Third Party Mortgage Insurance | 21.00% | |
Consumer | Non US residential mortgages | Secured Financing Receivables Portfolio | 80% or less | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 13,964 | 17,224 |
Consumer | Non US residential mortgages | Secured Financing Receivables Portfolio | Greater than 80% to 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 4,187 | 5,130 |
Consumer | Non US residential mortgages | Secured Financing Receivables Portfolio | Greater than 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 6,742 | 8,147 |
Consumer | Non US installment and revolving credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 10,400 | 15,731 |
Consumer | Non US installment and revolving credit | Score 671 or Higher | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 6,599 | 9,705 |
Consumer | Non US installment and revolving credit | Score 626 to 670 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 2,045 | 3,228 |
Consumer | Non US installment and revolving credit | Score 625 or Less | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 1,756 | 2,798 |
Consumer | US installment and revolving credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 59,863 | 55,854 |
Consumer | US installment and revolving credit | Score 661 or Higher | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 43,466 | 40,079 |
Consumer | US installment and revolving credit | Score 601 to 660 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 11,865 | 11,142 |
Consumer | US installment and revolving credit | Score 600 Or Less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 4,532 | 4,633 |
Consumer | UNITED KINGDOM | Non US residential mortgages | ||
Credit Quality Indicators | ||
Reindexed Loan To Value Ratios Of Non US Mortgages | 70.00% | |
Consumer | FRANCE | Non US residential mortgages | ||
Credit Quality Indicators | ||
Reindexed Loan To Value Ratios Of Non US Mortgages | 55.00% | |
Energy Financial Services | Secured Financing Receivables Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 2,555 | 2,978 |
Energy Financial Services | Secured Financing Receivables Portfolio | Risk Level, Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 2,479 | 2,969 |
Energy Financial Services | Secured Financing Receivables Portfolio | Risk Level, Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 60 | 9 |
Energy Financial Services | Secured Financing Receivables Portfolio | Risk Level, High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 16 | 0 |
GECAS | Secured Financing Receivables Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 8,263 | 9,377 |
GECAS | Secured Financing Receivables Portfolio | Risk Level, Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 7,908 | 9,175 |
GECAS | Secured Financing Receivables Portfolio | Risk Level, Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 237 | 50 |
GECAS | Secured Financing Receivables Portfolio | Risk Level, High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 118 | 152 |
Total CLL | Secured Financing Receivables Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 14,418 | 13,274 |
Total CLL | Secured Financing Receivables Portfolio | Risk Level, Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 14,271 | 13,053 |
Total CLL | Secured Financing Receivables Portfolio | Risk Level, Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 49 | 37 |
Total CLL | Secured Financing Receivables Portfolio | Risk Level, High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 98 | $ 184 |
Operating Segments (Revenues) (
Operating Segments (Revenues) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 132,208 | $ 128,986 | $ 127,891 | $ 126,548 | $ 128,560 | |
Domestic | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 61,296 | 58,653 | 59,748 | |||
Foreign | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 70,912 | 70,333 | 68,143 | |||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 132,208 | 128,986 | 127,891 | 126,548 | 128,560 | |
Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
GE | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | [1] | 112,545 | 108,894 | 108,065 | ||
GE | Power And Water [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 26,595 | 23,777 | 27,180 | |||
GE | Oil And Gas [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 18,275 | 16,615 | 14,927 | |||
GE | Energy Management [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 6,429 | 6,721 | 6,925 | |||
GE | Aviation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 23,298 | 21,411 | 19,322 | |||
GE | Healthcare [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 18,293 | 18,186 | 18,253 | |||
GE | Transportation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 5,652 | 5,873 | 5,597 | |||
GE | Appliances And Lighting [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 8,382 | 8,313 | 7,944 | |||
GE | Industrial Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 106,924 | 100,896 | 100,148 | |||
GE | GE Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 25,307 | 26,153 | 25,843 | |||
GE | Corporate Items And Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (23) | 1,937 | 1,900 | |||
GE | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 136,246 | 130,610 | 129,382 | 123,555 | 114,064 | |
GE | Operating Segments [Member] | Power And Water [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 27,564 | 24,724 | 28,299 | 25,675 | 24,779 | |
GE | Operating Segments [Member] | Oil And Gas [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 18,676 | 16,975 | 15,241 | 13,608 | 9,433 | |
GE | Operating Segments [Member] | Energy Management [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 7,319 | 7,569 | 7,412 | 6,422 | 5,161 | |
GE | Operating Segments [Member] | Aviation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 23,990 | 21,911 | 19,994 | 18,859 | 17,619 | |
GE | Operating Segments [Member] | Healthcare [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 18,299 | 18,200 | 18,290 | 18,083 | 16,897 | |
GE | Operating Segments [Member] | Transportation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 5,650 | 5,885 | 5,608 | 4,885 | 3,370 | |
GE | Operating Segments [Member] | Appliances And Lighting [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 8,404 | 8,338 | 7,967 | 7,693 | 7,957 | |
GE | Operating Segments [Member] | Industrial Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 109,902 | 103,602 | 102,811 | 95,225 | 85,216 | |
GE | Operating Segments [Member] | GE Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 26,344 | 27,008 | 26,571 | 28,330 | 28,848 | |
GE | Operating Segments [Member] | Corporate Items And Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (4,038) | (1,624) | (1,491) | $ 2,993 | $ 14,496 | |
GE | Intersegment | Power And Water [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 969 | 947 | 1,119 | |||
GE | Intersegment | Oil And Gas [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 401 | 360 | 314 | |||
GE | Intersegment | Energy Management [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 890 | 848 | 487 | |||
GE | Intersegment | Aviation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 692 | 500 | 672 | |||
GE | Intersegment | Healthcare [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 6 | 14 | 37 | |||
GE | Intersegment | Transportation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (2) | 12 | 11 | |||
GE | Intersegment | Appliances And Lighting [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 22 | 25 | 23 | |||
GE | Intersegment | Industrial Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,978 | 2,706 | 2,663 | |||
GE | Intersegment | GE Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,037 | 855 | 728 | |||
GE | Intersegment | Corporate Items And Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ (4,015) | $ (3,561) | $ (3,391) | |||
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Operating Segments (Assets) (De
Operating Segments (Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | [1] | $ 653,514 | $ 661,500 | $ 653,514 | $ 661,500 | |||||||||||||
Financing receivable, net | 110,255 | 120,351 | 110,255 | 120,351 | ||||||||||||||
Liabilities | [1] | 516,681 | 524,717 | 516,681 | 524,717 | |||||||||||||
Revenues | 132,208 | 128,986 | $ 127,891 | $ 126,548 | $ 128,560 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 14,154 | 13,423 | 14,561 | |||||||||||||||
Net earnings | 5,339 | $ 3,509 | $ 3,545 | $ 2,952 | 3,364 | $ 3,181 | $ 3,299 | $ 3,511 | 15,345 | 13,355 | 13,864 | |||||||
Property, Plant and Equipment, Net | 48,336 | 50,507 | 48,336 | 50,507 | ||||||||||||||
Associated Companies | Power And Water [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 357 | 357 | ||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 7 | |||||||||||||||||
Associated Companies | Oil And Gas [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 146 | 146 | ||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 20 | |||||||||||||||||
Associated Companies | Energy Management [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 824 | 824 | ||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 29 | |||||||||||||||||
Associated Companies | Aviation [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 1,378 | 1,378 | ||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 94 | |||||||||||||||||
Associated Companies | Healthcare [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 511 | 511 | ||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (33) | |||||||||||||||||
Associated Companies | Transportation [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 6 | 6 | ||||||||||||||||
Associated Companies | Appliances And Lighting [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 57 | 57 | ||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 70 | |||||||||||||||||
Associated Companies | GE Capital [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 11,729 | 11,729 | ||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 887 | |||||||||||||||||
Domestic | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 61,296 | 58,653 | 59,748 | |||||||||||||||
Property, Plant and Equipment, Net | 10,134 | 10,341 | 10,134 | 10,341 | 9,036 | |||||||||||||
Foreign | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 70,912 | 70,333 | 68,143 | |||||||||||||||
Property, Plant and Equipment, Net | 38,202 | 40,166 | 38,202 | 40,166 | 41,350 | |||||||||||||
GE | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 245,686 | [2] | 230,962 | [2] | 245,686 | [2] | 230,962 | [2] | 689,861 | |||||||||
Financing receivable, net | [2] | 0 | 0 | 0 | 0 | |||||||||||||
Liabilities | [2] | 116,702 | 99,560 | 116,702 | 99,560 | |||||||||||||
Depreciation and amortization | 6,674 | 6,823 | 5,942 | |||||||||||||||
Property Plant and Equipment Additions | 7,363 | 7,747 | 8,582 | |||||||||||||||
Revenues | [2] | 112,545 | 108,894 | 108,065 | ||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | [2] | 14,118 | 13,826 | 13,985 | ||||||||||||||
Net earnings | [3] | 15,183 | 13,302 | 13,801 | ||||||||||||||
Property, Plant and Equipment, Net | [2] | 17,207 | 17,574 | 17,207 | 17,574 | |||||||||||||
GE | Power And Water [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 30,338 | 29,494 | 30,338 | 29,494 | 27,143 | |||||||||||||
Depreciation and amortization | 678 | 668 | 647 | |||||||||||||||
Property Plant and Equipment Additions | 622 | 714 | 661 | |||||||||||||||
Revenues | 26,595 | 23,777 | 27,180 | |||||||||||||||
GE | Oil And Gas [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 27,260 | 26,193 | 27,260 | 26,193 | 20,111 | |||||||||||||
Depreciation and amortization | 583 | 479 | 426 | |||||||||||||||
Property Plant and Equipment Additions | 653 | 1,185 | 467 | |||||||||||||||
Revenues | 18,275 | 16,615 | 14,927 | |||||||||||||||
GE | Energy Management [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 10,976 | 10,305 | 10,976 | 10,305 | 9,594 | |||||||||||||
Depreciation and amortization | 313 | 323 | 287 | |||||||||||||||
Property Plant and Equipment Additions | 176 | 137 | 155 | |||||||||||||||
Revenues | 6,429 | 6,721 | 6,925 | |||||||||||||||
GE | Aviation [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 33,716 | 32,273 | 33,716 | 32,273 | 25,145 | |||||||||||||
Depreciation and amortization | 824 | 677 | 644 | |||||||||||||||
Property Plant and Equipment Additions | 1,197 | 1,178 | 781 | |||||||||||||||
Revenues | 23,298 | 21,411 | 19,322 | |||||||||||||||
GE | Healthcare [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 29,227 | 27,858 | 29,227 | 27,858 | 28,369 | |||||||||||||
Depreciation and amortization | 843 | 861 | 879 | |||||||||||||||
Property Plant and Equipment Additions | 405 | 316 | 322 | |||||||||||||||
Revenues | 18,293 | 18,186 | 18,253 | |||||||||||||||
GE | Transportation [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 4,449 | 4,418 | 4,449 | 4,418 | 4,335 | |||||||||||||
Depreciation and amortization | 168 | 167 | 90 | |||||||||||||||
Property Plant and Equipment Additions | 128 | 282 | 724 | |||||||||||||||
Revenues | 5,652 | 5,873 | 5,597 | |||||||||||||||
GE | Appliances And Lighting [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 4,560 | 4,306 | 4,560 | 4,306 | 4,201 | |||||||||||||
Depreciation and amortization | 235 | 300 | 265 | |||||||||||||||
Property Plant and Equipment Additions | 359 | 405 | 485 | |||||||||||||||
Revenues | 8,382 | 8,313 | 7,944 | |||||||||||||||
GE | GE Capital [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 502,570 | 520,040 | 502,570 | 520,040 | 543,093 | |||||||||||||
Depreciation and amortization | 2,864 | 3,088 | 2,486 | |||||||||||||||
Property Plant and Equipment Additions | 3,933 | 3,336 | 5,086 | |||||||||||||||
Revenues | 25,307 | 26,153 | 25,843 | |||||||||||||||
GE | Corporate Items And Eliminations [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 10,418 | $ 6,613 | 10,418 | 6,613 | 27,870 | |||||||||||||
Depreciation and amortization | 166 | 260 | 218 | |||||||||||||||
Property Plant and Equipment Additions | (110) | 194 | (99) | |||||||||||||||
Revenues | (23) | $ 1,937 | $ 1,900 | |||||||||||||||
Significant associated company | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 81,781 | 81,781 | ||||||||||||||||
Financing receivable, net | 36,857 | 36,857 | ||||||||||||||||
Liabilities | $ 56,308 | 56,308 | ||||||||||||||||
Significant associated company | Associated Companies | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 45,690 | |||||||||||||||||
Net earnings | $ (1,511) | |||||||||||||||||
[1] | (a) Our consolidated assets at December 31, 2014 included total assets of $ 50,453 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets included current receivables and net financing receivables of $ 29,703 million and investment securities of $ 3,374 million within continuing operations and assets of discontinued operations of $ 15,034 million. Our consolidated liabilities at December 31, 2014 included liabilities of certain VIEs for which the V IE creditors do not have recourse to GE. These liabilities included non-recourse borrowings of consolidated securitization entities (CSEs) of $ 18,095 million within continuing operations and non-recourse borrowings of CSEs within discontinued operatio ns of $ 10,569 million. See Note 23 . | |||||||||||||||||
[2] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. | |||||||||||||||||
[3] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. |
Operating Segments (Other) (Det
Operating Segments (Other) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
Segment Reporting Information [Line Items] | |||||||||
Income Tax Expense (Benefit) | $ 1,508 | $ 1,212 | $ 2,526 | ||||||
Interest And Other Financial Charges | 5,334 | 5,539 | 6,442 | ||||||
Property, Plant and Equipment, Net | 48,336 | 50,507 | |||||||
Debt | 39,872 | ||||||||
GE Capital [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Income Tax Expense (Benefit) | (126) | (456) | 513 | ||||||
Interest And Other Financial Charges | 4,249 | 4,690 | 5,632 | ||||||
Corporate Items And Eliminations [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Income Tax Expense (Benefit) | 1,634 | 1,668 | 2,013 | ||||||
Interest And Other Financial Charges | 1,085 | 849 | 810 | ||||||
GE | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Income Tax Expense (Benefit) | 1,634 | [1] | 1,668 | [1] | 2,013 | [1] | $ 4,839 | $ 2,024 | |
Interest And Other Financial Charges | 1,579 | [1] | 1,333 | [1] | $ 1,353 | [1] | $ 1,299 | $ 1,600 | |
Property, Plant and Equipment, Net | [1] | $ 17,207 | $ 17,574 | ||||||
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Quarterly Information (unaud165
Quarterly Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Earnings [Abstract] | ||||||||||||||
Earnings from continuing operations | $ 4,705 | $ 2,803 | $ 2,884 | $ 2,254 | $ 4,709 | $ 2,263 | $ 2,538 | $ 2,701 | $ 12,646 | $ 12,211 | $ 12,035 | |||
Losses from discontinued operations, net of tax | 634 | 706 | 661 | 698 | (1,345) | 918 | 761 | 810 | 2,699 | 1,144 | 1,829 | |||
Net earnings | 5,339 | 3,509 | 3,545 | 2,952 | 3,364 | 3,181 | 3,299 | 3,511 | 15,345 | 13,355 | 13,864 | |||
Less net earnings (loss) attributable to noncontrolling interests | 187 | (28) | 0 | (47) | 158 | (10) | 166 | (16) | 112 | 298 | 223 | |||
Net Income (Loss) Attributable to Parent | $ 5,152 | $ 3,537 | $ 3,545 | $ 2,999 | $ 3,206 | $ 3,191 | $ 3,133 | $ 3,527 | 15,233 | 13,057 | 13,641 | |||
Preferred stock dividends declared | 0 | 0 | 0 | |||||||||||
Net earnings (loss) attributable to GE common shareowners | $ 15,233 | $ 13,057 | $ 13,641 | |||||||||||
Earnings From Continuing Operations Per Share [Abstract] | ||||||||||||||
Diluted earnings per share | $ 0.45 | $ 0.28 | $ 0.28 | $ 0.23 | $ 0.45 | $ 0.22 | $ 0.23 | $ 0.26 | $ 1.24 | $ 1.16 | $ 1.12 | |||
Basic earnings per share | 0.45 | 0.28 | 0.29 | 0.23 | 0.45 | 0.22 | 0.23 | 0.26 | 1.25 | 1.16 | 1.12 | |||
Earnings Per Share Discontinued Operations [Abstract] | ||||||||||||||
Earnings (loss) from discontinued operations-Diluted | 0.06 | 0.07 | 0.07 | 0.07 | (0.13) | 0.09 | 0.07 | 0.08 | 0.27 | 0.11 | 0.17 | |||
Earnings (loss) from discontinued operations-Basic | 0.06 | 0.07 | 0.07 | 0.07 | (0.13) | 0.09 | 0.07 | 0.08 | 0.27 | 0.11 | 0.17 | |||
Earnings Per Share [Abstract] | ||||||||||||||
Diluted earnings per share | 0.51 | 0.35 | 0.35 | 0.3 | 0.32 | 0.31 | 0.3 | 0.34 | 1.5 | 1.27 | 1.29 | |||
Basic earnings per share | $ 0.51 | $ 0.35 | $ 0.35 | $ 0.3 | $ 0.32 | $ 0.31 | $ 0.3 | $ 0.34 | $ 1.51 | $ 1.28 | $ 1.29 | |||
Revenues | $ 132,208 | $ 128,986 | $ 127,891 | $ 126,548 | $ 128,560 | |||||||||
Earnings from continuing operations attributable to GE common shareowners | 12,534 | 11,913 | 11,812 | |||||||||||
GE | ||||||||||||||
Earnings [Abstract] | ||||||||||||||
Earnings from continuing operations | [1] | 12,484 | 12,158 | 11,972 | ||||||||||
Losses from discontinued operations, net of tax | [1] | 2,699 | 1,144 | 1,829 | ||||||||||
Net earnings | [2] | 15,183 | 13,302 | 13,801 | ||||||||||
Less net earnings (loss) attributable to noncontrolling interests | [2] | (50) | 245 | 160 | ||||||||||
Net Income (Loss) Attributable to Parent | [2] | 15,233 | 13,057 | 13,641 | ||||||||||
Preferred stock dividends declared | [1] | 0 | 0 | 0 | ||||||||||
Net earnings (loss) attributable to GE common shareowners | [1] | 15,233 | 13,057 | 13,641 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||||||
Sales of goods and services | $ 31,046 | $ 26,025 | $ 26,226 | $ 24,011 | $ 28,826 | $ 25,262 | $ 24,623 | $ 22,303 | ||||||
Gross profit from sales | 7,867 | 6,148 | 6,090 | 5,326 | 6,820 | 5,691 | 6,006 | 4,867 | ||||||
Revenues | [1] | 112,545 | 108,894 | 108,065 | ||||||||||
Earnings from continuing operations attributable to GE common shareowners | [1] | 12,534 | 11,913 | 11,812 | ||||||||||
GECC | ||||||||||||||
Earnings [Abstract] | ||||||||||||||
Earnings from continuing operations | 4,692 | 5,047 | 4,596 | |||||||||||
Losses from discontinued operations, net of tax | 2,704 | 1,210 | 1,682 | |||||||||||
Net earnings | 7,396 | 6,257 | 6,278 | |||||||||||
Less net earnings (loss) attributable to noncontrolling interests | 162 | 53 | 63 | |||||||||||
Net Income (Loss) Attributable to Parent | 7,234 | 6,204 | 6,215 | |||||||||||
Preferred stock dividends declared | 322 | 298 | 123 | |||||||||||
Net earnings (loss) attributable to GE common shareowners | 6,912 | 5,906 | 6,092 | |||||||||||
Earnings Per Share [Abstract] | ||||||||||||||
Revenues | 7,121 | 6,384 | 6,275 | 6,564 | 7,481 | 6,535 | 6,432 | 6,560 | 26,344 | 27,008 | 26,571 | $ 28,330 | $ 28,848 | |
Earnings from continuing operations attributable to GE common shareowners | $ 1,278 | $ 843 | $ 1,163 | $ 1,246 | $ 2,053 | $ 893 | $ 1,040 | $ 1,008 | $ 4,208 | $ 4,696 | $ 4,410 | |||
[1] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. | |||||||||||||
[2] | (a) Represents the adding together of all affiliated companies except Gener al Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. |
GE Capital Exit Plan (Details)
GE Capital Exit Plan (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Apr. 10, 2015 | |
CLL [Member] | |||
Subsequent Events [line items] | |||
After-tax charges reported in discontinued operations | $ 4,329 | ||
GE Capital Exit Plan [Member] | |||
Subsequent Events [line items] | |||
Business disposition charges after tax | 4,581 | $ 16,118 | |
Unconditional guarantee on principal and interest | $ 210,107 | ||
After-tax charges reported in discontinued operations | $ 4,405 | $ 6,691 |