Document and Entity Information
Document and Entity Information $ in Billions | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
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 | shares | 10,109,239,000 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2,015 |
Entity Public Float | $ 261.1 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Statement of Earnings (unaudite
Statement of Earnings (unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||
Revenues and other income | |||||||||
Sales of goods | [1] | $ 17,860 | $ 18,723 | $ 53,003 | $ 53,894 | ||||
Sales of services | [1] | 7,667 | 7,167 | 22,263 | 21,945 | ||||
Other income | [1] | 169 | 258 | 1,092 | 792 | ||||
GECC earnings from continuing operations | [1] | 0 | 0 | 0 | 0 | ||||
GECC revenues from services (Note 12) | [1] | 5,984 | 5,959 | 16,373 | 17,964 | ||||
Total revenues and other income | [1] | 31,680 | 32,107 | 92,731 | 94,595 | ||||
Costs and expenses | |||||||||
Cost of goods sold | 14,199 | 15,232 | 42,748 | [1],[2] | 43,600 | [1],[2] | |||
Cost of services sold | 5,050 | 4,508 | 14,690 | [1],[2] | 14,668 | [1],[2] | |||
Interest and other financial charges | [1] | 1,462 | 1,325 | 3,976 | 3,975 | ||||
Investment contracts, insurance losses and insurance annuity benefits | [1] | 676 | 662 | 1,952 | 1,940 | ||||
Provision for losses on financing receivables (Note 5) | [1] | 738 | 858 | 4,636 | 2,693 | ||||
Other costs and expenses | [1] | 6,298 | 6,318 | 19,125 | 18,744 | ||||
Total costs and expenses | [1] | 28,423 | 28,903 | 87,127 | 85,620 | ||||
Earnings (loss) from continuing operations before income taxes | [1] | 3,257 | 3,204 | 5,604 | 8,975 | ||||
Benefit (provision) for income taxes | [1] | (365) | (401) | (7,466) | (1,034) | ||||
Earnings (loss) from continuing operations | [1] | 2,892 | 2,803 | (1,862) | 7,941 | ||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | [1] | (347) | 706 | (10,336) | 2,065 | ||||
Net earnings (loss) | [1] | 2,545 | 3,509 | (12,198) | 10,006 | ||||
Less net earnings (loss) attributable to noncontrolling interests | [1] | 39 | (28) | 229 | (75) | ||||
Net earnings (loss) attributable to the Company | [1] | 2,506 | 3,537 | (12,427) | 10,081 | ||||
Preferred stock dividends declared | [1] | 0 | 0 | 0 | 0 | ||||
Net earnings (loss) attributable to GE common shareowners | [1] | 2,506 | 3,537 | (12,427) | 10,081 | ||||
Amounts attributable to GE common shareowners | |||||||||
Earnings (loss) from continuing operations | [1] | 2,892 | 2,803 | (1,862) | 7,941 | ||||
Less net earnings (loss) attributable to noncontrolling interests | [1] | 39 | (28) | 229 | (75) | ||||
Earnings (loss) from continuing operations attributable to the Company | [1] | 2,853 | 2,831 | (2,091) | 8,016 | ||||
GECC preferred stock dividends declared | [1] | 0 | 0 | 0 | 0 | ||||
Earnings (loss) from continuing operations attributable to GE common shareowners | [1] | 2,853 | 2,831 | (2,091) | 8,016 | ||||
Earnings (loss) from discontinued operations, net of taxes | [1] | (347) | 706 | (10,336) | 2,065 | ||||
Net earnings (loss) attributable to GE common shareowners | [1] | $ 2,506 | $ 3,537 | $ (12,427) | $ 10,081 | ||||
Earnings (loss) from continuing operations | |||||||||
Diluted earnings (loss) per share | $ 0.28 | $ 0.28 | $ (0.21) | $ 0.79 | |||||
Basic earnings (loss) per share | 0.28 | 0.28 | (0.21) | 0.8 | |||||
Net earnings | |||||||||
Diluted earnings (loss) per share | 0.25 | 0.35 | (1.23) | 0.99 | |||||
Basic earnings (loss) per share | 0.25 | 0.35 | (1.23) | 1 | |||||
Dividends declared per common share | $ 0.23 | $ 0.22 | $ 0.69 | $ 0.66 | |||||
GE | |||||||||
Revenues and other income | |||||||||
Sales of goods | [1],[3] | $ 17,874 | $ 18,764 | $ 53,071 | $ 54,017 | ||||
Sales of services | [1],[3] | 7,738 | 7,261 | 22,521 | 22,245 | ||||
Other income | [1],[3] | 201 | 236 | 1,023 | 689 | ||||
GECC earnings from continuing operations | [1],[3] | 734 | 843 | (7,394) | 3,252 | ||||
GECC revenues from services (Note 12) | [1],[3] | 0 | 0 | 0 | 0 | ||||
Total revenues and other income | [1],[3] | 26,547 | 27,104 | 69,221 | 80,203 | ||||
Costs and expenses | |||||||||
Cost of goods sold | [1],[3] | 14,215 | 15,274 | 42,821 | [2] | 43,729 | [2] | ||
Cost of services sold | [1],[3] | 5,121 | 4,603 | 14,948 | [2] | 14,969 | [2] | ||
Interest and other financial charges | [1],[3] | 440 | 377 | 1,243 | 1,142 | ||||
Investment contracts, insurance losses and insurance annuity benefits | [1],[3] | 0 | 0 | 0 | 0 | ||||
Provision for losses on financing receivables (Note 5) | [1],[3] | 0 | 0 | 0 | 0 | ||||
Other costs and expenses | [1],[3] | 3,549 | 3,686 | 11,035 | 11,355 | ||||
Total costs and expenses | [1],[3] | 23,325 | 23,940 | 70,048 | 71,195 | ||||
Earnings (loss) from continuing operations before income taxes | [1],[3] | 3,222 | 3,164 | (827) | 9,008 | ||||
Benefit (provision) for income taxes | [1],[3] | (413) | (416) | (1,302) | (1,143) | ||||
Earnings (loss) from continuing operations | [1],[3] | 2,809 | 2,748 | (2,129) | 7,865 | ||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | [1],[3] | (347) | 706 | (10,336) | 2,065 | ||||
Net earnings (loss) | [1],[3] | 2,462 | 3,454 | (12,465) | 9,930 | ||||
Less net earnings (loss) attributable to noncontrolling interests | [1],[3] | (43) | (83) | (38) | (151) | ||||
Net earnings (loss) attributable to the Company | [1],[3] | 2,506 | 3,537 | (12,427) | 10,081 | ||||
Preferred stock dividends declared | [1],[3] | 0 | 0 | 0 | 0 | ||||
Net earnings (loss) attributable to GE common shareowners | [1],[3] | 2,506 | 3,537 | (12,427) | 10,081 | ||||
Amounts attributable to GE common shareowners | |||||||||
Earnings (loss) from continuing operations | [1],[3] | 2,809 | 2,748 | (2,129) | 7,865 | ||||
Less net earnings (loss) attributable to noncontrolling interests | [1],[3] | (43) | (83) | (38) | (151) | ||||
Earnings (loss) from continuing operations attributable to the Company | [1],[3] | 2,853 | 2,831 | (2,091) | 8,016 | ||||
GECC preferred stock dividends declared | [1],[3] | 0 | 0 | 0 | 0 | ||||
Earnings (loss) from continuing operations attributable to GE common shareowners | [1],[3] | 2,853 | 2,831 | (2,091) | 8,016 | ||||
Earnings (loss) from discontinued operations, net of taxes | [1],[3] | (347) | 706 | (10,336) | 2,065 | ||||
Net earnings (loss) attributable to GE common shareowners | [1],[3] | 2,506 | 3,537 | (12,427) | 10,081 | ||||
GECC | |||||||||
Revenues and other income | |||||||||
Sales of goods | [1] | 21 | 28 | 64 | 89 | ||||
Sales of services | [1] | 0 | 0 | 0 | 0 | ||||
Other income | [1] | 0 | 0 | 0 | 0 | ||||
GECC earnings from continuing operations | [1] | 0 | 0 | 0 | 0 | ||||
GECC revenues from services (Note 12) | [1] | 6,290 | 6,356 | 17,388 | 19,134 | ||||
Total revenues and other income | [1] | 6,312 | 6,384 | 17,452 | 19,223 | ||||
Costs and expenses | |||||||||
Cost of goods sold | 18 | [1] | 25 | [1] | 58 | [2] | 81 | [2] | |
Cost of services sold | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | |
Interest and other financial charges | [1] | 1,151 | 1,061 | 3,096 | 3,184 | ||||
Investment contracts, insurance losses and insurance annuity benefits | [1] | 717 | 700 | 2,070 | 2,041 | ||||
Provision for losses on financing receivables (Note 5) | [1] | 738 | 858 | 4,636 | 2,693 | ||||
Other costs and expenses | [1] | 2,918 | 2,857 | 8,555 | 8,005 | ||||
Total costs and expenses | [1] | 5,542 | 5,501 | 18,415 | 16,004 | ||||
Earnings (loss) from continuing operations before income taxes | [1] | 769 | 883 | (963) | 3,219 | ||||
Benefit (provision) for income taxes | [1] | 48 | 15 | (6,164) | 109 | ||||
Earnings (loss) from continuing operations | [1] | 817 | 898 | (7,127) | 3,328 | ||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | [1] | (347) | 706 | (10,332) | 2,070 | ||||
Net earnings (loss) | [1] | 470 | 1,604 | (17,459) | 5,398 | ||||
Less net earnings (loss) attributable to noncontrolling interests | [1] | 83 | 55 | 267 | 76 | ||||
Net earnings (loss) attributable to the Company | [1] | 387 | 1,549 | (17,726) | 5,322 | ||||
Preferred stock dividends declared | [1] | 0 | 0 | (161) | (161) | ||||
Net earnings (loss) attributable to GE common shareowners | [1] | 387 | 1,549 | (17,887) | 5,161 | ||||
Amounts attributable to GE common shareowners | |||||||||
Earnings (loss) from continuing operations | [1] | 817 | 898 | (7,127) | 3,328 | ||||
Less net earnings (loss) attributable to noncontrolling interests | [1] | 83 | 55 | 267 | 76 | ||||
Earnings (loss) from continuing operations attributable to the Company | [1] | 734 | 843 | (7,394) | 3,252 | ||||
GECC preferred stock dividends declared | [1] | 0 | 0 | (161) | (161) | ||||
Earnings (loss) from continuing operations attributable to GE common shareowners | [1] | 734 | 843 | (7,555) | 3,091 | ||||
Earnings (loss) from discontinued operations, net of taxes | [1] | (347) | 706 | (10,332) | 2,070 | ||||
Net earnings (loss) attributable to GE common shareowners | [1] | $ 387 | $ 1,549 | $ (17,887) | $ 5,161 | ||||
[1] | Amounts may not add due to rounding. | ||||||||
[2] | Includes revisions to previously reported amounts which increased cost of goods sold and decreased cost of services sold by $401million and $728 million for the three months ended March 31, 2015 and June 30, 2015, respectively . | ||||||||
[3] | (a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis. See Note 1. |
Statement of Earnings (Parenthe
Statement of Earnings (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Statement of Earnings [Abstract] | ||
Revised adjustment to total cost | $ 728 | $ 401 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net earnings (loss) | [1] | $ 2,545 | $ 3,509 | $ (12,198) | $ 10,006 |
Less net earnings (loss) attributable to noncontrolling interests | [1] | 39 | (28) | 229 | (75) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Basic | [1] | 2,506 | 3,537 | (12,427) | 10,081 |
Other comprehensive income (loss) | |||||
Investment securities | (3) | (284) | (452) | 450 | |
Currency translation adjustments | 624 | (1,590) | (2,896) | (1,649) | |
Cash flow hedges | (35) | 55 | 6 | 136 | |
Benefit plans | 627 | 859 | 4,486 | 2,072 | |
Other comprehensive income (loss) | 1,214 | (960) | 1,144 | 1,009 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (8) | (8) | (45) | (1) | |
Other comprehensive income (loss) attributable to the Company | 1,221 | (952) | 1,189 | 1,010 | |
Comprehensive income (loss) | 3,759 | 2,549 | (11,054) | 11,015 | |
Less Comprehensive income (loss) attributable to noncontrolling interests | 31 | (36) | 184 | (76) | |
Comprehensive income (loss) attributable to Company | $ 3,727 | $ 2,585 | $ (11,238) | $ 11,091 | |
[1] | Amounts may not add due to rounding. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareowners' Equity (unaudited) $ in Millions | USD ($) | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | $ 6,217 | |
GE shareowners' equity opening balance at Dec. 31, 2013 | 130,566 | |
Statement Of Stockholders Equity [Abstract] | ||
Net earnings (loss) attributable to the Company | 10,081 | [1] |
Dividends and other transactions with shareowners | (6,635) | |
Other comprehensive income (loss) attributable to the Company | 1,010 | |
Net sales (purchases) of shares for treasury | (444) | |
Changes in other capital | 420 | |
Equity ending balance at September 30 at Sep. 30, 2014 | 134,998 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 6,054 | |
Net earnings (loss) attributable to the Company | 3,537 | [1] |
Other comprehensive income (loss) attributable to the Company | (952) | |
Equity ending balance at September 30 at Sep. 30, 2014 | 134,998 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,513 | |
Total equity balance at September 30 | 143,511 | |
Noncontrolling interests | 8,674 | [1],[2] |
Total equity balance at September 30 | 136,833 | [1] |
GE shareowners' equity opening balance at Dec. 31, 2014 | 128,159 | [1] |
Statement Of Stockholders Equity [Abstract] | ||
Net earnings (loss) attributable to the Company | (12,427) | [1] |
Dividends and other transactions with shareowners | (6,973) | |
Other comprehensive income (loss) attributable to the Company | 1,189 | |
Net sales (purchases) of shares for treasury | 1,386 | |
Changes in other capital | (129) | |
Equity ending balance at September 30 at Sep. 30, 2015 | 111,204 | [1] |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,776 | |
Net earnings (loss) attributable to the Company | 2,506 | [1] |
Other comprehensive income (loss) attributable to the Company | 1,221 | |
Equity ending balance at September 30 at Sep. 30, 2015 | 111,204 | [1] |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,788 | [1],[2] |
Total equity balance at September 30 | $ 119,993 | [1] |
[1] | Amounts may not add due to rounding. | |
[2] | (c) Included AOCI attributable to noncontrolling interests of $ (239) million and $ (194) million at September 30, 2015 and December 31, 2014 , respectively. |
Statement of Financial Position
Statement of Financial Position (unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and equivalents | [1] | $ 99,086 | $ 84,927 |
Investment securities (Note 3) | [1] | 36,933 | 38,400 |
Current receivables | [1] | 22,332 | 23,237 |
Inventories (Note 4) | [1] | 19,285 | 17,689 |
Financing receivables - net (Note 5 and 18) | [1] | 72,353 | 110,255 |
Other GECC receivables | [1] | 6,280 | 6,920 |
Property, plant and equipment - net (Note 6) | [1] | 50,704 | 48,336 |
Investment in GECC | [1] | 0 | 0 |
Goodwill (Note 7) | [1] | 61,660 | 62,983 |
Other intangible assets - net (Note 7) | [1] | 13,618 | 13,855 |
All other assets | [1] | 45,793 | 47,905 |
Financing receivables held for sale (Note 2) | [1] | 22,832 | 421 |
Deferred income taxes | [1] | 176 | 5,352 |
Assets of businesses held for sale (Note 2) | [1] | 8,309 | 6,300 |
Assets of discontinued operations (Note 2) | [1] | 121,949 | 186,934 |
Total assets(a) | [1],[2] | 581,310 | 653,514 |
Liabilities and equity | |||
Short-term borrowings (Note 8) | [1] | 46,495 | 70,714 |
Accounts payable, principally trade accounts | [1] | 11,762 | 12,572 |
Progress collections and price adjustments accrued | [1] | 11,247 | 12,537 |
Dividends payable | [1] | 2,324 | 2,317 |
Other GE current liabilities | [1] | 12,624 | 12,682 |
Non-recourse borrowings of consolidated securitization entities (Note 8) | [1] | 16,225 | 19,369 |
Bank deposits (Note 8) | [1] | 48,656 | 43,841 |
Long-term borrowings (Note 8) | [1] | 180,011 | 199,182 |
Investment contracts, insurance liabilities and insurance annuity benefits | [1] | 26,135 | 27,578 |
All other liabilities | [1] | 60,685 | 63,720 |
Liabilities of businesses held for sale (Note 2) | [1] | 1,384 | 3,375 |
Liabilities of discontinued operations (Note 2) | [1] | 43,768 | 48,794 |
Total liabilities(b) | [1],[2] | 461,317 | 516,681 |
GECC preferred stock (50,000 shares outstanding at both September 30, 2015 and December 31, 2014) | [1] | 0 | 0 |
Common stock (10,109,239,000 and 10,057,380,000 shares outstanding at both September 30, 2015 and December 31, 2014) | [1] | 702 | 702 |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [1],[3] | 561 | 1,013 |
Currency translation adjustments | [1],[3] | (5,281) | (2,427) |
Cash flow hedges | [1],[3] | (174) | (180) |
Benefit plans | [1],[3] | (12,089) | (16,578) |
Other capital | [1] | 32,760 | 32,889 |
Retained earnings | [1] | 135,932 | 155,333 |
Less common stock held in treasury | [1] | (41,207) | (42,593) |
Total GE shareowners' equity | [1] | 111,204 | 128,159 |
Noncontrolling interests(c) (Note 11) | [1],[4] | 8,788 | 8,674 |
Total equity | [1] | 119,993 | 136,833 |
Total liabilities and equity | [1] | 581,310 | 653,514 |
GE | |||
Assets | |||
Cash and equivalents | [1],[5] | 16,810 | 15,916 |
Investment securities (Note 3) | [1],[5] | 68 | 84 |
Current receivables | [1],[5] | 10,786 | 11,513 |
Inventories (Note 4) | [1],[5] | 19,225 | 17,639 |
Financing receivables - net (Note 5 and 18) | [1],[5] | 0 | 0 |
Other GECC receivables | [1],[5] | 0 | 0 |
Property, plant and equipment - net (Note 6) | [1],[5] | 16,659 | 17,207 |
Investment in GECC | [1],[5] | 63,217 | 82,549 |
Goodwill (Note 7) | [1],[5] | 50,200 | 51,527 |
Other intangible assets - net (Note 7) | [1],[5] | 12,445 | 12,984 |
All other assets | [1],[5] | 26,669 | 24,680 |
Financing receivables held for sale (Note 2) | [1],[5] | 0 | 0 |
Deferred income taxes | [1],[5] | 6,634 | 8,772 |
Assets of businesses held for sale (Note 2) | [1],[5] | 3,382 | 2,805 |
Assets of discontinued operations (Note 2) | [1],[5] | 9 | 10 |
Total assets(a) | [1],[5] | 226,104 | 245,686 |
Liabilities and equity | |||
Short-term borrowings (Note 8) | [1],[5] | 4,761 | 3,872 |
Accounts payable, principally trade accounts | [1],[5] | 15,537 | 16,511 |
Progress collections and price adjustments accrued | [1],[5] | 11,247 | 12,550 |
Dividends payable | [1],[5] | 2,324 | 2,317 |
Other GE current liabilities | [1],[5] | 12,622 | 12,681 |
Non-recourse borrowings of consolidated securitization entities (Note 8) | [1],[5] | 0 | 0 |
Bank deposits (Note 8) | [1],[5] | 0 | 0 |
Long-term borrowings (Note 8) | [1],[5] | 15,895 | 12,468 |
Investment contracts, insurance liabilities and insurance annuity benefits | [1],[5] | 0 | 0 |
All other liabilities | [1],[5] | 49,956 | 54,662 |
Liabilities of businesses held for sale (Note 2) | [1],[5] | 1,752 | 1,504 |
Liabilities of discontinued operations (Note 2) | [1],[5] | 126 | 137 |
Total liabilities(b) | [1],[5] | 114,220 | 116,702 |
GECC preferred stock (50,000 shares outstanding at both September 30, 2015 and December 31, 2014) | [1],[5] | 0 | 0 |
Common stock (10,109,239,000 and 10,057,380,000 shares outstanding at both September 30, 2015 and December 31, 2014) | [1],[5] | 702 | 702 |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [1],[5] | 561 | 1,013 |
Currency translation adjustments | [1],[5] | (5,281) | (2,427) |
Cash flow hedges | [1],[5] | (174) | (180) |
Benefit plans | [1],[5] | 12,089 | 16,578 |
Other capital | [1],[5] | 32,760 | 32,889 |
Retained earnings | [1],[5] | 135,932 | 155,333 |
Less common stock held in treasury | [1],[5] | (41,207) | (42,593) |
Total GE shareowners' equity | [1],[5] | 111,204 | 128,159 |
Noncontrolling interests(c) (Note 11) | [1],[5] | 679 | 825 |
Total equity | [1],[5] | 111,883 | 128,984 |
Total liabilities and equity | [1],[5] | 226,104 | 245,686 |
GECC | |||
Assets | |||
Cash and equivalents | [1] | 82,276 | 69,011 |
Investment securities (Note 3) | [1] | 36,868 | 38,320 |
Current receivables | [1] | 0 | 0 |
Inventories (Note 4) | [1] | 59 | 50 |
Financing receivables - net (Note 5 and 18) | [1] | 83,748 | 122,457 |
Other GECC receivables | [1] | 14,039 | 14,508 |
Property, plant and equipment - net (Note 6) | [1] | 34,516 | 31,519 |
Investment in GECC | [1] | 0 | 0 |
Goodwill (Note 7) | [1] | 11,460 | 11,456 |
Other intangible assets - net (Note 7) | [1] | 1,177 | 875 |
All other assets | [1] | 19,155 | 23,198 |
Financing receivables held for sale (Note 2) | [1] | 23,665 | 778 |
Deferred income taxes | [1] | (6,458) | (3,420) |
Assets of businesses held for sale (Note 2) | [1] | 4,917 | 3,474 |
Assets of discontinued operations (Note 2) | [1] | 121,940 | 186,924 |
Total assets(a) | [1] | 427,361 | 499,150 |
Liabilities and equity | |||
Short-term borrowings (Note 8) | [1] | 42,880 | 67,705 |
Accounts payable, principally trade accounts | [1] | 2,213 | 2,411 |
Progress collections and price adjustments accrued | [1] | 0 | 0 |
Dividends payable | [1] | 0 | 0 |
Other GE current liabilities | [1] | 0 | 0 |
Non-recourse borrowings of consolidated securitization entities (Note 8) | [1] | 16,225 | 19,369 |
Bank deposits (Note 8) | [1] | 48,656 | 43,841 |
Long-term borrowings (Note 8) | [1] | 164,183 | 186,759 |
Investment contracts, insurance liabilities and insurance annuity benefits | [1] | 26,646 | 28,027 |
All other liabilities | [1] | 11,330 | 9,549 |
Liabilities of businesses held for sale (Note 2) | [1] | 260 | 2,434 |
Liabilities of discontinued operations (Note 2) | [1] | 43,642 | 48,657 |
Total liabilities(b) | [1] | 356,035 | 408,752 |
GECC preferred stock (50,000 shares outstanding at both September 30, 2015 and December 31, 2014) | [1] | 0 | 0 |
Common stock (10,109,239,000 and 10,057,380,000 shares outstanding at both September 30, 2015 and December 31, 2014) | [1] | 0 | 0 |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [1] | 580 | 1,010 |
Currency translation adjustments | [1] | (1,412) | (838) |
Cash flow hedges | [1] | (192) | (172) |
Benefit plans | [1] | 569 | 577 |
Other capital | [1] | 33,019 | 32,999 |
Retained earnings | [1] | 36,740 | 55,077 |
Less common stock held in treasury | [1] | 0 | 0 |
Total GE shareowners' equity | [1] | 68,166 | 87,499 |
Noncontrolling interests(c) (Note 11) | [1] | 3,160 | 2,899 |
Total equity | [1] | 71,326 | 90,398 |
Total liabilities and equity | [1] | $ 427,361 | $ 499,150 |
[1] | Amounts may not add due to rounding. | ||
[2] | (a) Our consolidated assets at September 30, 2015 included total assets of $ 41,589 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 $ 28,190 million and investment securities of $ 1,412 million w ithin continuing operations and assets of discontinued operations of $ 11,427 million. Our consolidated liabilities at September 30, 2015 included liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities included non-recourse borrowings of consolidated securitization entities (CSEs) of $ 16,225 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 8,072 million. See Note 16 . | ||
[3] | (b) The sum of a ccumulated other comprehensive income (loss) (AOCI) attributable to the Company was $ (16,983) million and $ (18,172) million at September 30, 2015 and December 31, 2014 , respectively. | ||
[4] | (c) Included AOCI attributable to noncontrolling interests of $ (239) million and $ (194) million at September 30, 2015 and December 31, 2014 , respectively. | ||
[5] | (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 Positio7
Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Balance Sheet Related Disclosures [Abstract] | |||
Preferred Stock, Shares Outstanding | 50,000 | 50,000 | |
Common Stock, Shares, Outstanding | 10,109,239,000 | 10,057,380,000 | |
Assets of consolidated variable interest entities that can only be used to settle the liabilities of those VIEs | $ 41,589 | ||
Assets of discontinued operations of certain VIEs that can only be used to settle liabilities of those VIEs | 11,427 | ||
Current receivables and net financing receivables of certain VIEs that can only be used to settle the liabilities of those VIEs | 28,190 | ||
Investment securities of certain VIEs that can only be used to settle the liabilities of those VIEs | 1,412 | ||
Nonrecourse borrowings of consolidated securitization entities within continuing operations where VIE creditors do not have recourse to company | 16,225 | ||
Nonrecourse borrowings of consolidated securitization entities within discontinued operations where VIE creditors do not have recourse to company | 8,072 | ||
Sum of accumulated other comprehensive income - net | (16,983) | $ (18,172) | |
Accumulated other comprehensive income - net attributable to noncontrolling interests | $ (239) | $ (194) | $ (194) |
Statement of Cash Flows (unaudi
Statement of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Cash flows - operating activities | ||||||
Net earnings (loss) | [1] | $ 2,545 | $ 3,509 | $ (12,198) | $ 10,006 | |
Less net earnings (loss) attributable to noncontrolling interests | [1] | 39 | (28) | 229 | (75) | |
Net earnings (loss) attributable to the Company | [1] | 2,506 | 3,537 | (12,427) | 10,081 | |
(Earnings) loss from discontinued operations, net of taxes | [1] | 347 | (706) | 10,336 | (2,065) | |
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | ||||||
Depreciation and amortization of property, plant and equipment | 3,603 | 3,820 | ||||
Earnings from continuing operations retained by GECC | 0 | 0 | ||||
Deferred income taxes | 2,365 | (1,307) | ||||
Decrease (increase) in GE current receivables | 909 | (691) | ||||
Decrease (increase) in inventories | (1,766) | (2,768) | ||||
Increase (decrease) in accounts payable | 245 | 1,331 | ||||
Increase (decrease) in GE progress collections | (1,265) | (735) | ||||
Provision for losses on GECC financing receivables | [1] | 738 | 858 | 4,636 | 2,693 | |
All other operating activities | 3,429 | 809 | ||||
Cash from (used for) operating activities - continuing operations | 10,065 | 11,168 | ||||
Cash from (used for) operating activities - discontinued operations | 3,082 | 5,077 | ||||
Cash from (used for) operating activities | 13,147 | 16,245 | ||||
Cash flows - investing activities | ||||||
Additions to property, plant and equipment | (4,893) | (4,977) | ||||
Dispositions of property, plant and equipment | 2,375 | 2,430 | ||||
Net decrease (increase) in GECC financing receivables | 4,248 | (1,699) | ||||
Proceeds from sales of discontinued operations | 42,486 | 232 | ||||
Proceeds from principal business dispositions | 1,496 | 607 | ||||
Net cash from (payments for) principal businesses purchased | (1,738) | (2,090) | ||||
All other investing activities | 8,567 | 7,165 | ||||
Cash from (used for) investing activities - continuing operations | 52,541 | 1,668 | ||||
Cash from (used for) investing activities - discontinued operations | 7,230 | (3,587) | ||||
Cash from (used for) investing activities | 59,771 | (1,919) | ||||
Cash flows - financing activities | ||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (16,791) | (6,069) | ||||
Net increase (decrease) in bank deposits | 5,329 | 6,933 | ||||
Newly issued debt (maturities longer than 90 days) | 17,873 | 29,605 | ||||
Repayments and other reductions (maturities longer than 90 days) | (44,003) | (37,654) | ||||
Net dispositions (purchases) of GE shares for treasury | 635 | (1,359) | ||||
Dividends paid to shareowners | (6,960) | (6,643) | ||||
Proceeds from initial public offering of Synchrony Financial | 0 | 2,842 | ||||
All other financing activities | (1,394) | (274) | ||||
Cash from (used for) financing activities - continuing operations | (45,312) | (12,619) | ||||
Cash from (used for) financing activities - discontinued operations | (4,495) | 1,540 | ||||
Cash from (used for) financing activities | (49,807) | (11,079) | ||||
Effect of currency exchange rate changes on cash and equivalents | (3,517) | (1,360) | ||||
Increase (decrease) in cash and equivalents | 19,594 | 1,887 | ||||
Cash and equivalents at beginning of year | 91,017 | 88,787 | $ 88,787 | |||
Cash and equivalents at June 30 | 110,611 | 90,674 | 110,611 | 90,674 | 91,017 | |
Less cash and equivalents of discontinued operations at June 30 | 11,226 | 5,070 | 11,226 | 5,070 | ||
Cash and equivalents of continuing operations at June 30 | 99,385 | 85,604 | 99,385 | 85,604 | ||
GE | ||||||
Cash flows - operating activities | ||||||
Net earnings (loss) | [1],[2] | 2,462 | 3,454 | (12,465) | 9,930 | |
Less net earnings (loss) attributable to noncontrolling interests | [1],[2] | (43) | (83) | (38) | (151) | |
Net earnings (loss) attributable to the Company | [1],[2] | 2,506 | 3,537 | (12,427) | 10,081 | |
(Earnings) loss from discontinued operations, net of taxes | [1],[2] | 347 | (706) | 10,336 | (2,065) | |
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | ||||||
Depreciation and amortization of property, plant and equipment | 1,777 | 1,891 | ||||
Earnings from continuing operations retained by GECC | (7,844) | 1,031 | ||||
Deferred income taxes | (407) | (618) | ||||
Decrease (increase) in GE current receivables | 588 | (535) | ||||
Decrease (increase) in inventories | (1,739) | (2,771) | ||||
Increase (decrease) in accounts payable | 34 | 1,054 | ||||
Increase (decrease) in GE progress collections | (1,278) | (748) | ||||
Provision for losses on GECC financing receivables | [1],[2] | 0 | 0 | 0 | 0 | |
All other operating activities | 1,798 | 1,917 | ||||
Cash from (used for) operating activities - continuing operations | 6,526 | 7,175 | ||||
Cash from (used for) operating activities - discontinued operations | (10) | (1) | ||||
Cash from (used for) operating activities | 6,516 | 7,174 | ||||
Cash flows - investing activities | ||||||
Additions to property, plant and equipment | (2,708) | (2,806) | ||||
Dispositions of property, plant and equipment | 525 | 393 | ||||
Net decrease (increase) in GECC financing receivables | 0 | 0 | ||||
Proceeds from sales of discontinued operations | 0 | 0 | ||||
Proceeds from principal business dispositions | 222 | 579 | ||||
Net cash from (payments for) principal businesses purchased | (61) | (2,090) | ||||
All other investing activities | (1,037) | (647) | ||||
Cash from (used for) investing activities - continuing operations | (3,058) | (4,571) | ||||
Cash from (used for) investing activities - discontinued operations | 10 | 1 | ||||
Cash from (used for) investing activities | (3,048) | (4,570) | ||||
Cash flows - financing activities | ||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | 716 | (704) | ||||
Net increase (decrease) in bank deposits | 0 | 0 | ||||
Newly issued debt (maturities longer than 90 days) | 3,537 | 3,058 | ||||
Repayments and other reductions (maturities longer than 90 days) | (153) | (215) | ||||
Net dispositions (purchases) of GE shares for treasury | 635 | (1,359) | ||||
Dividends paid to shareowners | (6,960) | (6,643) | ||||
Proceeds from initial public offering of Synchrony Financial | 0 | 0 | ||||
All other financing activities | 132 | 246 | ||||
Cash from (used for) financing activities - continuing operations | (2,095) | (5,617) | ||||
Cash from (used for) financing activities - discontinued operations | 0 | 0 | ||||
Cash from (used for) financing activities | (2,095) | (5,617) | ||||
Effect of currency exchange rate changes on cash and equivalents | (479) | (93) | ||||
Increase (decrease) in cash and equivalents | 894 | (3,106) | ||||
Cash and equivalents at beginning of year | 15,916 | 13,682 | 13,682 | |||
Cash and equivalents at June 30 | 16,810 | 10,576 | 16,810 | 10,576 | 15,916 | |
Less cash and equivalents of discontinued operations at June 30 | 0 | 0 | 0 | 0 | ||
Cash and equivalents of continuing operations at June 30 | 16,810 | 10,576 | 16,810 | 10,576 | ||
GECC | ||||||
Cash flows - operating activities | ||||||
Net earnings (loss) | [1] | 470 | 1,604 | (17,459) | 5,398 | |
Less net earnings (loss) attributable to noncontrolling interests | [1] | 83 | 55 | 267 | 76 | |
Net earnings (loss) attributable to the Company | [1] | 387 | 1,549 | (17,726) | 5,322 | |
(Earnings) loss from discontinued operations, net of taxes | [1] | 347 | (706) | 10,332 | (2,070) | |
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | ||||||
Depreciation and amortization of property, plant and equipment | 1,841 | 1,929 | ||||
Earnings from continuing operations retained by GECC | 0 | 0 | ||||
Deferred income taxes | 2,772 | (689) | ||||
Decrease (increase) in GE current receivables | 0 | 0 | ||||
Decrease (increase) in inventories | (9) | 20 | ||||
Increase (decrease) in accounts payable | 165 | 764 | ||||
Increase (decrease) in GE progress collections | 0 | 0 | ||||
Provision for losses on GECC financing receivables | [1] | 738 | 858 | 4,636 | 2,693 | |
All other operating activities | 1,943 | (1,194) | ||||
Cash from (used for) operating activities - continuing operations | 3,954 | 6,775 | ||||
Cash from (used for) operating activities - discontinued operations | 3,090 | 5,078 | ||||
Cash from (used for) operating activities | 7,044 | 11,853 | ||||
Cash flows - investing activities | ||||||
Additions to property, plant and equipment | (2,643) | (2,627) | ||||
Dispositions of property, plant and equipment | 2,074 | 2,059 | ||||
Net decrease (increase) in GECC financing receivables | (4,535) | 1,585 | ||||
Proceeds from sales of discontinued operations | 42,486 | 232 | ||||
Proceeds from principal business dispositions | 1,274 | 0 | ||||
Net cash from (payments for) principal businesses purchased | (1,677) | 0 | ||||
All other investing activities | 9,608 | 8,957 | ||||
Cash from (used for) investing activities - continuing operations | 55,657 | 7,036 | ||||
Cash from (used for) investing activities - discontinued operations | 7,218 | (3,588) | ||||
Cash from (used for) investing activities | 62,875 | 3,448 | ||||
Cash flows - financing activities | ||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (17,526) | (6,723) | ||||
Net increase (decrease) in bank deposits | 5,329 | 6,933 | ||||
Newly issued debt (maturities longer than 90 days) | 14,336 | 26,547 | ||||
Repayments and other reductions (maturities longer than 90 days) | (43,850) | (37,439) | ||||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | ||||
Dividends paid to shareowners | (611) | (2,382) | ||||
Proceeds from initial public offering of Synchrony Financial | 0 | 2,842 | ||||
All other financing activities | (1,363) | (359) | ||||
Cash from (used for) financing activities - continuing operations | (43,685) | (10,581) | ||||
Cash from (used for) financing activities - discontinued operations | (4,496) | 1,540 | ||||
Cash from (used for) financing activities | (48,181) | (9,041) | ||||
Effect of currency exchange rate changes on cash and equivalents | (3,038) | (1,267) | ||||
Increase (decrease) in cash and equivalents | 18,700 | 4,993 | ||||
Cash and equivalents at beginning of year | 75,101 | 75,105 | 75,105 | |||
Cash and equivalents at June 30 | 93,801 | 80,098 | 93,801 | 80,098 | $ 75,101 | |
Less cash and equivalents of discontinued operations at June 30 | 11,226 | 5,070 | 11,226 | 5,070 | ||
Cash and equivalents of continuing operations at June 30 | $ 82,575 | $ 75,028 | $ 82,575 | $ 75,028 | ||
[1] | Amounts may not add due to rounding. | |||||
[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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 1 . Basis of Presentation and Summary of Significant Accounting Policies basis of presentation The accompanying consolidated financial statements represent the consolidation of General Electric Company (the Company) and all companies that we directly or indirectly control, either through majority ownership or otherwise. See Note 1 to the consolidated financial stat ements of our Form 8-K filed on August 7, 2015 which discusses our consolidation and financial statement presentation. As used in this report on Form 10-Q (Report), “GE” represents the adding together of all affiliated companies except General Electric Cap ital Corporation (GECC or Financial Services), whose continuing operations are presented on a one-line basis; GECC consists of General Electric Capital Corporation and all of its affiliates; and “Consolidated” represents the adding together of GE and GECC with the effects of transactions between the two eliminated. Unless otherwise indicated, we refer to the caption revenues and other income simply as “revenues” throughout this Form 10-Q. We have reclassified certain prior-period amounts to conform to the current-period presentation. Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Unless otherwise indicated, information in thes e notes to the consolidated financial statements relates to continuing operations. THE 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 GECC businesses, principally its vertical financing businesses—GE Capital Aviation Services (GECAS), Energy Financial Services (EFS) and Healthcare Equipment Finance—that directly relate to the Company’s core indu strial domain and other operations, including Working Capital Solutions and our run-off insurance activities (together referred to as GE Capital Verticals or Verticals). The assets planned for disposition include Real Estate, most of Commercial Lending and Leasing (CLL) and all Consumer platforms (including all U.S. banking assets). In the nine months ended September 30, 2015, GE recorded $21,061 million of after-tax charges related to the GE Capital Exit Plan, including $362 million of after-tax charges recorded in the third quarter of 2015, primarily exit-related charges in our CLL business, partially offset by income associated with operations in CLL and Real Estate. A description of after-tax charges for the nine months ended September 30, 2015 is prov ided below. $9,756 million of net loss primarily related to the planned disposition of the Real Estate business and most of the CLL business, which is recorded in discontinued operations under the caption “Earnings (loss) from discontinued operations, net of taxes” in the Statement of Earnings. $6,209 million of tax expense related to expected repatriation of foreign earnings and write-off of deferred tax assets, of which $6,057 million is reported in GECC’s Corporate component and $152 million is reported in our Consumer business all recorded in continuing operations under the caption “Benefit (provision) for income taxes” in the Statement of Earnings. $4,666 million of net asset impairments due to shortened hold periods, of which $3,151 million is recorded in continuing operations in our Consumer business primarily under the captions “Provisions for losses on financing receivables” and “Revenues from services” in the Statement of Earnings and $1,515 million is recorded in discontinued operations in our CLL business under the caption “Earnings (loss) from discontinued operations, net of taxes” in the Statement of Earnings. $430 million of restructuring and other charges, of which $337 million is recorded in continuing operations in GECC’s Corporate component under the caption “Other costs and expenses” in the Statement of Earnings and $93 million is recorded in discontinued operations in our CLL business under the caption “Earnings (lo ss) from discontinued operations, net of taxes” in the Statement of Earnings. As part of the GE Capital Exit Plan , the Company and GECC entered into an amendment to their existing financial support agreement. Under this amendment (the Amendment), the Company ha s 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 securities and all commercial paper issued or guaranteed by GECC identified in the Ame ndment. In the aggregate, the Guarantee applied to $ 183,670 million of GECC debt as of September 30, 2015 . See Note 8. The Guarantee replaced the requirement that the Company make certain 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. See Notes 2 and 7 to the consolidated financial statements for additional information. interim period presentati on The consolidated financial statements and notes thereto are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in our 2014 consolidated financial statements . Effective for the first quarter of 2015, the Company is foll owing a calendar quarter. Previously, we established interim quarterly closing dates using a fiscal calendar, which required our businesses to close their books on either a Saturday or Sund ay, depending on the business. summary of significant accounting policies In addition to the policies referenced in our 2014 Form 10-K Report and Form 8-K filed on August 7, 2015, we have supplemented the discussion of our significant accounting policies and critical accounting estimates to describe the estimates used to determine the fair value of businesses and assets held for sale as follows. 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 presente d as held for investment must be classified as held for sale and recognized in our financial statements at the lower of cost or fair value, less cost to sell, with that amount representing a new cost basis at the date of transfer. As previously discussed, a s a result of the GE Capital Exit Plan , management has committed to reduce the size of its financial services businesses through the sale of most of the assets of GECC over the following 24 months. As a result, certain GECC businesses met the criteria to be classified as businesses held for sale and certain financing receivables were required to be recognized as held for sale at September 30, 2015 . The determination of fair value for businesses and portfolios of financing receivables involves significant judgm ents and assumptions. Development 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 as sets and/or businesses in the disposal 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 estim ates. Key assumptions were developed 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 as of September 30, 2015 . We review all business es and assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. |
Assets and Liabilities of Busin
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Of Business Held For Sale and Discontinued Operations | Note 2 . BUSINESSES HELD FOR SALE , FINANCING RECEIVABLES HELD FOR SALE AND DISCONTINUED OPERATIONS NBCU As previously disclosed, Comcast Corporation was obligated to share with us potential tax savings associated with its purchase of our interest in NBCU LLC. During the second quarter of 2015, we recognized $450 million of pre-tax income related to the settlement of this obligation. Assets and Liabilit ies of Businesses Held for Sale In the third quarter of 2015, we signed an agreement to sell our Intelligent Platforms Embedded Systems Products business within our Energy Management segment, with assets of $ 285 million and liabilities of $ 39 million to Veritas Capital for approximately $ 515 million. The transaction remains subject to customary closing conditions and regulatory approvals, and is targeted to close in 2015. In the first quarter of 2015, we signed an agreement to sell our consumer finance business in Australia and New Zealand (ANZ Consumer Lending) for approximately 6,800 million Australian dollars and 1,400 million New Zealand dollars, respectively. On May 29, 2015, we sold a portion of the Australian business for gross proce eds of $ 671 million. As of September 30, 2015 , ANZ Consumer Lending had assets and liabilities of $ 4,917 million and $ 260 million, respectiv ely. The sale is targeted to close in 2015 with expected proceeds of approximately 6,000 million Australian dollars and 1,400 million New Zealand dollars. The transactions remain subject to customary closing conditions and regulatory approval s . In the fourth quarter of 2014, we signed an agreement to sell our Signaling business within our Transportation segment, with assets of $ 296 million and liabilities of $ 138 million to Alstom for approximately $ 800 million, and our consumer finance business Budapest Bank, to Hungary’s government. On June 29, 2015 we completed the sale of Budapest Bank for proceeds of $ 700 million. The Signaling business transaction is targeted to close in November 2015 in conjunction with the Alstom transaction. In the third quarter of 2014, we signed an agreement to sell our Appliances business with assets of $ 2,801 million and liabilities of $ 1,576 million to Electrolux for approximately $ 3,300 mi llion . On July 1, 2015, we were notified that the Department of Justice had initiated court proceedings seeking to enjoin the sale of Appliances to Electrolux. Electrolux and GE intend to defend the proposed transaction . FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE (In millions) September 30, 2015 December 31, 2014 Assets Cash and equivalents $ 299 $ 676 Investment securities - 448 Current receivables(a) 144 180 Inventories 760 588 Financing receivables – net 4,141 2,144 Property, plant, and equipment – net 1,187 1,015 Goodwill 976 539 Other intangible assets – net 273 170 Other 529 540 Assets of businesses held for sale $ 8,309 $ 6,300 Liabilities Short-term borrowings $ 27 441 Accounts payable(a) 636 510 Other current liabilities 388 348 Bank deposits - 1,931 Deferred income taxes (115) (33) Other 448 178 Liabilities of businesses held for sale $ 1,384 $ 3,375 (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. GECC FINANCING RECEIVABLES HELD FOR SALE In the first quarter of 2015, in connection with the GE Capital Exit Plan , we committed to sell all of our non-U.S. Consumer financing receivables. As a result, we transferred these financing receivables to held for sale and recognized a pre-tax provision for losses on financing receivables of $ 2,405 million ($ 2,197 million after tax) and wrote-off the associated balance of the allowa nce for loan losses of $ 2,859 million to reduce the carrying value of the financing receivables to the lower of cost or fair value , less cost to sell . FINANCING RECEIVABLES HELD FOR SALE (in millions) September 30, 2015 December 31, 2014 Commercial CLL $ 833 $ 357 Energy Financial Services - 35 GE Capital Aviation Services (GECAS) 14 27 Other 105 - Total Commercial 952 419 Consumer 22,713 (a) 359 Total financing receivables held for sale $ 23,665 $ 778 (a) Over 30 days past due and nonaccrual financing receivables related to consumer financing receivables held for sale were $ 1,060 million and $ 634 million , respectively. Discontinued Operations Discontinued operations primarily included most of our CLL business, our Real Estate business and our U.S. mortgage business (WMC). Results of operations, financial p osition and cash flows for these businesses are separately reported as discontinued operations for all periods presented. FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Operations Total revenues and other income (loss) $ 2,756 $ 4,033 $ 9,536 $ 11,946 Earnings (loss) from discontinued operations before income taxes $ 1,060 $ 666 $ 202 $ 2,061 Benefit (provision) for income taxes (420) 40 30 (11) Earnings (loss) from discontinued operations, net of taxes $ 640 $ 706 $ 232 $ 2,050 Disposal Gain (loss) on disposal before income taxes $ (2,616) $ - $ (9,652) $ 14 Benefit (provision) for income taxes 1,629 - (916) 1 Gain (loss) on disposal, net of taxes $ (987) $ - $ (10,568) $ 15 Earnings (loss) from discontinued operations, net of taxes(a) $ (347) $ 706 $ (10,336) $ 2,065 (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 (Loss) . (In millions) September 30, 2015 December 31, 2014 Assets Cash and equivalents $ 11,226 $ 5,414 Investment securities 8,179 10,006 Financing receivables – net 11,622 114,561 Other receivables 1,479 2,192 Property, plant and equipment – net 12,084 18,051 Goodwill 9,867 13,569 Other intangible assets - net 44 301 Deferred income taxes 2,389 2,920 Financing receivables held for sale 65,390 3,116 Valuation allowance on disposal group classified as discontinued operations (7,650) - Other 7,320 16,804 Assets of discontinued operations $ 121,949 $ 186,934 Liabilities Short-term borrowings $ 820 $ 1,125 Accounts payable 3,884 3,770 Other GE current liabilities 27 28 Non-recourse borrowings 8,072 10,569 Bank deposits 18,348 18,998 Long-term borrowings 316 1,182 All other liabilities 9,695 7,720 Deferred income taxes 2,607 5,402 Liabilities of discontinued operations $ 43,768 $ 48,794 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. We closed certain of our CLL business dispositions for proceeds of $ 21,215 million for the three and nine months ended September 30, 2015. We expect to dispose of substantially all of the remaining CLL business in 2015 and 2016. FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Operations Total revenues and other income (loss) $ 2,691 $ 3,370 $ 8,664 $ 9,998 Interest $ (576) $ (762) $ (1,919) $ (2,324) Operating and administrative (900) (942) (2,905) (2,732) Depreciation and amortization - (988) (1,768) (2,923) Provision for losses on financing receivables 13 (87) (1,744) (294) Earnings (loss) from discontinued operations, before income taxes 1,228 591 328 1,725 Benefit (provision) for income taxes (484) (108) (169) (326) Earnings (loss) from discontinued operations, net of taxes $ 744 $ 483 $ 159 $ 1,399 Disposal Gain (loss) on disposal before income taxes $ (2,834) $ - $ (8,059) $ - Benefit (provision) for income taxes 1,629 - (298) - Gain (loss) on disposal, net of taxes $ (1,205) $ - $ (8,357) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (461) $ 483 $ (8,198) $ 1,399 (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (1,608) million and $ 589 million for the three months ended September 30, 2015 and 2014 , respectively, and $ (7,736) million and $ 1,710 million for the nine months ended September 30, 2015 and 2014 , respectively. 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. We closed certain of our Real Estate business dispositions for proceeds of $ 12,991 million and $ 30,508 million for the three and nine months ended September 30, 2015, respectively. We expect to dispose of substantially all of the remaining Real Estate business by the end of 2015. FINANCIAL INFORMATION FOR REAL ESTATE Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Operations Total revenues and other income (loss) $ 81 $ 698 $ 893 $ 1,992 Interest $ (64) $ (270) $ (437) $ (817) Operating and administrative (156) (213) (464) (563) Depreciation and amortization - (82) (62) (252) Provision for losses on financing receivables - (12) 4 92 Earnings (loss) from discontinued operations, before income taxes (139) 121 (65) 452 Benefit (provision) for income taxes 53 55 95 251 Earnings (loss) from discontinued operations, net of taxes $ (86) $ 176 $ 30 $ 703 Disposal Gain (loss) on disposal before income taxes $ 218 $ - $ (1,593) $ - Benefit (provision) for income taxes - - (618) - Gain (loss) on disposal, net of taxes $ 218 $ - $ (2,211) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 132 $ 176 $ (2,181) $ 703 Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 81 million and $ 120 million for the three months ended September 30, 2015 and 2014 , respectively, and $ (1,658) million and $ 452 million for the nine months ended September 30, 2015 and 2014 , respectively. 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 September 30, 2015 , such claims consisted of $ 3,468 million of individual claims generally submitted before the filing of a lawsuit (compared to $ 3,694 million at December 31, 2014 ) and $ 8,411 million of additional claims asserted against WMC in litigation without making a prior claim (Litigation Claims) (compared to $ 9,225 million at December 31, 2014 ). The total amount of these claims, $ 11,879 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 September 30, 2015 , these amounts do not include approximately $ 426 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 law and the June 11, 2015 decision of the N ew York Court of Appeals in ACE Securities Corp. v. DB Structured Products, Inc., on the statute of limitations period governing such claims. Reserves related to repurchase claims made against WMC were $ 832 million at September 30, 2015 , reflecting a net increase to reserves in the three months ended September 30, 2015 of $ 7 million due to incremental provisions net of settlements . The reserve estimate takes into account recent settlement activity and is based upon WMC’s evaluation of the remaining expos ures as a percentage of estimated lifetime mortgage loan losses within the pool of loans supporting each securitization for which timely claims have been asserted in litigation against WMC. Settlements in prior periods reduced WMC’s exposure on claims asserted in certain secur itizations and the claim amounts reported above give effect to these settlements . ROLLFORWARD OF THE RESERVE Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Balance, beginning of period $ 825 $ 549 $ 809 $ 800 Provision 28 40 46 142 Claim resolutions / rescissions (21) (1) (23) (354) Balance, end of period $ 832 $ 588 $ 832 $ 588 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. WMC estimates a range of reasonably possible loss from $ 0 to approximately $ 500 million over its recorded reserve at September 30, 2015 . This estimate involves significant judgment and may not reflect the range of uncertainties and unpredictable outcomes inherent in litigation, including WMC litigation discussed in Legal Proceedings and potential changes in WMC’s legal strategy. This estimate excludes any possibl e loss associated with an adverse court decision on the applicable statute of limitations, as WMC is unable at this time to develop such a meaningful estimate. At September 30, 2015 , there were 15 lawsuits involving claims made against WMC arising fr om alleged breaches of representations and warranties on mortgage loans included in 14 securitizations. WMC reached a settlement in principle on one of these lawsuits in the third quarter, and the settlement became effective October 20, 2015. The adverse parties in these cases are securitization trustees or parties claiming to act on their behalf. Although the alleged claims for re lief vary from case to case, the complaints and counterclaims in these actions generally assert claims for breach of contract, 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, 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 WM C 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 securi tization 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 l oss also would be affected by 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 economic 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. Actua l 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 lo sses WMC incurs on repurchased loans differ from its assumptions . FINANCIAL INFORMATION FOR WMC Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Total revenues and other income (loss) $ (22) $ (34) $ (26) $ (70) Earnings (loss) from discontinued operations, net of taxes $ (21) $ (25) $ (37) $ (57) |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3 . INVESTMENT SECURITIES Subst antially all of our investment securities are classified as available-for-sale. These comprise mainly investment-grade debt securities supporting obligations to annuitants and policyholders in our run-off insurance operations . We do not have any securities classified as held-to-maturity. September 30, 2015 December 31, 2014 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 3 $ - $ - $ 3 $ 12 $ - $ - $ 12 Corporate – non-U.S. 1 - - 1 1 - - 1 Equity Available-for-sale 95 14 (46) 64 69 4 (2) 71 Trading - - - - - - - - 99 14 (46) 68 82 4 (2) 84 GECC Debt U.S. corporate 19,975 3,102 (178) 22,899 19,810 3,962 (69) 23,703 State and municipal 3,972 439 (71) 4,340 4,173 555 (53) 4,675 Residential mortgage-backed(a) 905 84 (5) 984 1,544 153 (5) 1,692 Commercial mortgage-backed 2,295 121 (12) 2,405 2,903 170 (10) 3,063 Asset-backed 107 1 (10) 97 304 8 (17) 295 Corporate – non-U.S. 769 101 (3) 867 908 109 (1) 1,016 Government – non-U.S. 1,094 158 (1) 1,252 1,560 152 (2) 1,710 U.S. government and federal agency 3,783 99 - 3,882 1,957 56 - 2,013 Equity Available-for-sale 113 16 (4) 125 109 24 (1) 132 Trading 19 - - 19 21 - - 21 33,032 4,121 (285) 36,868 33,289 5,189 (158) 38,320 Eliminations (4) - - (4) (4) - - (4) Total $ 33,128 $ 4,136 $ (331) $ 36,933 $ 33,367 $ 5,193 $ (160) $ 38,400 (a) Substantially collateralized by U.S. mortgages. A t September 30, 2015 , $ 961 million related to securities issued by government-sponsored entities and $ 23 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 decreased to $ 36,933 million at September 30, 2015 , from $ 38,400 million at December 31, 2014 , primarily due to 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 (In millions) fair value(a) losses(a)(b) fair value losses(b) September 30, 2015 Debt U.S. corporate $ 2,161 $ (130) $ 335 $ (48) State and municipal 544 (16) 155 (55) Residential mortgage-backed 175 (2) 77 (3) Commercial mortgage-backed 351 (8) 26 (4) Asset-backed - - 48 (10) Corporate – non-U.S. 41 (3) 3 - Government – non-U.S. 292 (1) - - U.S. government and federal agency 450 - 1 - Equity 75 (50) - - Total $ 4,089 $ (210) $ 645 $ (121) (c) December 31, 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) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. At September 30, 2015 , the estimated fair value of and gross unrealized losses on equity securities were $ 37 million and $ (46) million, respectively. At December 31, 2014 , the estimated fair value of and gross unrealized losses on equity securities were $ 4 million and $ (2) million, respectively. (b) Included gross unrealized losses of $ 27 million related to securities that had other-than -temporary impairments previously recognized at September 30, 2015 . (c) Includes debt securities held to support obligations to holders of GICs all of which are considered to be investment-grade by the major rating agencies at September 30, 2015 . 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 considers whether there has been an adverse change in expected future cash flows. Unre alized losses are not indicative of the amount of credit loss that would be recognized and at September 30, 2015 are primarily due to increases in market yields subsequent to our purchase 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 securities before anticipated recovery of our amortized cost. The methodologies and sig nificant inputs used to measure the amount of credit loss for our investment securities during 2015 have not changed. For equity securities, we consider the duration and the severity of the unrealized loss. We believe that the unrealized loss associated wi th 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 secu rities are rated investment grade by the major rating agencies. Our RMBS portfolio is collateralized primarily by pools of individual, direct mortgage loans, of which substantially all are in a senior position in the capital structure of the deals, not ot her structured products such as collateralized debt obligations. Of the total RMBS held at September 30, 2015 , $ 961 million and $ 23 million related to agency and non-agency securities, respectively. Additionally, $ 58 million was related to residential subprime credit securities, primarily supporting obligations to annuitants and policyholders in our run-off insurance operations. Substantially all of the subprime exposure is related to securities backed by mortgage loans originated in 2005 and prior and are investment grade. 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 hi gh-quality properties (large loan CMBS), about half of which were originated in 2008 and prior. The vast majority of the securities in our CMBS portfolio have investment-grade credit ratings. PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Total pre-tax, OTTI recognized $ 2 $ 2 $ 34 $ 18 Pre-tax, OTTI recognized in AOCI - - - (4) Pre-tax, OTTI recognized in earnings(a) $ 2 $ 2 $ 34 $ 14 CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Cumulative credit loss impairments recognized, beginning of period $ 187 $ 423 $ 176 $ 474 Credit loss impairments recognized on securities not previously impaired - - 14 - Incremental credit loss impairments recognized on securities previously impaired - 2 - 4 Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell - - 2 53 Cumulative credit loss impairments recognized, end of period $ 187 $ 425 $ 188 $ 425 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 $ 2,166 $ 2,175 After one year through five years 4,656 4,868 After five years through ten years 4,854 5,217 After ten years 17,921 20,983 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 Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 GE Gains $ 3 $ - $ 4 $ 2 Losses, including impairments - - (14) - Net 3 - (10) 2 GECC Gains 21 1 122 37 Losses, including impairments (6) (5) (41) (18) Net 15 (4) 81 19 Total $ 18 $ (4) $ 71 $ 21 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 $ 6,030 millio n and $ 624 millio n in the three months ended September 30, 2015 and 2014 , respectively, principally from sales of U.S. government and federal agency securities in Trinity and Synchrony Financial and short-term government securities in our bank subsidiaries . Proceeds from investment securities sales and ear ly redemptions by issuers totaled $ 9,330 millio n and $ 2,000 millio n in the nine months ended September 30, 2015 and 2014 , respectively, principally from sales of short-term government securities in our bank subsidiaries and sales of U.S. c orporat e and CMBS securities in our run-off insurance operations . In addition, proceeds from investment securities sales in the nine months ended September 30, 2015 included $ 6,486 million principally from sales of U.S. government and federal agency securities , CMBS and RMBS at Trinity and S ynchrony Financial. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory, Net [Abstract] | |
Inventories | NOTE 4 . INVENTORIES (In millions) September 30, 2015 December 31, 2014 GE Raw materials and work in process $ 10,625 $ 9,820 Finished goods 7,862 7,126 Unbilled shipments 708 755 19,195 17,701 Revaluation to LIFO 30 (62) Total GE 19,225 17,639 GECC Finished goods 59 50 Total consolidated $ 19,285 $ 17,689 |
GECC Financing Receivables and
GECC Financing Receivables and Allowance for Losses on Financing Receivables | 9 Months Ended |
Sep. 30, 2015 | |
Financing Receivables And Allowance For Losses [Abstract] | |
GECC Financing Receivables, Allowance For Losses On Financing Receivables | NOTE 5 . GECC FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES The implementation of the GE Capital Exit Plan has caused significant reductions in our Consumer portfolio, as all of our non-U.S. consumer financing receivables have been reclassified to either financing receivables held for sale or assets of businesses held for sale. The transfer of financing receivables to financing receivables held for sale and assets of businesses held for sale totaled $ 29,016 million and $ 5,508 million in the nine months ended September 30, 2015 , respectively. In addition, our Real Estate business and most of our CLL business have been classified as discontinued operations. FINANCING RECEIVABLES, NET (In millions) September 30, 2015 December 31, 2014 Loans, net of deferred income $ 82,196 $ 120,007 Investment in financing leases, net of deferred income 5,008 6,554 87,204 126,561 Allowance for losses (3,457) (4,104) Financing receivables – net $ 83,748 $ 122,457 Financing Receivables by Portfolio and Allowance for Losses FINANCING RECEIVABLES (In millions) September 30, 2015 December 31, 2014 Commercial CLL $ 13,341 (a) $ 14,418 Energy Financial Services 2,443 2,580 GE Capital Aviation Services (GECAS) 7,394 8,263 Other 506 480 Total Commercial 23,684 25,741 Consumer 63,520 (b) 100,820 Total financing receivables 87,204 126,561 Allowance for losses (3,457) (b) (4,104) Total financing receivables – net $ 83,748 $ 122,457 Includes Healthcare Equipment Finance and Working Capital Solutions, which purchases GE customer receivables . Includes Synchrony F inancial, our U.S. consumer business . ALLOWANCE FOR LOSSES Provision Balance at charged to Gross Balance at (In millions) January 1 operations(a) Other (b) write-offs (a)(c) Recoveries (c) September 30 2015 Commercial CLL $ 21 $ 20 $ - $ (15) $ 6 $ 32 Energy Financial Services 26 16 - (29) 1 14 GECAS 46 (11) - (1) 3 37 Other - 15 - (13) - 2 Total Commercial 93 40 - (58) 10 85 Consumer 4,011 4,596 (252) (5,622) 639 3,372 Total $ 4,104 $ 4,636 $ (252) $ (5,680) $ 649 $ 3,457 2014 Commercial CLL $ 17 $ 8 $ (1) $ (11) $ 7 $ 20 Energy Financial Services 8 13 - (17) 2 6 GECAS 17 9 - (11) - 15 Other 2 - (2) - - - Total Commercial 44 30 (3) (39) 9 41 Consumer 3,981 2,663 (120) (3,203) 869 4,190 Total $ 4,025 $ 2,693 $ (123) $ (3,242) $ 878 $ 4,231 Provision charged to operations included $ 2,405 million and gross write-offs included $ 2,859 million related to the effects of the 2015 reclassification of non-U.S. consumer financing receivables to financing receivables held for sale recorded at the lower of cost or fair value, less cost to sell. Other primarily includes the reclassification of financing receivables to assets of businesses held for sale and the effects of currency exchange. Net write-offs (gross write-offs less r ecoveries) 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 | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 6 . PROPERTY, PLANT AND EQUIPMENT (In millions) September 30, 2015 December 31, 2014 Original cost $ 87,332 $ 84,070 Less accumulated depreciation and amortization (36,628) (35,734) Property, plant and equipment – net $ 50,704 $ 48,336 Consolidated depreciation and amortization on property, plant and equipment was $ 1,278 million and $ 1,424 million in the three months ended September 30, 2015 and 2014 , respectively , and $ 3,603 million and $ 3,820 million in the nine months ended September 30, 2015 and 2014 , respectively . |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangibles Assets | 9 Months Ended |
Sep. 30, 2015 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | NOTE 7 . 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 January 30, 2015, we acquired Milestone Aviation Group (Milestone Aviation), a helicopter leasing business, for approximately $ 1,750 m illion , which is included in our GE Capital segment. The preliminary purchase price allocation resulted in goodwill of approximately $ 730 million and amortizable intangible assets of approximately $ 345 million. The allocation of the purchase price will be finalized upon completi on of post-closing procedures. During the second quarter of 2014, GE's offer to acquire the Thermal, Renewables and Grid businesses of Alstom for approximately € 12,350 million (to be adjusted for th e assumed net cash or liability at closing) was positively recommended by Alstom's board of directors. As part of the transaction , Alstom and the French Government signed a memorandum of understanding for the formation of three joint ventures in grid techn ology, renewable energy, and global nuclear and French steam power. Alstom will invest approximately € 2,400 million in these joint ventures at the closing of the proposed transaction. 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 approximate ly € 260 m illion of additional 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. In the second quarter of 2015, the European Commission indicated that it had competition concerns with the proposed transaction. In response, GE proposed remedies to address the concerns of the Commission and the U.S. Department of Justice while preserving the strategic and eco nomic rationale of the proposed transaction. On September 8, 2015, the European Commission and the Department of Justice accepted GE’s proposal and approved the transaction. In order to obtain approval, GE has pledged to sell certain of Alstom’s gas-turbin e assets and its Power Systems Mfg. subsidiary to Ansaldo Energia SpA after the close of the transaction for approximately €120 million. As a result of final negotiations, Alstom has agreed to contribute financially to the remedies through a €300 million r eduction in the purchase price of the transaction. Further, GE and Alstom agreed to other purchase price amendments that resulted in a net increase of consideration of approximately €45 million and a reduction in the trademark licensing period of the Alsto m name to five years. The transaction is targeted to close in November 2015 . The acquisition and alliances with Alstom will impact our Power & Water and Energy Management segments. The impact of acquired businesses on individual segments will be affected by a number of variables, including operating performance, purchase accounting impacts and expected synergies. In addition, due to the amount of time between signing and closing, the operations of the businesses may fluctuate and impact the overall valuation of the acquired businesses at the time of close and, accordingly, may affect the amounts assigned to the assets and liabilities recorded in accordance with purchase accounting. goodwill CHANGES IN GOODWILL BALANCES Dispositions, currency Balance at exchange Balance at (In millions) January 1, 2015 Acquisitions and other September 30, 2015 Power & Water $ 8,754 $ 31 $ (136) $ 8,649 Oil & Gas 10,572 - (322) 10,250 Energy Management 4,570 - (477) 4,093 Aviation 8,952 - (297) 8,655 Healthcare 17,532 8 (86) 17,454 Transportation 887 - (39) 848 Appliances & Lighting 226 - (9) 217 GE Capital 11,456 729 (725) 11,460 Corporate 34 - 1 35 Total $ 62,983 $ 768 $ (2,090) $ 61,660 Goodwill balances decreased by $ 1,323 million in the nine months ended September 30, 2015 , primarily as a result of the currency exchange effects of the stronger U.S dollar, the reclassification of goodwill associated with ANZ Consumer Lending to assets of businesses held for sale and business dispositions, partially offset by the acquisition of Milestone Aviation. We test goodwill for impairment annually in the third quarter of each year using data as of July 1 of that year. The impairment te st consists of two steps: in step one, the carrying value of the reporting 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 ded ucting the fair value of the reporting unit’s assets and liabilities from 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, whe n 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 approach 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 profiles, 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 characteristic s 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 in clude an estimate of long-term future growth rates based on our most recent 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 an d analyzing published rates for industries relevant to our reporting units 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 deve loped forecasts. Discount rates used in our reporting unit valuations ranged from 10.0 % to 15.5 %. During the third quarter of 2015, 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 reco gnized. While all of our reporting units passed step one of our annual impairment testing in 2015, we identified one reporting unit for which the fair value was not substantially in excess of its carrying value. Primarily d ue to the sharp decline experienced in o il and gas prices and the prospect of a continuation of prevailing oil and gas prices, the fair value of our Energy Financial Services reporting unit, within our GE Capital operating segment, has been impacted and is in excess of its carr ying value by approximately 13 %. T he goodwill associated with our Energy Financial Services reporting unit was $1,386 m illion at September 30, 2015, representing approximately 2% of our total goodwill. Our Oil & Gas business has also experienced declines in orders, project commencement del ays and pricing pressures, which affect the fair value of our Oil & Gas reporting units. While the goodwill of these reporting units is not currently impaired, we will continue to monitor the oil & gas industry and the impact it may have on these businesse s. As of September 30, 2015, we believe that the goodwill is recoverable for all of the reporting units; however, there can be no assurances that the goodwill will not be impaired in future periods . In 2014, 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 carrying value by approximately 10 %. In th e current year, the fair value of the Power Conversion reporting unit significantly exceeded its carry value. The increase in fair value over its carry value was driven primarily by a stabilization of the business and cost cutting measures. In addition, o ur carry value has decreased due to currency effects of a stronger U.S. dollar. 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 possible that the judgments and estimates described above could change in future periods. oTHER INTANGIBLE ASSETS OTHER INTANGIBLE ASSETS - NET (In millions) September 30, 2015 December 31, 2014 Intangible assets subject to amortization $ 13,513 $ 13,725 Indefinite-lived intangible assets(a) 105 130 Total $ 13,618 $ 13,855 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. INTANGIBLE ASSETS SUBJECT TO AMORTIZATION September 30, 2015 December 31, 2014 Gross Gross carrying Accumulated carrying Accumulated (In millions) amount amortization Net amount amortization Net Customer-related $ 8,217 $ (2,426) $ 5,791 $ 8,064 $ (2,261) $ 5,803 Patents and technology 6,434 (3,056) 3,378 6,694 (2,900) 3,794 Capitalized software 7,635 (4,404) 3,231 7,349 (4,178) 3,171 Trademarks 1,126 (272) 854 1,151 (263) 888 Lease valuations 107 (16) 92 - - - Present value of future profits(a) 643 (643) - 614 (614) - All other 351 (181) 170 203 (134) 69 Total $ 24,513 $ (10,998) $ 13,513 $ 24,075 $ (10,350) $ 13,725 (a) Balances at September 30, 2015 and December 31, 2014 reflect adjustments of $ 272 million and $ 293 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. Intangible assets subject to amortization decreased by $ 212 million in the nine months ended September 30, 2015 , primarily as a result of amortization a nd the currency exchange effects of the stronger U.S. dollar, partially offset by the acquisition of Milestone Aviation and the capitalization of new software across several business platforms . Consolidated amortization expense was $ 437 million and $ 424 million in the three months ended September 30, 2015 and 2014 , r espectively, and $ 1,295 million and $ 1,205 million the nine months ended September 30, 2015 and 2014 , respectively. |
Borrowings and Bank Deposits
Borrowings and Bank Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings and Bank Deposits | NOTE 8 . BORROWINGS AND BANK DEPOSITS (In millions) September 30, 2015 December 31, 2014 Short-term borrowings GE Commercial paper $ 1,000 $ 500 Payable to banks 472 343 Current portion of long-term borrowings 2,092 2,068 Other 1,197 961 Total GE short-term borrowings 4,761 3,872 GECC Commercial paper(a) U.S. 9,811 22,019 Non-U.S. 3,103 2,993 Current portion of long-term borrowings(a)(b)(c) 29,679 36,995 GE Interest Plus notes(d) - 5,467 Other(c) 287 231 Total GECC short-term borrowings 42,880 67,705 Eliminations (1,146) (863) Total short-term borrowings $ 46,495 $ 70,714 Long-term borrowings GE Senior notes $ 15,510 $ 11,945 Payable to banks 27 5 Other 358 518 Total GE long-term borrowings 15,895 12,468 GECC Senior unsecured notes(a)(b)(e) 144,935 162,194 Subordinated notes(a) 4,715 4,804 Subordinated debentures(a)(f) 6,782 7,085 Other(a)(c)(g) 7,751 12,676 Total GECC long-term borrowings 164,183 186,759 Eliminations (67) (45) Total long-term borrowings $ 180,011 $ 199,182 Non-recourse borrowings of consolidated securitization entities(h) $ 16,225 $ 19,369 Bank deposits(i) $ 48,656 $ 43,841 Total borrowings and bank deposits $ 291,387 $ 333,106 On April 10, 2015, GE announced it would provide a full and unconditional guarantee on the payment of the principal and interest on all tradable senior and subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed by GECC. Short-term borrowings included $ 12,914 million of commercial paper and $ 28,373 million of the current portion of long-term borrowings. Long-term borrowings included $ 131,230 million of senior unsecured notes, $ 3,971 milli on of subordinated notes, $ 6,782 million of subordinated debentures, and $ 400 million of other. Included $ 431 million and $ 439 million of obligations to holders of GICs at September 30, 2015 and December 31, 2014 , respectively. T hese 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 subject to their s cheduled 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 $ 4,969 million and $ 4,835 million of funding secured by real estate , aircraft and other collateral at September 30, 2015 and December 31, 2014 , respectively, of which $ 1,216 million and $ 1,183 million is non-recourse to GECC at September 30, 2015 and December 31, 2014 , respectively. Entirely variable denomination floating-rate demand notes. The GE Interest Plus program was closed effective August 31, 2015 . Included $ 5,589 million and $ 3,594 million related to Synchrony Financial at September 30, 2015 and December 31, 2014, respectively. Subordinated debentures r eceive rating agency equity credit. Included $ 4,651 million and $ 8,245 million related to Synchrony Financial at September 30, 2015 and December 31, 2014, respectively. Included $ 1,934 million and $ 3,377 million of current p ortion of long-term borrowings at September 30, 2015 and December 31, 2014 , respectively. See Note 16 . Included $ 8,108 million and $ 8,905 million of deposits in non-U.S. banks at September 30, 2015 and December 31, 2014 , respectively, and $ 15,990 million and $ 14,500 million of certificates of deposits with maturities greater than one year at September 30, 2015 and December 31, 2014 , respectively. On May 28, 2015, GE issued €3,150 million senior unsecured debt, composed of €650 million of Floating Rate Notes due 2020, €1,250 million of 1.250% Notes due 2023 and €1,250 million of 1.875% Notes due 2027. On October 9, 2015, $2.0 billion of long-term debt issued by GE matured. |
Postretirement Benefit Plans
Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Postretirement Benefit Plans | NOTE 9. POSTRETIREMENT BENEFIT PLANS We sponsor a number of pension and retiree health and life insurance benefit plans. Principal pension plans are the GE Pension Plan and the GE Supplementary Pension Plan. Principal retiree benefit plans provide health and life insurance benefits to certain eligible participants and these participants share in the cost of the healthcare benefits. Other pension plans include the U.S. and non-U.S. pension plans with pension assets or obligations greater than $ 50 million. Smaller pension plans and other retiree benefit plans are not material individually or in the aggregate. EFFECT ON OPERATIONS OF PENSION PLANS Principal pension plans Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Service cost for benefits earned $ 348 $ 304 $ 1,076 $ 921 Prior service cost amortization 51 54 154 162 Expected return on plan assets (826) (792) (2,478) (2,393) Interest cost on benefit obligations 696 687 2,087 2,060 Net actuarial loss amortization 823 642 2,468 1,925 Curtailment loss - 65 (a) 71 (b) 65 (a) Pension plans cost $ 1,092 $ 960 $ 3,378 $ 2,740 Curtailment l oss resulting from our agreement with Electrolux to sell the GE Appliances business. Curtailment loss resulting from GE Capital Exit Plan . Other pension plans Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Service cost for benefits earned $ 99 $ 91 $ 299 $ 310 Prior service cost amortization 1 1 1 4 Expected return on plan assets (211) (200) (625) (596) Interest cost on benefit obligations 133 149 396 443 Net actuarial loss amortization 72 50 217 149 Pension plans cost $ 94 $ 91 $ 288 $ 310 EFFECT ON OPERATIONS OF PRINCIPAL RETIREE HEALTH AND LIFE INSURANCE PLANS Principal retiree health and life insurance plans Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Service cost for benefits earned $ 27 $ 41 $ 119 $ 125 Prior service cost (gain) amortization (38) 88 29 285 Expected return on plan assets (12) (12) (36) (37) Interest cost on benefit obligations 67 106 268 326 Net actuarial gain amortization (14) (38) (11) (124) Curtailment loss (gain), net - 48 (a) (192) (b)(c) 48 (a) Retiree benefit plans cost $ 30 $ 233 $ 177 $ 623 Curtailment loss resulting from our agreement with Electrolux to sell the GE Appliances business. Curtailment loss resulting from the GE Capital Exit Plan . Curtailment gain resulting from a life insurance plan amendment. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 . INCOME TAXES THE GE CAPITAL EXIT PLAN In conjunction with the GE Capital Exit Plan , GECC will significantly reduce its non-U.S. assets while continuing to operate appropriately capitalized non-U.S. businesses with substantial assets related to GECC’s vertical financing businesses, Energy Financial Services, GECAS and Healthcare Equipment Fina nce. As a result of the GE Capital Exit Plan , GECC recognized tax expense of $6,209 million in the nine months ended September 30, 2015 . This consisted of tax expense of $3,548 million in the nine months ended September 30, 2015 , related to expected repatriat ion of excess foreign cash in the amount of approximately $36 billion including approximately $10 billion of foreign earnings and the write-off of deferred tax assets of $2,661 million in the nine months ended September 30, 2015 , that will no longer be s upported under this plan. The expected repatriation of cash includes approximately $10 billion of foreign earnings that, prior to the approval of the GE Capital Exit Plan , were considered indefinitely reinvested in GECC’s international operations. GECC’s indefi nitely reinvested earnings will also be reduced by charges recognized in connection with the disposition of international assets. The remainder of the indefinitely reinvested earnings will continue to be reinvested in the significant international base of assets that will remain after the GE Capital Exit Plan is fully executed. The write-off of deferred tax assets largely relate to our Treasury operations in Ireland where the tax benefits will no longer be apparent to be realized upon implementation of the GE Capital Exit Plan . UNRECOGNIZED TAX BENEFITS UNRECOGNIZED TAX BENEFITS (In millions) September 30, 2015 December 31, 2014 Unrecognized tax benefits $ 5,447 $ 5,619 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 3,961 4,059 Accrued interest on unrecognized tax benefits 782 807 Accrued penalties on unrecognized tax benefits 97 103 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) 0-350 0-300 (a) Some portion of such reduction may be reported as discontinued operations. The Internal Revenue Service (IRS) is currently 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 are still 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 is 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 believe that we have made adequate provision for all income tax uncertainties . |
Shareowners' Equity
Shareowners' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' Equity | NOTE 11 . SHAREOWNERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Investment securities Beginning balance $ 564 $ 1,040 $ 1,013 $ 307 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $14, $(146), $(196) and $310 22 (265) (382) 484 Reclassifications from OCI – net of deferred taxes of $(20), $(15), $(45) and $(19) (26) (19) (70) (34) Other comprehensive income (loss)(a) (3) (284) (452) 450 Less OCI attributable to noncontrolling interests - 1 - 2 Ending balance $ 561 $ 755 $ 561 $ 755 Currency translation adjustments (CTA) Beginning balance $ (5,914) $ 61 $ (2,427) $ 126 OCI before reclassifications – net of deferred taxes of $(185), $198, $1,158 and $314 (108) (1,575) (3,936) (1,674) Reclassifications from OCI – net of deferred taxes of $(628), $1, $(779) and $124 733 (15) 1,039 25 Other comprehensive income (loss)(a) 624 (1,590) (2,896) (1,649) Less OCI attributable to noncontrolling interests (8) (11) (43) (5) Ending balance $ (5,281) $ (1,518) $ (5,281) $ (1,518) Cash flow hedges Beginning balance $ (140) $ (176) $ (180) $ (257) OCI before reclassifications – net of deferred taxes of $(28), $(44), $(24) and $(5) (133) (329) (626) (421) Reclassifications from OCI – net of deferred taxes of $11, $30, $59 and $39 98 384 632 557 Other comprehensive income (loss)(a) (35) 55 6 136 Less OCI attributable to noncontrolling interests - - - - Ending balance $ (174) $ (121) $ (174) $ (121) Benefit plans Beginning balance $ (12,716) $ (8,083) $ (16,578) $ (9,296) Prior service credit (costs) - net of deferred taxes of $0, $212, $1,194 and $212 - 374 2,090 374 Net actuarial gain (loss) – net of deferred taxes of $0, $(58), $269 and $(26) 43 (107) 602 59 Net curtailment/settlement - net of deferred taxes of $0, $41, $(44) and $41 - 72 (77) 72 Prior service cost amortization – net of deferred taxes of $17, $62, $92 and $192 - 85 101 273 Net actuarial loss amortization – net of deferred taxes of $297, $213, $902 and $637 584 435 1,771 1,294 Other comprehensive income (loss)(a) 627 859 4,486 2,072 Less OCI attributable to noncontrolling interests - 2 (2) 2 Ending balance $ (12,089) $ (7,226) $ (12,089) $ (7,226) Accumulated other comprehensive income (loss) at September 30 $ (16,983) $ (8,110) $ (16,983) $ (8,110) (a) Total other comprehensive income (loss) was $ 1,214 million and $ (960) million in the three months ended September 30, 2015 and 2014 , respectively and $ 1,144 million and $ 1,009 million in the nine months ended September 30, 2015 and 2014 , respectively. RECLASSIFICATION OUT OF AOCI Three months ended Nine months ended September 30 September 30 (In millions) 2015 2014 2015 2014 Statement of Earnings Caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ 45 $ 34 $ 116 $ 53 Other income(a) (20) (15) (45) (19) Benefit (provision) for income taxes(b) $ 26 $ 19 $ 70 $ 34 Net of tax Currency translation adjustments Gains (losses) on dispositions $ (104) $ 14 $ (260) $ (149) Costs and expenses(c) (628) 1 (779) 124 Benefit (provision) for income taxes(d) $ (733) $ 15 $ (1,039) $ (25) Net of tax Cash flow hedges Gains (losses) on interest rate derivatives $ (39) $ (53) $ (100) $ (182) Interest and other financial charges Foreign exchange contracts (72) (381) (600) (400) (e) Other 2 20 9 (14) (f) (109) (414) (691) (596) Total before tax 11 30 59 39 Benefit (provision) for income taxes $ (98) $ (384) $ (632) $ (557) Net of tax Benefit plan items Curtailment gain (loss) $ - $ (113) $ 121 $ (113) (g) Amortization of prior service costs (17) (147) (193) (465) (g) Amortization of actuarial gains (losses) (881) (648) (2,673) (1,931) (g) (898) (908) (2,745) (2,509) Total before tax 314 316 950 870 Benefit (provision) for income taxes $ (584) $ (592) $ (1,795) $ (1,639) Net of tax Total reclassification adjustments $ (1,389) $ (942) $ (3,396) $ (2,187) Net of tax Included $ 28 million and $ 40 million for the three months ended September 30, 2015 and 2014, and $ 45 million and $ 34 million for the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discontinued operations, net of taxes. Included $ (15) million and $ (15) million for the three months ende d September 30, 2015 and 2014, and $ (21) million and $ (13) million fo r the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $ (104) million and $ 1 million for the three months ended September 30, 2015 and 2014, and $ (102) million and $ (128) million for the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $ (628) million and an insignificant amount for the three months ended September 30, 2015 and 2014, and $ (764) million and $ 123 million for the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discon tinued operations, net of taxes. Included $ (47) million and $ (357) million in GECC revenues from services and $ (25) million and $ (24) million in interest and other financial charges in the three months ended September 30, 2015 and 2014 , respectively and $ (587) million and $ (368) million in GECC revenues from services and $ (13) million and $ (32) million in interest and other financial charges in the nine months ended September 30, 2015 and 2014 , respectively. Primarily recorded in costs and expenses. Curtailment gain (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 9 for further information. Noncontrolling Interests Noncontrolling interests in equity of co nsolidated 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 st ock dividends are presented as noncontrolling interests in the GE consolidated Statement of Earnings. The balance is summarized as follows. (In millions) September 30, 2015 December 31, 2014 GECC preferred stock $ 4,950 $ 4,950 Synchrony Financial 2,790 2,531 Other noncontrolling interests in consolidated affiliates(a) 1,048 1,193 Total $ 8,788 $ 8,674 (a) Consisted of a number of individually insignificant noncontrolling interests in partnerships and consolidated affiliates. CHANGES TO NONCONTROLLING INTERESTS Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Beginning balance $ 8,776 $ 6,054 $ 8,674 $ 6,217 Net earnings (loss) 39 (21) 232 (2) GECC preferred stock dividend - - (161) (161) Dividends (18) (20) (36) (55) Dispositions (3) (6) (9) (98) Synchrony Financial IPO - 2,393 - 2,393 Other (including AOCI)(a) (6) 113 88 219 Ending balance $ 8,788 $ 8,513 $ 8,788 $ 8,513 (a) Includes research & development partner funding arrangements, acquisitions and eliminations. Other GE’s authorized common stock consists of 13,200,000,000 shares having a par value of $0.06 each. GECC did not pay any quarterly dividends or special dividends to GE in the three months ended September 30, 2015 . GECC paid quarterly dividends of $ 472 million and special dividends of $ 333 million to GE in the three months ended September 30, 2014 . GECC paid quarterly dividends of $ 450 million and did not p ay any special dividends to GE in the nine months ended , September 30, 2015 . GECC paid quarterly dividends of $ 1,555 million and special dividends of $ 666 million to GE in the nine months ended September 30, 2014 . |
GECC Revenues From Services
GECC Revenues From Services | 9 Months Ended |
Sep. 30, 2015 | |
Financial Services Revenue [Abstract] | |
GECC Revenues From Services | NOTE 12 . GECC REVENUES FROM SERVICES Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Interest on loans $ 3,010 $ 3,128 $ 8,902 $ 9,194 Equipment leased to others 1,179 1,111 3,519 3,400 Fees 839 852 2,426 2,466 Investment income(a) 470 495 1,445 1,506 Associated companies 158 189 893 796 Premiums earned by insurance activities 353 397 1,062 1,130 Financing leases 84 100 275 331 Other items(b) 198 84 (1,133) 311 6,290 6,356 17,388 19,134 Eliminations (306) (397) (1,015) (1,170) Total $ 5,984 $ 5,959 $ 16,373 $ 17,964 (a) Included net other-than-temporary impairments on investment securities of $ 2 million and $ 2 million in the three months ended September 30, 2015 and 2014 , res pectively, and $ 21 million and $ 14 million in the nine months ended September 30, 2015 and 2014 , res pectively. (b) During the nine months ended September 30, 2015 , other items primarily included impairments related to equity method investments ($ 1,392 million) in connection with the GE Capital Exit Plan . |
Earnings Per Share Information
Earnings Per Share Information | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information | NOTE 13 . EARNINGS PER SHARE INFORMATION Three months ended September 30 2015 2014 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 2,849 $ 2,849 $ 2,826 $ 2,826 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (346) (346) 706 706 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ 2,503 $ 2,502 $ 3,532 $ 3,532 Average equivalent shares Shares of GE common stock outstanding 10,103 10,103 10,039 10,039 Employee compensation-related shares (including stock options) 70 - 80 - Total average equivalent shares 10,173 10,103 10,119 10,039 Per-share amounts Earnings (loss) from continuing operations $ 0.28 $ 0.28 $ 0.28 $ 0.28 Earnings (loss) from discontinued operations (0.03) (0.03) 0.07 0.07 Net earnings (loss) 0.25 0.25 0.35 0.35 Nine months ended September 30 2015 2014 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ (2,100) $ (2,100) $ 8,005 $ 8,004 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (10,345) (10,345) 2,064 2,064 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ (12,436) $ (12,436) $ 10,068 $ 10,067 Average equivalent shares Shares of GE common stock outstanding 10,085 10,085 10,042 10,042 Employee compensation-related shares (including stock options) - - 79 - Total average equivalent shares 10,085 10,085 10,121 10,042 Per-share amounts Earnings (loss) from continuing operations $ (0.21) $ (0.21) $ 0.79 $ 0.80 Earnings (loss) from discontinued operations (1.03) (1.03) 0.20 0.21 Net earnings (loss) (1.23) (1.23) 0.99 1.00 Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities . For the nine months period ended September 30, 2015 , pursuant to the two-class method, as a result of the net loss from continuing operations , losses were not allocated to the pa rticipating securities. For the three months ended September 30, 2015 and 2014 ; and the nine months period ended September 30, 2014 , participating securities are included in the computation of earnings (loss) per share pursuant to the two-class method and the application of this treatment had an insignificant effect. Included an insignificant amount of dividend equivalents in each of the periods presented. For the three months ended September 30, 2015 and 2014 , approximately 89 million and 88 million, respectively, of outstanding stock awards were not included in the computation of diluted earnings (loss) per share because their effect was a ntidilutive. As a result of the loss from continuing operations for the nine months ended September 30, 2015 , outstanding stock awards of approximately 398 million, were not included in the computation of diluted earnings (loss) per share becau se their effect was antidilutive. For the nine months ended September 30, 2014 , approximately 104 million of outstanding stock awards were not included in the computation of diluted earnings (loss) per share because their effect was antidilutiv e. Earnings (loss) per share amounts are computed independently, 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 (loss) . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 14 . 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 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 September 30, 2015 Assets Investment securities Debt U.S. corporate $ - $ 19,853 $ 3,050 $ - $ 22,902 State and municipal - 4,259 81 - 4,340 Residential mortgage-backed - 981 2 - 984 Commercial mortgage-backed - 2,403 1 - 2,405 Asset-backed - 59 38 - 97 Corporate – non-U.S. 6 579 283 - 868 Government – non-U.S. 14 1,238 - - 1,252 U.S. government and federal agency - 3,573 309 - 3,882 Equity Available-for-sale 159 15 10 - 185 Trading 19 - - - 19 Derivatives(c) - 8,545 79 (6,620) 2,003 Other (d) - - 233 - 233 Total $ 197 $ 41,505 $ 4,086 $ (6,620) $ 39,168 Liabilities Derivatives $ - $ 5,156 $ 5 $ (4,658) $ 503 Other(e) - 1,070 - - 1,070 Total $ - $ 6,227 $ 5 $ (4,658) $ 1,573 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 (d) - - 277 - 277 Total $ 192 $ 44,232 $ 4,250 $ (7,584) $ 41,090 Liabilities Derivatives $ - $ 4,890 $ 13 $ (4,363) $ 540 Other(e) - 1,178 - - 1,178 Total $ - $ 6,068 $ 13 $ (4,363) $ 1,718 (a) There were no securities transferred between Level 1 and Level 2 in the nine months ended September 30, 2015 . There were $ 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 in the twelve months ended December 31, 2014 primarily attributable to changes i n market observable data. ( b) The netting of derivative receivables and payable s (including the effects of any collateral posted or received) is permitted when a legally enforceable 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 $ 1 million and $ 16 mil lion at September 30, 2015 and December 31, 2014 , respectively. See Note 15 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) 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 THREE MONTHS ENDED Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) July 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) September 30 September 30(c) 2015 Investment securities Debt U.S. corporate $ 3,024 $ 5 $ (7) $ 74 $ (29) $ (37) $ 35 $ (15) $ 3,050 $ - State and municipal 101 - 1 - - (5) - (17) 81 - RMBS 2 - - - - (1) - - 2 - CMBS 2 - - - - - - - 1 - ABS 76 (2) - - - - - (36) 38 - Corporate – non-U.S. 283 - - 1 - (1) - - 283 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 293 - 16 - - - - - 309 - Equity Available-for-sale 6 - (1) - - - 6 - 10 - Derivatives(d)(e) 72 16 1 (1) - (1) - - 86 14 Other 222 10 - - - - - - 233 - Total $ 4,083 $ 29 $ 10 $ 74 $ (29) $ (45) $ 41 $ (70) $ 4,094 $ 14 2014 Investment securities Debt U.S. corporate $ 3,060 $ 4 $ (4) $ 102 $ (57) $ (90) $ 32 $ (16) $ 3,031 $ - State and municipal 110 - 2 2 - (1) - - 113 - RMBS 66 - - - - (3) - (47) 16 - CMBS 12 - - - - (2) - - 10 - ABS 130 1 2 - - (4) - - 129 - Corporate – non-U.S. 511 - - 1 - (23) - - 489 - Government – non-U.S. 1 - - - - - - (1) - - U.S. government and federal agency 249 - 6 - - - 9 - 264 - Retained interests 1 - - - - (1) - - - - Equity Available-for-sale 9 - - - - - - - 9 - Derivatives(d)(e) 29 1 1 (2) - - - - 29 (1) Other 217 5 - - - - - - 222 - Total $ 4,395 $ 11 $ 7 $ 103 $ (57) $ (124) $ 41 $ (64) $ 4,312 $ (1) Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings (Loss). 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 $ 12 million and $ 9 million not reflected in the fair value hierarchy table for the three months ended September 30, 2015 and 2014 , respectively. Gains (losses) included in net re alized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 15 . CHANGES IN LEVEL 3 INSTRUMENTS FOR THE NINE MONTHS ENDED Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) January 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) September 30 September 30(c) 2015 Investment securities Debt U.S. corporate $ 3,056 $ 2 $ (93) $ 255 $ (84) $ (93) $ 35 $ (28) $ 3,050 $ - State and municipal 115 - (3) - - (15) - (17) 81 - RMBS 16 5 (4) - (15) (1) - - 2 - CMBS 9 - - - (7) - - - 1 - ABS 123 (16) (5) - (12) (3) - (49) 38 - Corporate – non-U.S. 337 - (4) 1 (50) (1) - - 283 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 266 - 44 - - (1) - - 309 - Equity Available-for-sale 9 2 (3) 6 (5) (4) 6 - 10 - Derivatives(d)(e) 36 15 3 - - (9) 42 - 86 11 Other 277 (24) - - (21) - - - 233 (37) Total $ 4,246 $ (16) $ (65) $ 262 $ (194) $ (127) $ 83 $ (96) $ 4,094 $ (26) 2014 Investment securities Debt U.S. corporate $ 2,787 $ 22 $ 115 $ 441 $ (213) $ (158) $ 170 $ (133) $ 3,031 $ - State and municipal 96 - 9 12 - (4) - - 113 - RMBS 86 1 - - (16) (8) - (47) 16 - CMBS 10 - - - - (2) 2 - 10 - ABS 145 3 6 - - (15) - (10) 129 - Corporate – non-U.S. 515 13 43 1 (54) (24) 1 (6) 489 - Government – non-U.S. 31 - - - - - - (31) - - U.S. government and federal agency 225 - 32 - - - 9 (2) 264 - Retained interests 1 - - - - (1) - - - - Equity Available-for-sale 11 - - 2 (2) (2) - - 9 - Derivatives(d)(e) 20 8 1 (1) - 3 (1) (1) 29 13 Other 201 16 - 20 (15) - - - 222 4 Total $ 4,128 $ 63 $ 206 $ 475 $ (300) $ (211) $ 181 $ (230) $ 4,312 $ 17 Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings (Loss). 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 $ 12 million and $ 9 million not reflected in the fair value hierarchy table for the nine months ended September 30, 2015 and 2014 , respectively. Gains (losses) included in net re alized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 15 . Non-Recurring Fair Value Measurements The following table represents non-recurring fai r value amounts (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 September 30, 2015 and December 31, 2014 . Remeasured during Remeasured during the nine months ended the year ended September 30, 2015 December 31, 2014 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 18,152 $ 1 $ 584 Cost and equity method investments 1 2,347 - 346 Long-lived assets, including real estate 3 301 102 718 Total $ 4 $ 20,800 $ 103 $ 1,648 The following table represents the fair value adjustments to assets measured at fair value on a non-recurring basis and still held at September 30, 2015 and 2014 . Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Financing receivables and financing receivables held for sale $ (46) $ (31) $ (2,199) $ (135) Cost and equity method investments (280) (82) (1,788) (281) Long-lived assets, including real estate (91) (275) (165) (335) Total $ (417) $ (388) $ (4,151) $ (751) LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted average) September 30, 2015 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 863 Income approach Discount rate(a) 2.2%-15.3% (7.4%) Asset-backed 38 Income approach Discount rate(a) 5.0%-10.0% (9.1%) Corporate – non-U.S. 226 Income approach Discount rate(a) 6.5%-14.0% (7.4%) Other financial assets 228 Income approach, EBITDA multiple 6.1X-15.1X (9.8X) Market comparables Capitalization rate 7.8%-7.8% (7.8%) Non-recurring fair value measurements Financing receivables and $ 18,015 Income approach Discount rate(a) 5.6%-8.0% (6.7%) financing receivables held for sale Cost and equity method investments 2,134 Income approach, Discount rate(a) 9.0%-14.5% (11.8%) Market comparables Price to book multiple 0.4X-0.7X (0.6X) Long-lived assets, including real estate 198 Income approach Discount rate(a) 1.7%-9.8% (6.2%) 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, EBITDA multiple 5.4X-9.1X (7.7X) Market comparables Capitalization rate 6.5%-7.8% (7.7%) 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%) 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 September 30, 2015 and December 31, 2014 , other Level 3 recurring fair value measurements of $2,690 million and $2,596 million, respectively, and non-recurring measurements of $267 million and $657 million, respectively, are valued using non-binding broker quotes or other third-party sources. At September 30, 2015 and December 31, 2014 , other recurring fair value measurements of $36 million and $210 million, respectively, and non-recurring fair value measurements of $186 million and $18 million, respe ctively, were individually insignificant and utilize a number of different unobservable inputs not subject to meaningful aggregation . |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | NOTE 15 . FINANCIAL 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 vast 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. September 30, 2015 December 31, 2014 Assets (liabilities) Assets (liabilities) Carrying Carrying Notional amount Estimated Notional amount Estimated (In millions) amount (net) fair value amount (net) fair value GE Assets Investments and notes receivable $ (a) $ 700 $ 760 $ (a) $ 502 $ 551 Liabilities Borrowings(b)(c) (a) (20,656) (21,372) (a) (16,340) (17,503) GECC Assets Loans (a) 78,775 85,107 (a) 115,889 120,067 Other commercial mortgages (a) 1,392 1,520 (a) 1,427 1,508 Loans held for sale (a) 22,651 23,039 (a) 778 799 Other financial instruments(d) (a) 161 195 (a) 122 136 Liabilities Borrowings and bank deposits(b)(e)(f) (a) (271,944) (283,092) (a) (317,674) (333,956) Investment contract benefits (a) (2,821) (3,327) (a) (2,970) (3,565) Guaranteed investment contracts (a) (179) (193) (a) (1,000) (1,031) Insurance – credit life(g) - - - 1,843 (90) (77) (a) These financial instruments do not have notional amounts. (b) See Note 8. (c) Included $ 174 million and $ 94 million of accrued interest in estimated fair value at September 30, 2015 and December 31, 2014 , respectively. (d) Principally comprises cost method investments. (e) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at September 30, 2015 and December 31, 2014 would have been reduced by $ 4,710 million and $ 5,020 million, respectively. (f) Included $ 1,994 million and $ 2,888 million of accrued interest in estimated fair value at September 30, 2015 and December 31, 2014 , respectively. (g) Net of reinsurance of none and $ 964 million at September 30, 2015 and December 31, 2014 , respectively. NOTIONAL AMOUNTS OF LOAN COMMITMENTS (In millions) September 30, 2015 December 31, 2014 Ordinary course of business lending commitments(a) $ 804 $ 1,214 Unused revolving credit lines(b) Commercial 2,054 2,908 Consumer – principally credit cards 321,710 306,188 Excluded investment commitments of $ 579 million and $ 818 million at September 30, 2015 and December 31, 2014 , respectively. Excluded amounts related to inventory financing arrangements, which may be withdrawn at our option, of $ 39 million and $ 47 million at September 30, 2015 and December 31, 2014 , respectively. Securities Repurchase and Reverse Repurchase Arrangement s 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 September 30, 2015 , we were party to repurchase agreements totaling $ 132 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 repur chase agreements, primarily for short-term investment with maturities of 90 days or less. At September 30, 2015 , we were party to reverse repurchase agreements totaling $ 10.0 billion, which were reported in cash and equivalents on the financial statement s. 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 ex cess 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 $ 279,000 million, approximately 89 % or $ 247,000 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 September 30, 2015 December 31, 2014 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,579 $ 53 $ 5,859 $ 461 Currency exchange contracts 1,501 1,310 2,579 884 Other contracts - 2 - 2 7,080 1,365 8,438 1,347 Derivatives not accounted for as hedges Interest rate contracts 144 56 111 64 Currency exchange contracts 1,179 3,676 1,209 3,450 Other contracts 221 64 239 42 1,544 3,796 1,559 3,556 Gross derivatives recognized in statement of financial position Gross derivatives 8,624 5,161 9,997 4,903 Gross accrued interest 978 9 1,392 (24) 9,602 5,170 11,389 4,879 Amounts offset in statement of financial position Netting adjustments(a) (3,762) (3,763) (3,886) (3,902) Cash collateral(b) (2,858) (895) (3,698) (461) (6,620) (4,658) (7,584) (4,363) Net derivatives recognized in statement of financial position Net derivatives 2,982 512 3,805 516 Amounts not offset in statement of financial position Securities held as collateral(c) (1,694) - (3,188) - Net amount $ 1,288 $ 512 $ 617 $ 516 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 September 30, 2015 and December 31, 2014 , the cumulative adjustment f or non-performance risk was a gain (loss) of $ 1 million and $ 16 million, respectively. Excluded excess cash collateral received and posted of $ 74 million and $ 66 million at September 30, 2015 , respectively, and $ 63 million and $ 211 million at December 31, 2014 , respectively. Excluded excess securities collateral received of $ 36 million and $ 397 million at September 30, 2015 and December 31, 2014 , respectively. Fair value hedges We use interest rate and curr ency 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 Three months ended September 30 2015 2014 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 $ 1,391 $ (1,387) $ 341 $ (350) Currency exchange contracts (6) 5 (8) 8 Fai r value hedges resulted in $ 3 million and $ (9) million of ineffectiveness in the three months ended September 30, 2015 and 2014 , respectively. In both the three months ended September 30, 2015 and 2014 , there were insignificant amounts excluded from the assessment of effectiveness. EARNINGS EFFECTS OF FAIR VALUE HEDGING RELATIONSHIPS Nine months ended September 30 2015 2014 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 $ 514 $ (594) $ 2,056 $ (2,129) Currency exchange contracts (6) 4 (11) 10 Fai r value hedges resulted in $ (82) million and $ (74) million of ineffectiveness in the nine months ended September 30, 2015 and 2014 , respectively. In both the nine months ended September 30, 2015 and 2014 , 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 tra nsactions, including commodities. 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 contemporaneous ly and in the same caption with the earnings effects of the hedged transaction. Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the three months ended September 30 for the three months ended September 30 (In millions) 2015 2014 2015 2014 Interest rate contracts $ 10 $ 9 $ (39) $ (53) Currency exchange contracts (132) (318) (69) (361) Commodity contracts (2) (1) (1) - Total(a) $ (124) $ (310) $ (109) $ (414) (a) Gain (loss) is recorded in GECC revenues from services, interest and other financial charges, and other costs and expenses when reclassified to earnings. Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the nine months ended September 30 for the nine months ended September 30 (In millions) 2015 2014 2015 2014 Interest rate contracts $ - $ - $ (100) $ (182) Currency exchange contracts (757) (343) (589) (412) Commodity contracts (4) (2) (2) (2) Total(a) $ (761) $ (345) $ (691) $ (596) (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 $ 173 million loss at September 30, 2015 . We expect to transfer $ 167 million to earnings as an expense in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. In both the nine months ended September 30, 2015 and 2014 , 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 September 30, 2015 and 2014 , the maximum term of derivative instruments that hedge forecasted transactions was 17 years and 18 years, respectively. See Note 11 for additional information about reclassifications out of AOCI. For cash flow hedges, the amou nt of ineffectiveness in the hedging re lationship and 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 derivativ es and foreign-currency-denominated debt as hedging instruments to protect our net investments in global operations conducted in non-U.S. dollar currencies. For hedging instruments 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 hedging instruments 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 con trolling interest in a foreign entity. Additionally, lower of cost or fair value, less cost to sell, assessments of foreign entities classified as held for sale take into account the related AOCI. The change in fair value of any forward points, which refle cts 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 for the three months ended September 30 for the three months ended September 30 (In millions) 2015 2014 2015 2014 Derivative and non-derivative instruments $ 1,297 $ 2,792 $ 1,935 $ (24) Reclassifications from CTA of $ 0 million and $ (11) million were recorded in GECC revenues from services and $ 1,935 million and $ (13) million in discontinued operations in the three months ended September 30, 2015 and 2014 , respectively. The amounts related to the change in the fair value of the forward points that are excluded from the measure of effectiveness were $ (37) million and $ (147) million in the three months ended September 30, 2015 and 2014 , respectively, and were recorded in interest and other financial charges. GAINS (LOSSES) RECOGNIZED THROUGH CTA Gain (loss) recognized in CTA Gain (loss) reclassified from CTA for the nine months ended September 30 for the nine months ended September 30 (In millions) 2015 2014 2015 2014 Derivative and non-derivative instruments $ 4,720 $ 2,194 $ 2,524 $ (14) Reclassifications from CTA of $ (34) million and $ (11) million were recorded in GECC revenues from services and $ 2,558 million and $ (3) million in discontinued operations in the nine months ended September 30, 2015 and 2014 , respectively. The amounts related to the change in the fair value of the forward points that are excluded from the measure of effectiveness were $ (93) million and $ (458) million in the nine months ended September 30, 2015 and 2014 , respectivel y, 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 recorded in earnings each period. As discussed above, these derivatives are typically e ntered 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 nine months ended September 30, 2015 on derivatives not designated as hedges were $ (2,647) mil lion composed of amounts related to interest rate contracts of $ (101) million, currency exchange contracts of $ (2,492) million, and other derivatives of $ (54) million. Substantially all of these losses were offset by the earnings effects from the underly ing items that were economically hedged. Gains (losses) for the nine months ended September 30, 2014 on derivatives not designated as hedges were $ (578) million composed of amounts related to interest rate contracts of $ (53) million, currency exchange co ntracts of $ (565) million and other derivatives of $ 40 million. These losses were offset by the earnings effects from the underlying items that were economically hedged. Counterparty credit risk Fair values of our derivatives can chang e 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 agre ements) on an individual counterparty basis. Where we have agreed to netting of derivative exposures with a counterparty, we net our exposures with that counterparty and apply the value of collateral posted to us to determine the exposure. We actively moni tor these net exposures against defined limits and take appropriate actions in response, including requiring additional collateral. As discussed above, 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 limit. The fair value of such collateral was $ 4,552 million at September 30, 2015 , of which $ 2,858 million was cash and $ 1,694 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 $ 895 million at September 30, 2015 . At September 30, 2015 , our exposure to counterparties (including accrued interest), net of collateral we hold, was $ 1,148 million. This excludes exposure related to embedded derivatives. Additionally, our master agree ments 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 ab ility 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 provisions 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 determined on a net basis and could also take into account any collateral posted. The net amount of our der ivative liability, after consideration of collateral posted by us and outstanding interest payments was $ 540 million at September 30, 2015 . This excludes embedded derivatives. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | NOTE 16 . 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 b usiness. I nvestors 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 2015 or 2014 . Consolidated Variab le 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. O ur consolidated VIEs fall into t wo main groups, which are further described below: Consolidated 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 securitization 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 have 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 fin ancing receivables; however, the blended performance of the pools 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 r eceivables 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 and GECC . The creditors of these entities have no claim on other assets of GE or GECC . Other remaining assets and l iabilities of consolidated VIEs relate primarily to three categories of entities: (1) joint ventures that lease equipment with $ 466 million of assets and $ 466 million of liabilities; (2) other entities that are involved in power generatin g and leasing activities with $ 331 mill ion of assets and $ 187 million of liabilities; and (3) insurance entities that, among other lines of business, provide property and casualty and workers’ compensation coverage for GE with $ 1,126 million of assets and $ 564 million of liabilities. ASSETS AND LIABILITIES OF CONSOLIDATED VIEs Consolidated Securitization Entities(b) Trade (In millions) Trinity(a) Credit cards receivables Other Total September 30, 2015 Assets(c) Financing receivables, net $ - $ 24,036 $ - $ 531 $ 24,567 Current receivables - - 3,134 (d) 489 3,623 Investment securities 401 - - 1,011 1,412 Other assets 45 144 2 2,002 2,193 Total $ 446 $ 24,180 $ 3,136 $ 4,033 $ 31,795 Liabilities(c) Borrowings $ - $ - $ - $ 990 $ 990 Non-recourse borrowings - 13,640 2,516 69 16,225 Other liabilities 193 20 28 1,282 1,523 Total $ 193 $ 13,660 $ 2,544 $ 2,341 $ 18,738 December 31, 2014 Assets(c) Financing receivables, net $ - $ 25,645 $ - $ 1,030 $ 26,675 Current receivables - - 3,028 (d) 509 3,537 Investment securities 2,369 - - 1,005 3,374 Other assets 17 1,059 2 2,345 3,423 Total $ 2,386 $ 26,704 $ 3,030 $ 4,889 $ 37,009 Liabilities(c) Borrowings $ - $ - $ - $ 517 $ 517 Non-recourse borrowings - 14,967 2,692 436 18,095 Other liabilities 1,022 332 26 1,490 2,870 Total $ 1,022 $ 15,299 $ 2,718 $ 2,443 $ 21,482 Excluded intercompany advances from GECC to Trinity, which were elimin ated in consolidation of $ 15 million and $ 1,565 million at September 30, 2015 and December 31, 2014 , 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 financial assets and scheduled interest and principal payments. At September 30, 2015 and December 31, 2014 , the amounts of commingled ca sh owed to the CSEs were $ 939 million and $ 1,091 million, respectively, and the amounts owed to us by CSEs were $ 170 million and $ 391 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 re pay the entities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition, other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation . Inclu ded $ 724 million and $686 million of receivables at September 30, 2015 and December 31, 2014 , respectively, 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 s ale when the consent is received. Total revenues from our consolidated VIEs were $ 1,635 million and $ 1,792 million in the three months ended September 30, 2015 and 2014 , respectively, and $ 5,049 million and $ 4,966 million in the nine months ended September 30, 2015 and 2014 , respectively. Related expenses consisted primarily of provisions for losses of $ 189 million and $ 244 million in the three months ended September 30, 2015 and 2014 , respectively, and $ 714 million a nd $ 791 million in the nine months ended September 30, 2015 and 2014 , respectively, and interest and other financial charges of $ 78 million and $ 70 million in the three months ended September 30, 2015 and 2014 , respectively and $ 218 million and $ 197 million in the nine months ended September 30, 2015 and 2014 , respectively. 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 economi c performance. The classification of our variable interests in these entities in our financial statements is based on the na ture of the entity and the characteristics of the investment we hold. INVESTMENTS IN UNCONSOLIDATED VIEs (In millions) September 30, 2015 December 31, 2014 Other assets and investment securities $ 810 $ 806 Financing receivables – net 10 120 Total investments 820 926 Contractual obligations to fund investments, guarantees or revolving lines of credit 99 37 Total $ 919 $ 963 In addition to the entities included in the table above, we also hold passive investments in RMBS, CMBS and asset-backed securities 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 . |
Intercompany Transactions
Intercompany Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | NOTE 17 . 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 $ (413) million, $ (56) million and $ 469 million in the nine months ended September 30 , 2015 , and $ (2,782) mi llion, $ (797) million and $ 3,579 million in the nine months ended September 30 , 2014 , respectively. Details of these eliminations are shown below . Nine months ended September 30 (In millions) 2015 2014 Cash from (used for) operating activities-continuing operations Combined $ 10,478 $ 13,950 GE customer receivables sold to GECC 162 43 GECC dividends to GE (450) (2,221) Other reclassifications and eliminations (125) (604) $ 10,065 $ 11,168 Cash from (used for) investing activities-continuing operations Combined $ 52,597 $ 2,465 GE customer receivables sold to GECC (243) (948) Other reclassifications and eliminations 187 151 $ 52,541 $ 1,668 Cash from (used for) financing activities-continuing operations Combined $ (45,781) $ (16,198) GE customer receivables sold to GECC 81 905 GECC dividends to GE 450 2,221 Other reclassifications and eliminations (62) 453 $ (45,312) $ (12,619) |
Supplemental Information About
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables | 9 Months Ended |
Sep. 30, 2015 | |
Credit Quality Financing Receivables [Abstract] | |
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables | NOTE 18 . SUPPLEMENTAL INFORMATION ABOUT THE CREDIT QUALITY OF FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES As described in Note 5, our Consumer portfolio has been significantly reduced as all of our non-U.S. c onsumer f inancing receivables have been reclassified to either financing receivables held for sale or assets of businesses held for sale. In addition our Real Estate business and most of our CLL business have been classified as discontinued operations. Credit Qual ity Indicators Detailed 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 performance, 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 restruc turing (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 September 30, 2015 December 31, 2014 Over 30 days Over 90 days Over 30 days Over 90 days (In millions) past due past due Nonaccrual past due past due Nonaccrual Commercial CLL $ 655 $ 174 $ 27 $ 610 $ 131 $ 25 Energy Financial Services 63 63 82 - - 68 GECAS 2 - 195 - - 419 Total Commercial 720 237 304 (a) 610 131 512 (a) Consumer 2,553 1,102 (b) 2 (c) 5,137 2,495 (b) 1,484 (c) Total $ 3,273 $ 1,339 $ 306 $ 5,747 $ 2,626 $ 1,996 Total as a percent of financing receivables 3.8 % 1.5 % 0.4 % 4.5 % 2.1 % 1.6 % (a) Included $ 228 million and $ 484 million at September 30, 2015 and December 31, 2014 , respectively, which are currently paying in accordance with their contractual terms. Included $ 1,100 million and $ 1,231 million of Consumer loans at September 30, 2015 and December 31, 2014 , respectively, which 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 none and $ 179 million at September 30, 2015 and December 31, 2014 , respectively, which are currently paying in accordance with their contractual terms. 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 (In millions) in loans balance in loans in loans balance allowance (a) in loans September 30, 2015 Commercial CLL $ 11 $ 11 $ 11 $ 5 $ 5 $ 3 $ 5 Energy Financial Services 82 100 54 - - - 6 GECAS 116 122 213 - - - - Other - - - - - - - Total Commercial(b) 209 233 278 5 5 3 11 Consumer(c) - - 35 736 640 (d) 242 1,055 Total $ 209 $ 233 $ 313 $ 741 $ 645 $ 245 $ 1,066 December 31, 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 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 . We recognized insignificant amounts of interest income, including none on a cash basis, in the nine months ended September 30, 2015 , the year ended December 31, 2014 and the nine months ended September 30, 2014 , respective ly, in CLL . The total average investment in impaired loans for the nine months ended September 30, 2015 and the year ended December 31, 2014 was $ 289 million and $ 165 million, respectively. We recognized $ 48 million, $ 126 mill ion and $ 135 million of interest income, including $ 1 million, $ 5 million and $ 3 million on a cash basis, in the nine months ended September 30, 2015 , the year ended December 31, 2014 and the nine months ended September 30, 2014 , respectively. The total average investment in impaired loans for the nine months ended September 30, 2015 and the year en ded December 31, 2014 was $ 1,090 million and $ 2,667 million, respectively. Unpaid principal balance excludes accrued interest and fees. (In millions) Non-impaired financing receivables General reserves Impaired loans Specific reserves September 30, 2015 Commercial $ 23,470 $ 82 $ 214 $ 3 Consumer 62,784 3,130 736 242 Total $ 86,254 $ 3,212 $ 950 $ 245 December 31, 2014 Commercial $ 25,329 $ 77 $ 412 $ 16 Consumer 98,640 3,603 2,180 408 Total $ 123,969 $ 3,680 $ 2,592 $ 424 IMPAIRED LOAN BALANCE CLASSIFIED BY THE METHOD USED TO MEASURE IMPAIRMENT (In millions) September 30, 2015 December 31, 2014 Discounted cash flow $ 819 $ 2,149 Collateral value 131 443 Total $ 950 $ 2,592 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 rel evant facts and circumstances. At September 30, 2015 , TDRs includ ed in impaired loans were $ 860 million, primarily r elating to Consumer ($ 736 million) , GECAS ($ 112 million) , Energy Financial Services ($ 7 million) and CLL ($ 5 million) . Impaired loans in our Consumer business represent res tructured smaller balance homogeneous loans meeting the definition of a TDR, and are therefore subject to the disclosure requirement for impaired loans . Impaired loans classified as TDRs in our C onsumer business were $ 736 million and $ 2,132 million at September 30, 2015 and December 31, 2014 , 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 red uctions and payment deferrals in excess of three months, which were not part of the terms of the original contract. For the nine months ended September 30 , 2015 , we modified $ 363 million of U.S. consumer loans , primarily credit cards for borrowers experiencing financial difficulties, which are classified as TDRs. We expect borrowers whose loans have been modified under these programs to continue to be able to meet their contractual obligations upon the conclusion of the modification. Of our $ 621 million and $ 1,074 million of consumer loans modifications classified as TDRs in the twelve months ended September 30, 2015 and 2014 , respectively, $ 49 million and $ 95 million have subsequently experienced a payment default in the nine months ended September 30, 2015 and 2014 , respectively. Supplemental Credit Quality Information Commercial Substantially all of our Commercial financing receivables portfolio is secured lending and we assess the overall quality of the portfolio based on the potential risk of loss measure. The metric incorporates both the borrower’s credit quality along with any related collateral prot ection. Our internal risk ratings process 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 up on our proprietary models using data derived from borrower financial statements, agency ratings, payment history information, equity prices and other commercial borrower characteristics. We then evaluate the potential risk of loss for the specific lending transaction in the event of borrower default, which takes into account such factors as applicable collateral value, historical loss and recovery rates for similar transactions, and our collection capabilities. Our internal risk ratings process and the mode ls we use are subject to regular monitoring 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 ratin gs 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 substantia lly reduces or eliminates the risk of loss in the event of borrower default. Category B is characterized by borrowers with weaker credit quality than those in Category A, or transactions with moderately strong collateral coverage 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 (In millions) A B C Total September 30, 2015 CLL $ 13,260 $ 44 $ 37 $ 13,341 Energy Financial Services 2,301 41 - 2,342 GECAS 7,076 225 93 7,394 Other 153 - - 153 Total $ 22,790 $ 310 $ 130 $ 23,230 December 31, 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 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 are reviewed and monitored regularly, and classified as impaired when it is probable that they will not pay in accordance with contractual terms. Our internal risk rating process identifies credits warranting closer monitoring; and as such, these loans are not necessarily classified as nonaccrual or impaired. At September 30, 2015 and December 31, 2014 , our unsecured commercial financing receivables included $ 165 million and $ 88 million rated A, and $ 289 million and $ 287 million rate d B, respectively . We did not have any unsecured commercial financing receivables rated C at September 30, 2015 and December 31, 2014 , respectively. Consumer At September 30, 2015 , our U.S. consumer financing receivables included private-label credit card and sales financing for approximately 63 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 66 % 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 34 % 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 financing receivables are largely comprise d of consumer installment loans secured by equipment . Unsecured financing receivables include private-label credit card finan cing. 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 p ortfolio. We assess overall credit quality of our U.S. installment and revolving credit portfolio using information from credit bureaus such as Fair Isaac Corporation ( FICO ) scores. FICO scores are generally obtained 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 considered the strongest credits; (b) 601 to 6 60, which are considered moderate credit risk; and (c) 600 or less, which are considered weaker credits. Refreshed FICO score September 30, 2015 December 31, 2014 661 or 601 to 600 or 661 or 601 to 600 or (in millions) higher 660 less higher 660 less U.S. installment and revolving credit $ 45,383 $ 12,304 $ 4,403 $ 43,466 $ 11,865 $ 4,532 U.S. installment and revolving credit accounts with FICO scores of 600 or less have an average outstanding balance less than one thousand U.S. dollars and are primarily concentrated in our retail card and sales financing portfolios , 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 a nd collection strategies based on customer behavior and risk profile changes. For our Consumer - Other portfolio, we develop our internal risk ratings for this portfolio in a manner consistent with the process used to develop our Commercial credit qualit y indicators, described above. We use the borrower’s credit quality and underlying collateral strength to determine the potential risk of loss from these activities. At September 30, 2015 , Consumer - Other financing receivables of $ 1,138 million, $ 117 million and $ 175 million were rated A, B and C, respectively. At December 31, 2014 , Consumer – Other financing receivables of $ 5,006 million, $ 276 million and $ 382 million were rated A, B and C, respectively. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Business 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 presente d as held for investment must be classified as held for sale and recognized in our financial statements at the lower of cost or fair value, less cost to sell, with that amount representing a new cost basis at the date of transfer. As previously discussed, a s a result of the GE Capital Exit Plan , management has committed to reduce the size of its financial services businesses through the sale of most of the assets of GECC over the following 24 months. As a result, certain GECC businesses met the criteria to be classified as businesses held for sale and certain financing receivables were required to be recognized as held for sale at September 30, 2015 . The determination of fair value for businesses and portfolios of financing receivables involves significant judgm ents and assumptions. Development 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 as sets and/or businesses in the disposal 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 estim ates. Key assumptions were developed 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 as of September 30, 2015 . We review all business es and assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. |
Businesses Held For Sale, Finan
Businesses Held For Sale, Financing Receivables Held for Sale and Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Information For Businesses Held For Sale [Line Items] | |
Businesses held for sale | FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE (In millions) September 30, 2015 December 31, 2014 Assets Cash and equivalents $ 299 $ 676 Investment securities - 448 Current receivables(a) 144 180 Inventories 760 588 Financing receivables – net 4,141 2,144 Property, plant, and equipment – net 1,187 1,015 Goodwill 976 539 Other intangible assets – net 273 170 Other 529 540 Assets of businesses held for sale $ 8,309 $ 6,300 Liabilities Short-term borrowings $ 27 441 Accounts payable(a) 636 510 Other current liabilities 388 348 Bank deposits - 1,931 Deferred income taxes (115) (33) Other 448 178 Liabilities of businesses held for sale $ 1,384 $ 3,375 (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. FINANCING RECEIVABLES HELD FOR SALE (in millions) September 30, 2015 December 31, 2014 Commercial CLL $ 833 $ 357 Energy Financial Services - 35 GE Capital Aviation Services (GECAS) 14 27 Other 105 - Total Commercial 952 419 Consumer 22,713 (a) 359 Total financing receivables held for sale $ 23,665 $ 778 (a) Over 30 days past due and nonaccrual financing receivables related to consumer financing receivables held for sale were $ 1,060 million and $ 634 million , respectively. |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Operations Total revenues and other income (loss) $ 2,756 $ 4,033 $ 9,536 $ 11,946 Earnings (loss) from discontinued operations before income taxes $ 1,060 $ 666 $ 202 $ 2,061 Benefit (provision) for income taxes (420) 40 30 (11) Earnings (loss) from discontinued operations, net of taxes $ 640 $ 706 $ 232 $ 2,050 Disposal Gain (loss) on disposal before income taxes $ (2,616) $ - $ (9,652) $ 14 Benefit (provision) for income taxes 1,629 - (916) 1 Gain (loss) on disposal, net of taxes $ (987) $ - $ (10,568) $ 15 Earnings (loss) from discontinued operations, net of taxes(a) $ (347) $ 706 $ (10,336) $ 2,065 (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 (Loss) . (In millions) September 30, 2015 December 31, 2014 Assets Cash and equivalents $ 11,226 $ 5,414 Investment securities 8,179 10,006 Financing receivables – net 11,622 114,561 Other receivables 1,479 2,192 Property, plant and equipment – net 12,084 18,051 Goodwill 9,867 13,569 Other intangible assets - net 44 301 Deferred income taxes 2,389 2,920 Financing receivables held for sale 65,390 3,116 Valuation allowance on disposal group classified as discontinued operations (7,650) - Other 7,320 16,804 Assets of discontinued operations $ 121,949 $ 186,934 Liabilities Short-term borrowings $ 820 $ 1,125 Accounts payable 3,884 3,770 Other GE current liabilities 27 28 Non-recourse borrowings 8,072 10,569 Bank deposits 18,348 18,998 Long-term borrowings 316 1,182 All other liabilities 9,695 7,720 Deferred income taxes 2,607 5,402 Liabilities of discontinued operations $ 43,768 $ 48,794 |
CLL [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Operations Total revenues and other income (loss) $ 2,691 $ 3,370 $ 8,664 $ 9,998 Interest $ (576) $ (762) $ (1,919) $ (2,324) Operating and administrative (900) (942) (2,905) (2,732) Depreciation and amortization - (988) (1,768) (2,923) Provision for losses on financing receivables 13 (87) (1,744) (294) Earnings (loss) from discontinued operations, before income taxes 1,228 591 328 1,725 Benefit (provision) for income taxes (484) (108) (169) (326) Earnings (loss) from discontinued operations, net of taxes $ 744 $ 483 $ 159 $ 1,399 Disposal Gain (loss) on disposal before income taxes $ (2,834) $ - $ (8,059) $ - Benefit (provision) for income taxes 1,629 - (298) - Gain (loss) on disposal, net of taxes $ (1,205) $ - $ (8,357) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (461) $ 483 $ (8,198) $ 1,399 (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (1,608) million and $ 589 million for the three months ended September 30, 2015 and 2014 , respectively, and $ (7,736) million and $ 1,710 million for the nine months ended September 30, 2015 and 2014 , respectively. |
GE Real Estate [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR REAL ESTATE Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Operations Total revenues and other income (loss) $ 81 $ 698 $ 893 $ 1,992 Interest $ (64) $ (270) $ (437) $ (817) Operating and administrative (156) (213) (464) (563) Depreciation and amortization - (82) (62) (252) Provision for losses on financing receivables - (12) 4 92 Earnings (loss) from discontinued operations, before income taxes (139) 121 (65) 452 Benefit (provision) for income taxes 53 55 95 251 Earnings (loss) from discontinued operations, net of taxes $ (86) $ 176 $ 30 $ 703 Disposal Gain (loss) on disposal before income taxes $ 218 $ - $ (1,593) $ - Benefit (provision) for income taxes - - (618) - Gain (loss) on disposal, net of taxes $ 218 $ - $ (2,211) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 132 $ 176 $ (2,181) $ 703 Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 81 million and $ 120 million for the three months ended September 30, 2015 and 2014 , respectively, and $ (1,658) million and $ 452 million for the nine months ended September 30, 2015 and 2014 , respectively. |
WMC Discontinued Operations [Member] | |
Financial Information For Businesses Held For Sale [Line Items] | |
Rollfoward of WMC's reserve and pending claims for WMC representation and warranty obligations | ROLLFORWARD OF THE RESERVE Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Balance, beginning of period $ 825 $ 549 $ 809 $ 800 Provision 28 40 46 142 Claim resolutions / rescissions (21) (1) (23) (354) Balance, end of period $ 832 $ 588 $ 832 $ 588 |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR WMC Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Total revenues and other income (loss) $ (22) $ (34) $ (26) $ (70) Earnings (loss) from discontinued operations, net of taxes $ (21) $ (25) $ (37) $ (57) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | September 30, 2015 December 31, 2014 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 3 $ - $ - $ 3 $ 12 $ - $ - $ 12 Corporate – non-U.S. 1 - - 1 1 - - 1 Equity Available-for-sale 95 14 (46) 64 69 4 (2) 71 Trading - - - - - - - - 99 14 (46) 68 82 4 (2) 84 GECC Debt U.S. corporate 19,975 3,102 (178) 22,899 19,810 3,962 (69) 23,703 State and municipal 3,972 439 (71) 4,340 4,173 555 (53) 4,675 Residential mortgage-backed(a) 905 84 (5) 984 1,544 153 (5) 1,692 Commercial mortgage-backed 2,295 121 (12) 2,405 2,903 170 (10) 3,063 Asset-backed 107 1 (10) 97 304 8 (17) 295 Corporate – non-U.S. 769 101 (3) 867 908 109 (1) 1,016 Government – non-U.S. 1,094 158 (1) 1,252 1,560 152 (2) 1,710 U.S. government and federal agency 3,783 99 - 3,882 1,957 56 - 2,013 Equity Available-for-sale 113 16 (4) 125 109 24 (1) 132 Trading 19 - - 19 21 - - 21 33,032 4,121 (285) 36,868 33,289 5,189 (158) 38,320 Eliminations (4) - - (4) (4) - - (4) Total $ 33,128 $ 4,136 $ (331) $ 36,933 $ 33,367 $ 5,193 $ (160) $ 38,400 |
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 (In millions) fair value(a) losses(a)(b) fair value losses(b) September 30, 2015 Debt U.S. corporate $ 2,161 $ (130) $ 335 $ (48) State and municipal 544 (16) 155 (55) Residential mortgage-backed 175 (2) 77 (3) Commercial mortgage-backed 351 (8) 26 (4) Asset-backed - - 48 (10) Corporate – non-U.S. 41 (3) 3 - Government – non-U.S. 292 (1) - - U.S. government and federal agency 450 - 1 - Equity 75 (50) - - Total $ 4,089 $ (210) $ 645 $ (121) (c) December 31, 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) (a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. At September 30, 2015 , the estimated fair value of and gross unrealized losses on equity securities were $ 37 million and $ (46) million, respectively. At December 31, 2014 , the estimated fair value of and gross unrealized losses on equity securities were $ 4 million and $ (2) million, respectively. (b) Included gross unrealized losses of $ 27 million related to securities that had other-than -temporary impairments previously recognized at September 30, 2015 . (c) Includes debt securities held to support obligations to holders of GICs all of which are considered to be investment-grade by the major rating agencies at September 30, 2015 . |
Pre Tax Other Than Temporary Impairments On Investment Securities [TableTextBlock] | PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Total pre-tax, OTTI recognized $ 2 $ 2 $ 34 $ 18 Pre-tax, OTTI recognized in AOCI - - - (4) Pre-tax, OTTI recognized in earnings(a) $ 2 $ 2 $ 34 $ 14 (a) Included pre-tax, other-than-temporary impairments recorded in earnings r elated to equity securities of $ 1 million and none in the three months ended September 30, 2015 and 2014 , respectively and $ 1 million and $ 2 million in the nine months ended September 30, 2015 and 2014 , 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 Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Cumulative credit loss impairments recognized, beginning of period $ 187 $ 423 $ 176 $ 474 Credit loss impairments recognized on securities not previously impaired - - 14 - Incremental credit loss impairments recognized on securities previously impaired - 2 - 4 Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell - - 2 53 Cumulative credit loss impairments recognized, end of period $ 187 $ 425 $ 188 $ 425 |
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 $ 2,166 $ 2,175 After one year through five years 4,656 4,868 After five years through ten years 4,854 5,217 After ten years 17,921 20,983 |
Supplemental gross realized gains losses on available-for-sale investment securities | GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 GE Gains $ 3 $ - $ 4 $ 2 Losses, including impairments - - (14) - Net 3 - (10) 2 GECC Gains 21 1 122 37 Losses, including impairments (6) (5) (41) (18) Net 15 (4) 81 19 Total $ 18 $ (4) $ 71 $ 21 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory, Net [Abstract] | |
Inventories | (In millions) September 30, 2015 December 31, 2014 GE Raw materials and work in process $ 10,625 $ 9,820 Finished goods 7,862 7,126 Unbilled shipments 708 755 19,195 17,701 Revaluation to LIFO 30 (62) Total GE 19,225 17,639 GECC Finished goods 59 50 Total consolidated $ 19,285 $ 17,689 |
GECC Financing Receivables an31
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financing Receivables And Allowance For Losses [Abstract] | |
GECC financing receivables | FINANCING RECEIVABLES, NET (In millions) September 30, 2015 December 31, 2014 Loans, net of deferred income $ 82,196 $ 120,007 Investment in financing leases, net of deferred income 5,008 6,554 87,204 126,561 Allowance for losses (3,457) (4,104) Financing receivables – net $ 83,748 $ 122,457 |
Financing receivables - net | FINANCING RECEIVABLES (In millions) September 30, 2015 December 31, 2014 Commercial CLL $ 13,341 (a) $ 14,418 Energy Financial Services 2,443 2,580 GE Capital Aviation Services (GECAS) 7,394 8,263 Other 506 480 Total Commercial 23,684 25,741 Consumer 63,520 (b) 100,820 Total financing receivables 87,204 126,561 Allowance for losses (3,457) (b) (4,104) Total financing receivables – net $ 83,748 $ 122,457 Includes Healthcare Equipment Finance and Working Capital Solutions, which purchases GE customer receivables . Includes Synchrony F inancial, our U.S. consumer business . |
Schedule Of Allowance For Losses | ALLOWANCE FOR LOSSES Provision Balance at charged to Gross Balance at (In millions) January 1 operations(a) Other (b) write-offs (a)(c) Recoveries (c) September 30 2015 Commercial CLL $ 21 $ 20 $ - $ (15) $ 6 $ 32 Energy Financial Services 26 16 - (29) 1 14 GECAS 46 (11) - (1) 3 37 Other - 15 - (13) - 2 Total Commercial 93 40 - (58) 10 85 Consumer 4,011 4,596 (252) (5,622) 639 3,372 Total $ 4,104 $ 4,636 $ (252) $ (5,680) $ 649 $ 3,457 2014 Commercial CLL $ 17 $ 8 $ (1) $ (11) $ 7 $ 20 Energy Financial Services 8 13 - (17) 2 6 GECAS 17 9 - (11) - 15 Other 2 - (2) - - - Total Commercial 44 30 (3) (39) 9 41 Consumer 3,981 2,663 (120) (3,203) 869 4,190 Total $ 4,025 $ 2,693 $ (123) $ (3,242) $ 878 $ 4,231 Provision charged to operations included $ 2,405 million and gross write-offs included $ 2,859 million related to the effects of the 2015 reclassification of non-U.S. consumer financing receivables to financing receivables held for sale recorded at the lower of cost or fair value, less cost to sell. Other primarily includes the reclassification of financing receivables to assets of businesses held for sale and the effects of currency exchange. Net write-offs (gross write-offs less r ecoveries) 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) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (In millions) September 30, 2015 December 31, 2014 Original cost $ 87,332 $ 84,070 Less accumulated depreciation and amortization (36,628) (35,734) Property, plant and equipment – net $ 50,704 $ 48,336 |
Acquisitions, Goodwill and Ot33
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill balance | CHANGES IN GOODWILL BALANCES Dispositions, currency Balance at exchange Balance at (In millions) January 1, 2015 Acquisitions and other September 30, 2015 Power & Water $ 8,754 $ 31 $ (136) $ 8,649 Oil & Gas 10,572 - (322) 10,250 Energy Management 4,570 - (477) 4,093 Aviation 8,952 - (297) 8,655 Healthcare 17,532 8 (86) 17,454 Transportation 887 - (39) 848 Appliances & Lighting 226 - (9) 217 GE Capital 11,456 729 (725) 11,460 Corporate 34 - 1 35 Total $ 62,983 $ 768 $ (2,090) $ 61,660 |
Goodwill and other intangible assets | OTHER INTANGIBLE ASSETS - NET (In millions) September 30, 2015 December 31, 2014 Intangible assets subject to amortization $ 13,513 $ 13,725 Indefinite-lived intangible assets(a) 105 130 Total $ 13,618 $ 13,855 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Intangible assets subject to amortization | INTANGIBLE ASSETS SUBJECT TO AMORTIZATION September 30, 2015 December 31, 2014 Gross Gross carrying Accumulated carrying Accumulated (In millions) amount amortization Net amount amortization Net Customer-related $ 8,217 $ (2,426) $ 5,791 $ 8,064 $ (2,261) $ 5,803 Patents and technology 6,434 (3,056) 3,378 6,694 (2,900) 3,794 Capitalized software 7,635 (4,404) 3,231 7,349 (4,178) 3,171 Trademarks 1,126 (272) 854 1,151 (263) 888 Lease valuations 107 (16) 92 - - - Present value of future profits(a) 643 (643) - 614 (614) - All other 351 (181) 170 203 (134) 69 Total $ 24,513 $ (10,998) $ 13,513 $ 24,075 $ (10,350) $ 13,725 (a) Balances at September 30, 2015 and December 31, 2014 reflect adjustments of $ 272 million and $ 293 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. |
Borrowings and Bank Deposits (T
Borrowings and Bank Deposits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
GECC Borrowings | (In millions) September 30, 2015 December 31, 2014 Short-term borrowings GE Commercial paper $ 1,000 $ 500 Payable to banks 472 343 Current portion of long-term borrowings 2,092 2,068 Other 1,197 961 Total GE short-term borrowings 4,761 3,872 GECC Commercial paper(a) U.S. 9,811 22,019 Non-U.S. 3,103 2,993 Current portion of long-term borrowings(a)(b)(c) 29,679 36,995 GE Interest Plus notes(d) - 5,467 Other(c) 287 231 Total GECC short-term borrowings 42,880 67,705 Eliminations (1,146) (863) Total short-term borrowings $ 46,495 $ 70,714 Long-term borrowings GE Senior notes $ 15,510 $ 11,945 Payable to banks 27 5 Other 358 518 Total GE long-term borrowings 15,895 12,468 GECC Senior unsecured notes(a)(b)(e) 144,935 162,194 Subordinated notes(a) 4,715 4,804 Subordinated debentures(a)(f) 6,782 7,085 Other(a)(c)(g) 7,751 12,676 Total GECC long-term borrowings 164,183 186,759 Eliminations (67) (45) Total long-term borrowings $ 180,011 $ 199,182 Non-recourse borrowings of consolidated securitization entities(h) $ 16,225 $ 19,369 Bank deposits(i) $ 48,656 $ 43,841 Total borrowings and bank deposits $ 291,387 $ 333,106 On April 10, 2015, GE announced it would provide a full and unconditional guarantee on the payment of the principal and interest on all tradable senior and subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed by GECC. Short-term borrowings included $ 12,914 million of commercial paper and $ 28,373 million of the current portion of long-term borrowings. Long-term borrowings included $ 131,230 million of senior unsecured notes, $ 3,971 milli on of subordinated notes, $ 6,782 million of subordinated debentures, and $ 400 million of other. Included $ 431 million and $ 439 million of obligations to holders of GICs at September 30, 2015 and December 31, 2014 , respectively. T hese 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 subject to their s cheduled 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 $ 4,969 million and $ 4,835 million of funding secured by real estate , aircraft and other collateral at September 30, 2015 and December 31, 2014 , respectively, of which $ 1,216 million and $ 1,183 million is non-recourse to GECC at September 30, 2015 and December 31, 2014 , respectively. Entirely variable denomination floating-rate demand notes. The GE Interest Plus program was closed effective August 31, 2015 . Included $ 5,589 million and $ 3,594 million related to Synchrony Financial at September 30, 2015 and December 31, 2014, respectively. Subordinated debentures r eceive rating agency equity credit. Included $ 4,651 million and $ 8,245 million related to Synchrony Financial at September 30, 2015 and December 31, 2014, respectively. Included $ 1,934 million and $ 3,377 million of current p ortion of long-term borrowings at September 30, 2015 and December 31, 2014 , respectively. See Note 16 . Included $ 8,108 million and $ 8,905 million of deposits in non-U.S. banks at September 30, 2015 and December 31, 2014 , respectively, and $ 15,990 million and $ 14,500 million of certificates of deposits with maturities greater than one year at September 30, 2015 and December 31, 2014 , respectively. |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Postretirement Benefit Plans | Other pension plans Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Service cost for benefits earned $ 99 $ 91 $ 299 $ 310 Prior service cost amortization 1 1 1 4 Expected return on plan assets (211) (200) (625) (596) Interest cost on benefit obligations 133 149 396 443 Net actuarial loss amortization 72 50 217 149 Pension plans cost $ 94 $ 91 $ 288 $ 310 |
Pension Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Postretirement Benefit Plans | EFFECT ON OPERATIONS OF PENSION PLANS Principal pension plans Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Service cost for benefits earned $ 348 $ 304 $ 1,076 $ 921 Prior service cost amortization 51 54 154 162 Expected return on plan assets (826) (792) (2,478) (2,393) Interest cost on benefit obligations 696 687 2,087 2,060 Net actuarial loss amortization 823 642 2,468 1,925 Curtailment loss - 65 (a) 71 (b) 65 (a) Pension plans cost $ 1,092 $ 960 $ 3,378 $ 2,740 |
Retiree Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Postretirement Benefit Plans | EFFECT ON OPERATIONS OF PRINCIPAL RETIREE HEALTH AND LIFE INSURANCE PLANS Principal retiree health and life insurance plans Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Service cost for benefits earned $ 27 $ 41 $ 119 $ 125 Prior service cost (gain) amortization (38) 88 29 285 Expected return on plan assets (12) (12) (36) (37) Interest cost on benefit obligations 67 106 268 326 Net actuarial gain amortization (14) (38) (11) (124) Curtailment loss (gain), net - 48 (a) (192) (b)(c) 48 (a) Retiree benefit plans cost $ 30 $ 233 $ 177 $ 623 Curtailment loss resulting from our agreement with Electrolux to sell the GE Appliances business. Curtailment loss resulting from the GE Capital Exit Plan . Curtailment gain resulting from a life insurance plan amendment. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | UNRECOGNIZED TAX BENEFITS (In millions) September 30, 2015 December 31, 2014 Unrecognized tax benefits $ 5,447 $ 5,619 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 3,961 4,059 Accrued interest on unrecognized tax benefits 782 807 Accrued penalties on unrecognized tax benefits 97 103 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) 0-350 0-300 (a) Some portion of such reduction may be reported as discontinued operations. |
Shareowners' Equity (Tables)
Shareowners' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Accumulated other comprehensive income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Investment securities Beginning balance $ 564 $ 1,040 $ 1,013 $ 307 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $14, $(146), $(196) and $310 22 (265) (382) 484 Reclassifications from OCI – net of deferred taxes of $(20), $(15), $(45) and $(19) (26) (19) (70) (34) Other comprehensive income (loss)(a) (3) (284) (452) 450 Less OCI attributable to noncontrolling interests - 1 - 2 Ending balance $ 561 $ 755 $ 561 $ 755 Currency translation adjustments (CTA) Beginning balance $ (5,914) $ 61 $ (2,427) $ 126 OCI before reclassifications – net of deferred taxes of $(185), $198, $1,158 and $314 (108) (1,575) (3,936) (1,674) Reclassifications from OCI – net of deferred taxes of $(628), $1, $(779) and $124 733 (15) 1,039 25 Other comprehensive income (loss)(a) 624 (1,590) (2,896) (1,649) Less OCI attributable to noncontrolling interests (8) (11) (43) (5) Ending balance $ (5,281) $ (1,518) $ (5,281) $ (1,518) Cash flow hedges Beginning balance $ (140) $ (176) $ (180) $ (257) OCI before reclassifications – net of deferred taxes of $(28), $(44), $(24) and $(5) (133) (329) (626) (421) Reclassifications from OCI – net of deferred taxes of $11, $30, $59 and $39 98 384 632 557 Other comprehensive income (loss)(a) (35) 55 6 136 Less OCI attributable to noncontrolling interests - - - - Ending balance $ (174) $ (121) $ (174) $ (121) Benefit plans Beginning balance $ (12,716) $ (8,083) $ (16,578) $ (9,296) Prior service credit (costs) - net of deferred taxes of $0, $212, $1,194 and $212 - 374 2,090 374 Net actuarial gain (loss) – net of deferred taxes of $0, $(58), $269 and $(26) 43 (107) 602 59 Net curtailment/settlement - net of deferred taxes of $0, $41, $(44) and $41 - 72 (77) 72 Prior service cost amortization – net of deferred taxes of $17, $62, $92 and $192 - 85 101 273 Net actuarial loss amortization – net of deferred taxes of $297, $213, $902 and $637 584 435 1,771 1,294 Other comprehensive income (loss)(a) 627 859 4,486 2,072 Less OCI attributable to noncontrolling interests - 2 (2) 2 Ending balance $ (12,089) $ (7,226) $ (12,089) $ (7,226) Accumulated other comprehensive income (loss) at September 30 $ (16,983) $ (8,110) $ (16,983) $ (8,110) (a) Total other comprehensive income (loss) was $ 1,214 million and $ (960) million in the three months ended September 30, 2015 and 2014 , respectively and $ 1,144 million and $ 1,009 million in the nine months ended September 30, 2015 and 2014 , respectively. |
Reclassification out of Accumulated Other Comprehensive Income | RECLASSIFICATION OUT OF AOCI Three months ended Nine months ended September 30 September 30 (In millions) 2015 2014 2015 2014 Statement of Earnings Caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ 45 $ 34 $ 116 $ 53 Other income(a) (20) (15) (45) (19) Benefit (provision) for income taxes(b) $ 26 $ 19 $ 70 $ 34 Net of tax Currency translation adjustments Gains (losses) on dispositions $ (104) $ 14 $ (260) $ (149) Costs and expenses(c) (628) 1 (779) 124 Benefit (provision) for income taxes(d) $ (733) $ 15 $ (1,039) $ (25) Net of tax Cash flow hedges Gains (losses) on interest rate derivatives $ (39) $ (53) $ (100) $ (182) Interest and other financial charges Foreign exchange contracts (72) (381) (600) (400) (e) Other 2 20 9 (14) (f) (109) (414) (691) (596) Total before tax 11 30 59 39 Benefit (provision) for income taxes $ (98) $ (384) $ (632) $ (557) Net of tax Benefit plan items Curtailment gain (loss) $ - $ (113) $ 121 $ (113) (g) Amortization of prior service costs (17) (147) (193) (465) (g) Amortization of actuarial gains (losses) (881) (648) (2,673) (1,931) (g) (898) (908) (2,745) (2,509) Total before tax 314 316 950 870 Benefit (provision) for income taxes $ (584) $ (592) $ (1,795) $ (1,639) Net of tax Total reclassification adjustments $ (1,389) $ (942) $ (3,396) $ (2,187) Net of tax Included $ 28 million and $ 40 million for the three months ended September 30, 2015 and 2014, and $ 45 million and $ 34 million for the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discontinued operations, net of taxes. Included $ (15) million and $ (15) million for the three months ende d September 30, 2015 and 2014, and $ (21) million and $ (13) million fo r the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $ (104) million and $ 1 million for the three months ended September 30, 2015 and 2014, and $ (102) million and $ (128) million for the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $ (628) million and an insignificant amount for the three months ended September 30, 2015 and 2014, and $ (764) million and $ 123 million for the nine months ended September 30, 2015 and 2014, respectively in earnings (loss) from discon tinued operations, net of taxes. Included $ (47) million and $ (357) million in GECC revenues from services and $ (25) million and $ (24) million in interest and other financial charges in the three months ended September 30, 2015 and 2014 , respectively and $ (587) million and $ (368) million in GECC revenues from services and $ (13) million and $ (32) million in interest and other financial charges in the nine months ended September 30, 2015 and 2014 , respectively. Primarily recorded in costs and expenses. Curtailment gain (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 9 for further information. |
Noncontrolling Interests Balance [Table Text Block] | (In millions) September 30, 2015 December 31, 2014 GECC preferred stock $ 4,950 $ 4,950 Synchrony Financial 2,790 2,531 Other noncontrolling interests in consolidated affiliates(a) 1,048 1,193 Total $ 8,788 $ 8,674 (a) Consisted of a number of individually insignificant noncontrolling interests in partnerships and consolidated affiliates. |
Changes to noncontrolling interests | CHANGES TO NONCONTROLLING INTERESTS Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Beginning balance $ 8,776 $ 6,054 $ 8,674 $ 6,217 Net earnings (loss) 39 (21) 232 (2) GECC preferred stock dividend - - (161) (161) Dividends (18) (20) (36) (55) Dispositions (3) (6) (9) (98) Synchrony Financial IPO - 2,393 - 2,393 Other (including AOCI)(a) (6) 113 88 219 Ending balance $ 8,788 $ 8,513 $ 8,788 $ 8,513 (a) Includes research & development partner funding arrangements, acquisitions and eliminations. |
GECC Revenues from Services (Ta
GECC Revenues from Services (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Services Revenue [Abstract] | |
GECC Revenues from services | Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Interest on loans $ 3,010 $ 3,128 $ 8,902 $ 9,194 Equipment leased to others 1,179 1,111 3,519 3,400 Fees 839 852 2,426 2,466 Investment income(a) 470 495 1,445 1,506 Associated companies 158 189 893 796 Premiums earned by insurance activities 353 397 1,062 1,130 Financing leases 84 100 275 331 Other items(b) 198 84 (1,133) 311 6,290 6,356 17,388 19,134 Eliminations (306) (397) (1,015) (1,170) Total $ 5,984 $ 5,959 $ 16,373 $ 17,964 (a) Included net other-than-temporary impairments on investment securities of $ 2 million and $ 2 million in the three months ended September 30, 2015 and 2014 , res pectively, and $ 21 million and $ 14 million in the nine months ended September 30, 2015 and 2014 , res pectively. (b) During the nine months ended September 30, 2015 , other items primarily included impairments related to equity method investments ($ 1,392 million) in connection with the GE Capital Exit Plan . |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per share | Three months ended September 30 2015 2014 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 2,849 $ 2,849 $ 2,826 $ 2,826 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (346) (346) 706 706 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ 2,503 $ 2,502 $ 3,532 $ 3,532 Average equivalent shares Shares of GE common stock outstanding 10,103 10,103 10,039 10,039 Employee compensation-related shares (including stock options) 70 - 80 - Total average equivalent shares 10,173 10,103 10,119 10,039 Per-share amounts Earnings (loss) from continuing operations $ 0.28 $ 0.28 $ 0.28 $ 0.28 Earnings (loss) from discontinued operations (0.03) (0.03) 0.07 0.07 Net earnings (loss) 0.25 0.25 0.35 0.35 Nine months ended September 30 2015 2014 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ (2,100) $ (2,100) $ 8,005 $ 8,004 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (10,345) (10,345) 2,064 2,064 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ (12,436) $ (12,436) $ 10,068 $ 10,067 Average equivalent shares Shares of GE common stock outstanding 10,085 10,085 10,042 10,042 Employee compensation-related shares (including stock options) - - 79 - Total average equivalent shares 10,085 10,085 10,121 10,042 Per-share amounts Earnings (loss) from continuing operations $ (0.21) $ (0.21) $ 0.79 $ 0.80 Earnings (loss) from discontinued operations (1.03) (1.03) 0.20 0.21 Net earnings (loss) (1.23) (1.23) 0.99 1.00 Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities . For the nine months period ended September 30, 2015 , pursuant to the two-class method, as a result of the net loss from continuing operations , losses were not allocated to the pa rticipating securities. For the three months ended September 30, 2015 and 2014 ; and the nine months period ended September 30, 2014 , participating securities are included in the computation of earnings (loss) per share pursuant to the two-class method and the application of this treatment had an insignificant effect. Included an insignificant amount of dividend equivalents in each of the periods presented. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Assets Investment securities Debt U.S. corporate $ - $ 19,853 $ 3,050 $ - $ 22,902 State and municipal - 4,259 81 - 4,340 Residential mortgage-backed - 981 2 - 984 Commercial mortgage-backed - 2,403 1 - 2,405 Asset-backed - 59 38 - 97 Corporate – non-U.S. 6 579 283 - 868 Government – non-U.S. 14 1,238 - - 1,252 U.S. government and federal agency - 3,573 309 - 3,882 Equity Available-for-sale 159 15 10 - 185 Trading 19 - - - 19 Derivatives(c) - 8,545 79 (6,620) 2,003 Other (d) - - 233 - 233 Total $ 197 $ 41,505 $ 4,086 $ (6,620) $ 39,168 Liabilities Derivatives $ - $ 5,156 $ 5 $ (4,658) $ 503 Other(e) - 1,070 - - 1,070 Total $ - $ 6,227 $ 5 $ (4,658) $ 1,573 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 (d) - - 277 - 277 Total $ 192 $ 44,232 $ 4,250 $ (7,584) $ 41,090 Liabilities Derivatives $ - $ 4,890 $ 13 $ (4,363) $ 540 Other(e) - 1,178 - - 1,178 Total $ - $ 6,068 $ 13 $ (4,363) $ 1,718 (a) There were no securities transferred between Level 1 and Level 2 in the nine months ended September 30, 2015 . There were $ 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 in the twelve months ended December 31, 2014 primarily attributable to changes i n market observable data. ( b) The netting of derivative receivables and payable s (including the effects of any collateral posted or received) is permitted when a legally enforceable 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 $ 1 million and $ 16 mil lion at September 30, 2015 and December 31, 2014 , respectively. See Note 15 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) 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 THREE MONTHS ENDED Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) July 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) September 30 September 30(c) 2015 Investment securities Debt U.S. corporate $ 3,024 $ 5 $ (7) $ 74 $ (29) $ (37) $ 35 $ (15) $ 3,050 $ - State and municipal 101 - 1 - - (5) - (17) 81 - RMBS 2 - - - - (1) - - 2 - CMBS 2 - - - - - - - 1 - ABS 76 (2) - - - - - (36) 38 - Corporate – non-U.S. 283 - - 1 - (1) - - 283 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 293 - 16 - - - - - 309 - Equity Available-for-sale 6 - (1) - - - 6 - 10 - Derivatives(d)(e) 72 16 1 (1) - (1) - - 86 14 Other 222 10 - - - - - - 233 - Total $ 4,083 $ 29 $ 10 $ 74 $ (29) $ (45) $ 41 $ (70) $ 4,094 $ 14 2014 Investment securities Debt U.S. corporate $ 3,060 $ 4 $ (4) $ 102 $ (57) $ (90) $ 32 $ (16) $ 3,031 $ - State and municipal 110 - 2 2 - (1) - - 113 - RMBS 66 - - - - (3) - (47) 16 - CMBS 12 - - - - (2) - - 10 - ABS 130 1 2 - - (4) - - 129 - Corporate – non-U.S. 511 - - 1 - (23) - - 489 - Government – non-U.S. 1 - - - - - - (1) - - U.S. government and federal agency 249 - 6 - - - 9 - 264 - Retained interests 1 - - - - (1) - - - - Equity Available-for-sale 9 - - - - - - - 9 - Derivatives(d)(e) 29 1 1 (2) - - - - 29 (1) Other 217 5 - - - - - - 222 - Total $ 4,395 $ 11 $ 7 $ 103 $ (57) $ (124) $ 41 $ (64) $ 4,312 $ (1) Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings (Loss). 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 $ 12 million and $ 9 million not reflected in the fair value hierarchy table for the three months ended September 30, 2015 and 2014 , respectively. Gains (losses) included in net re alized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 15 . CHANGES IN LEVEL 3 INSTRUMENTS FOR THE NINE MONTHS ENDED Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) January 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) September 30 September 30(c) 2015 Investment securities Debt U.S. corporate $ 3,056 $ 2 $ (93) $ 255 $ (84) $ (93) $ 35 $ (28) $ 3,050 $ - State and municipal 115 - (3) - - (15) - (17) 81 - RMBS 16 5 (4) - (15) (1) - - 2 - CMBS 9 - - - (7) - - - 1 - ABS 123 (16) (5) - (12) (3) - (49) 38 - Corporate – non-U.S. 337 - (4) 1 (50) (1) - - 283 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 266 - 44 - - (1) - - 309 - Equity Available-for-sale 9 2 (3) 6 (5) (4) 6 - 10 - Derivatives(d)(e) 36 15 3 - - (9) 42 - 86 11 Other 277 (24) - - (21) - - - 233 (37) Total $ 4,246 $ (16) $ (65) $ 262 $ (194) $ (127) $ 83 $ (96) $ 4,094 $ (26) 2014 Investment securities Debt U.S. corporate $ 2,787 $ 22 $ 115 $ 441 $ (213) $ (158) $ 170 $ (133) $ 3,031 $ - State and municipal 96 - 9 12 - (4) - - 113 - RMBS 86 1 - - (16) (8) - (47) 16 - CMBS 10 - - - - (2) 2 - 10 - ABS 145 3 6 - - (15) - (10) 129 - Corporate – non-U.S. 515 13 43 1 (54) (24) 1 (6) 489 - Government – non-U.S. 31 - - - - - - (31) - - U.S. government and federal agency 225 - 32 - - - 9 (2) 264 - Retained interests 1 - - - - (1) - - - - Equity Available-for-sale 11 - - 2 (2) (2) - - 9 - Derivatives(d)(e) 20 8 1 (1) - 3 (1) (1) 29 13 Other 201 16 - 20 (15) - - - 222 4 Total $ 4,128 $ 63 $ 206 $ 475 $ (300) $ (211) $ 181 $ (230) $ 4,312 $ 17 Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings (Loss). 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 $ 12 million and $ 9 million not reflected in the fair value hierarchy table for the nine months ended September 30, 2015 and 2014 , respectively. Gains (losses) included in net re alized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 15 . |
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 Remeasured during the nine months ended the year ended September 30, 2015 December 31, 2014 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 18,152 $ 1 $ 584 Cost and equity method investments 1 2,347 - 346 Long-lived assets, including real estate 3 301 102 718 Total $ 4 $ 20,800 $ 103 $ 1,648 Three months ended September 30 Nine months ended September 30 (In millions) 2015 2014 2015 2014 Financing receivables and financing receivables held for sale $ (46) $ (31) $ (2,199) $ (135) Cost and equity method investments (280) (82) (1,788) (281) Long-lived assets, including real estate (91) (275) (165) (335) Total $ (417) $ (388) $ (4,151) $ (751) |
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) September 30, 2015 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 863 Income approach Discount rate(a) 2.2%-15.3% (7.4%) Asset-backed 38 Income approach Discount rate(a) 5.0%-10.0% (9.1%) Corporate – non-U.S. 226 Income approach Discount rate(a) 6.5%-14.0% (7.4%) Other financial assets 228 Income approach, EBITDA multiple 6.1X-15.1X (9.8X) Market comparables Capitalization rate 7.8%-7.8% (7.8%) Non-recurring fair value measurements Financing receivables and $ 18,015 Income approach Discount rate(a) 5.6%-8.0% (6.7%) financing receivables held for sale Cost and equity method investments 2,134 Income approach, Discount rate(a) 9.0%-14.5% (11.8%) Market comparables Price to book multiple 0.4X-0.7X (0.6X) Long-lived assets, including real estate 198 Income approach Discount rate(a) 1.7%-9.8% (6.2%) 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, EBITDA multiple 5.4X-9.1X (7.7X) Market comparables Capitalization rate 6.5%-7.8% (7.7%) 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%) 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) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments [Abstract] | |
Estimated fair value of assets and liabilities | September 30, 2015 December 31, 2014 Assets (liabilities) Assets (liabilities) Carrying Carrying Notional amount Estimated Notional amount Estimated (In millions) amount (net) fair value amount (net) fair value GE Assets Investments and notes receivable $ (a) $ 700 $ 760 $ (a) $ 502 $ 551 Liabilities Borrowings(b)(c) (a) (20,656) (21,372) (a) (16,340) (17,503) GECC Assets Loans (a) 78,775 85,107 (a) 115,889 120,067 Other commercial mortgages (a) 1,392 1,520 (a) 1,427 1,508 Loans held for sale (a) 22,651 23,039 (a) 778 799 Other financial instruments(d) (a) 161 195 (a) 122 136 Liabilities Borrowings and bank deposits(b)(e)(f) (a) (271,944) (283,092) (a) (317,674) (333,956) Investment contract benefits (a) (2,821) (3,327) (a) (2,970) (3,565) Guaranteed investment contracts (a) (179) (193) (a) (1,000) (1,031) Insurance – credit life(g) - - - 1,843 (90) (77) (a) These financial instruments do not have notional amounts. (b) See Note 8. (c) Included $ 174 million and $ 94 million of accrued interest in estimated fair value at September 30, 2015 and December 31, 2014 , respectively. (d) Principally comprises cost method investments. (e) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at September 30, 2015 and December 31, 2014 would have been reduced by $ 4,710 million and $ 5,020 million, respectively. (f) Included $ 1,994 million and $ 2,888 million of accrued interest in estimated fair value at September 30, 2015 and December 31, 2014 , respectively. (g) Net of reinsurance of none and $ 964 million at September 30, 2015 and December 31, 2014 , respectively. |
Loan commitments | NOTIONAL AMOUNTS OF LOAN COMMITMENTS (In millions) September 30, 2015 December 31, 2014 Ordinary course of business lending commitments(a) $ 804 $ 1,214 Unused revolving credit lines(b) Commercial 2,054 2,908 Consumer – principally credit cards 321,710 306,188 Excluded investment commitments of $ 579 million and $ 818 million at September 30, 2015 and December 31, 2014 , respectively. Excluded amounts related to inventory financing arrangements, which may be withdrawn at our option, of $ 39 million and $ 47 million at September 30, 2015 and December 31, 2014 , respectively. |
Fair value of derivatives by contract type | FAIR VALUE OF DERIVATIVES September 30, 2015 December 31, 2014 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,579 $ 53 $ 5,859 $ 461 Currency exchange contracts 1,501 1,310 2,579 884 Other contracts - 2 - 2 7,080 1,365 8,438 1,347 Derivatives not accounted for as hedges Interest rate contracts 144 56 111 64 Currency exchange contracts 1,179 3,676 1,209 3,450 Other contracts 221 64 239 42 1,544 3,796 1,559 3,556 Gross derivatives recognized in statement of financial position Gross derivatives 8,624 5,161 9,997 4,903 Gross accrued interest 978 9 1,392 (24) 9,602 5,170 11,389 4,879 Amounts offset in statement of financial position Netting adjustments(a) (3,762) (3,763) (3,886) (3,902) Cash collateral(b) (2,858) (895) (3,698) (461) (6,620) (4,658) (7,584) (4,363) Net derivatives recognized in statement of financial position Net derivatives 2,982 512 3,805 516 Amounts not offset in statement of financial position Securities held as collateral(c) (1,694) - (3,188) - Net amount $ 1,288 $ 512 $ 617 $ 516 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 September 30, 2015 and December 31, 2014 , the cumulative adjustment f or non-performance risk was a gain (loss) of $ 1 million and $ 16 million, respectively. Excluded excess cash collateral received and posted of $ 74 million and $ 66 million at September 30, 2015 , respectively, and $ 63 million and $ 211 million at December 31, 2014 , respectively. Excluded excess securities collateral received of $ 36 million and $ 397 million at September 30, 2015 and December 31, 2014 , respectively. |
Fair value hedges | EARNINGS EFFECTS OF FAIR VALUE HEDGING RELATIONSHIPS Three months ended September 30 2015 2014 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 $ 1,391 $ (1,387) $ 341 $ (350) Currency exchange contracts (6) 5 (8) 8 EARNINGS EFFECTS OF FAIR VALUE HEDGING RELATIONSHIPS Nine months ended September 30 2015 2014 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 $ 514 $ (594) $ 2,056 $ (2,129) Currency exchange contracts (6) 4 (11) 10 |
Cash flow hedges | Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the three months ended September 30 for the three months ended September 30 (In millions) 2015 2014 2015 2014 Interest rate contracts $ 10 $ 9 $ (39) $ (53) Currency exchange contracts (132) (318) (69) (361) Commodity contracts (2) (1) (1) - Total(a) $ (124) $ (310) $ (109) $ (414) (a) Gain (loss) is recorded in GECC revenues from services, interest and other financial charges, and other costs and expenses when reclassified to earnings. Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the nine months ended September 30 for the nine months ended September 30 (In millions) 2015 2014 2015 2014 Interest rate contracts $ - $ - $ (100) $ (182) Currency exchange contracts (757) (343) (589) (412) Commodity contracts (4) (2) (2) (2) Total(a) $ (761) $ (345) $ (691) $ (596) (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 for the three months ended September 30 for the three months ended September 30 (In millions) 2015 2014 2015 2014 Derivative and non-derivative instruments $ 1,297 $ 2,792 $ 1,935 $ (24) GAINS (LOSSES) RECOGNIZED THROUGH CTA Gain (loss) recognized in CTA Gain (loss) reclassified from CTA for the nine months ended September 30 for the nine months ended September 30 (In millions) 2015 2014 2015 2014 Derivative and non-derivative instruments $ 4,720 $ 2,194 $ 2,524 $ (14) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Schedule of VIE | ASSETS AND LIABILITIES OF CONSOLIDATED VIEs Consolidated Securitization Entities(b) Trade (In millions) Trinity(a) Credit cards receivables Other Total September 30, 2015 Assets(c) Financing receivables, net $ - $ 24,036 $ - $ 531 $ 24,567 Current receivables - - 3,134 (d) 489 3,623 Investment securities 401 - - 1,011 1,412 Other assets 45 144 2 2,002 2,193 Total $ 446 $ 24,180 $ 3,136 $ 4,033 $ 31,795 Liabilities(c) Borrowings $ - $ - $ - $ 990 $ 990 Non-recourse borrowings - 13,640 2,516 69 16,225 Other liabilities 193 20 28 1,282 1,523 Total $ 193 $ 13,660 $ 2,544 $ 2,341 $ 18,738 December 31, 2014 Assets(c) Financing receivables, net $ - $ 25,645 $ - $ 1,030 $ 26,675 Current receivables - - 3,028 (d) 509 3,537 Investment securities 2,369 - - 1,005 3,374 Other assets 17 1,059 2 2,345 3,423 Total $ 2,386 $ 26,704 $ 3,030 $ 4,889 $ 37,009 Liabilities(c) Borrowings $ - $ - $ - $ 517 $ 517 Non-recourse borrowings - 14,967 2,692 436 18,095 Other liabilities 1,022 332 26 1,490 2,870 Total $ 1,022 $ 15,299 $ 2,718 $ 2,443 $ 21,482 Excluded intercompany advances from GECC to Trinity, which were elimin ated in consolidation of $ 15 million and $ 1,565 million at September 30, 2015 and December 31, 2014 , 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 financial assets and scheduled interest and principal payments. At September 30, 2015 and December 31, 2014 , the amounts of commingled ca sh owed to the CSEs were $ 939 million and $ 1,091 million, respectively, and the amounts owed to us by CSEs were $ 170 million and $ 391 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 re pay the entities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition, other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation . Inclu ded $ 724 million and $686 million of receivables at September 30, 2015 and December 31, 2014 , respectively, 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 s ale when the consent is received. |
Unconsolidated VIE | INVESTMENTS IN UNCONSOLIDATED VIEs (In millions) September 30, 2015 December 31, 2014 Other assets and investment securities $ 810 $ 806 Financing receivables – net 10 120 Total investments 820 926 Contractual obligations to fund investments, guarantees or revolving lines of credit 99 37 Total $ 919 $ 963 |
Intercompany Transactions (Tabl
Intercompany Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | Nine months ended September 30 (In millions) 2015 2014 Cash from (used for) operating activities-continuing operations Combined $ 10,478 $ 13,950 GE customer receivables sold to GECC 162 43 GECC dividends to GE (450) (2,221) Other reclassifications and eliminations (125) (604) $ 10,065 $ 11,168 Cash from (used for) investing activities-continuing operations Combined $ 52,597 $ 2,465 GE customer receivables sold to GECC (243) (948) Other reclassifications and eliminations 187 151 $ 52,541 $ 1,668 Cash from (used for) financing activities-continuing operations Combined $ (45,781) $ (16,198) GE customer receivables sold to GECC 81 905 GECC dividends to GE 450 2,221 Other reclassifications and eliminations (62) 453 $ (45,312) $ (12,619) |
Supplemental Information Abou44
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 December 31, 2014 Over 30 days Over 90 days Over 30 days Over 90 days (In millions) past due past due Nonaccrual past due past due Nonaccrual Commercial CLL $ 655 $ 174 $ 27 $ 610 $ 131 $ 25 Energy Financial Services 63 63 82 - - 68 GECAS 2 - 195 - - 419 Total Commercial 720 237 304 (a) 610 131 512 (a) Consumer 2,553 1,102 (b) 2 (c) 5,137 2,495 (b) 1,484 (c) Total $ 3,273 $ 1,339 $ 306 $ 5,747 $ 2,626 $ 1,996 Total as a percent of financing receivables 3.8 % 1.5 % 0.4 % 4.5 % 2.1 % 1.6 % (a) Included $ 228 million and $ 484 million at September 30, 2015 and December 31, 2014 , respectively, which are currently paying in accordance with their contractual terms. Included $ 1,100 million and $ 1,231 million of Consumer loans at September 30, 2015 and December 31, 2014 , respectively, which 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 none and $ 179 million at September 30, 2015 and December 31, 2014 , respectively, which are currently paying in accordance with their contractual terms. |
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 (In millions) in loans balance in loans in loans balance allowance (a) in loans September 30, 2015 Commercial CLL $ 11 $ 11 $ 11 $ 5 $ 5 $ 3 $ 5 Energy Financial Services 82 100 54 - - - 6 GECAS 116 122 213 - - - - Other - - - - - - - Total Commercial(b) 209 233 278 5 5 3 11 Consumer(c) - - 35 736 640 (d) 242 1,055 Total $ 209 $ 233 $ 313 $ 741 $ 645 $ 245 $ 1,066 December 31, 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 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 . We recognized insignificant amounts of interest income, including none on a cash basis, in the nine months ended September 30, 2015 , the year ended December 31, 2014 and the nine months ended September 30, 2014 , respective ly, in CLL . The total average investment in impaired loans for the nine months ended September 30, 2015 and the year ended December 31, 2014 was $ 289 million and $ 165 million, respectively. We recognized $ 48 million, $ 126 mill ion and $ 135 million of interest income, including $ 1 million, $ 5 million and $ 3 million on a cash basis, in the nine months ended September 30, 2015 , the year ended December 31, 2014 and the nine months ended September 30, 2014 , respectively. The total average investment in impaired loans for the nine months ended September 30, 2015 and the year en ded December 31, 2014 was $ 1,090 million and $ 2,667 million, respectively. Unpaid principal balance excludes accrued interest and fees. |
Financing Receivables And Allowance For Losses | (In millions) Non-impaired financing receivables General reserves Impaired loans Specific reserves September 30, 2015 Commercial $ 23,470 $ 82 $ 214 $ 3 Consumer 62,784 3,130 736 242 Total $ 86,254 $ 3,212 $ 950 $ 245 December 31, 2014 Commercial $ 25,329 $ 77 $ 412 $ 16 Consumer 98,640 3,603 2,180 408 Total $ 123,969 $ 3,680 $ 2,592 $ 424 |
Schedule Of Impaired Loan Balance Classified To Measure Impairment | IMPAIRED LOAN BALANCE CLASSIFIED BY THE METHOD USED TO MEASURE IMPAIRMENT (In millions) September 30, 2015 December 31, 2014 Discounted cash flow $ 819 $ 2,149 Collateral value 131 443 Total $ 950 $ 2,592 |
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 (In millions) A B C Total September 30, 2015 CLL $ 13,260 $ 44 $ 37 $ 13,341 Energy Financial Services 2,301 41 - 2,342 GECAS 7,076 225 93 7,394 Other 153 - - 153 Total $ 22,790 $ 310 $ 130 $ 23,230 December 31, 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 |
Consumer Portfolio Segment [Member] | |
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables [Line Items] | |
Credit Quality Indicators | Refreshed FICO score September 30, 2015 December 31, 2014 661 or 601 to 600 or 661 or 601 to 600 or (in millions) higher 660 less higher 660 less U.S. installment and revolving credit $ 45,383 $ 12,304 $ 4,403 $ 43,466 $ 11,865 $ 4,532 |
Operating Segment Table - MDA (
Operating Segment Table - MDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | $ 31,680 | $ 32,107 | $ 92,731 | $ 94,595 |
Interest and other financial charges | [1] | 1,462 | 1,325 | 3,976 | 3,975 |
Benefit (provision) for income taxes | [1] | 365 | 401 | 7,466 | 1,034 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | [1] | 3,257 | 3,204 | 5,604 | 8,975 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | [1] | (347) | 706 | (10,336) | 2,065 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [1] | $ 2,545 | 3,509 | $ (12,198) | 10,006 |
Variance in revenues | (1.00%) | (2.00%) | |||
Variance in earnings (loss) from continuing operations | 1.00% | ||||
Variance in interest and other financial charges | 17.00% | 9.00% | |||
Variance in provision for income taxes | (1.00%) | 14.00% | |||
Variance net earnings loss attributable to company | (29.00%) | ||||
Variance earnings loss continued operations fav unfav | U | ||||
Variance earnings loss discontinued oeprations fav unfav | U | U | |||
Variance net earnings loss attributable to company fav unfav | U | ||||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 32,555 | 33,009 | $ 94,931 | 97,305 | |
Operating Income (Loss) | 5,264 | 5,174 | 4,890 | 14,867 | |
Interest and other financial charges | (440) | (377) | (1,243) | (1,142) | |
Benefit (provision) for income taxes | (413) | (416) | (1,302) | (1,143) | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 2,853 | 2,831 | (2,091) | 8,016 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (347) | 706 | (10,336) | 2,065 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 2,506 | 3,537 | $ (12,427) | 10,081 | |
Variance in revenues | (1.00%) | (2.00%) | |||
Variance in segment profit | 2.00% | (67.00%) | |||
Power and Water | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 6,461 | 6,375 | $ 18,978 | 18,176 | |
Operating Income (Loss) | $ 1,270 | 1,191 | $ 3,362 | 3,212 | |
Variance in revenues | 1.00% | 4.00% | |||
Variance in segment profit | 7.00% | 5.00% | |||
Oil and Gas | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 3,868 | 4,597 | $ 11,891 | 13,666 | |
Operating Income (Loss) | $ 584 | 660 | $ 1,599 | 1,771 | |
Variance in revenues | (16.00%) | (13.00%) | |||
Variance in segment profit | (12.00%) | (10.00%) | |||
Energy Management | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,773 | 1,813 | $ 5,226 | 5,341 | |
Operating Income (Loss) | $ 127 | 59 | $ 237 | 133 | |
Variance in revenues | (2.00%) | (2.00%) | |||
Variance in segment profit | 78.00% | ||||
Variance segment profit favorable unfavorable | F | ||||
Aviation | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 6,001 | 5,698 | $ 17,927 | 17,566 | |
Operating Income (Loss) | $ 1,353 | 1,264 | $ 3,936 | 3,576 | |
Variance in revenues | 5.00% | 2.00% | |||
Variance in segment profit | 7.00% | 10.00% | |||
Healthcare | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 4,255 | 4,485 | $ 12,666 | 13,166 | |
Operating Income (Loss) | $ 652 | 727 | $ 1,944 | 2,027 | |
Variance in revenues | (5.00%) | (4.00%) | |||
Variance in segment profit | (10.00%) | (4.00%) | |||
Transporation | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,593 | 1,540 | $ 4,322 | 4,073 | |
Operating Income (Loss) | $ 379 | 342 | $ 934 | 814 | |
Variance in revenues | 3.00% | 6.00% | |||
Variance in segment profit | 11.00% | 15.00% | |||
Appliances & Lighting | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 2,293 | 2,117 | $ 6,469 | 6,094 | |
Operating Income (Loss) | $ 165 | 88 | $ 432 | 243 | |
Variance in revenues | 8.00% | 6.00% | |||
Variance in segment profit | 88.00% | 78.00% | |||
GE Industrial | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 26,243 | 26,625 | $ 77,479 | 78,082 | |
Operating Income (Loss) | $ 4,530 | 4,331 | $ 12,445 | 11,776 | |
Variance in revenues | (1.00%) | (1.00%) | |||
Variance in segment profit | 5.00% | 6.00% | |||
GE Capital | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 6,312 | 6,384 | $ 17,452 | 19,223 | |
Operating Income (Loss) | $ 734 | 843 | $ (7,555) | 3,091 | |
Variance in revenues | (1.00%) | (9.00%) | |||
Variance in segment profit | (13.00%) | ||||
Variance segment profit favorable unfavorable | U | ||||
Corporate Items And Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Variance in revenues | (3.00%) | (19.00%) | |||
Variance in segment profit | 1.00% | (3.00%) | |||
Corporate Items And Eliminations [Member] | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ (875) | (902) | $ (2,201) | (2,710) | |
Operating Income (Loss) | $ (1,559) | $ (1,550) | $ (4,436) | $ (4,566) | |
[1] | Amounts may not add due to rounding. |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | May. 28, 2015EUR (€) | ||
Subsidiary Sale Of Stock [Line Items] | ||||||
Unsecured Long-Term Debt, Noncurrent | € | € 3,150 | |||||
Restructuring [Line Items] | ||||||
Losses from discontinued operations, net of tax | [1] | $ (347) | $ 706 | $ (10,336) | $ 2,065 | |
Restructuring | ||||||
Guarantee Obligations Current Carrying Value | 183,670 | 183,670 | ||||
Discontinued operations | ||||||
Restructuring [Line Items] | ||||||
Losses from discontinued operations, net of tax | (347) | $ 706 | (10,336) | $ 2,065 | ||
GE Capital Exit Plan [Member] | ||||||
Restructuring | ||||||
Income Tax Reconciliation Repatriation Of Foreign Earnings | 3,548 | |||||
GE Capital Exit Plan [Member] | Restructuring Charges | ||||||
Restructuring [Line Items] | ||||||
Losses from discontinued operations, net of tax | 9,756 | |||||
Restructuring | ||||||
Restructuring charges after-tax | $ 362 | 21,061 | ||||
Income Tax Reconciliation Repatriation Of Foreign Earnings | 6,209 | |||||
Asset Impairment charges | 4,666 | |||||
Other restructuring charges | $ 430 | |||||
Restructuring and Related Activities Initiation Date | Apr. 10, 2015 | |||||
Restructuring And Related Activities Authorized Approval | 2-Apr-15 | |||||
GE Capital Exit Plan [Member] | Restructuring Charges | Discontinued operations | CLL | ||||||
Restructuring | ||||||
Asset Impairment charges | $ 1,515 | |||||
Other restructuring charges | 93 | |||||
GE Capital Exit Plan [Member] | Restructuring Charges | Continuing operations | Consumer | ||||||
Restructuring | ||||||
Income Tax Reconciliation Repatriation Of Foreign Earnings | 152 | |||||
Asset Impairment charges | 3,151 | |||||
GE Capital Exit Plan [Member] | Restructuring Charges | Continuing operations | GECC Corporate | ||||||
Restructuring | ||||||
Income Tax Reconciliation Repatriation Of Foreign Earnings | 6,057 | |||||
Other restructuring charges | $ 337 | |||||
[1] | Amounts may not add due to rounding. |
Businesses Held for Sale, Fin47
Businesses Held for Sale, Financing Receivables Held for Sale and Discontinued Operations (Assets and Liabilities of Businesses Held for Sale) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | May. 29, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Assets | |||||||
Cash and cash equivalents | $ 11,226 | $ 11,226 | $ 5,414 | ||||
Investment securities (Note 3) | [1] | 36,933 | 36,933 | 38,400 | |||
Current receivables | [1] | 22,332 | 22,332 | 23,237 | |||
Financing Receivables - net | 11,622 | 11,622 | 114,561 | ||||
Assets of businesses held for sale | [1] | 121,949 | 121,949 | 186,934 | |||
Liabilities | |||||||
Other | 0 | 0 | 0 | ||||
Liabilities of businesses held for sale | [1] | 43,768 | 43,768 | 48,794 | |||
Additional disclosures | |||||||
Proceeds from sale | 1,496 | $ 607 | |||||
Preferred Stock, Value, Issued | [1] | 0 | 0 | 0 | |||
Held for sale | |||||||
Assets | |||||||
Cash and cash equivalents | 299 | 299 | 676 | ||||
Investment securities (Note 3) | 0 | 0 | 448 | ||||
Current receivables | 144 | 144 | 180 | ||||
Inventories | 760 | 760 | 588 | ||||
Financing Receivables - net | 4,141 | 4,141 | 2,144 | ||||
Property, plant and equipment - net | 1,187 | 1,187 | 1,015 | ||||
Goodwill | 976 | 976 | 539 | ||||
Intangible Assets - Net | 273 | 273 | 170 | ||||
Other | 529 | 529 | 540 | ||||
Valuation allowance on disposal group | 0 | 0 | 0 | ||||
Assets of businesses held for sale | 8,309 | 8,309 | 6,300 | ||||
Liabilities | |||||||
Short-term Borrowings | 27 | 27 | 441 | ||||
Accounts Payable | 636 | 636 | 510 | ||||
Other GE Current Liabilities | 388 | 388 | 348 | ||||
Bank Deposits | 0 | 0 | 1,931 | ||||
Long-term borrowings | 0 | 0 | 0 | ||||
Deferred income taxes | (115) | (115) | (33) | ||||
Other | 448 | 448 | 178 | ||||
Liabilities of businesses held for sale | 1,384 | 1,384 | 3,375 | ||||
Held for sale | IP | |||||||
Assets | |||||||
Assets of businesses held for sale | 285 | 285 | |||||
Liabilities | |||||||
Liabilities of businesses held for sale | 39 | 39 | |||||
Additional disclosures | |||||||
Proceeds from sale | 515 | ||||||
Held for sale | Appliances | |||||||
Additional disclosures | |||||||
Consideration Received For Sale Of Business | 3,300 | ||||||
Held for sale | Appliances | Financing Receivable | |||||||
Assets | |||||||
Assets of businesses held for sale | 2,801 | ||||||
Liabilities | |||||||
Liabilities of businesses held for sale | $ 1,576 | ||||||
Held for sale | Budapest Bank | |||||||
Additional disclosures | |||||||
Consideration Received For Sale Of Business | 700 | ||||||
Held for sale | Budapest Bank | Financing Receivable | |||||||
Assets | |||||||
Assets of businesses held for sale | 0 | 0 | |||||
Liabilities | |||||||
Liabilities of businesses held for sale | 0 | 0 | |||||
Held for sale | Signaling | |||||||
Assets | |||||||
Assets of businesses held for sale | 296 | ||||||
Liabilities | |||||||
Liabilities of businesses held for sale | 138 | ||||||
Additional disclosures | |||||||
Consideration Received For Sale Of Business | $ 800 | ||||||
Held for sale | CLL | |||||||
Additional disclosures | |||||||
Proceeds from sale | 21,215 | ||||||
Held for sale | ANZ | |||||||
Assets | |||||||
Assets of businesses held for sale | $ 4,917 | ||||||
Liabilities | |||||||
Liabilities of businesses held for sale | 260 | ||||||
Additional disclosures | |||||||
Consideration Received For Sale Of Business | $ 671 | ||||||
Held for sale | ANZ | AUD [Member] | |||||||
Additional disclosures | |||||||
Consideration Received For Sale Of Business | 6,000 | ||||||
Held for sale | ANZ | NZD [Member] | |||||||
Additional disclosures | |||||||
Consideration Received For Sale Of Business | $ 1,400 | ||||||
Held for sale | Real Estate business | |||||||
Additional disclosures | |||||||
Proceeds from sale | $ 12,991 | $ 30,508 | |||||
[1] | Amounts may not add due to rounding. |
Businesses Held for Sale, Fin48
Businesses Held for Sale, Financing Receivables Held for Sale and Discontinued Operations (Financing Receivables Held for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Balance sheet [line items] | |||||||
Financing receivables held for sale | [1] | $ 22,832 | $ 22,832 | $ 421 | |||
Provision for Loan and Lease Losses | [1] | 738 | $ 858 | 4,636 | $ 2,693 | ||
GECC | |||||||
Balance sheet [line items] | |||||||
Financing receivables held for sale | [1] | 23,665 | 23,665 | 778 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 306 | 306 | 1,996 | ||||
Provision for Loan and Lease Losses | [1] | 738 | $ 858 | 4,636 | $ 2,693 | ||
GECC | GE Capital Exit Plan | |||||||
Balance sheet [line items] | |||||||
Allowance for loans losses write offs | $ 2,859 | ||||||
Provision for losses net of tax | 2,197 | ||||||
Provision for losses before tax | $ 2,405 | ||||||
GECC | CLL | |||||||
Balance sheet [line items] | |||||||
Financing receivables held for sale | 833 | 833 | 357 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 27 | 27 | 25 | ||||
GECC | Energy Financial Services | |||||||
Balance sheet [line items] | |||||||
Financing receivables held for sale | 0 | 0 | 35 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 82 | 82 | 68 | ||||
GECC | GECAS | |||||||
Balance sheet [line items] | |||||||
Financing receivables held for sale | 14 | 14 | 27 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 195 | 195 | 419 | ||||
GECC | Total Commercial | |||||||
Balance sheet [line items] | |||||||
Financing receivables held for sale | 952 | 952 | 419 | ||||
GECC | Total Commercial | GE Capital Exit Plan | |||||||
Balance sheet [line items] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6 | 6 | |||||
Over 30 days past due | 6 | 6 | |||||
GECC | Consumer | |||||||
Balance sheet [line items] | |||||||
Financing receivables held for sale | 22,713 | 22,713 | 359 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2 | 2 | 1,484 | ||||
GECC | Consumer | GE Capital Exit Plan | |||||||
Balance sheet [line items] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 634 | 634 | |||||
Over 30 days past due | 1,060 | 1,060 | |||||
GECC | Other | |||||||
Balance sheet [line items] | |||||||
Financing receivables held for sale | $ 105 | $ 105 | $ 0 | ||||
[1] | Amounts may not add due to rounding. |
Businesses Held for Sale, Fin49
Businesses Held for Sale, Financing Receivables Held for Sale and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Operations | ||||||
Provision for Loan and Lease Losses | [1] | $ (738) | $ (858) | $ (4,636) | $ (2,693) | |
Disposal | ||||||
Earnings (loss) from discontinued operations, net of taxes(a) | [1] | (347) | 706 | (10,336) | 2,065 | |
Assets | ||||||
Cash and cash equivalents | 11,226 | 11,226 | $ 5,414 | |||
Financing Receivables - net | 11,622 | 11,622 | 114,561 | |||
Financing receivables held for sale | [1] | 22,832 | 22,832 | 421 | ||
Assets of discontinued operations | [1] | 121,949 | 121,949 | 186,934 | ||
Liabilities | ||||||
Other | 0 | 0 | 0 | |||
Deferred income taxes | 2,607 | 2,607 | 5,402 | |||
Liabilities of discontinued operations | [1] | 43,768 | 43,768 | 48,794 | ||
Discontinued operations | ||||||
Operations | ||||||
Total revenues and other income (loss) | 2,756 | 4,033 | 9,536 | 11,946 | ||
Earnings (loss) from discontinued operations before income taxes | 1,060 | 666 | 202 | 2,061 | ||
Benefit (provision) for income taxes | (420) | 40 | 30 | (11) | ||
Income (Loss) from Discontinued Operations, Net of Taxes | 640 | 706 | 232 | 2,050 | ||
Disposal | ||||||
Gain (loss) on disposal before income taxes | (2,616) | 0 | (9,652) | 14 | ||
Benefit (provision) for income taxes | 1,629 | 0 | (916) | 1 | ||
Gain (loss) on disposal, net of taxes | (987) | 0 | (10,568) | 15 | ||
Earnings (loss) from discontinued operations, net of taxes(a) | (347) | 706 | (10,336) | 2,065 | ||
Assets | ||||||
Cash and cash equivalents | 11,226 | 11,226 | 5,414 | |||
Investment securities | 8,179 | 8,179 | 10,006 | |||
Financing Receivables - net | 11,622 | 11,622 | 114,561 | |||
Other receivables | 1,479 | 1,479 | 2,192 | |||
Property, plant and equipment - net | 12,084 | 12,084 | 18,051 | |||
Goodwill | 9,867 | 9,867 | 13,569 | |||
Intangible Assets - Net | 44 | 44 | 301 | |||
Deferred income taxes | 2,389 | 2,389 | 2,920 | |||
Financing receivables held for sale | 65,390 | 65,390 | 3,116 | |||
Valuation allowance on disposal group | (7,650) | (7,650) | 0 | |||
Other | 7,320 | 7,320 | 16,804 | |||
Assets of discontinued operations | 121,949 | 121,949 | 186,934 | |||
Liabilities | ||||||
Short-term Borrowings | 820 | 820 | 1,125 | |||
Accounts Payable | 3,884 | 3,884 | 3,770 | |||
Other GE Current Liabilities | 27 | 27 | 28 | |||
Non-recourse borrowings | 8,072 | 8,072 | 10,569 | |||
Bank Deposits | 18,348 | 18,348 | 18,998 | |||
Long-term borrowings | 316 | 316 | 1,182 | |||
Other | 9,695 | 9,695 | 7,720 | |||
Deferred income taxes | 2,607 | 2,607 | 5,402 | |||
Liabilities of discontinued operations | 43,768 | 43,768 | 48,794 | |||
GECC Real Estate | Discontinued operations | GE Capital Exit Plan | ||||||
Operations | ||||||
Earnings (loss) from discontinued operations before income taxes | 81 | 120 | (1,658) | 452 | ||
CLL | Discontinued operations | GE Capital Exit Plan | ||||||
Operations | ||||||
Earnings (loss) from discontinued operations before income taxes | (1,608) | 589 | (7,736) | 1,710 | ||
Disposal | ||||||
Gain (loss) on disposal before income taxes | (2,834) | |||||
Gain (loss) on disposal, net of taxes | (1,205) | |||||
GECC | ||||||
Operations | ||||||
Provision for Loan and Lease Losses | [1] | (738) | (858) | (4,636) | (2,693) | |
Disposal | ||||||
Earnings (loss) from discontinued operations, net of taxes(a) | [1] | (347) | 706 | (10,332) | 2,070 | |
Assets | ||||||
Financing receivables held for sale | [1] | 23,665 | 23,665 | 778 | ||
Assets of discontinued operations | [1] | 121,940 | 121,940 | 186,924 | ||
Liabilities | ||||||
Non-recourse borrowings | 1,216 | 1,216 | 1,183 | |||
Liabilities of discontinued operations | [1] | 43,642 | 43,642 | $ 48,657 | ||
GECC | GECC Real Estate | Discontinued operations | ||||||
Operations | ||||||
Total revenues and other income (loss) | 81 | 698 | 893 | 1,992 | ||
Interest | (64) | (270) | (437) | (817) | ||
Operating and administrative | (156) | (213) | (464) | (563) | ||
Depreciation and amortization | 0 | (82) | (62) | (252) | ||
Provision for Loan and Lease Losses | 0 | (12) | 4 | 92 | ||
Earnings (loss) from discontinued operations before income taxes | (139) | 121 | (65) | 452 | ||
Benefit (provision) for income taxes | 53 | 55 | 95 | 251 | ||
Income (Loss) from Discontinued Operations, Net of Taxes | (86) | 176 | 30 | 703 | ||
Disposal | ||||||
Gain (loss) on disposal before income taxes | (218) | 0 | 1,593 | 0 | ||
Benefit (provision) for income taxes | 0 | 0 | 618 | 0 | ||
Gain (loss) on disposal, net of taxes | (218) | 0 | 2,211 | 0 | ||
Earnings (loss) from discontinued operations, net of taxes(a) | 132 | 176 | (2,181) | 703 | ||
GECC | CLL | Discontinued operations | ||||||
Operations | ||||||
Total revenues and other income (loss) | 2,691 | 3,370 | 8,664 | 9,998 | ||
Interest | (576) | (762) | (1,919) | (2,324) | ||
Operating and administrative | (900) | (942) | (2,905) | (2,732) | ||
Depreciation and amortization | 0 | (988) | (1,768) | (2,923) | ||
Provision for Loan and Lease Losses | 13 | (87) | (1,744) | (294) | ||
Earnings (loss) from discontinued operations before income taxes | 1,228 | 591 | 328 | 1,725 | ||
Benefit (provision) for income taxes | (484) | (108) | (169) | (326) | ||
Income (Loss) from Discontinued Operations, Net of Taxes | 744 | 483 | 159 | 1,399 | ||
Disposal | ||||||
Gain (loss) on disposal before income taxes | (2,834) | 0 | (8,059) | 0 | ||
Benefit (provision) for income taxes | (1,629) | 0 | 298 | 0 | ||
Gain (loss) on disposal, net of taxes | (1,205) | 0 | (8,357) | 0 | ||
Earnings (loss) from discontinued operations, net of taxes(a) | $ (461) | $ 483 | $ (8,198) | $ 1,399 | ||
[1] | Amounts may not add due to rounding. |
Businesses Held for Sale, Fin50
Businesses Held for Sale, Financing Receivables Held for Sale and Discontinued Operations (WMC) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Lawsuits | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Financial Information For Businesses Held For Sale [Line Items] | ||||||
Earnings (loss) from discontinued operations, net of taxes | [1] | $ (347) | $ 706 | $ (10,336) | $ 2,065 | |
WMC | ||||||
Financial Information For Businesses Held For Sale [Line Items] | ||||||
Adjustment For Pending Claims For Unmet Representations And Warranties | $ 7 | |||||
Lawsuit Relating To Representations And Warranties Amount Of Mortgages | 11,879 | |||||
Number Of Securitizations Related To Lawsuits Involving repurchase Claims On Loans In Which Adverse Parties Are Securitization Trustees | 14 | |||||
Revenues from discontinued operations | (22) | (34) | $ (26) | (70) | ||
Earnings (loss) from discontinued operations, net of taxes | $ (21) | $ (25) | $ (37) | $ (57) | ||
Number Of Lawsuits Involving Repurchase Claims On Loans | Lawsuits | 15 | |||||
WMC | Lower Limit | ||||||
Financial Information For Businesses Held For Sale [Line Items] | ||||||
Increase To Reserve For Claims For Unmet Representations And Warranties For Adverse Effect In Assumptions | 0 | |||||
WMC | Upper Limit | ||||||
Financial Information For Businesses Held For Sale [Line Items] | ||||||
Increase To Reserve For Claims For Unmet Representations And Warranties For Adverse Effect In Assumptions | $ 500 | |||||
[1] | Amounts may not add due to rounding. |
Businesses Held for Sale, Fin51
Businesses Held for Sale, Financing Receivables Held for Sale and Discontinued Operations (Rollforward of the Reserve) (Details) - WMC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financial Information For Discontinued Operations [Line Items] | |||||
Reserve, beginning of period | $ 825 | $ 549 | $ 809 | $ 800 | $ 800 |
Provision | 28 | 40 | 46 | 142 | |
Claim resolutions | (21) | (1) | (23) | (354) | |
Reserve, end of period | 832 | $ 588 | 832 | $ 588 | 809 |
Pending claims, beginning of period | 3,694 | ||||
New claims | 8,411 | 9,225 | |||
Pending claims, end of period | 3,468 | 3,468 | $ 3,694 | ||
Claims Relating To Alleged Breaches Of Representations That Are Beyond Applicable Statute Of Llimitations | $ 426 | $ 426 |
Investment Securities (Investme
Investment Securities (Investment) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 33,128 | $ 33,367 | |
Gross unrealized gains | 4,136 | 5,193 | |
Gross unrealized losses | (331) | (160) | |
Estimated fair value | 36,933 | 38,400 | |
Investments | [1] | 36,933 | 38,400 |
Eliminations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | (4) | (4) | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | (4) | (4) | |
U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 961 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 23 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 961 | ||
GE | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 99 | 82 | |
Gross unrealized gains | 14 | 4 | |
Gross unrealized losses | (46) | (2) | |
Investments | [1],[2] | 68 | 84 |
GE | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3 | 12 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 3 | 12 | |
GE | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1 | 1 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 1 | 1 | |
GE | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 95 | 69 | |
Gross unrealized gains | 14 | 4 | |
Gross unrealized losses | (46) | (2) | |
Estimated fair value | 64 | 71 | |
GE | Trading Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 0 | 0 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 0 | 0 | |
GECC | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 33,032 | 33,289 | |
Gross unrealized gains | 4,121 | 5,189 | |
Gross unrealized losses | (285) | (158) | |
Investments | [1] | 36,868 | 38,320 |
GECC | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 19,975 | 19,810 | |
Gross unrealized gains | 3,102 | 3,962 | |
Gross unrealized losses | (178) | (69) | |
Estimated fair value | 22,899 | 23,703 | |
GECC | State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,972 | 4,173 | |
Gross unrealized gains | 439 | 555 | |
Gross unrealized losses | (71) | (53) | |
Estimated fair value | 4,340 | 4,675 | |
GECC | Residential Mortgage Backed Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 905 | 1,544 | |
Gross unrealized gains | 84 | 153 | |
Gross unrealized losses | (5) | (5) | |
Estimated fair value | 984 | 1,692 | |
GECC | Commercial mortgage backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 2,295 | 2,903 | |
Gross unrealized gains | 121 | 170 | |
Gross unrealized losses | (12) | (10) | |
Estimated fair value | 2,405 | 3,063 | |
GECC | Asset-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 107 | 304 | |
Gross unrealized gains | 1 | 8 | |
Gross unrealized losses | (10) | (17) | |
Estimated fair value | 97 | 295 | |
GECC | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 769 | 908 | |
Gross unrealized gains | 101 | 109 | |
Gross unrealized losses | (3) | (1) | |
Estimated fair value | 867 | 1,016 | |
GECC | Government - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1,094 | 1,560 | |
Gross unrealized gains | 158 | 152 | |
Gross unrealized losses | (1) | (2) | |
Estimated fair value | 1,252 | 1,710 | |
GECC | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,783 | 1,957 | |
Gross unrealized gains | 99 | 56 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 3,882 | 2,013 | |
GECC | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 113 | 109 | |
Gross unrealized gains | 16 | 24 | |
Gross unrealized losses | (4) | (1) | |
Estimated fair value | 125 | 132 | |
GECC | Trading Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 19 | 21 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | $ 19 | $ 21 | |
[1] | Amounts may not add due to rounding. | ||
[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 (Invest53
Investment Securities (Investments, by type and length in continuous loss position) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | 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 | $ 4,089 | $ 2,259 | |
Gross unrealized losses, less than 12 months | (210) | (24) | |
Estimated fair value, 12 months or more | 645 | 1,554 | |
Gross unrealized losses, 12 months or more | $ (121) | (136) | |
Percent of Gross unrealized losses, 12 months or more, considered investment grade | 97.00% | ||
OTTI Previously Recognized Through OCI On Securities Held, Gross Unrealized Losses | $ 27 | ||
US Corporate | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 2,161 | 554 | |
Gross unrealized losses, less than 12 months | (130) | (16) | |
Estimated fair value, 12 months or more | 335 | 836 | |
Gross unrealized losses, 12 months or more | (48) | (53) | |
State and municipal | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 544 | 67 | |
Gross unrealized losses, less than 12 months | (16) | (1) | |
Estimated fair value, 12 months or more | 155 | 308 | |
Gross unrealized losses, 12 months or more | (55) | (52) | |
Residential Mortgage Backed Securities | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 175 | 30 | |
Gross unrealized losses, less than 12 months | (2) | 0 | |
Estimated fair value, 12 months or more | 77 | 146 | |
Gross unrealized losses, 12 months or more | (3) | (5) | |
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 | 58 | ||
Commercial mortgage backed | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 351 | 165 | |
Gross unrealized losses, less than 12 months | (8) | (1) | |
Estimated fair value, 12 months or more | 26 | 204 | |
Gross unrealized losses, 12 months or more | (4) | (9) | |
Asset-backed | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 0 | 9 | |
Gross unrealized losses, less than 12 months | 0 | 0 | |
Estimated fair value, 12 months or more | 48 | 42 | |
Gross unrealized losses, 12 months or more | (10) | (17) | |
Corporate - non-U.S. | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 41 | 42 | |
Gross unrealized losses, less than 12 months | (3) | (1) | |
Estimated fair value, 12 months or more | 3 | 3 | |
Gross unrealized losses, 12 months or more | 0 | 0 | |
Government - non-U.S. | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 292 | 677 | |
Gross unrealized losses, less than 12 months | (1) | (2) | |
Estimated fair value, 12 months or more | 0 | 14 | |
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 | 450 | 705 | |
Gross unrealized losses, less than 12 months | 0 | 0 | |
Estimated fair value, 12 months or more | 1 | 1 | |
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 | 75 | 10 | |
Gross unrealized losses, less than 12 months | (50) | (3) | |
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 | 961 | ||
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 | 23 | ||
GECC | Equity Securities | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 37 | $ 4 | |
Gross unrealized losses, less than 12 months | $ (46) | $ (2) |
Investment Securities (Impairme
Investment Securities (Impairments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | |
Pre-tax, Other-Than-Temporary Impairments on Investment Securities | |||||
Total pre tax, OTTI recognized | $ 2 | $ 2 | $ 34 | $ 18 | |
Less: pre-tax, OTTI recognized in AOCI | 0 | 0 | 0 | (4) | |
Pre-tax, OTTI recognized in earnings | $ 2 | 2 | 34 | $ 14 | |
Other Than Temporary Impairment Related To Equity Securities | $ 2 | $ 0 | $ 6,030 |
Investment Securities (Changes
Investment Securities (Changes in Cumulative Credit Loss Impairments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Changes in Cumulative Credit Loss Impairments Recognized on Debt Securities | ||||
Cumulative credit loss impairments recognized, beginning of period | $ 187 | $ 423 | $ 176 | $ 474 |
Credit loss impairments recognized on securities not previously impaired | 0 | 0 | 14 | 0 |
Incremental credit loss impairments recognized on securities previously impaired | 0 | 2 | 0 | 4 |
Less: credit loss impairments previously recognized on securities sold during the period | 0 | 0 | 2 | 53 |
Cumulative credit loss impairments recognized, end of period | $ 187 | $ 425 | $ 187 | $ 425 |
Investment Securities (Contract
Investment Securities (Contractual maturities) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Amortized cost | |
Within one year | $ 2,166 |
After one year through five years | 4,656 |
After five years through ten years | 4,854 |
After ten years | 17,921 |
Estimated fair value | |
Within one year | 2,175 |
After one year through five years | 4,868 |
After five years through ten years | 5,217 |
After ten years | $ 20,983 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gain Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total | $ 18 | $ (4) | $ 71 | $ 21 | ||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 6,030 | 624 | 9,330 | 2,000 | $ 0 | |
Net pre-tax gains (loss) on trading securities | $ 0 | |||||
Subsidiaries [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Gains | 3 | 0 | 4 | 2 | ||
Losses, including impairments | 0 | 0 | (14) | 0 | ||
Total | 3 | 0 | (10) | 2 | ||
Subsidiaries GECC [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Gains | 21 | 1 | 122 | 37 | ||
Losses, including impairments | (6) | (5) | (41) | (18) | ||
Total | $ 15 | $ (4) | $ 81 | $ 19 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Inventory | |||
Total | [1] | $ 19,285 | $ 17,689 |
GE | |||
Inventory | |||
Raw materials and work in process | 10,625 | 9,820 | |
Finished goods | 7,862 | 7,126 | |
Unbilled shipments | 708 | 755 | |
Inventory, Gross, Total | 19,195 | 17,701 | |
Less revaluation to LIFO | 30 | (62) | |
Total | [1],[2] | 19,225 | 17,639 |
GECC | |||
Inventory | |||
Finished goods | 59 | 50 | |
Total | [1] | $ 59 | $ 50 |
[1] | Amounts may not add due to rounding. | ||
[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. |
GECC Financing Receivables an59
GECC Financing Receivables and Allowance for Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivables, net | [1] | $ 72,353 | $ 72,353 | $ 110,255 | ||
Assets | [1],[2] | 581,310 | 581,310 | 653,514 | ||
GECC | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivables, net of deferred income | 87,204 | 87,204 | 126,561 | |||
Allowance for losses | (3,457) | (3,457) | (4,104) | $ (4,231) | $ (4,025) | |
Financing receivables, net | [1] | 83,748 | 83,748 | 122,457 | ||
Assets | [1] | 427,361 | 427,361 | 499,150 | ||
Financing receivable held for sale | 0 | 29,016 | ||||
GECC | Assets held for sale [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable held for sale | 0 | 5,508 | ||||
GECC | Loans receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivables, net of deferred income | 82,196 | 82,196 | 120,007 | |||
GECC | Financing Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivables, net of deferred income | $ 5,008 | $ 5,008 | $ 6,554 | |||
[1] | Amounts may not add due to rounding. | |||||
[2] | (a) Our consolidated assets at September 30, 2015 included total assets of $ 41,589 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 $ 28,190 million and investment securities of $ 1,412 million w ithin continuing operations and assets of discontinued operations of $ 11,427 million. Our consolidated liabilities at September 30, 2015 included liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities included non-recourse borrowings of consolidated securitization entities (CSEs) of $ 16,225 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 8,072 million. See Note 16 . |
GECC Financing Receivables an60
GECC Financing Receivables and Allowance for Losses (Net Investment in Financing Leases) (Details) - GECC - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Leases [Abstract] | ||
Loans and leases receivable, Gross | $ 87,204 | $ 126,561 |
Financing Receivable | ||
Financing Leases [Abstract] | ||
Loans and leases receivable, Gross | $ 5,008 | $ 6,554 |
GECC Financing Receivables an61
GECC Financing Receivables and Allowance for Losses (Financing Receivables by Portfolio) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net | [1] | $ 72,353 | $ 110,255 | ||
GECC | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 87,204 | 126,561 | |||
Allowance for losses | (3,457) | (4,104) | $ (4,231) | $ (4,025) | |
Financing receivables, net | [1] | 83,748 | 122,457 | ||
GECC | CLL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 13,341 | 14,418 | |||
Allowance for losses | (32) | (21) | (20) | (17) | |
GECC | GECAS | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 7,394 | 8,263 | |||
Allowance for losses | (37) | (46) | (15) | (17) | |
GECC | Energy Financial Services | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 2,443 | 2,580 | |||
Allowance for losses | (14) | (26) | (6) | (8) | |
GECC | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 23,684 | 25,741 | |||
Allowance for losses | (85) | (93) | (41) | (44) | |
GECC | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 63,520 | 100,820 | |||
Allowance for losses | (3,372) | (4,011) | (4,190) | (3,981) | |
GECC | Other Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 506 | 480 | |||
Allowance for losses | $ (2) | $ 0 | $ 0 | $ (2) | |
[1] | Amounts may not add due to rounding. |
GECC Financing Receivables an62
GECC Financing Receivables and Allowance for Losses (Allowance for Losses on Financing Receivables) (Details) - GECC - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | $ 4,104 | $ 4,025 | $ 4,025 |
Provision charged | 4,636 | 2,693 | |
Other | (252) | (123) | (123) |
Gross write-offs | (5,680) | (3,242) | (3,242) |
Recoveries | 649 | 878 | 878 |
Ending Balance | 3,457 | 4,231 | 4,104 |
Restructuring Charges | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision charged | 2,405 | ||
Gross write-offs | 2,859 | ||
CLL | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 21 | 17 | 17 |
Provision charged | 20 | 8 | |
Other | 0 | (1) | |
Gross write-offs | (15) | (11) | |
Recoveries | 6 | 7 | |
Ending Balance | 32 | 20 | 21 |
Energy Financial Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 26 | 8 | 8 |
Provision charged | 16 | 13 | |
Other | 0 | 0 | |
Gross write-offs | (29) | (17) | |
Recoveries | 1 | 2 | |
Ending Balance | 14 | 6 | 26 |
GECAS | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 46 | 17 | 17 |
Provision charged | (11) | 9 | |
Other | 0 | 0 | |
Gross write-offs | (1) | (11) | |
Recoveries | 3 | 0 | |
Ending Balance | 37 | 15 | 46 |
Other Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 0 | 2 | 2 |
Provision charged | 15 | 0 | |
Other | 0 | (2) | |
Gross write-offs | (13) | 0 | |
Recoveries | 0 | 0 | |
Ending Balance | 2 | 0 | 0 |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 93 | 44 | 44 |
Provision charged | 40 | 30 | |
Other | 0 | (3) | |
Gross write-offs | (58) | (39) | |
Recoveries | 10 | 9 | |
Ending Balance | 85 | 41 | 93 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | 4,011 | 3,981 | 3,981 |
Provision charged | 4,596 | 2,663 | |
Other | (252) | (120) | |
Gross write-offs | (5,622) | (3,203) | |
Recoveries | 639 | 869 | |
Ending Balance | $ 3,372 | $ 4,190 | $ 4,011 |
Property, Plant and Equipment63
Property, Plant and Equipment (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property, Plant and Equipment | ||||||||
Original cost | $ 87,332 | $ 87,332 | $ 84,070 | |||||
Accumulated depreciation and amortization | (36,628) | (36,628) | (35,734) | |||||
Depreciation and amortization | 1,278 | $ 1,424 | 3,603 | $ 3,820 | $ 3,674 | |||
Property, Plant and Equipment, Net | [1] | 50,704 | 50,704 | 48,336 | ||||
Subsidiaries GECC [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | $ 0 | ||||||
Amortization of Leased Asset | 1,668 | 1,773 | $ 1,789 | |||||
Property, Plant and Equipment, Net | [1] | $ 34,516 | $ 34,516 | 31,519 | ||||
Equipment Leased to Other Party [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Original cost | 0 | 0 | ||||||
Accumulated depreciation and amortization | $ 0 | $ 0 | ||||||
[1] | Amounts may not add due to rounding. |
Acquisitions, Goodwill and Ot64
Acquisitions, Goodwill and Other Intangible Assets (Goodwill) (Details) € in Millions, $ in Millions | Mar. 21, 2014USD ($) | Feb. 12, 2014USD ($) | Dec. 31, 2014EUR (€) | Jun. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Jan. 30, 2015USD ($) | Jun. 20, 2014EUR (€) | Jun. 20, 2014USD ($) | |
Goodwill [Line Items] | |||||||||||||
Goodwill (Note 7) | [1] | $ 62,983 | $ 61,660 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,738 | $ 2,090 | |||||||||||
Increase (Decrease) in Intangible Assets, Current | (212) | 302 | |||||||||||
Intangible assets subject to amortization | 13,725 | 13,513 | |||||||||||
Indefinite-lived intangible assets | 130 | 105 | |||||||||||
Total | [1] | 13,855 | 13,618 | ||||||||||
Dispositions, currency exchange and other | (2,090) | ||||||||||||
Goodwill, Acquired During Period | 768 | ||||||||||||
Goodwill, period increase (decrease) | $ (1,323) | ||||||||||||
Lower Limit | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Discount Rate | 10.00% | ||||||||||||
Upper Limit | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Discount Rate | 15.50% | ||||||||||||
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 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 | € | € (300) | ||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | € | € 260 | ||||||||||||
Estimated Purchase Price to Aquire Business, Net of Cash Acquired | € | € 12,350 | ||||||||||||
Estimated Cash from Acquisition | $ 3,400 | ||||||||||||
Anticipated Third Party Investment In Joint Venture | € | € 2,400 | ||||||||||||
Business Acquisition Date of Acquisition Agreement Approved | Sep. 8, 2015 | ||||||||||||
Acquisition agreement including sale of some assets after close | € | € 120 | ||||||||||||
Purchase Price Amendment | € | € 45 | ||||||||||||
Energy Management | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill (Note 7) | $ 4,570 | 4,093 | |||||||||||
Dispositions, currency exchange and other | $ (477) | ||||||||||||
Goodwill, Acquired During Period | 0 | ||||||||||||
Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount | 10.00% | ||||||||||||
GECC | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill (Note 7) | [1] | $ 11,456 | 11,460 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,677 | $ 0 | |||||||||||
Total | [1] | $ 875 | $ 1,177 | ||||||||||
Goodwill, period increase (decrease) | $ 4 | ||||||||||||
GECC | Acquisition Milestone | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill (Note 7) | $ 730 | ||||||||||||
Intangible assets subject to amortization | 345 | ||||||||||||
Estimated Purchase Price to Aquire Business, Net of Cash Acquired | $ 1,750 | ||||||||||||
[1] | Amounts may not add due to rounding. |
Acquisitions, Goodwill and Ot65
Acquisitions, Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($) | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 62,983 | [1] |
Acquisitions | 768 | |
Dispositions, currency exchange and other | (2,090) | |
Goodwill, Ending Balance | 61,660 | [1] |
Power and Water | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 8,754 | |
Acquisitions | 31 | |
Dispositions, currency exchange and other | (136) | |
Goodwill, Ending Balance | 8,649 | |
Oil and Gas | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 10,572 | |
Acquisitions | 0 | |
Dispositions, currency exchange and other | (322) | |
Goodwill, Ending Balance | 10,250 | |
Energy Management | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 4,570 | |
Acquisitions | 0 | |
Dispositions, currency exchange and other | (477) | |
Goodwill, Ending Balance | 4,093 | |
Aviation | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 8,952 | |
Acquisitions | 0 | |
Dispositions, currency exchange and other | (297) | |
Goodwill, Ending Balance | 8,655 | |
Healthcare | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 17,532 | |
Acquisitions | 8 | |
Dispositions, currency exchange and other | (86) | |
Goodwill, Ending Balance | 17,454 | |
Transporation | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 887 | |
Acquisitions | 0 | |
Dispositions, currency exchange and other | (39) | |
Goodwill, Ending Balance | 848 | |
Appliances & Lighting | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 226 | |
Acquisitions | 0 | |
Dispositions, currency exchange and other | (9) | |
Goodwill, Ending Balance | 217 | |
GE Capital | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 11,456 | |
Acquisitions | 729 | |
Dispositions, currency exchange and other | (725) | |
Goodwill, Ending Balance | 11,460 | |
Corporate | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 34 | |
Acquisitions | 0 | |
Dispositions, currency exchange and other | 1 | |
Goodwill, Ending Balance | $ 35 | |
[1] | Amounts may not add due to rounding. |
Acquisitions, Goodwill and Ot66
Acquisitions, Goodwill and Other Intangible Assets (Other Intangible Assets, Net) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible assets subject to amortization | $ 13,513 | $ 13,725 | |
Indefinite-lived intangible assets | 105 | 130 | |
Total | [1] | $ 13,618 | $ 13,855 |
[1] | Amounts may not add due to rounding. |
Acquisitions, Goodwill and Ot67
Acquisitions, Goodwill and Other Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | $ 24,513 | $ 24,513 | $ 24,075 | |||
Accumulated amortization | (10,998) | (10,998) | (10,350) | |||
Net | 13,513 | 13,513 | 13,725 | |||
Intangible Assets, Net (Excluding Goodwill) | [1] | 13,618 | 13,618 | 13,855 | ||
Increase (Decrease) in Intangible Assets, Current | (212) | 302 | ||||
Amortization expense | 437 | $ 424 | 1,295 | $ 1,205 | ||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||||
Adjustments related to Present Value of Future Profits | 272 | 272 | 293 | |||
GECC | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible Assets, Net (Excluding Goodwill) | [1] | 1,177 | 1,177 | 875 | ||
Acquisition API Healthcare | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Increase (Decrease) in Intangible Assets, Current | 125 | |||||
Acquisition Thermo Fisher | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Increase (Decrease) in Intangible Assets, Current | 320 | |||||
Customer-related | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 8,217 | 8,217 | 8,064 | |||
Accumulated amortization | (2,426) | (2,426) | (2,261) | |||
Net | 5,791 | 5,791 | 5,803 | |||
Patents and technology | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 6,434 | 6,434 | 6,694 | |||
Accumulated amortization | (3,056) | (3,056) | (2,900) | |||
Net | 3,378 | 3,378 | 3,794 | |||
Capitalized software | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 7,635 | 7,635 | 7,349 | |||
Accumulated amortization | (4,404) | (4,404) | (4,178) | |||
Net | 3,231 | 3,231 | 3,171 | |||
Trademarks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 1,126 | 1,126 | 1,151 | |||
Accumulated amortization | (272) | (272) | (263) | |||
Net | 854 | 854 | 888 | |||
Lease valuations | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 107 | 107 | 0 | |||
Accumulated amortization | (16) | (16) | 0 | |||
Net | 92 | 92 | 0 | |||
PVFP | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 643 | 643 | 614 | |||
Accumulated amortization | (643) | (643) | (614) | |||
Net | 0 | 0 | 0 | |||
All other | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 351 | 351 | 203 | |||
Accumulated amortization | (181) | (181) | (134) | |||
Net | $ 170 | $ 170 | $ 69 | |||
[1] | Amounts may not add due to rounding. |
Borrowings and Bank Deposits (D
Borrowings and Bank Deposits (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | [1] | $ 46,495 | $ 70,714 |
Long-term borrowings | [1] | 180,011 | 199,182 |
Non Recourse Borrowings Of Consolidated Securitization Entities | [1] | 16,225 | 19,369 |
Bank deposits | [1] | 48,656 | 43,841 |
Total borrowings and bank deposits | 291,387 | 333,106 | |
Non U.S. | |||
Borrowings And Bank Deposits [Line Items] | |||
Bank deposits | 8,108 | 8,905 | |
Intersegment [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | (1,146) | (863) | |
Long-term borrowings | (67) | (45) | |
Commercial Paper [Member] | US | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 9,811 | 22,019 | |
Commercial Paper [Member] | Non U.S. | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 3,103 | 2,993 | |
Current Portion Of Long Term Borrowings [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Non Recourse Borrowings Of Consolidated Securitization Entities | 1,934 | 3,377 | |
Certificate Of Deposit Distributed With Maturities Greater Than One Year [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Bank deposits | 15,990 | 14,500 | |
GE | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | [1],[2] | 4,761 | 3,872 |
Long-term borrowings | [1],[2] | 15,895 | 12,468 |
Non Recourse Borrowings Of Consolidated Securitization Entities | [1],[2] | 0 | 0 |
Bank deposits | [1],[2] | 0 | 0 |
GE | Commercial Paper [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 1,000 | 500 | |
GE | Payable to Banks | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 472 | 343 | |
Long-term borrowings | 27 | 5 | |
GE | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 2,092 | 2,068 | |
GE | Other Short Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 1,197 | 961 | |
GE | Senior Notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 15,510 | 11,945 | |
GE | Other Long Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 358 | 518 | |
GECC | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | [1] | 42,880 | 67,705 |
Long-term borrowings | [1] | 164,183 | 186,759 |
Non Recourse Borrowings Of Consolidated Securitization Entities | [1] | 16,225 | 19,369 |
Bank deposits | [1] | 48,656 | 43,841 |
Funding secured by real estate, aircraft and other collateral | 4,969 | 4,835 | |
Non-recourse to GECC | 1,216 | 1,183 | |
GECC | Guaranteed investment contracts [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings and long-term borrowings | 431 | 439 | |
GECC | Commercial Paper [Member] | Financial Guarantee | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 12,914 | ||
GECC | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 29,679 | 36,995 | |
GECC | Current Portion Of Long Term Borrowings [Member] | Financial Guarantee | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 28,373 | ||
GECC | GE Interest Plus notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 0 | 5,467 | |
GECC | Other Short Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Short-term borrowings | 287 | 231 | |
GECC | Senior unsecured notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 144,935 | 162,194 | |
GECC | Senior unsecured notes [Member] | Financial Guarantee | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 131,230 | ||
GECC | Subordinated notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 4,715 | 4,804 | |
GECC | Subordinated notes [Member] | Financial Guarantee | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 3,971 | ||
GECC | Subordinated debentures | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 6,782 | 7,085 | |
GECC | Subordinated debentures | Financial Guarantee | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 6,782 | ||
GECC | Other Long Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 7,751 | 12,676 | |
GECC | Other Long Term Borrowing [Member] | Financial Guarantee | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 400 | ||
Synchrony [Member] | Subordinated notes [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 5,589 | 3,594 | |
Synchrony [Member] | Other Long Term Borrowing [Member] | |||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | $ 4,651 | $ 8,245 | |
[1] | Amounts may not add due to rounding. | ||
[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. |
Borrowings and Bank Deposits (P
Borrowings and Bank Deposits (Parenthetical) (Details) € in Millions, $ in Millions | Oct. 09, 2015USD ($) | Sep. 30, 2015USD ($) | May. 28, 2015EUR (€) | Dec. 31, 2014USD ($) | |
Borrowings And Bank Deposits [Line Items] | |||||
Long-term debt, current maturities | $ 2,000 | ||||
Long-term borrowings (Note 8) | [1] | $ 180,011 | $ 199,182 | ||
Bank deposits (Note 8) | [1] | 48,656 | 43,841 | ||
Short-term borrowings (Note 8) | [1] | 46,495 | 70,714 | ||
Non Recourse Borrowings Of Consolidated Securitization Entities | [1] | 16,225 | 19,369 | ||
Unsecured Long-Term Debt, Noncurrent | € | € 3,150 | ||||
Notes Due In 2020 | |||||
Borrowings And Bank Deposits [Line Items] | |||||
Unsecured Long-Term Debt, Noncurrent | € | € 650 | ||||
Notes Due In 2023 | |||||
Borrowings And Bank Deposits [Line Items] | |||||
Senior Unsecured Note Interest Rate | 1.25% | ||||
Unsecured Long-Term Debt, Noncurrent | € | € 1,250 | ||||
Notes Due In 2027 | |||||
Borrowings And Bank Deposits [Line Items] | |||||
Senior Unsecured Note Interest Rate | 1.875% | ||||
Unsecured Long-Term Debt, Noncurrent | € | € 1,250 | ||||
GECC | |||||
Borrowings And Bank Deposits [Line Items] | |||||
Long-term borrowings (Note 8) | [1] | 164,183 | 186,759 | ||
Bank deposits (Note 8) | [1] | 48,656 | 43,841 | ||
Short-term borrowings (Note 8) | [1] | 42,880 | 67,705 | ||
Non Recourse Borrowings Of Consolidated Securitization Entities | [1] | $ 16,225 | $ 19,369 | ||
[1] | Amounts may not add due to rounding. |
Postretirement Benefit Plans (C
Postretirement Benefit Plans (Cost of Pension Plans) (Details) - Postretirement Benefit Costs [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Benefit Plan [Member] | Principal pension plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | $ 348 | $ 304 | $ 1,076 | $ 921 |
Prior service cost amortization | 51 | 54 | 154 | 162 |
Expected return on plan assets | (826) | (792) | (2,478) | (2,393) |
Interest cost on benefit obligation | 696 | 687 | 2,087 | 2,060 |
Net actuarial (gain) loss amortization | 823 | 642 | 2,468 | 1,925 |
Net curtailment / other gain | 0 | 65 | 71 | 65 |
Pension plans costs | 1,092 | 960 | 3,378 | 2,740 |
Pension Benefit Plan [Member] | Other Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | 99 | 91 | 299 | 310 |
Prior service cost amortization | 1 | 1 | 1 | 4 |
Expected return on plan assets | (211) | (200) | (625) | (596) |
Interest cost on benefit obligation | 133 | 149 | 396 | 443 |
Net actuarial (gain) loss amortization | 72 | 50 | 217 | 149 |
Pension plans costs | 94 | 91 | 288 | 310 |
Retiree Benefit Plan [Member] | Principal Retiree Health and Life Insurance Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | 27 | 41 | 119 | 125 |
Prior service cost amortization | (38) | 88 | 29 | 285 |
Expected return on plan assets | (12) | (12) | (36) | (37) |
Interest cost on benefit obligation | 67 | 106 | 268 | 326 |
Net actuarial (gain) loss amortization | (14) | (38) | (11) | (124) |
Net curtailment / other gain | 0 | 48 | (192) | 48 |
Pension plans costs | $ 30 | $ 233 | $ 177 | $ 623 |
Postretirement Benefit Plans (P
Postretirement Benefit Plans (Pension Plan Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Investments | [1] | $ 36,933 | $ 38,400 |
[1] | Amounts may not add due to rounding. |
Income Taxes (Balance of unreco
Income Taxes (Balance of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Income Tax Disclosure [Line Items] | |||||||
Unrecognized tax benefits | $ 5,447 | $ 5,447 | $ 5,619 | ||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 3,961 | 3,961 | 4,059 | ||||
Accrued interest on unrecognized tax benefits | 782 | 782 | 807 | ||||
Accrued penalties on unrecognized tax benefits | 97 | 97 | 103 | ||||
Benefit (provision) for income taxes | [1] | (365) | $ (401) | (7,466) | $ (1,034) | ||
GE Capital Exit Plan [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Benefit (provision) for income taxes | (6,209) | ||||||
Income Tax Reconciliation Repatriation Of Foreign Earnings | 3,548 | ||||||
Foreign Cash In Excess Of Normal Operating Needs | 36,000 | 36,000 | |||||
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance | 2,661 | ||||||
Foreign Earnings Repatriated | $ 10 | 10 | |||||
Lower Limit | |||||||
Income Tax Disclosure [Line Items] | |||||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 | 0 | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | 0 | 0 | 0 | ||||
Upper Limit | |||||||
Income Tax Disclosure [Line Items] | |||||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 350 | 350 | 300 | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | $ 900 | $ 900 | $ 900 | ||||
[1] | Amounts may not add due to rounding. |
Shareowners' Equity (Changes In
Shareowners' Equity (Changes In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | $ (18,172) | ||||
Benefit (provision) for income taxes | [1] | $ 365 | $ 401 | 7,466 | $ 1,034 |
Other comprehensive income, net of tax | 1,214 | (960) | 1,144 | 1,009 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (8) | (8) | (45) | (1) | |
Accumulated Other Comprehensive Income (Loss) Ending balance | (16,983) | (8,110) | (16,983) | (8,110) | |
Investment Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | 564 | 1,040 | 1,013 | 307 | |
OCI before reclassification tax | 14 | (146) | (196) | 310 | |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | 22 | (265) | (382) | 484 | |
Benefit (provision) for income taxes | (20) | (15) | (45) | (19) | |
Reclassification from OCI net of deferred taxes | (26) | (19) | (70) | (34) | |
Other comprehensive income, net of tax | (3) | (284) | (452) | 450 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 1 | 0 | 2 | |
Accumulated Other Comprehensive Income (Loss) Ending balance | 561 | 755 | 561 | 755 | |
Currency Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (5,914) | 61 | (2,427) | 126 | |
OCI before reclassification tax | (185) | 198 | 1,158 | 314 | |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (108) | (1,575) | (3,936) | (1,674) | |
Benefit (provision) for income taxes | (628) | 1 | (779) | 124 | |
Reclassification from OCI net of deferred taxes | 733 | (15) | 1,039 | 25 | |
Other comprehensive income, net of tax | 624 | (1,590) | (2,896) | (1,649) | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (8) | (11) | (43) | (5) | |
Accumulated Other Comprehensive Income (Loss) Ending balance | (5,281) | (1,518) | (5,281) | (1,518) | |
Cash Flow Hedge | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (140) | (176) | (180) | (257) | |
OCI before reclassification tax | (28) | (44) | (24) | (5) | |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (133) | (329) | (626) | (421) | |
Benefit (provision) for income taxes | 11 | 30 | 59 | 39 | |
Reclassification from OCI net of deferred taxes | 98 | 384 | 632 | 557 | |
Other comprehensive income, net of tax | (35) | 55 | 6 | 136 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss) Ending balance | (174) | (121) | (174) | (121) | |
Benefit Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (12,716) | (8,083) | (16,578) | (9,296) | |
Other comprehensive income, net of tax | 627 | 859 | 4,486 | 2,072 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 2 | (2) | 2 | |
Prior Service credit (costs)- net of deferred taxes | 0 | 374 | 2,090 | 374 | |
Net actuarial gain (loss), Tax | 0 | (58) | 269 | (26) | |
Net actuarial gain (loss) - net of deferred taxes | 43 | (107) | 602 | 59 | |
Prior service credit (costs), tax | 0 | 212 | 1,194 | 212 | |
Net curtailment/settlement, tax | 0 | 41 | (44) | 41 | |
Net curtailment/settlement - net of deferred taxes | 0 | 72 | (77) | 72 | |
Prior service cost amortization, tax | 17 | 62 | 92 | 192 | |
Prior service cost amortization - net of deferred taxes | 0 | 85 | 101 | 273 | |
Net actuarial loss amortization, tax | 297 | 213 | 902 | 637 | |
Net actuarial loss amortization - net of deferred taxes | 584 | 435 | 1,771 | 1,294 | |
Accumulated Other Comprehensive Income (Loss) Ending balance | $ (12,089) | $ (7,226) | $ (12,089) | $ (7,226) | |
[1] | Amounts may not add due to rounding. |
Shareowners' Equity (Reclass Ou
Shareowners' Equity (Reclass Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Benefit (provision) for income taxes | [1] | $ 365 | $ 401 | $ 7,466 | $ 1,034 |
Net earnings (loss) | [1] | 2,545 | 3,509 | (12,198) | 10,006 |
Total Costs and Expenses | [1] | 28,423 | 28,903 | 87,127 | 85,620 |
Financial Services Revenue | [1] | 5,984 | 5,959 | 16,373 | 17,964 |
Interest and other financial charges | [1] | 1,462 | 1,325 | 3,976 | 3,975 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | [1] | 3,257 | 3,204 | 5,604 | 8,975 |
Investment Securities | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other Income | 45 | 34 | 116 | 53 | |
Benefit (provision) for income taxes | (20) | (15) | (45) | (19) | |
Net earnings (loss) | 26 | 19 | 70 | 34 | |
Investment Securities | Discontinued operations | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Benefit (provision) for income taxes | (15) | (15) | (21) | (13) | |
Financial Services Revenue | 28 | 40 | 45 | 34 | |
Currency Translation Adjustment | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Benefit (provision) for income taxes | (628) | 1 | (779) | 124 | |
Net earnings (loss) | (733) | 15 | (1,039) | (25) | |
Total Costs and Expenses | (104) | 14 | (260) | (149) | |
Currency Translation Adjustment | Discontinued operations | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Benefit (provision) for income taxes | (628) | 0 | (764) | 123 | |
Total Costs and Expenses | (104) | 1 | (102) | (128) | |
Cash Flow Hedge | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Benefit (provision) for income taxes | 11 | 30 | 59 | 39 | |
Net earnings (loss) | (98) | (384) | (632) | (557) | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (109) | (414) | (691) | (596) | |
Cash Flow Hedge | Interest Rate Contract | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Interest and other financial charges | (39) | (53) | (100) | (182) | |
Cash Flow Hedge | Foreign Exchange Contract | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Interest and other financial charges | (72) | (381) | (600) | (400) | |
Cash Flow Hedge | Foreign Exchange Contract | Discontinued operations | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Interest Income (Expense), Net | (25) | (24) | (13) | (32) | |
Financial Services Revenue | (47) | (357) | (587) | (368) | |
Cash Flow Hedge | Other Contract [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Total Costs and Expenses | 2 | 20 | 9 | (14) | |
Pension Plan, Defined Benefit | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Benefit (provision) for income taxes | 314 | 316 | 950 | 870 | |
Net earnings (loss) | (584) | (592) | (1,795) | (1,639) | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (898) | (908) | (2,745) | (2,509) | |
Curtailment gain (loss) | 0 | (113) | 121 | (113) | |
Defined Benefit Plan, Amortization of Gains (Losses) | (881) | (648) | (2,673) | (1,931) | |
Prior service cost amortization | 17 | 147 | 193 | 465 | |
Reclassification out of AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Net earnings (loss) | $ (1,389) | $ (942) | $ (3,396) | $ (2,187) | |
[1] | Amounts may not add due to rounding. |
Shareowners' Equity (Summary of
Shareowners' Equity (Summary of Noncontrolling Interests) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |||
Stockholders' Equity Note [Abstract] | ||||||||
GECC issuance of preferred stock | $ 4,950 | $ 4,950 | ||||||
Synchrony Financial | 2,790 | 2,531 | ||||||
Other (including AOCI) | 1,048 | 1,193 | ||||||
Noncontrolling interests | $ 8,788 | [1],[2] | $ 8,674 | [1],[2] | $ 8,776 | $ 8,513 | $ 6,054 | $ 6,217 |
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (239) million and $ (194) million at September 30, 2015 and December 31, 2014 , respectively. | |||||||
[2] | Amounts may not add due to rounding. |
Shareowners' Equity (Changes of
Shareowners' Equity (Changes of Noncontrolling Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Changes To Noncontrolling Interest | ||||||
Beginning balance | $ 8,776 | $ 6,054 | $ 8,674 | [1],[2] | $ 6,217 | |
Net earnings (loss) | 39 | (21) | 232 | (2) | ||
GECC preferred stock dividend | 0 | 0 | (161) | (161) | ||
Dividends | (18) | (20) | (36) | (55) | ||
Dispositions | (3) | (6) | (9) | (98) | ||
Synchrony Financial IPO | 0 | 2,393 | 0 | 2,393 | ||
AOCI and other | (6) | 113 | 88 | 219 | ||
Ending balance | $ 8,788 | [1],[2] | $ 8,513 | $ 8,788 | [1],[2] | $ 8,513 |
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (239) million and $ (194) million at September 30, 2015 and December 31, 2014 , respectively. | |||||
[2] | Amounts may not add due to rounding. |
Shareowners' Equity (Other) (De
Shareowners' Equity (Other) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Shares Of GE Common Stock | ||||
Common Stock, Shares Authorized | 13,200 | 13,200 | ||
Common stock, par value per share | $ 0.06 | $ 0.06 | ||
Cash Dividends Paid to Parent [Abstract] | ||||
Quarterly Dividends Paid by GECC to GE | $ 0 | $ 472 | $ 450 | $ 1,555 |
Special Dividends Paid by GECC to GE | $ 0 | $ 333 | $ 0 | $ 666 |
GECC Revenues from Services (De
GECC Revenues from Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Total | [1] | $ 5,984 | $ 5,959 | $ 16,373 | $ 17,964 |
Eliminations | |||||
Total | (306) | (397) | (1,015) | (1,170) | |
GECC | |||||
Interest On Loans | 3,010 | 3,128 | 8,902 | 9,194 | |
Equipment leased to others | 1,179 | 1,111 | 3,519 | 3,400 | |
Fees | 839 | 852 | 2,426 | 2,466 | |
Investment Income | 470 | 495 | 1,445 | 1,506 | |
Associated companies | 158 | 189 | 893 | 796 | |
Premiums earned by insurance activities | 353 | 397 | 1,062 | 1,130 | |
Financing leases | 84 | 100 | 275 | 331 | |
Other items | 198 | 84 | (1,133) | 311 | |
Total | [1] | 6,290 | 6,356 | 17,388 | $ 19,134 |
Net other-than-temporary impairments on investment securities | $ 2 | $ 2 | $ 21 | ||
[1] | Amounts may not add due to rounding. |
Earnings Per Share Informatio79
Earnings Per Share Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Amount attributable to the Company: | |||||
Earnings (loss) from continuing operations for per-share calculation, Diluted | $ 2,849 | $ 2,826 | $ (2,100) | $ 8,005 | |
Earnings (loss) from discontinued operations for per-share calculation, Diluted | (346) | 706 | (10,345) | 2,064 | |
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Diluted | 2,503 | 3,532 | (12,436) | 10,068 | |
Earnings (loss) from continuing operations for per-share calculation, basic | 2,849 | 2,826 | (2,100) | 8,004 | |
Earnings (loss) from discontinued operations for per-share calculation, basic | (346) | 706 | (10,345) | 2,064 | |
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Basic | $ 2,502 | $ 3,532 | $ (12,436) | $ 10,067 | |
Average equivalent shares | |||||
Shares of GE common stock outstanding, Diluted | 10,103,000,000 | 10,039,000,000 | 10,085,000,000 | 10,042,000,000 | |
Employee compensation-related shares (including stock options) and warrants, Diluted | 70,000,000 | 80,000,000 | 0 | 79,000,000 | |
Total average equivalent shares, Diluted | 10,173,000,000 | 10,119,000,000 | 10,085,000,000 | 10,121,000,000 | |
Shares of GE common stock outstanding, Basic | 10,103,000,000 | 10,039,000,000 | 10,085,000,000 | 10,042,000,000 | |
Employee compensation-related shares (including stock options) and warrants, Basic | 0 | 0 | 0 | 0 | |
Total average equivalent shares, Basic | 10,103,000,000 | 10,039,000,000 | 10,085,000,000 | 10,042,000,000 | |
Per-share amounts | |||||
Earnings (loss) from continuing operations-Diluted | $ 0.28 | $ 0.28 | $ (0.21) | $ 0.79 | |
Earnings (loss) from discontinued operations-Diluted | (0.03) | 0.07 | (1.03) | 0.2 | |
Net earnings (loss)-Diluted | 0.25 | 0.35 | (1.23) | 0.99 | |
Earnings (loss) from continuing operations-Basic | 0.28 | 0.28 | (0.21) | 0.8 | |
Earnings (loss) from discontinued operations-Basic | (0.03) | 0.07 | (1.03) | 0.21 | |
Net earnings (loss)-Basic | $ 0.25 | $ 0.35 | $ (1.23) | $ 1 | |
Preferred stock dividends declared | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
Outstanding anti-dilutive stock awards not included in computation of diluted earnings per share | 89,000,000 | 88,000,000 | 398,000,000 | 104,000,000 | |
[1] | Amounts may not add due to rounding. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cumulative Gain (Loss) Adjustment For Non Performance Risk | $ 1 | $ 16 |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 39,168 | 41,090 |
Liabilities | 1,573 | 1,718 |
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 | 503 | 540 |
Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,070 | 1,178 |
Recurring | Retained interest | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2,003 | 2,413 |
Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 233 | 277 |
US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 22,902 | 23,715 |
State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,340 | 4,675 |
Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 984 | 1,692 |
Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2,405 | 3,063 |
Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 97 | 295 |
Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 868 | 1,017 |
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 | 1,252 | 1,710 |
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 | 3,882 | 2,013 |
Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 185 | 199 |
Trading | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 19 | 21 |
Level 1 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 197 | 192 |
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 | 6 | 0 |
Level 1 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 14 | 0 |
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 | 159 | 171 |
Level 1 | Trading | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 19 | 21 |
Level 2 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 41,505 | 44,232 |
Liabilities | 6,227 | 6,068 |
Level 2 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 5,156 | 4,890 |
Level 2 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,070 | 1,178 |
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 | 8,545 | 9,957 |
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 | 19,853 | 20,659 |
Level 2 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,259 | 4,560 |
Level 2 | Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 981 | 1,676 |
Level 2 | Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2,403 | 3,054 |
Level 2 | Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 59 | 172 |
Level 2 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 579 | 680 |
Level 2 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,238 | 1,708 |
Level 2 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,573 | 1,747 |
Level 2 | Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 15 | 19 |
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 | 4,086 | 4,250 |
Liabilities | 5 | 13 |
Level 3 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 5 | 13 |
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 | 0 | |
Level 3 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 79 | 40 |
Level 3 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 233 | 277 |
Level 3 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,050 | 3,056 |
Level 3 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 81 | 115 |
Level 3 | Residential Mortgage Backed Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2 | 16 |
Level 3 | Commercial mortgage backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1 | 9 |
Level 3 | Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 38 | 123 |
Level 3 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 283 | 337 |
Level 3 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 2 |
Level 3 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 309 | 266 |
Level 3 | Available-for-sale Securities | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 10 | 9 |
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 | (6,620) | (7,584) |
Liabilities | (4,658) | (4,363) |
Netting Adjustment | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | (4,658) | (4,363) |
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 | (6,620) | (7,584) |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
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 | $ 12 | $ 9 | $ 12 | $ 9 |
Level 3 | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 222 | |||
Net realized/unrealized gains (losses) included in earnings | 10 | |||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | |||
Purchases | 0 | |||
Sales | 0 | |||
Settlements | 0 | |||
Transfers into Level 3 | 0 | |||
Transfers out of Level 3 | 0 | |||
Changes in Level 3, ending balance | 233 | 233 | ||
Level 3 | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 4,083 | 4,395 | 4,246 | 4,128 |
Net realized/unrealized gains (losses) included in earnings | 29 | 11 | (16) | 63 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 10 | 7 | (65) | 206 |
Purchases | 74 | 103 | 262 | 475 |
Sales | (29) | (57) | (194) | (300) |
Settlements | (45) | (124) | (127) | (211) |
Transfers into Level 3 | 41 | 41 | 83 | 181 |
Transfers out of Level 3 | (70) | (64) | (96) | (230) |
Changes in Level 3, ending balance | 4,094 | 4,312 | 4,094 | 4,312 |
Net change in unrealized gains (losses) relating to instruments still held | 14 | (1) | (26) | 17 |
Level 3 | Recurring | Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 72 | 29 | 36 | 20 |
Net realized/unrealized gains (losses) included in earnings | 16 | 1 | 15 | 8 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 1 | 1 | 3 | 1 |
Purchases | (1) | (2) | 0 | (1) |
Sales | 0 | 0 | 0 | 0 |
Settlements | (1) | 0 | (9) | 3 |
Transfers into Level 3 | 0 | 0 | 42 | (1) |
Transfers out of Level 3 | 0 | 0 | 0 | (1) |
Changes in Level 3, ending balance | 86 | 29 | 86 | 29 |
Net change in unrealized gains (losses) relating to instruments still held | 14 | (1) | 11 | 13 |
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 | 1 | |
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 | (1) | (1) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 0 | 0 | ||
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 | 222 | 217 | 277 | 201 |
Net realized/unrealized gains (losses) included in earnings | 10 | 5 | (24) | 16 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 20 |
Sales | 0 | 0 | (21) | (15) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Changes in Level 3, ending balance | 233 | 222 | 233 | 222 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | (37) | 4 |
Level 3 | US Corporate | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 3,024 | 3,060 | 3,056 | 2,787 |
Net realized/unrealized gains (losses) included in earnings | 5 | 4 | 2 | 22 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (7) | (4) | (93) | 115 |
Purchases | 74 | 102 | 255 | 441 |
Sales | (29) | (57) | (84) | (213) |
Settlements | (37) | (90) | (93) | (158) |
Transfers into Level 3 | 35 | 32 | 35 | 170 |
Transfers out of Level 3 | (15) | (16) | (28) | (133) |
Changes in Level 3, ending balance | 3,050 | 3,031 | 3,050 | 3,031 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 101 | 110 | 115 | 96 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 1 | 2 | (3) | 9 |
Purchases | 0 | 2 | 0 | 12 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (5) | (1) | (15) | (4) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (17) | 0 | (17) | 0 |
Changes in Level 3, ending balance | 81 | 113 | 81 | 113 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 2 | 66 | 16 | 86 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 5 | 1 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | (4) | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (15) | (16) |
Settlements | (1) | (3) | (1) | (8) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (47) | 0 | (47) |
Changes in Level 3, ending balance | 2 | 16 | 2 | 16 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 2 | 12 | 9 | 10 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (7) | 0 |
Settlements | 0 | (2) | 0 | (2) |
Transfers into Level 3 | 0 | 0 | 0 | 2 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Changes in Level 3, ending balance | 1 | 10 | 1 | 10 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 76 | 130 | 123 | 145 |
Net realized/unrealized gains (losses) included in earnings | (2) | 1 | (16) | 3 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 2 | (5) | 6 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (12) | 0 |
Settlements | 0 | (4) | (3) | (15) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (36) | 0 | (49) | (10) |
Changes in Level 3, ending balance | 38 | 129 | 38 | 129 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 283 | 511 | 337 | 515 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 0 | 13 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | (4) | 43 |
Purchases | 1 | 1 | 1 | 1 |
Sales | 0 | 0 | (50) | (54) |
Settlements | (1) | (23) | (1) | (24) |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3 | 0 | 0 | 0 | (6) |
Changes in Level 3, ending balance | 283 | 489 | 283 | 489 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 2 | 1 | 2 | 31 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (2) | (1) | (2) | (31) |
Changes in Level 3, ending balance | 0 | 0 | 0 | 0 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 293 | 249 | 266 | 225 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 16 | 6 | 44 | 32 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (1) | 0 |
Transfers into Level 3 | 0 | 9 | 0 | 9 |
Transfers out of Level 3 | 0 | 0 | 0 | (2) |
Changes in Level 3, ending balance | 309 | 264 | 309 | 264 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 6 | 9 | 9 | 11 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 2 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (1) | 0 | (3) | 0 |
Purchases | 0 | 0 | 6 | 2 |
Sales | 0 | 0 | (5) | (2) |
Settlements | 0 | 0 | (4) | (2) |
Transfers into Level 3 | 6 | 0 | 6 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Changes in Level 3, ending balance | 10 | 9 | 10 | 9 |
Net change in unrealized gains (losses) relating to instruments still held | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Non-Re
Fair Value Measurements (Non-Recurring Fair Value Measurements) (Details) - Non-recurring - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | $ (417) | $ (388) | $ (4,151) | $ (751) | |
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 | (46) | (31) | (2,199) | (135) | |
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 | (280) | (82) | (1,788) | (281) | |
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 | (91) | $ (275) | (165) | $ (335) | |
Level 2 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cost and equity method investments | 1 | 1 | $ 0 | ||
Long-lived assets, including real-estate | 3 | 102 | |||
Financing receivables and loans held for sale | 0 | 1 | |||
Assets Fair Value Disclosure | 4 | 4 | 103 | ||
Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cost and equity method investments | 2,347 | 2,347 | 346 | ||
Long-lived assets, including real-estate | 301 | 718 | |||
Financing receivables and loans held for sale | 18,152 | 584 | |||
Assets Fair Value Disclosure | $ 20,800 | $ 20,800 | $ 1,648 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 10.00% | |||||
Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 15.50% | |||||
Recurring | US Corporate | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 863 | $ 917 | ||||
Recurring | State And Municipal Debt | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | 17 | |||||
Recurring | Asset-backed | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | 102 | |||||
Recurring | Corporate - non-U.S. | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | 226 | 278 | ||||
Recurring | Other financial assets | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 228 | 117 | ||||
Non-recurring | Financing receivables and loans held for sale | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Assets Fair Value Disclosure Nonrecurring | 18,015 | |||||
Non-recurring | Cost and equity method investments | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Assets Fair Value Disclosure Nonrecurring | 2,134 | 309 | ||||
Non-recurring | Long Lived Assets, Including Real Estate | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Assets Fair Value Disclosure Nonrecurring | 198 | 664 | ||||
Level 3 | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Individually Insignificant Recurring Fair Value Measurements | 36 | 210 | ||||
Individually Insignificant NonRecurring Fair Value Measurements | 186 | 18 | ||||
Level 3 | 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 | 4,094 | 4,246 | $ 4,083 | $ 4,312 | $ 4,395 | $ 4,128 |
Level 3 | Recurring | US Corporate | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 863 | $ 917 | ||||
Level 3 | Recurring | US Corporate | Income Approach | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 2.20% | 1.50% | ||||
Level 3 | Recurring | US Corporate | Income Approach | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 15.30% | 14.80% | ||||
Level 3 | Recurring | US Corporate | Income Approach | Weighted Average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 7.40% | 6.60% | ||||
Level 3 | 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 | |||||
Level 3 | 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% | |||||
Level 3 | 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% | |||||
Level 3 | 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% | |||||
Level 3 | Recurring | Asset-backed | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 38 | $ 102 | ||||
Level 3 | Recurring | Asset-backed | Income Approach | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 5.00% | 4.30% | ||||
Level 3 | Recurring | Asset-backed | Income Approach | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 10.00% | 9.00% | ||||
Level 3 | Recurring | Asset-backed | Income Approach | Weighted Average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 9.10% | 5.60% | ||||
Level 3 | Recurring | Corporate - non-U.S. | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 226 | $ 278 | ||||
Level 3 | Recurring | Corporate - non-U.S. | Income Approach | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 6.50% | 3.30% | ||||
Level 3 | 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% | 14.00% | ||||
Level 3 | Recurring | Corporate - non-U.S. | Income Approach | Weighted Average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 7.40% | 6.50% | ||||
Level 3 | Recurring | Other financial assets | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 2,690 | $ 2,596 | ||||
Level 3 | 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 | $ 228 | $ 117 | ||||
Level 3 | 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 | 6.1 | 5.4 | ||||
Capitalization Rate | 7.80% | 6.50% | ||||
Level 3 | 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 | 15.1 | 9.1 | ||||
Capitalization Rate | 7.80% | 7.80% | ||||
Level 3 | 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 | 9.8 | 7.7 | ||||
Capitalization Rate | 7.80% | 7.70% | ||||
Level 3 | Non-recurring | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 2,347 | $ 346 | ||||
Assets Fair Value Disclosure Nonrecurring | $ 267 | $ 657 | ||||
Level 3 | Non-recurring | Financing receivables and loans held for sale | Income Approach | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 5.60% | |||||
Level 3 | Non-recurring | Financing receivables and loans held for sale | Income Approach | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 8.00% | |||||
Level 3 | Non-recurring | Financing receivables and loans held for sale | Income Approach | Weighted Average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 6.70% | |||||
Level 3 | Non-recurring | Financing receivables and loans held for sale | Income Approach, Business Enterprise value | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 18,015 | |||||
Level 3 | Non-recurring | 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% | |||||
Level 3 | Non-recurring | 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% | |||||
Level 3 | Non-recurring | 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% | |||||
Level 3 | Non-recurring | Cost and equity method investments | Market comparables | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
EBITDA Multiple | 1.8 | |||||
Level 3 | Non-recurring | Cost and equity method investments | Market comparables | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
EBITDA Multiple | 5.2 | |||||
Level 3 | Non-recurring | Cost and equity method investments | Market comparables | Weighted Average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
EBITDA Multiple | 4.8 | |||||
Level 3 | Non-recurring | Cost and equity method investments | Income Approach, Market Comparables | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 309 | |||||
Level 3 | Non-recurring | Cost and equity method investments | Income Approach, Market Comparables | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 9.00% | |||||
Price to book multiple | 0.4 | |||||
Level 3 | Non-recurring | Cost and equity method investments | Income Approach, Market Comparables | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 14.50% | |||||
Price to book multiple | 0.7 | |||||
Level 3 | Non-recurring | Cost and equity method investments | Income Approach, Market Comparables | Weighted Average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 11.80% | |||||
Price to book multiple | 0.6 | |||||
Level 3 | Non-recurring | Cost and equity method investments | Income Approach, Business Enterprise Value, Market Comparable | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 2,134 | |||||
Level 3 | Non-recurring | Long Lived Assets, Including Real Estate | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 198 | $ 664 | ||||
Level 3 | Non-recurring | 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 | 1.70% | 2.00% | ||||
Level 3 | Non-recurring | 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 | 9.80% | 10.80% | ||||
Level 3 | Non-recurring | 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 | 6.20% | 6.70% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Instruments [Line Items] | ||
Effect of including interest rate and currency derivatives on borrowings and bank deposits | $ 4,710 | $ 5,020 |
Reinsurance Recoverables | 0 | 964 |
GE | Carrying amount | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 700 | 502 |
Borrowings | (20,656) | (16,340) |
GE | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 760 | 551 |
Borrowings | (21,372) | (17,503) |
Accrued interest | 174 | 94 |
GECC | Notional amount | ||
Financial Instruments [Line Items] | ||
Notional Amount Of Life Insurance Benefit Net | 0 | 1,843 |
GECC | Carrying amount | ||
Financial Instruments [Line Items] | ||
Loans | 78,775 | 115,889 |
Other commercial mortgages | 1,392 | 1,427 |
Loans held for sale | 22,651 | 778 |
Other financial instruments | 161 | 122 |
Borrowings and bank deposits | (271,944) | (317,674) |
Investment contract benefits | (2,821) | (2,970) |
Guaranteed investment contracts | (179) | (1,000) |
Liability for Future Policy Benefits, Life | 0 | (90) |
GECC | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Loans | 85,107 | 120,067 |
Other commercial mortgages | 1,520 | 1,508 |
Loans held for sale | 23,039 | 799 |
Other financial instruments | 195 | 136 |
Borrowings and bank deposits | (283,092) | (333,956) |
Investment contract benefits | (3,327) | (3,565) |
Guaranteed investment contracts | (193) | (1,031) |
Liability for Future Policy Benefits, Life | 0 | (77) |
Accrued interest | $ 1,994 | $ 2,888 |
Financial Instruments (Notional
Financial Instruments (Notional amount of loan commitments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Loan Commitments By Notional Amount [Line Items] | ||
Ordinary course of business lending commitments | $ 804 | $ 1,214 |
Notional amount | ||
Loan Commitments By Notional Amount [Line Items] | ||
Excluded investment commitments | 579 | 818 |
Inventory financing arrangements excluded | 39 | 47 |
Total Commercial | ||
Loan Commitments By Notional Amount [Line Items] | ||
Unused revolving credit lines | 2,054 | 2,908 |
Consumer Principally Credit Cards | ||
Loan Commitments By Notional Amount [Line Items] | ||
Unused revolving credit lines | $ 321,710 | $ 306,188 |
Financial Instruments (Securiti
Financial Instruments (Securities Repurchase and Reverse Repurchase Arrangements) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Financial Instruments [Line Items] | |
Securities For Repurchase Agreements | $ 132 |
Reverse Repurchase Agreements Maturities | 90 days |
Securities for Reverse Repurchase Agreements | $ 10,000 |
Financial Instruments (Derivati
Financial Instruments (Derivatives and hedging) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 279,000 | |
Derivative asset, fair value | 1,288 | $ 617 |
Derivative liability, fair value | 512 | 516 |
Cumulative gain (loss) adjustment for non performance risk | 1 | 16 |
Excess Collateralization | 74 | 63 |
Excess Collateral Posted | 66 | 211 |
Excess Securities Collateral Held | 36 | 397 |
Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 9,602 | 11,389 |
Derivative liabilities | 5,170 | 4,879 |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (6,620) | (7,584) |
Derivative liabilities | (4,658) | (4,363) |
Netting Adjustment [Member] | Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (3,762) | (3,886) |
Derivative liabilities | (3,763) | (3,902) |
Cash Collateral [Member] | Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (2,858) | (3,698) |
Derivative liabilities | (895) | (461) |
Securities Pledged as Collateral [Member] | Not Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (1,694) | (3,188) |
Derivative liabilities | 0 | 0 |
Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 7,080 | 8,438 |
Derivative liabilities | 1,365 | 1,347 |
Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,544 | 1,559 |
Derivative liabilities | 3,796 | 3,556 |
Derivatives Associated With Interest Rate, Currency Or Market Risk Reduction Or Elimination [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 247,000 | |
Percentage Of Notional Amount That Is Associated With Reducing Or Eliminating Interest Rate, Currency, Or Market Risk | 89.00% | |
Gross Derivatives [Member] | Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 8,624 | 9,997 |
Derivative liabilities | 5,161 | 4,903 |
Gross Accrued Interest [Member] | Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 978 | 1,392 |
Derivative liabilities | 9 | (24) |
Net Derivative [Member] | Recognized In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2,982 | 3,805 |
Derivative liabilities | 512 | 516 |
Interest Rate Contract | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5,579 | 5,859 |
Derivative liabilities | 53 | 461 |
Interest Rate Contract | Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 144 | 111 |
Derivative liabilities | 56 | 64 |
Foreign Exchange Contract | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,501 | 2,579 |
Derivative liabilities | 1,310 | 884 |
Foreign Exchange Contract | Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,179 | 1,209 |
Derivative liabilities | 3,676 | 3,450 |
Other Contract | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 2 | 2 |
Other Contract | Derivatives Not Accounted For As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 221 | 239 |
Derivative liabilities | $ 64 | $ 42 |
Financial Instruments (Fair val
Financial Instruments (Fair value hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair value hedges | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 3 | $ (9) | ||
Fair Value Hedges | ||||
Fair value hedges | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ (82) | $ (74) | ||
Interest Rate Contract | Fair Value Hedges | ||||
Fair value hedges | ||||
Gain (loss) on derivatives | 1,391 | 341 | 514 | 2,056 |
Gain (loss) on hedged items | (1,387) | (350) | (594) | (2,129) |
Foreign Exchange Contract | Fair Value Hedges | ||||
Fair value hedges | ||||
Gain (loss) on derivatives | (6) | (8) | (6) | (11) |
Gain (loss) on hedged items | $ 5 | $ 8 | $ 4 | $ 10 |
Financial Instruments (Cash flo
Financial Instruments (Cash flow hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Maximum term of hedged forecasted transactions | 17 years | 18 years | ||
Cash Flow Hedge | ||||
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | $ (124) | $ (310) | $ (761) | $ (345) |
Gain (loss) reclassified from AOCI into earnings | (109) | (414) | (691) | (596) |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | 173 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (167) | |||
Cash Flow Hedge | Interest Rate Contract | ||||
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | 10 | 9 | 0 | 0 |
Gain (loss) reclassified from AOCI into earnings | (39) | (53) | (100) | (182) |
Cash Flow Hedge | Foreign Exchange Contract | ||||
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | (132) | (318) | (757) | (343) |
Gain (loss) reclassified from AOCI into earnings | (69) | (361) | (589) | (412) |
Cash Flow Hedge | Commodity Contract | ||||
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | (2) | (1) | (4) | (2) |
Gain (loss) reclassified from AOCI into earnings | $ (1) | $ 0 | $ (2) | $ (2) |
Financial Instruments (Net inve
Financial Instruments (Net investment hedges in foreign operations) (Details) - Net Investment Hedge [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Translation Adjustment [Member] | ||||
Net investment hedges in foreign operation | ||||
Gain (loss) reclassified from AOCI into earnings | $ 0 | $ (11) | $ (34) | $ (11) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Translation Adjustment [Member] | Discontinued operations | ||||
Net investment hedges in foreign operation | ||||
Gain (loss) reclassified from AOCI into earnings | 1,935 | (13) | 2,558 | (3) |
Foreign Exchange Contract [Member] | ||||
Net investment hedges in foreign operation | ||||
Gain (loss) on hedged items | (37) | (147) | (93) | (458) |
Foreign Exchange Contract [Member] | Currency Translation Adjustment [Member] | ||||
Net investment hedges in foreign operation | ||||
Gain (loss) recognized in AOCI | 1,297 | 2,792 | 4,720 | 2,194 |
Gain (loss) reclassified from AOCI into earnings | $ 1,935 | $ (24) | $ 2,524 | $ (14) |
Financial Instruments (Free-sta
Financial Instruments (Free-standing derivatives) (Details) - Free Standing Derivatives [Member] - Nondesignated as Hedges - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Free standing derivatives | ||
Gain (loss) on derivatives | $ (2,647) | $ (578) |
Interest Rate Contract [Member] | ||
Free standing derivatives | ||
Gain (loss) on derivatives | (101) | (53) |
Foreign Exchange Contract [Member] | ||
Free standing derivatives | ||
Gain (loss) on derivatives | (2,492) | (565) |
Other Contract [Member] | ||
Free standing derivatives | ||
Gain (loss) on derivatives | $ (54) | $ 40 |
Financial Instruments (Counterp
Financial Instruments (Counterparty credit risk) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Counterparty credit risk | |
Exposure To Counter Parties | $ 895 |
Total Collateral | 4,552 |
Exposure To Counterparties Including Interest Net Collateral Excluding Derivatives | 1,148 |
Derivative Liability After Collateral And Outstanding Interest Payments Excluding Embedded Derivatives | 540 |
Cash [Member] | |
Counterparty credit risk | |
Total Collateral | 2,858 |
Securities Held By Third Parties [Member] | |
Counterparty credit risk | |
Securities Held as Collateral, at Fair Value | $ 1,694 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Variable Interest Entity [Line Items] | ||||||
Financing receivables, net | [1] | $ 72,353 | $ 72,353 | $ 110,255 | ||
Investment securities (Note 3) | [1] | 36,933 | 36,933 | 38,400 | ||
Other Assets | [1] | 45,793 | 45,793 | 47,905 | ||
Nonrecourse Borrowings | [1] | 16,225 | 16,225 | 19,369 | ||
Other Liabilities | [1] | 60,685 | 60,685 | 63,720 | ||
Total revenues of consolidated VIEs | [1] | 31,680 | $ 32,107 | 92,731 | $ 94,595 | |
Provision for Loan and Lease Losses | [1] | 738 | 858 | 4,636 | 2,693 | |
Interest And Other Financial Charges | [1] | 1,462 | 1,325 | 3,976 | 3,975 | |
Appliances | ||||||
Variable Interest Entity [Line Items] | ||||||
Current Receivables | 724 | 724 | 686 | |||
Consolidated VIE | ||||||
Variable Interest Entity [Line Items] | ||||||
Financing receivables, net | 24,567 | 24,567 | 26,675 | |||
Current Receivables | 3,623 | 3,623 | 3,537 | |||
Investment securities (Note 3) | 1,412 | 1,412 | 3,374 | |||
Other Assets | 2,193 | 2,193 | 3,423 | |||
Assets VIE | 31,795 | 31,795 | 37,009 | |||
Borrowings | 990 | 990 | 517 | |||
Nonrecourse Borrowings | 16,225 | 16,225 | 18,095 | |||
Other Liabilities | 1,523 | 1,523 | 2,870 | |||
Liabilities VIE | 18,738 | 18,738 | 21,482 | |||
Total revenues of consolidated VIEs | 1,635 | 1,792 | 5,049 | 4,966 | ||
Provision for Loan and Lease Losses | 189 | 244 | 714 | 791 | ||
Interest And Other Financial Charges | 78 | 70 | 218 | 197 | ||
Other 1 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Financing receivables, net | 531 | 531 | 1,030 | |||
Current Receivables | 489 | 489 | 509 | |||
Investment securities (Note 3) | 1,011 | 1,011 | 1,005 | |||
Other Assets | 2,002 | 2,002 | 2,345 | |||
Assets VIE | 4,033 | 4,033 | 4,889 | |||
Borrowings | 990 | 990 | 517 | |||
Nonrecourse Borrowings | 69 | 69 | 436 | |||
Other Liabilities | 1,282 | 1,282 | 1,490 | |||
Liabilities VIE | 2,341 | 2,341 | 2,443 | |||
Consolidated Securitization Entities [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Commingled cash amounts owed to CSEs | 939 | 939 | 1,091 | |||
Commingled cash receivable from CSEs | 170 | 170 | 391 | |||
Industrial Equipment Joint Venture [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets VIE | 466 | 466 | ||||
Liabilities VIE | 466 | 466 | ||||
Power Generating And Leasing [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets VIE | 331 | 331 | ||||
Liabilities VIE | 187 | 187 | ||||
Insurance Entities [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets VIE | 1,126 | 1,126 | ||||
Liabilities VIE | 564 | 564 | ||||
GECC | ||||||
Variable Interest Entity [Line Items] | ||||||
Financing receivables, net | [1] | 83,748 | 83,748 | 122,457 | ||
Investment securities (Note 3) | [1] | 36,868 | 36,868 | 38,320 | ||
Other Assets | [1] | 19,155 | 19,155 | 23,198 | ||
Nonrecourse Borrowings | [1] | 16,225 | 16,225 | 19,369 | ||
Other Liabilities | [1] | 11,330 | 11,330 | 9,549 | ||
Total revenues of consolidated VIEs | [1] | 6,312 | 6,384 | 17,452 | 19,223 | |
Provision for Loan and Lease Losses | [1] | 738 | 858 | 4,636 | 2,693 | |
Interest And Other Financial Charges | [1] | 1,151 | $ 1,061 | 3,096 | $ 3,184 | |
GECC | Trinity [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Financing receivables, net | 0 | 0 | 0 | |||
Current Receivables | 0 | 0 | 0 | |||
Investment securities (Note 3) | 401 | 401 | 2,369 | |||
Other Assets | 45 | 45 | 17 | |||
Assets VIE | 446 | 446 | 2,386 | |||
Borrowings | 0 | 0 | 0 | |||
Nonrecourse Borrowings | 0 | 0 | 0 | |||
Other Liabilities | 193 | 193 | 1,022 | |||
Liabilities VIE | 193 | 193 | 1,022 | |||
Intercompany Advances Eliminated In Consolidation | 15 | 15 | 1,565 | |||
GECC | Credit Card Receivable [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Financing receivables, net | 24,036 | 24,036 | 25,645 | |||
Current Receivables | 0 | 0 | 0 | |||
Investment securities (Note 3) | 0 | 0 | 0 | |||
Other Assets | 144 | 144 | 1,059 | |||
Assets VIE | 24,180 | 24,180 | 26,704 | |||
Borrowings | 0 | 0 | 0 | |||
Nonrecourse Borrowings | 13,640 | 13,640 | 14,967 | |||
Other Liabilities | 20 | 20 | 332 | |||
Liabilities VIE | 13,660 | 13,660 | 15,299 | |||
GECC | Trade Receivable [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Financing receivables, net | 0 | 0 | 0 | |||
Current Receivables | 3,134 | 3,134 | 3,028 | |||
Investment securities (Note 3) | 0 | 0 | 0 | |||
Other Assets | 2 | 2 | 2 | |||
Assets VIE | 3,136 | 3,136 | 3,030 | |||
Borrowings | 0 | 0 | 0 | |||
Nonrecourse Borrowings | 2,516 | 2,516 | 2,692 | |||
Other Liabilities | 28 | 28 | 26 | |||
Liabilities VIE | $ 2,544 | $ 2,544 | $ 2,718 | |||
[1] | Amounts may not add due to rounding. |
Variable Interest Entities (Unc
Variable Interest Entities (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Financing receivables | [1] | $ 72,353 | $ 110,255 |
Investment in Unconsolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Other assets and investment securities | 810 | 806 | |
Financing receivables | 10 | 120 | |
Total investment | 820 | 926 | |
Contractual obligations to fund new investments, guarantees or lines of credit | 99 | 37 | |
Total | $ 919 | $ 963 | |
[1] | Amounts may not add due to rounding. |
Intercompany Transactions (Narr
Intercompany Transactions (Narratives) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 10,065 | $ 11,168 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 52,541 | 1,668 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (45,312) | (12,619) | |||
Combined | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 10,478 | 13,950 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 52,597 | 2,465 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (45,781) | (16,198) | |||
GE Customer Receivables Sold To GECC | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 162 | 43 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (243) | (948) | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 81 | 905 | |||
GECC Dividends To GE | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (450) | (2,221) | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 450 | 2,221 | |||
Other Reclassifications and Eliminations | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (125) | (604) | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 187 | 151 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (62) | 453 | |||
Effect of Elimination | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 10,065 | 11,168 | $ (413) | $ (2,782) | $ (8,542) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 52,541 | 1,668 | (56) | (797) | 2,328 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ (45,312) | $ (12,619) | $ 469 | $ 3,579 | $ 6,703 |
Supplemental Information Abou96
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Past Due & Nonaccrual Financing Receivables) (Details) - GECC - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Past Due Financing Receivables | ||
Percent of Financing Receivable, Recorded Investment, Past Due Over 30 Days | 3.80% | 4.50% |
Percent of Financing Receivable, Recorded Investment, Past Due Over 90 Days | 1.50% | 2.10% |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | $ 306 | $ 1,996 |
Percent Financing Receivable, Recorded Investment, Nonaccrual Status | 0.40% | 1.60% |
Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 1,339 | $ 2,626 |
Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 3,273 | 5,747 |
CLL | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 27 | 25 |
CLL | Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 174 | 131 |
CLL | Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 655 | 610 |
Energy Financial Services | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 82 | 68 |
Energy Financial Services | Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 63 | 0 |
Energy Financial Services | Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 63 | 0 |
GECAS | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 195 | 419 |
GECAS | Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 0 | 0 |
GECAS | Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 2 | 0 |
Commercial | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 304 | 512 |
Amount of nonaccrual loans currently paying in accordance with contractual terms | 228 | 484 |
Commercial | Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 237 | 131 |
Commercial | Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 720 | 610 |
Consumer | ||
Past Due Financing Receivables | ||
Loans which are 90+ days past due and still accruing interest | 1,100 | 1,231 |
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 2 | 1,484 |
Amount of nonaccrual loans currently paying in accordance with contractual terms | 0 | 179 |
Consumer | Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | 1,102 | 2,495 |
Consumer | Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 2,553 | $ 5,137 |
Supplemental Information Abou97
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Impaired Loans) (Details) - GECC - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Impaired Loans | |||||
Recorded investment in loans with no specific allowance | $ 209 | $ 209 | $ 530 | ||
Unpaid principal balance with no specific allowance | 233 | 233 | 580 | ||
Average investment with no specific allowance | 313 | 241 | |||
Recorded investment in loans with a specific allowance | 741 | 741 | 2,062 | ||
Unpaid principal balance with a specific allowance | 645 | 645 | 2,112 | ||
Associated allowance with a specific allowance (specific reserves) | 245 | 245 | 424 | ||
Average investment with a specific allowance | 1,066 | 2,591 | |||
Non-impaired financing receivables | 86,254 | 86,254 | 123,969 | ||
General reserves | 3,212 | 3,212 | 3,680 | ||
Impaired loans | 950 | 950 | 2,592 | ||
Impaired loans classified as Troubled debt restructuring (TDR) | 860 | 860 | |||
Discounted Cash Flow | |||||
Impaired Loans | |||||
Impaired loans | 819 | 819 | 2,149 | ||
Collateral Value Method | |||||
Impaired Loans | |||||
Impaired loans | 131 | 131 | 443 | ||
CLL | |||||
Impaired Loans | |||||
Recorded investment in loans with no specific allowance | 11 | 11 | 10 | ||
Unpaid principal balance with no specific allowance | 11 | 11 | 10 | ||
Average investment with no specific allowance | 11 | 7 | |||
Recorded investment in loans with a specific allowance | 5 | 5 | 5 | ||
Unpaid principal balance with a specific allowance | 5 | 5 | 5 | ||
Associated allowance with a specific allowance (specific reserves) | 3 | 3 | 4 | ||
Average investment with a specific allowance | 5 | 4 | |||
Impaired loans classified as Troubled debt restructuring (TDR) | 5 | 5 | |||
Energy Financial Services | |||||
Impaired Loans | |||||
Recorded investment in loans with no specific allowance | 82 | 82 | 53 | ||
Unpaid principal balance with no specific allowance | 100 | 100 | 54 | ||
Average investment with no specific allowance | 54 | 26 | |||
Recorded investment in loans with a specific allowance | 0 | 0 | 15 | ||
Unpaid principal balance with a specific allowance | 0 | 0 | 15 | ||
Associated allowance with a specific allowance (specific reserves) | 0 | 0 | 12 | ||
Average investment with a specific allowance | 6 | 24 | |||
Impaired loans classified as Troubled debt restructuring (TDR) | 7 | 7 | |||
GECAS | |||||
Impaired Loans | |||||
Recorded investment in loans with no specific allowance | 116 | 116 | 329 | ||
Unpaid principal balance with no specific allowance | 122 | 122 | 337 | ||
Average investment with no specific allowance | 213 | 88 | |||
Recorded investment in loans with a specific allowance | 0 | 0 | 0 | ||
Unpaid principal balance with a specific allowance | 0 | 0 | 0 | ||
Associated allowance with a specific allowance (specific reserves) | 0 | 0 | 0 | ||
Average investment with a specific allowance | 0 | 15 | |||
Impaired loans classified as Troubled debt restructuring (TDR) | 112 | 112 | |||
Other Commercial Segment [Member] | |||||
Impaired Loans | |||||
Recorded investment in loans with no specific allowance | 0 | 0 | 0 | ||
Unpaid principal balance with no specific allowance | 0 | 0 | 0 | ||
Average investment with no specific allowance | 0 | 0 | |||
Recorded investment in loans with a specific allowance | 0 | 0 | 0 | ||
Unpaid principal balance with a specific allowance | 0 | 0 | 0 | ||
Associated allowance with a specific allowance (specific reserves) | 0 | 0 | 0 | ||
Average investment with a specific allowance | 0 | 1 | |||
Commercial | |||||
Impaired Loans | |||||
Recorded investment in loans with no specific allowance | 209 | 209 | 392 | ||
Unpaid principal balance with no specific allowance | 233 | 233 | 401 | ||
Average investment with no specific allowance | 278 | 121 | |||
Recorded investment in loans with a specific allowance | 5 | 5 | 20 | ||
Unpaid principal balance with a specific allowance | 5 | 5 | 20 | ||
Associated allowance with a specific allowance (specific reserves) | 3 | 3 | 16 | ||
Average investment with a specific allowance | 11 | 44 | |||
Average investment in loans | 289 | 165 | |||
Interest income recognized | 0 | $ 0 | 0 | ||
Interest income recognized on a cash basis | 0 | 0 | 0 | ||
Non-impaired financing receivables | 23,470 | 23,470 | 25,329 | ||
General reserves | 82 | 82 | 77 | ||
Impaired loans | 214 | 214 | 412 | ||
Consumer | |||||
Impaired Loans | |||||
Recorded investment in loans with no specific allowance | 0 | 0 | 138 | ||
Unpaid principal balance with no specific allowance | 0 | 0 | 179 | ||
Average investment with no specific allowance | 35 | 120 | |||
Recorded investment in loans with a specific allowance | 736 | 736 | 2,042 | ||
Unpaid principal balance with a specific allowance | 640 | 640 | 2,092 | ||
Associated allowance with a specific allowance (specific reserves) | 242 | 242 | 408 | ||
Average investment with a specific allowance | 1,055 | 2,547 | |||
Average investment in loans | 1,090 | 2,667 | |||
Interest income recognized | 48 | 135 | 126 | ||
Interest income recognized on a cash basis | 1 | 3 | 5 | ||
Non-impaired financing receivables | 62,784 | 62,784 | 98,640 | ||
General reserves | 3,130 | 3,130 | 3,603 | ||
Impaired loans | 736 | 736 | 2,180 | ||
Impaired loans classified as Troubled debt restructuring (TDR) | 736 | 736 | $ 2,132 | ||
Changes In Loans Modified As Troubled Debt Restructurings | 363 | $ 621 | $ 1,074 | ||
Loans Modified As Troubled Debt Restructuring That Have Subsequently Experienced Payment Default | $ 49 | $ 95 |
Supplemental Information Abou98
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses (Credit Quality) (Details) - GECC NumberOfCustomer in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)NumberOfCustomer | Dec. 31, 2014USD ($) | |
Financing Receivable [Line Items] | ||
Financing Receivable | $ 87,204 | $ 126,561 |
Credit Quality Indicators [Abstract] | ||
Number Of Consumer Financing Receivable Customers Across US Including Private Label Credit Card And Sales Financing | NumberOfCustomer | 63 | |
Percentage Of US Consumer Financing Receivables Related To Credit Cards Loans | 66.00% | |
Percentage Of US Consumer Financing Receivables Related To Sales Finance Receivables | 34.00% | |
Credit derivative internal grouping parameter | 3 | |
Default Risk [Member] | ||
Credit Quality Indicators [Abstract] | ||
Credit derivative internal grouping parameter | 21 | |
Loss given default [Member] | ||
Credit Quality Indicators [Abstract] | ||
Credit derivative internal grouping parameter | 6 | |
CLL Financing Receivables [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | $ 13,341 | 14,418 |
CLL Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 13,341 | 14,418 |
CLL Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Low [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 13,260 | 14,271 |
CLL Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Medium [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 44 | 49 |
CLL Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, High [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 37 | 98 |
Energy Financial Services Financing Receivables [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 2,443 | 2,580 |
Energy Financial Services Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 2,342 | 2,555 |
Energy Financial Services Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Low [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 2,301 | 2,479 |
Energy Financial Services Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Medium [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 41 | 60 |
Energy Financial Services Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, High [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 0 | 16 |
GECAS Financing Receivables [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 7,394 | 8,263 |
GECAS Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 7,394 | 8,263 |
GECAS Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Low [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 7,076 | 7,908 |
GECAS Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Medium [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 225 | 237 |
GECAS Financing Receivables [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, High [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 93 | 118 |
Other Commercial [Member] | Secured Financing Receivables Portfolio[Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 153 | 130 |
Other Commercial [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Low [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 153 | 130 |
Other Commercial [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Medium [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 0 | 0 |
Other Commercial [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, High [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 23,684 | 25,741 |
Commercial Portfolio Segment [Member] | Secured Financing Receivables Portfolio[Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 23,230 | 25,366 |
Commercial Portfolio Segment [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Low [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 22,790 | 24,788 |
Commercial Portfolio Segment [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, Medium [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 310 | 346 |
Commercial Portfolio Segment [Member] | Secured Financing Receivables Portfolio[Member] | Risk Level, High [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 130 | 232 |
Commercial Portfolio Segment [Member] | Unsecured Financing Receivables Portfolio [Member] | Risk Level, Low [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 165 | 88 |
Commercial Portfolio Segment [Member] | Unsecured Financing Receivables Portfolio [Member] | Risk Level, Medium [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 289 | 287 |
Commercial Portfolio Segment [Member] | Unsecured Financing Receivables Portfolio [Member] | Risk Level, High [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | $ 63,520 | 100,820 |
Credit Quality Indicators [Abstract] | ||
Maximum Percentage Of Private Label Consumer Financing Receivables Located In Any Metropolitan Area | 5.00% | |
Consumer Portfolio Segment [Member] | US installment and revolving credit [Member] | Score 661 or Higher [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | $ 45,383 | 43,466 |
Consumer Portfolio Segment [Member] | US installment and revolving credit [Member] | Score 601 to 660 [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 12,304 | 11,865 |
Consumer Portfolio Segment [Member] | US installment and revolving credit [Member] | Score 600 Or Less [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | $ 4,403 | 4,532 |
Consumer Portfolio Segment [Member] | US | ||
Credit Quality Indicators [Abstract] | ||
Maximum Percentage Of Private Label Consumer Financing Receivables Located In Any Metropolitan Area | 6.00% | |
Other Consumer [Member] | Risk Level, Low [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | $ 1,138 | 5,006 |
Other Consumer [Member] | Risk Level, Medium [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | 117 | 276 |
Other Consumer [Member] | Risk Level, High [Member] | ||
Financing Receivable [Line Items] | ||
Financing Receivable | $ 175 | $ 382 |