Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 | 9,330,607,330 | ||
Common stock, par value per share | $ 0.06 | $ 0.06 | |
Document Fiscal Period Focus | Q4 | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Public Float | $ 265.6 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Statement of Earnings
Statement of Earnings - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues and other income | ||||
Sales of goods | $ 74,510 | $ 76,568 | $ 71,873 | |
Sales of services | 31,298 | 30,190 | 28,669 | |
Other income (Note 17) | 2,227 | 778 | 3,107 | |
GE Capital earnings from continuing operations | 0 | 0 | 0 | |
GE Capital revenues from services | 9,350 | 9,648 | 9,595 | |
Total revenues and other income | 117,386 | 117,184 | 113,245 | |
Costs and expenses | ||||
Cost of goods sold | 59,905 | 61,257 | 57,867 | |
Cost of services sold | 22,788 | 22,447 | 21,974 | |
Selling, general and administrative expenses | 17,831 | 16,848 | 17,945 | |
Interest and other financial charges | 3,463 | 2,723 | 2,870 | |
Investment contracts, insurance losses and insurance annuity benefits | 2,605 | 2,530 | 2,661 | |
Other costs and expenses | 2,608 | 1,115 | 828 | |
Total costs and expenses | 109,200 | 106,921 | 104,145 | |
Earnings (loss) from continuing operations before income taxes | 8,186 | 10,263 | 9,100 | |
Benefit (provision) for income taxes | (6,485) | (773) | (1,219) | |
Earnings (loss) from continuing operations | 1,700 | 9,490 | 7,881 | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (7,495) | 5,855 | 5,475 | |
Net earnings (loss) | (5,795) | 15,345 | 13,355 | |
Less net earnings (loss) attributable to noncontrolling interests | 332 | 112 | 298 | |
Net earnings (loss) attributable to the Company | (6,126) | 15,233 | 13,057 | |
Preferred stock dividends declared | (18) | 0 | 0 | |
Net earnings (loss) attributable to GE common shareowners | (6,145) | 15,233 | 13,057 | |
Amounts attributable to GE common shareowners | ||||
Earnings (loss) from continuing operations | 1,700 | 9,490 | 7,881 | |
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | 19 | (45) | 262 | |
Earnings (loss) from continuing operations attributable to the Company | 1,681 | 9,535 | 7,618 | |
Preferred stock dividends declared | (18) | 0 | 0 | |
Net earnings (loss) from continuing operations attributable to GE common shareowners | 1,663 | 9,535 | 7,618 | |
Earnings (loss) from discontinued operations, net of taxes | (7,495) | 5,855 | 5,475 | |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 312 | 157 | 36 | |
Net earnings (loss) attributable to GE common shareowners | $ (6,145) | $ 15,233 | $ 13,057 | |
Earnings (loss) from continuing operations | ||||
Diluted earnings (loss) per share | $ 0.17 | $ 0.94 | $ 0.74 | |
Basic earnings (loss) per share | 0.17 | 0.95 | 0.74 | |
Net earnings | ||||
Diluted earnings (loss) per share | (0.61) | 1.5 | 1.27 | |
Basic earnings (loss) per share | (0.62) | 1.51 | 1.28 | |
Dividends declared per common share | $ 0.92 | $ 0.89 | $ 0.79 | |
GE | ||||
Revenues and other income | ||||
Sales of goods | $ 74,565 | $ 76,715 | $ 71,951 | |
Sales of services | 31,641 | 30,594 | 29,063 | |
Other income (Note 17) | 2,165 | 707 | 2,886 | |
GE Capital earnings from continuing operations | (7,672) | 1,532 | 699 | |
GE Capital revenues from services | 0 | 0 | 0 | |
Total revenues and other income | 100,700 | 109,546 | 104,599 | |
Costs and expenses | ||||
Cost of goods sold | 59,970 | 61,420 | 57,962 | |
Cost of services sold | 20,858 | 20,456 | 19,668 | |
Selling, general and administrative expenses | 14,914 | 14,972 | 16,104 | |
Interest and other financial charges | 1,706 | 1,579 | 1,333 | |
Investment contracts, insurance losses and insurance annuity benefits | 0 | 0 | 0 | |
Other costs and expenses | 0 | 0 | 0 | |
Total costs and expenses | 97,447 | 98,427 | 95,068 | |
Earnings (loss) from continuing operations before income taxes | 3,252 | 11,119 | 9,531 | |
Benefit (provision) for income taxes | (1,506) | (1,634) | (1,667) | |
Earnings (loss) from continuing operations | 1,746 | 9,485 | 7,864 | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (7,807) | 5,698 | 5,439 | |
Net earnings (loss) | [1] | (6,061) | 15,182 | 13,303 |
Less net earnings (loss) attributable to noncontrolling interests | [1] | 83 | (50) | 245 |
Net earnings (loss) attributable to the Company | [1] | (6,145) | 15,233 | 13,057 |
Preferred stock dividends declared | 0 | 0 | 0 | |
Net earnings (loss) attributable to GE common shareowners | (6,145) | 15,233 | 13,057 | |
Amounts attributable to GE common shareowners | ||||
Earnings (loss) from continuing operations | 1,746 | 9,485 | 7,864 | |
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | 83 | (50) | 245 | |
Earnings (loss) from continuing operations attributable to the Company | 1,663 | 9,535 | 7,618 | |
Preferred stock dividends declared | 0 | 0 | 0 | |
Net earnings (loss) from continuing operations attributable to GE common shareowners | 1,663 | 9,535 | 7,618 | |
Earnings (loss) from discontinued operations, net of taxes | [1] | (7,807) | 5,698 | 5,439 |
Net earnings (loss) attributable to GE common shareowners | (6,145) | 15,233 | 13,057 | |
GE Capital | ||||
Revenues and other income | ||||
Sales of goods | 79 | 121 | 126 | |
Sales of services | 0 | 0 | 0 | |
Other income (Note 17) | 0 | 0 | 0 | |
GE Capital earnings from continuing operations | 0 | 0 | 0 | |
GE Capital revenues from services | 10,722 | 11,199 | 11,141 | |
Total revenues and other income | 10,801 | 11,320 | 11,267 | |
Costs and expenses | ||||
Cost of goods sold | 69 | 104 | 108 | |
Cost of services sold | 2,273 | 2,394 | 2,700 | |
Selling, general and administrative expenses | 3,512 | 2,689 | 2,550 | |
Interest and other financial charges | 2,301 | 1,638 | 2,021 | |
Investment contracts, insurance losses and insurance annuity benefits | 2,737 | 2,660 | 2,764 | |
Other costs and expenses | 2,647 | 1,159 | 856 | |
Total costs and expenses | 13,539 | 10,645 | 10,999 | |
Earnings (loss) from continuing operations before income taxes | (2,739) | 676 | 268 | |
Benefit (provision) for income taxes | (4,979) | 861 | 448 | |
Earnings (loss) from continuing operations | (7,718) | 1,537 | 716 | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (7,485) | 5,860 | 5,540 | |
Net earnings (loss) | (15,202) | 7,397 | 6,256 | |
Less net earnings (loss) attributable to noncontrolling interests | 248 | 162 | 53 | |
Net earnings (loss) attributable to the Company | (15,450) | 7,234 | 6,204 | |
Preferred stock dividends declared | (330) | (322) | (298) | |
Net earnings (loss) attributable to GE common shareowners | (15,780) | 6,912 | 5,906 | |
Amounts attributable to GE common shareowners | ||||
Earnings (loss) from continuing operations | (7,718) | 1,537 | 716 | |
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | (64) | 5 | 17 | |
Earnings (loss) from continuing operations attributable to the Company | (7,654) | 1,532 | 699 | |
Preferred stock dividends declared | (330) | (322) | (298) | |
Net earnings (loss) from continuing operations attributable to GE common shareowners | (7,983) | 1,209 | 401 | |
Earnings (loss) from discontinued operations, net of taxes | (7,485) | 5,860 | 5,540 | |
Net earnings (loss) attributable to GE common shareowners | $ (15,780) | $ 6,912 | $ 5,906 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ (5,795) | $ 15,345 | $ 13,355 |
Less net earnings (loss) attributable to noncontrolling interests | 332 | 112 | 298 |
Net earnings (loss) attributable to the Company | (6,126) | 15,233 | 13,057 |
Other comprehensive income (loss) | |||
Investment securities | (553) | 708 | (374) |
Currency translation adjustments | (3,137) | (2,730) | (308) |
Cash flow hedges | 99 | 234 | 466 |
Benefit plans | 5,165 | (7,278) | 11,300 |
Other comprehensive income (loss) | 1,575 | (9,066) | 11,084 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (69) | (13) | (25) |
Other comprehensive income (loss) attributable to the Company | 1,644 | (9,053) | 11,109 |
Comprehensive income (loss) | (4,220) | 6,278 | 24,440 |
Less Comprehensive income (loss) attributable to noncontrolling interests | 263 | 99 | 273 |
Comprehensive income (loss) attributable to the Company | $ (4,483) | $ 6,180 | $ 24,167 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareowners' Equity $ in Millions | USD ($) | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | $ 5,444 | |
GE shareowners' equity opening balance at Dec. 31, 2012 | 123,026 | |
Statement Of Stockholders Equity [Abstract] | ||
Net earnings (loss) attributable to the Company | 13,057 | |
Dividends and other transactions with shareowners | (8,060) | |
Redemption value adjustment | (1) | |
Other comprehensive income (loss) attributable to GE | 11,109 | |
Net sales (purchases) of shares for treasury(a) | (7,989) | [1] |
Changes in other capital | (576) | |
Equity ending balance at Dec. 31, 2013 | 130,566 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 6,217 | |
Total equity balance | 136,783 | |
Net earnings (loss) attributable to the Company | 15,233 | |
Dividends and other transactions with shareowners | (8,948) | |
Redemption value adjustment | (2) | |
Other comprehensive income (loss) attributable to GE | (9,053) | |
Net sales (purchases) of shares for treasury(a) | (32) | [1] |
Changes in other capital | 396 | |
Equity ending balance at Dec. 31, 2014 | 128,159 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,674 | [2] |
Total equity balance | 136,833 | |
Net earnings (loss) attributable to the Company | (6,126) | |
Dividends and other transactions with shareowners | (9,155) | |
Redemption value adjustment | (25) | |
Other comprehensive income (loss) attributable to GE | 1,644 | |
Net sales (purchases) of shares for treasury(a) | (20,946) | [1] |
Changes in other capital | 4,724 | |
Equity ending balance at Dec. 31, 2015 | 98,274 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 1,864 | [2] |
Total equity balance | $ 100,138 | |
[1] | 2015 included $ (20,383) million related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial. | |
[2] | (c) Included AOCI attributable to noncontrolling interests of $ (264) million and $ (194) million at December 31, 2015 and 2014 , respectively. |
Consolidated Statement of Chan5
Consolidated Statement of Changes in Shareowners'equity (Parenthetical) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Net sales (purchases) of shares for treasury(a) | $ (20,946) | [1] |
Synchrony Financial | ||
Net sales (purchases) of shares for treasury(a) | $ (20,383) | |
[1] | 2015 included $ (20,383) million related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial. |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |||
Assets | ||||||
Cash and equivalents | $ 70,483 | $ 70,025 | ||||
Investment securities (Note 3) | 31,973 | 35,505 | ||||
Current receivables (Note 4) | 27,022 | 23,237 | ||||
Inventories (Note 5) | 22,515 | 17,689 | ||||
Financing receivables - net (Note 6) | 12,052 | 13,445 | ||||
Other GE Capital Receivables | 6,782 | 6,261 | ||||
Property, plant and equipment - net (Note 7) | 54,095 | 48,070 | ||||
Receivables from GE Capital (debt assumption) | 0 | 0 | ||||
Investment in GE Capital | 0 | 0 | ||||
Goodwill (Note 8) | 65,526 | 53,207 | ||||
Other intangible assets - net (Note 8) | 16,744 | 13,182 | ||||
Contract Assets (Note 9) | 21,156 | 16,960 | ||||
All other assets (Note 9) | 37,471 | 24,836 | ||||
Deferred income taxes (Note 14) | 3,105 | 6,183 | ||||
Assets of businesses held for sale (Note 2) | 2,818 | 2,826 | ||||
Assets of discontinued operations (Note 2) | 120,951 | 323,529 | ||||
Total assets(a) | [1] | 492,692 | 654,954 | |||
Liabilities and equity | ||||||
Short-term borrowings (Note 10) | 49,892 | 70,425 | ||||
Accounts payable, principally trade accounts | 13,680 | 12,067 | ||||
Progress collections and price adjustments accrued | 15,776 | 12,537 | ||||
Dividends payable | 2,167 | 2,317 | ||||
Other GE current liabilities | 23,597 | 14,323 | ||||
Non-recourse borrowings of consolidated securitization entities (Note 10) | 3,083 | 4,403 | ||||
Long-term borrowings (Note 10) | 145,301 | 186,596 | ||||
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | 25,692 | 27,432 | ||||
Deferred income taxes | 0 | 0 | ||||
Non-current compensation and benefits | 40,487 | 42,238 | ||||
All other liabilities (Note 13) | 22,558 | 16,511 | ||||
Liabilities of businesses held for sale (Note 2) | 861 | 941 | ||||
Liabilities of discontinued operations (Note 2) | 46,487 | 128,233 | ||||
Total liabilities(a) | [1] | 389,582 | 518,023 | |||
Redeemable noncontrolling interest (Note 15) | 2,972 | 98 | $ 214 | |||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | 6 | 0 | ||||
GECC preferred stock value (no shares outstanding at year-end 2015 and 50,000 shares outstanding at year-end 2014) | 0 | 0 | ||||
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding at year-end 2015 and 2014) | 702 | 702 | ||||
Accumulated other comprehensive income (loss) - attributable to GE(b) | ||||||
Investment securities | [2] | 460 | 1,013 | |||
Currency translation adjustments | [2] | (5,499) | (2,428) | |||
Cash flow hedges | [2] | (80) | (180) | |||
Benefit plans | [2] | (11,410) | (16,578) | |||
Other capital | 37,613 | 32,889 | 33,070 | |||
Retained earnings | 140,020 | 155,333 | 144,055 | |||
Less common stock held in treasury | (63,539) | (42,593) | (34,571) | |||
Total GE shareowners' equity | 98,274 | 128,159 | 123,026 | |||
Noncontrolling interests(c) (Note 15) | 1,864 | [3] | 8,674 | [3] | 5,444 | |
Total equity | 100,138 | 136,833 | ||||
Total liabilities, redeemable noncontrolling interests and equity | 492,692 | 654,954 | ||||
GE | ||||||
Assets | ||||||
Cash and equivalents | [4] | 10,372 | 15,916 | |||
Investment securities (Note 3) | [4] | 151 | 84 | |||
Current receivables (Note 4) | [4] | 14,707 | 11,513 | |||
Inventories (Note 5) | [4] | 22,449 | 17,639 | |||
Financing receivables - net (Note 6) | [4] | 0 | 0 | |||
Other GE Capital Receivables | [4] | 0 | 0 | |||
Property, plant and equipment - net (Note 7) | 20,145 | 17,207 | [4] | |||
Receivables from GE Capital (debt assumption) | [4] | 85,114 | 0 | |||
Investment in GE Capital | [4] | 46,227 | 82,549 | |||
Goodwill (Note 8) | [4] | 63,157 | 51,526 | |||
Other intangible assets - net (Note 8) | [4] | 16,312 | 12,984 | |||
Contract Assets (Note 9) | [4] | 21,156 | 16,960 | |||
All other assets (Note 9) | [4] | 13,281 | 7,722 | |||
Deferred income taxes (Note 14) | [4] | 7,666 | 8,772 | |||
Assets of businesses held for sale (Note 2) | [4] | 2,818 | 2,805 | |||
Assets of discontinued operations (Note 2) | [4] | 9 | 9 | |||
Total assets(a) | 323,562 | [4] | 245,686 | [4] | $ 663,247 | |
Liabilities and equity | ||||||
Short-term borrowings (Note 10) | [4],[5] | 19,799 | 3,872 | |||
Accounts payable, principally trade accounts | [4] | 19,250 | 16,511 | |||
Progress collections and price adjustments accrued | [4] | 15,776 | 12,550 | |||
Dividends payable | [4] | 2,167 | 2,317 | |||
Other GE current liabilities | [4] | 23,595 | 14,322 | |||
Non-recourse borrowings of consolidated securitization entities (Note 10) | [4] | 0 | 0 | |||
Long-term borrowings (Note 10) | [4],[5] | 83,770 | 12,468 | |||
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | [4] | 0 | 0 | |||
Deferred income taxes | [4] | 0 | 0 | |||
Non-current compensation and benefits | [4] | 39,472 | 41,494 | |||
All other liabilities (Note 13) | [4] | 15,573 | 11,429 | |||
Liabilities of businesses held for sale (Note 2) | [4] | 1,409 | 1,504 | |||
Liabilities of discontinued operations (Note 2) | [4] | 128 | 137 | |||
Total liabilities(a) | [4] | 220,938 | 116,604 | |||
Redeemable noncontrolling interest (Note 15) | [4] | 2,972 | 98 | |||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | [4] | 6 | 0 | |||
GECC preferred stock value (no shares outstanding at year-end 2015 and 50,000 shares outstanding at year-end 2014) | 0 | 0 | ||||
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding at year-end 2015 and 2014) | [4] | 702 | 702 | |||
Accumulated other comprehensive income (loss) - attributable to GE(b) | ||||||
Investment securities | [4] | 460 | 1,013 | |||
Currency translation adjustments | [4] | (5,499) | (2,428) | |||
Cash flow hedges | [4] | (80) | (180) | |||
Benefit plans | [4] | (11,410) | (16,578) | |||
Other capital | [4] | 37,613 | 32,889 | |||
Retained earnings | [4] | 140,020 | 155,333 | |||
Less common stock held in treasury | [4] | (63,539) | (42,593) | |||
Total GE shareowners' equity | [4] | 98,274 | 128,159 | |||
Noncontrolling interests(c) (Note 15) | [4] | 1,378 | 825 | |||
Total equity | [4] | 99,651 | 128,984 | |||
Total liabilities, redeemable noncontrolling interests and equity | [4] | 323,562 | 245,686 | |||
GE Capital | ||||||
Assets | ||||||
Cash and equivalents | 60,111 | 54,109 | ||||
Investment securities (Note 3) | 31,827 | 35,425 | ||||
Current receivables (Note 4) | 0 | 0 | ||||
Inventories (Note 5) | 66 | 50 | ||||
Financing receivables - net (Note 6) | 25,003 | 25,647 | ||||
Other GE Capital Receivables | 15,865 | 13,848 | ||||
Property, plant and equipment - net (Note 7) | 34,781 | 31,253 | ||||
Receivables from GE Capital (debt assumption) | 0 | 0 | ||||
Investment in GE Capital | 0 | 0 | ||||
Goodwill (Note 8) | 2,370 | 1,680 | ||||
Other intangible assets - net (Note 8) | 435 | 202 | ||||
Contract Assets (Note 9) | 0 | 0 | ||||
All other assets (Note 9) | 25,287 | 17,445 | ||||
Deferred income taxes (Note 14) | (4,561) | (2,590) | ||||
Assets of businesses held for sale (Note 2) | 0 | 0 | ||||
Assets of discontinued operations (Note 2) | 120,942 | 323,520 | ||||
Total assets(a) | 312,125 | 500,589 | ||||
Liabilities and equity | ||||||
Short-term borrowings (Note 10) | [5] | 48,650 | 67,416 | |||
Accounts payable, principally trade accounts | 1,745 | 1,905 | ||||
Progress collections and price adjustments accrued | 0 | 0 | ||||
Dividends payable | 0 | 0 | ||||
Other GE current liabilities | 0 | 0 | ||||
Non-recourse borrowings of consolidated securitization entities (Note 10) | 3,083 | 4,403 | ||||
Long-term borrowings (Note 10) | [5] | 129,062 | 174,174 | |||
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | 26,155 | 27,881 | ||||
Deferred income taxes | 0 | 0 | ||||
Non-current compensation and benefits | 1,006 | 734 | ||||
All other liabilities (Note 13) | 9,351 | 5,583 | ||||
Liabilities of businesses held for sale (Note 2) | 0 | 0 | ||||
Liabilities of discontinued operations (Note 2) | 46,359 | 128,096 | ||||
Total liabilities(a) | 265,411 | 410,191 | ||||
Redeemable noncontrolling interest (Note 15) | 0 | 0 | ||||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | 6 | 0 | ||||
GECC preferred stock value (no shares outstanding at year-end 2015 and 50,000 shares outstanding at year-end 2014) | 0 | 0 | ||||
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding at year-end 2015 and 2014) | 0 | 0 | ||||
Accumulated other comprehensive income (loss) - attributable to GE(b) | ||||||
Investment securities | 456 | 1,010 | ||||
Currency translation adjustments | (898) | (839) | ||||
Cash flow hedges | (112) | (172) | ||||
Benefit plans | (540) | (577) | ||||
Other capital | 12,326 | 32,999 | ||||
Retained earnings | 34,988 | 55,077 | ||||
Less common stock held in treasury | 0 | 0 | ||||
Total GE shareowners' equity | 46,227 | 87,499 | ||||
Noncontrolling interests(c) (Note 15) | 486 | 2,899 | ||||
Total equity | 46,713 | 90,398 | ||||
Total liabilities, redeemable noncontrolling interests and equity | $ 312,125 | $ 500,589 | ||||
[1] | (a) Our consolidated assets at December 31, 2015 included total assets of $ 8,542 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 $ 4,387 million and investment securities of $ 1,404 million w ithin continuing operations and assets of discontinued operations of $ 1,798 million. Our consolidated liabilities at December 31, 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 $ 3,083 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 794 million. See Note 21 . | |||||
[2] | (b) The sum of ac cumulated other comprehensive income (loss) (AOCI) attributable to the Company was $ (16,529) million and $ (18,172) million at December 31, 2015 and 2014 , respectively. | |||||
[3] | (c) Included AOCI attributable to noncontrolling interests of $ (264) million and $ (194) million at December 31, 2015 and 2014 , respectively. | |||||
[4] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. | |||||
[5] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. At December 31, 2015, this amounted to $17,649 million in short-term borrowings and $67,465 million in long-term borrowings. See Note 10 for additional information. |
Statement of Financial Positio7
Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |||
Assets | [1] | $ 492,692 | $ 654,954 |
Investment securities (Note 3) | 31,973 | 35,505 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (16,529) | (18,172) | |
Accumulated Other Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interests | (264) | (194) | |
Debt Disclosure [Abstract] | |||
Short-term borrowings | 49,892 | 70,425 | |
Long-term borrowings | $ 145,301 | $ 186,596 | |
Preferred Stock, Shares Outstanding | 5,944,250 | 0 | |
Common Stock, Shares, Outstanding | 9,379,288,000 | 10,057,380,000 | |
Borrowings Assumed By GE [Member] | |||
Debt Disclosure [Abstract] | |||
Short-term borrowings | $ 17,649 | ||
Long-term borrowings | 67,465 | ||
GE Capital | |||
Variable Interest Entities [Abstract] | |||
Assets | 312,125 | $ 500,589 | |
Investment securities (Note 3) | 31,827 | 35,425 | |
Non-recourse borrowings | 1,537 | 1,183 | |
Debt Disclosure [Abstract] | |||
Short-term borrowings | [2] | 48,650 | 67,416 |
Long-term borrowings | [2] | 129,062 | 174,174 |
Discontinued Operations [Member] | |||
Variable Interest Entities [Abstract] | |||
Investment securities (Note 3) | 1,798 | ||
Non-recourse borrowings | 3,994 | $ 25,536 | |
Consolidated Securitization Entities [Member] | |||
Variable Interest Entities [Abstract] | |||
Assets | 8,542 | ||
Current receivables and net financing receivables | 4,387 | ||
Investment securities (Note 3) | 1,404 | ||
Non-recourse borrowings | 3,083 | ||
Consolidated Securitization Entities [Member] | Discontinued Operations [Member] | |||
Variable Interest Entities [Abstract] | |||
Non-recourse borrowings | $ 794 | ||
[1] | (a) Our consolidated assets at December 31, 2015 included total assets of $ 8,542 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 $ 4,387 million and investment securities of $ 1,404 million w ithin continuing operations and assets of discontinued operations of $ 1,798 million. Our consolidated liabilities at December 31, 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 $ 3,083 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 794 million. See Note 21 . | ||
[2] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. At December 31, 2015, this amounted to $17,649 million in short-term borrowings and $67,465 million in long-term borrowings. See Note 10 for additional information. |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Cash flows - operating activities | |||||||||
Net earnings (loss) | $ 6,403 | $ (13,608) | $ 5,339 | $ 2,952 | $ (5,795) | $ 15,345 | $ 13,355 | ||
Less net earnings (loss) attributable to noncontrolling interests | 103 | (35) | 187 | (47) | 332 | 112 | 298 | ||
Net earnings (loss) attributable to the Company | 6,301 | (13,573) | 5,152 | 2,999 | (6,126) | 15,233 | 13,057 | ||
(Earnings) loss from discontinued operations, net of taxes | 7,495 | (5,855) | (5,475) | $ (5,047) | |||||
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | |||||||||
Depreciation and amortization of property, plant and equipment | 4,847 | 4,953 | 5,202 | ||||||
Earnings from continuing operations retained by GE Capital(b) | 0 | 0 | 0 | ||||||
Deferred income taxes | 383 | (882) | (3,540) | ||||||
Decrease (increase) in GE current receivables | (52) | (1,913) | (485) | ||||||
Decrease (increase) in inventories | (314) | (872) | (1,368) | ||||||
Increase (decrease) in accounts payable | (541) | 565 | 442 | ||||||
Increase (decrease) in GE progress collections | (996) | (515) | 1,892 | ||||||
All other operating activities | 7,160 | 5,318 | 4,672 | ||||||
Cash from (used for) operating activities - continuing operations | 11,856 | 16,033 | 14,398 | ||||||
Cash from (used for) operating activities - discontinued operations | 8,034 | 11,676 | 14,112 | ||||||
Cash from (used for) operating activities | 19,891 | 27,709 | 28,510 | ||||||
Cash flows - investing activities | |||||||||
Additions to property, plant and equipment | (7,309) | (7,134) | (6,754) | ||||||
Dispositions of property, plant and equipment | 3,020 | 2,923 | 2,716 | ||||||
Net decrease (increase) in GE Capital financing receivables | 1,043 | 1,260 | 2,151 | ||||||
Proceeds from sales of discontinued operations | 79,615 | 232 | 528 | ||||||
Proceeds from principal business dispositions | 2,283 | 630 | 1,818 | ||||||
Proceeds from sale of equity interest in NBCU LLC | 0 | 0 | 16,699 | ||||||
Net cash from (payments for) principal businesses purchased | (12,027) | (2,091) | (8,026) | ||||||
All other investing activities | (5,013) | 23,410 | 35,027 | ||||||
Cash from (used for) investing activities - continuing operations | 61,613 | 19,229 | 44,159 | ||||||
Cash from (used for) investing activities - discontinued operations | (2,125) | (24,263) | (15,042) | ||||||
Cash from (used for) investing activities | 59,488 | (5,034) | 29,117 | ||||||
Cash flows - financing activities | |||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (24,459) | (6,409) | (14,048) | ||||||
Newly issued debt (maturities longer than 90 days) | 13,951 | 14,629 | 38,356 | ||||||
Repayments and other reductions (maturities longer than 90 days) | (47,038) | (38,410) | (53,624) | ||||||
Proceeds from issuance of GE Capital preferred stock | 0 | 0 | 990 | ||||||
Net dispositions (purchases) of GE shares for treasury | (1,099) | (1,218) | (9,278) | ||||||
Dividends paid to shareowners | (9,295) | (8,852) | (7,821) | ||||||
All other financing activities | (1,605) | (652) | (1,388) | ||||||
Cash from (used for) financing activities - continuing operations | (69,547) | (40,912) | (46,813) | ||||||
Cash from (used for) financing activities - discontinued operations | (6,507) | 23,956 | 1,238 | ||||||
Cash from (used for) financing activities | (76,054) | (16,956) | (45,575) | ||||||
Effect of currency exchange rate changes on cash and equivalents | (3,464) | (3,492) | (795) | ||||||
Increase (decrease) in cash and equivalents | (138) | 2,224 | 11,258 | ||||||
Cash and equivalents at beginning of year | 91,017 | 88,792 | 91,017 | 88,792 | 77,533 | ||||
Cash and equivalents at end of year | 90,879 | 91,017 | 90,879 | 91,017 | 88,792 | 77,533 | |||
Less cash and equivalents of discontinued operations at December 31 | 20,395 | 20,991 | 20,395 | 20,991 | 9,617 | ||||
Cash and equivalents of continuing operations at end of year | 70,483 | 70,025 | 70,483 | 70,025 | 79,173 | ||||
Cash paid during the year for interest | (9,558) | (9,560) | (8,988) | ||||||
Cash recovered (paid) during the year for income taxes | (2,486) | (2,955) | (2,487) | ||||||
GE | |||||||||
Cash flows - operating activities | |||||||||
Net earnings (loss) | [1] | (6,061) | 15,182 | 13,303 | |||||
Less net earnings (loss) attributable to noncontrolling interests | [1] | 83 | (50) | 245 | |||||
Net earnings (loss) attributable to the Company | [1] | (6,145) | 15,233 | 13,057 | |||||
(Earnings) loss from discontinued operations, net of taxes | [1] | 7,807 | (5,698) | (5,439) | |||||
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] | 2,473 | 2,508 | 2,449 | |||||
Earnings from continuing operations retained by GE Capital(b) | [1],[2] | 12,284 | 1,625 | 5,321 | |||||
Deferred income taxes | [1] | (1,800) | (476) | (2,571) | |||||
Decrease (increase) in GE current receivables | [1] | 666 | (473) | (1,432) | |||||
Decrease (increase) in inventories | [1] | (282) | (877) | (1,351) | |||||
Increase (decrease) in accounts payable | [1] | 276 | 884 | 809 | |||||
Increase (decrease) in GE progress collections | [1] | (1,010) | (528) | 1,919 | |||||
All other operating activities | [1] | 2,083 | 2,973 | 1,492 | |||||
Cash from (used for) operating activities - continuing operations | [1] | 16,354 | 15,171 | 14,255 | |||||
Cash from (used for) operating activities - discontinued operations | [1] | (12) | (2) | (2) | |||||
Cash from (used for) operating activities | [1] | 16,342 | 15,169 | 14,253 | |||||
Cash flows - investing activities | |||||||||
Additions to property, plant and equipment | [1] | (3,785) | (3,970) | (3,680) | |||||
Dispositions of property, plant and equipment | [1] | 939 | 615 | 381 | |||||
Net decrease (increase) in GE Capital financing receivables | [1] | 0 | 0 | 0 | |||||
Proceeds from sales of discontinued operations | [1] | 0 | 0 | 0 | |||||
Proceeds from principal business dispositions | [1] | 1,725 | 602 | 1,316 | |||||
Proceeds from sale of equity interest in NBCU LLC | [1] | 0 | 0 | 16,699 | |||||
Net cash from (payments for) principal businesses purchased | [1] | (10,350) | (2,091) | (8,026) | |||||
All other investing activities | [1] | (1,308) | (1,062) | (1,868) | |||||
Cash from (used for) investing activities - continuing operations | [1] | (12,779) | (5,906) | 4,822 | |||||
Cash from (used for) investing activities - discontinued operations | [1] | 12 | 2 | 2 | |||||
Cash from (used for) investing activities | [1] | (12,767) | (5,905) | 4,823 | |||||
Cash flows - financing activities | |||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | [1] | 603 | 243 | 949 | |||||
Newly issued debt (maturities longer than 90 days) | [1] | 3,560 | 3,084 | 512 | |||||
Repayments and other reductions (maturities longer than 90 days) | [1] | (2,190) | (323) | (5,032) | |||||
Proceeds from issuance of GE Capital preferred stock | [1] | 0 | 0 | 0 | |||||
Net dispositions (purchases) of GE shares for treasury | [1] | (1,099) | (1,218) | (9,278) | |||||
Dividends paid to shareowners | [1] | (9,289) | (8,851) | (7,821) | |||||
All other financing activities | [1] | 203 | 346 | (212) | |||||
Cash from (used for) financing activities - continuing operations | [1] | (8,211) | (6,719) | (20,881) | |||||
Cash from (used for) financing activities - discontinued operations | [1] | 0 | 0 | 0 | |||||
Cash from (used for) financing activities | [1] | (8,211) | (6,719) | (20,881) | |||||
Effect of currency exchange rate changes on cash and equivalents | [1] | (908) | (312) | (22) | |||||
Increase (decrease) in cash and equivalents | [1] | (5,544) | 2,234 | (1,827) | |||||
Cash and equivalents at beginning of year | 15,916 | 13,682 | 15,916 | 13,682 | 15,509 | ||||
Cash and equivalents at end of year | 10,372 | 15,916 | 10,372 | 15,916 | 13,682 | 15,509 | |||
Less cash and equivalents of discontinued operations at December 31 | 0 | 0 | 0 | 0 | 0 | ||||
Cash and equivalents of continuing operations at end of year | 10,372 | 15,916 | 10,372 | 15,916 | 13,682 | ||||
Cash paid during the year for interest | [1] | (1,204) | (1,215) | (1,132) | |||||
Cash recovered (paid) during the year for income taxes | [1] | (1,636) | (1,337) | (4,753) | |||||
GE Capital | |||||||||
Cash flows - operating activities | |||||||||
Net earnings (loss) | (15,202) | 7,397 | 6,256 | ||||||
Less net earnings (loss) attributable to noncontrolling interests | 248 | 162 | 53 | ||||||
Net earnings (loss) attributable to the Company | (15,450) | 7,234 | 6,204 | ||||||
(Earnings) loss from discontinued operations, net of taxes | 7,485 | (5,860) | (5,540) | ||||||
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | |||||||||
Depreciation and amortization of property, plant and equipment | 2,436 | 2,529 | 2,754 | ||||||
Earnings from continuing operations retained by GE Capital(b) | [2] | 0 | 0 | 0 | |||||
Deferred income taxes | 2,183 | (406) | (969) | ||||||
Decrease (increase) in GE current receivables | 0 | 0 | 0 | ||||||
Decrease (increase) in inventories | (14) | 27 | 33 | ||||||
Increase (decrease) in accounts payable | (189) | 258 | 155 | ||||||
Increase (decrease) in GE progress collections | 0 | 0 | 0 | ||||||
All other operating activities | 5,087 | 2,480 | 2,596 | ||||||
Cash from (used for) operating activities - continuing operations | 1,537 | 6,263 | 5,232 | ||||||
Cash from (used for) operating activities - discontinued operations | 8,046 | 11,678 | 14,113 | ||||||
Cash from (used for) operating activities | 9,583 | 17,941 | 19,345 | ||||||
Cash flows - investing activities | |||||||||
Additions to property, plant and equipment | (4,237) | (3,818) | (3,274) | ||||||
Dispositions of property, plant and equipment | 2,526 | 2,331 | 2,335 | ||||||
Net decrease (increase) in GE Capital financing receivables | 226 | (161) | 3,022 | ||||||
Proceeds from sales of discontinued operations | 79,615 | 232 | 528 | ||||||
Proceeds from principal business dispositions | 532 | 0 | 477 | ||||||
Net cash from (payments for) principal businesses purchased | (1,677) | 0 | 0 | ||||||
All other investing activities | (4,690) | 24,574 | 35,756 | ||||||
Cash from (used for) investing activities - continuing operations | 72,295 | 23,158 | 38,844 | ||||||
Cash from (used for) investing activities - discontinued operations | (2,137) | (24,263) | (15,043) | ||||||
Cash from (used for) investing activities | 70,158 | (1,105) | 23,801 | ||||||
Cash flows - financing activities | |||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (24,834) | (7,078) | (13,710) | ||||||
Newly issued debt (maturities longer than 90 days) | 10,391 | 11,545 | 37,852 | ||||||
Repayments and other reductions (maturities longer than 90 days) | (44,848) | (38,087) | (48,592) | ||||||
Proceeds from issuance of GE Capital preferred stock | 0 | 0 | 990 | ||||||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | 0 | ||||||
Dividends paid to shareowners | (4,620) | (3,322) | (6,283) | ||||||
All other financing activities | (1,362) | (679) | (878) | ||||||
Cash from (used for) financing activities - continuing operations | (65,273) | (37,621) | (30,621) | ||||||
Cash from (used for) financing activities - discontinued operations | (6,507) | 23,956 | 1,239 | ||||||
Cash from (used for) financing activities | (71,780) | (13,665) | (29,382) | ||||||
Effect of currency exchange rate changes on cash and equivalents | (2,556) | (3,180) | (773) | ||||||
Increase (decrease) in cash and equivalents | 5,406 | (9) | 12,991 | ||||||
Cash and equivalents at beginning of year | $ 75,100 | $ 75,109 | 75,100 | 75,109 | 62,118 | ||||
Cash and equivalents at end of year | 80,506 | 75,100 | 80,506 | 75,100 | 75,109 | $ 62,118 | |||
Less cash and equivalents of discontinued operations at December 31 | 20,395 | 20,991 | 20,395 | 20,991 | 9,617 | ||||
Cash and equivalents of continuing operations at end of year | $ 60,111 | $ 54,109 | 60,111 | 54,109 | 65,492 | ||||
Cash paid during the year for interest | (8,884) | (8,910) | (8,146) | ||||||
Cash recovered (paid) during the year for income taxes | $ (850) | $ (1,618) | $ 2,266 | ||||||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. | ||||||||
[2] | (b) Represents GE Capital earnings /loss from continuing operations attributable to the Company, net of GE Capital dividends paid to GE . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 1 . Basis of Presentation and Summary of Significant Accounting Policies Consolidation Our financial statements consolidate all of our affiliates – entities in which we have a controlling financial interest, most often because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (VIE) model to the entity, otherwise , the entity is evaluated under the voting interest model. Where we hold current or potential rights that give us the power to direct th e activities of a VIE that most significantly impact the VIE’s economic performance , combined with a variable interest that gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in that VIE. Rights held by others to remove the party with power over the VIE are not considered unless one party can exercise those rights unilaterally. When changes occur to the design of an entity, we reconsider whether it is subject to the VIE model. We continuously evaluate whether we have a controlling financial interest in a VIE. We hold a controlling financial interest in other entities where we currently hold, directly or indirectly, more than 50% of the voting rig hts or where we exercise control through substantive participating rights or as a general partner. Where we are a general partner, we consider substantive removal rights held by other partners in determining if we hold a controlling financial interest. We reevaluate whether we have a controlling financial interest in these entities when our voting or substantive participating rights change. Associated companies are unconsolidated VIEs and other entities in which we do not have a controlling financial inte rest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associated companies are accounted for as equity method investments. Results of associated companies are presented on a one-line basis. Investme nts in, and advances to, associated companies are presented on a one-line basis in the caption “All other assets” in our Statement of Financial Position , net of allowance for losses, which represents our best estimate of probable losses inherent in such as sets. Financial Statement Presentation We have reclassified certain prior-year amounts to conform to the current-year’s presentation. C ertain columns and rows may not add due to the use of rounded numbers. P ercentages presented are calculated from the un derlying numbers in millions . Upon closing an acquisition, we consolidate the acquired business as soon as practicable. The size, scope and complexity of an acquisition can affect the time necessary to adjust the acquired company’s accounting policies, pr ocedures, and books and records to our standards. Accordingly, it is possible that changes will be necessary to the carrying amounts and presentation of assets and liabilities in our financial statements as the acquired company is fully assimilated. Finan cial data and related measurements are presented in the following categories: GE. This represents the adding together of all affiliates other than GE Capital , whose continuing operations are presented on a one-line basis, giving effect to the elimination of transactions among such affiliates. GE Capital . This refers to General Electric Capital Corporation (GECC), or its successor GE Capital Global Holdings, LLC (GECGH), and is the adding together of all affiliates of GE Capital giving effect to the elimination of transactions among such affiliates . Consolidated . This represents the adding together of GE and GE Capital , giving effect to the elimination of transactions between GE and GE Capital . Operating Segments . These comprise our nine businesses, focused on the broad markets they serve: Power, Renewable Energy, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and Capital . Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. See Note 2. The effects of translating to U.S. dollars the financial statements of non-U.S. affiliates wh ose functional currency is the local currency are included in shareowners’ equity. Asset and liability accounts are translated at year-end exchange rates, while revenues and expenses are translated at average rates for the respective periods. Preparing fi nancial sta tements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates based on assumptions about current, and for some estimates future, economic and market conditions (for example, unemployment, market li quidity, the real estate market, etc.), which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is r easonably possible th at in 2016 actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of in vestment securities, goodwill, intangibles and long-lived assets, incremental losses on financing receivables, establishment of valuation allowances on deferred tax assets , incremental fair value marks on businesses and assets held for sale carried at lowe r of cost or market, and increased tax liabilities. 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 GE Capital 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 C ompany will retain certain GE Capital 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 industrial d omain and other operations, including Working Capital Solutions, our run-off insurance activities, and allocated corporate costs (together referred to as GE Capital Verticals or Verticals). The assets planned for disposition include Real Estate, most of Co mmercial Lending and Leasing (CLL) and all Consumer platforms (including all U.S. banking assets). AFTER-TAX CHARGES RELATED TO THE GE CAPITAL EXIT PLAN In connection with the announcement of the GE Capital Exit Plan , the Company estimated that it would incur approximately $23 billion in after-tax charges through 2016, approximately $6 billion of which were expected to result in future net cash expenditures. These charges relate to: business dispositions, including goodwill allocations (approximately $13 billio n), tax expense related to expected repatriation of foreign earnings and write-off of deferred tax assets (approximately $7 billion), and restructuring and other charges (approximately $3 billion). During 2015, GE recorded $22 ,030 m illion of after-tax ch arges related to the GE Capital Exit Plan , of which $7,687 million was recorded in continuing operations and $14,343 million was recorded in discontinued operations . A description of after-tax charges for 2015 is provided below . $9,517 million of net loss primarily related to the completed and planned dispositions of the Real Estate business, the Consumer business and most of the CLL business, which was recorded in discontinued operations under the caption “Earnings (loss) from discontinued operations, net of taxes” in the Statement of Earnings. $6,467 million of tax expense related to expected repatriation of foreign earnings and write-off of deferred tax assets, of which $6,327 million was recorded in continuing operations and reported in GE Capital ’s C orporate component and $140 million was recorded in discontinued operations in our Consumer business under the caption “Earnings (loss) from discontinued operations, net of taxes” in the Statement of Earnings. $4,666 million of net asset impairments due to shortened hold periods, of which $3,151 million was recorded in discontinued operations in our Consumer business and $1,515 million was recorded in discontinued operations in our CLL business, all under the caption “Earnings (loss) from discontinued opera tions, net of taxes” in the Statement of Earnings. $818 m illion impairment charge of a coal-fired power plant in the U.S. related to a decision in the fourth quarter t o exit the investment over time recorded in continuing operations in GE Capital ’s Corpo rate component under the caption “Other costs and expenses” in the Statement of Earnings . $561 million of restructuring and other charges, of which $541 million was recorded in continuing operations in GE Capital ’s Corporate component under the captions “Selling, general and administrative expenses” and “Other costs and expenses” in the Statement of Earnings and $20 million was recorded in discontinued operations under the caption “Earnings (loss) from discontinued operations, net of taxes” in the Stateme nt of Earnings. Reorganization and Exchange Offers During December 2015, General Electric Capital Corporation merged into GE. The merger and creation of a new intermediate holding company was part of a reorganization of GE Capital ’s businesses (the Reo rganization) pursuant to which GE separated GE Capital ’s international and U.S. operations. GE Capital ’s international operations have been consolidated under a new international holding company (GE Capital International Holdings Limited), which ha s a separate capital structure and w ill be supervised by the U.K. Prudential Regulation Authority. The Reorganization, debt exchange offers (as described below) and establishment of GE Capital International Holdings Limited were intended, among other thing s, to establish an efficient and simplified capital structure that is satisfactory to GE Capital ’s regulators, a key step in terminating the nonbank systemically important financial institution designation for GE Capital . In addition, the debt exchange offers were designed to align the liabilities of GE Capital International Holdings Limited to its assets from a maturity profile and liquidity standpoint, taking into consideration asset sales, and where appropriate, shortening the maturity profile of tar geted liabilities. As part of the GE Capital Exit Plan , on September 21, 2015 GE Capital commenced private offers to exchange up to approximately $30,000 million of certain outstanding debt for new notes with maturities of six months, five years, ten years or tw enty years. On October 19, 2015, given the high level of participation, the offering was increased by approximately $6,000 million with the aggregate principal amount of approximately $36,000 million (representing $31,000 million of outstanding principal a nd $5,000 million of premium) of outstanding notes being tendered for exchange and settled on October 26, 2015. The new notes that were issued at closing are composed of $15,268 million of 0.964% Six Month Notes due April 2016, £778 million of 1.363% Six M onth Notes due April 2016, $6,107 million of 2.342% Notes due 2020, $1,979 million of 3.373% Notes due 2025 and $11,465 million of 4.418% Notes due 2035. Of the $16,160 million exchanged into the Six Month Notes, $1,297 million had been previously classifi ed in short-term borrowings. GE Capital will continue to evaluate the opportunity to repurchase debt while maintaining our liquidity at the levels communicated as part of the GE Capital Exit Plan . The new notes have been fully, irrevocably and unconditionally g uaranteed by GE. Immediately prior to the Reorganization, GE Capital had $5,000 million in aggregate liquidation preference of Series A, B and C preferred stock outstanding. In connection with the Reorganization, on December 3, 2015, holders who previously held GE Capital preferred stock were issued an aggregate liquidation preference of $5,950 million of new GE Series A, B and C preferred stock. The Series A, B and C preferred stock bear an initial fixed interest rate of 4.00%, 4.10% and 4.20%, r espectively, through their initial call date and are callable on June 15, 2022, December 15, 2022 and June 15, 2023, respectively. Subsequent to the call date, the Series A, B and C preferred stock will bear a floating interest rate equal to three-month LI BOR plus 2.28%, 2.32% and 2.37%, respectively, thereafter . Subsequent to the issuance of the preferred stock on December 3, 2015, in response to investor feedback, GE launched an exchange offer on December 18, 2015 that allowed GE preferred stock investor s to exchange their existing Series A, B and C preferred stock into a Series D GE preferred stock. These Series D instruments bear an initial fixed interest rate of 5.00% through January 21, 2021, will bear a floating rate equal to three-month LIBOR plus 3 .33% thereafter and are callable on January 21, 2021. On January 20, 2016, $ 2,687 million of Series A, $ 2,008 million of Series B and $ 999 million of Series C were exchanged into $ 5,694 million Series D GE pref erred stock. Post exchange, $ 91 million of Series A, $ 64 million of Series B and $ 95 million of Series C GE preferred stock remain outstanding. GUARANTEE As part of the GE Capital Exit Plan , the Company and GE Capital entered into an amendment to their existing financial support agreement. Under this amendment (the Amendment), the Company has provided a full and unconditional guarantee (the Guarantee) of the payment of principal and interest on all tradable senior and subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed by GE Capital identified in the Amendment. In the aggregate, the Guarantee applied to approximately $85,829 million of GE Capital debt as of December 31, 2 015. The Guarantee replaced the requirement that the Company make certain income maintenance payments to GE Capital in certain circumstances. GE Capital ’s U.S. public indentures were concurrently amended to provide the full and unconditional guarantee by the Company set forth in the Guarantee. SYNCHRONY FINANCIAL EXCHANGE OFFER On August 5, 2014, we completed the initial public offering (IPO) of our North American Retail Finance business, Synchrony Financial, as a first step in a planned, staged exit from that business . We received net proceeds from the IPO and Underwriter’s Option of $2.8 billion and retained 84.6% of Synchrony Financial. On October 19, 2015, GE commenced an offer to exchange GE common stock for common stock of GE Capital ’s approx imately 84.6% owned subsidiary, Synchrony F inancial. On November 17, 2015 , we completed the split-off of Synchrony Financial, through which the Company accepted 671,366,809 shares of GE common stock from its shareholders in exchange for 705,270,833 shares of Synchrony Financial common stock that it owned and recorded an after-tax gain of $3 ,429 m illion within discontinued operati ons. In connection with the public offering and sale of Synchrony Financial, GE Capital indemnified Synchrony Financial and its directors, officers, and employees against the liabilities of GECC’s businesses other than historical liabilities of the busines ses that are part of Synchrony Financial’s ongoing operations . With the completion of the split-off and the Federal Reserve Board’s (FRB) subsequent approval of GE Capital’s application to deregister as a savings and loan holding compa ny, GE Capital is no longer a savings and loan holding company . Accounting Principles and Policies Our financial statements are prepared in conformity with GAAP. Sales of Goods and Services We record all sales of goods and services only when a firm sales agreement is in place, delivery has occurred or services have been rendered and collectability of the fixed or determinable sales price is reasonably assured. Arrangements for the sale of goods and services sometimes include multiple components. Mos t of our multiple component arrangements involve the sale of goods and services in the Healthcare segment. Our arrangements with multiple components usually involve an upfront deliverable of large machinery or equipment and future service deliverables such as installation, commissioning, training or the future delivery of ancillary products. In most cases, the relative values of the undelivered components are not significant to the overall arrangement and are typically delivered within three to six months a fter the core product has been delivered. In such agreements, selling price is determined for each component and any difference between the total of the separate selling prices and total contract consideration (i.e., discount) is allocated pro rata across each of the components in the arrangement. The value assigned to each component is objectively determined and obtained primarily from sources such as the separate selling price for that or a similar item or from competitor prices for similar items. If such evidence is not available, we use our best estimate of selling price, which is established consistent with the pricing strategy of the business and considers product configuration, geography, customer type, and other market specific factors. Except for goods sold under long-term agreements, we recognize sales of goods under the provisions of U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition. We often sell consumer products and computer hardware and sof tware products with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objecti ve criteria, we recognize revenue when we have reliably demonstrated that all specified acceptance criteria have been met or when formal acceptance occurs, respectively. In arrangements where we provide goods for trial and evaluation purposes, we only reco gnize revenue after customer acceptance occurs. Unless otherwise noted, we do not provide for anticipated losses before we record sales. We recognize revenue on agreements for sales of goods and services under power generation unit and uprate contracts, n uclear fuel assemblies, larger oil drilling equipment projects, aeroderivative unit contracts, military development contracts, locomotive production contracts, and long-term construction projects, using long-term construction and production contract accoun ting. We estimate total long-term contract revenue net of price concessions as well as total contract costs. For goods sold under power generation unit and uprate contracts, nuclear fuel assemblies, aeroderivative unit contracts, military development contr acts and locomotive production contracts, we recognize sales as we complete major contract-specified deliverables, most often when customers receive title to the goods or accept the services as performed. For larger oil drilling equipment projects and long -term construction projects, we recognize sales based on our progress toward contract completion measured by actual costs incurred in relation to our estimate of total expected costs. We measure long-term contract revenues by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. We provide for any loss that we expect to incur on these agr eements when that loss is probable. We recognize revenue upon deliver y for sales of aircraft engines and military propulsion equipment . Delivery of commercial engines and non-U.S. military equipm ent occurs on shipment; delivery of military propulsion equ ipment sold to the U.S. government or agencies thereof occurs upon receipt of a Material Inspection and Receiving Report, DD Form 250 or Memorandum of Shipment. Commercial aircraft engines are complex equipment manufactured to customer order under a variet y of sometimes complex, long-term agreements. We measure sales of commercial aircraft engines by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future revenues and costs for commercial aircraft engine agreements in process and report any cumulative effects of such adjustments in current operations. Significant components of our revenue and cost estimates include price concessions and performance-related guarantees as well as material, labor and overhead costs. We measure revenue for military propulsion equipment and spare parts not subject to long-term product services agreements based on the specific contract on a specifically measured output basis. We provide for any loss that we expect to incu r on these agreements when that loss is probable; consistent with industry practice, for commercial aircraft engines, we make such provision only if such losses are not recoverable from future highly probable sales of spare parts and services for those eng ines. We sell product services under long-term product maintenance or extended warranty agreements in our Aviation, Power, Oil & Gas and Transportation segments, where costs of performing services are incurred on other than a straight-line basis. We also sell similar long-term product services in our Healthcar e and Renewable Energy segment s , where such costs generally are expected to be on a straight-line basis. For the Aviation, Power, Oil & Gas and Transportation agreements, we recognize related sales ba sed on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We routinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. For the Healthcare and Renewable Energy agreements, we recognize revenues on a straight-line basis and expense related costs as incurred. We provide for any loss that we expect to incur on any of these agreements when that loss is proba ble. GE CAPITAL REVENUES FROM SERVICES (EARNED INCOME) We use the interest method to recognize income on loans. Interest on loans includes origination, commitment and other non-refundable fees related to funding (recorded in earned income on the interest method). We stop accruing interest at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days past due . Previously recognized interest income that was accrued but not collected from the borrower is reverse d, unless the terms of the loan agreement permit capitalization of accrued interest to the principal balance. P ayments received on nonaccrual loans are applied to reduce the principal balance of the loan. We resume accruing interest on nonaccrual, non-re structured commercial loans only when (a) payments are brought current according to the loan’s original terms and (b) future payments are reasonably assured. When we agree to restructured terms with the borrower, we resume accruing interest only when it is reasonably assured that we will recover full contractual payments, and such loans pass underwriting reviews equivalent to those applied to new loans. We recognize financing lease income on the interest method to produce a level yield on funds not yet re covered. Estimated unguaranteed residual values are based upon management's best estimates of the value of the leased asset at the end of the lease term. We use various sources of data in determining these estimate s , including information obtained from thi rd parties, which is adjusted for the attributes of the specific asset under lease. Guarantees of residual values by unrelated third parties are considered part of minimum lease payments. Significant assumptions we use in estimating residual values include estimated net cash flows over the remaining lease term, anticipated results of future remarketing, and estimated future component part and scrap metal prices, discounted at an appropriate rate. We recognize operating lease income on a straight-line basis over the terms of underlying leases. BUSINESSES AND ASSETS HELD FOR SALE Businesses held for sale represent components that meet accounting requirements to be classified as held for sale and are presented as single asset and liability amounts in our financial statements with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less cost to sell. Financing receivables that no longer qualify to be presented as held for investment must be classifie d 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. The determination of fair value for businesses and portfolios of f inancing receivables involves significant judgments 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 assets 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 estimates. 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 transact ion. We review all businesses and assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. DEPRECIATION AND AMORTIZATION The cost of GE manufacturing plan t and equipment is depreciated over its estimated economic life. In 2015, we changed the method of depreciating its U.S. assets from an accelerated method based on a sum-of-the-years digits formula to a straight-line basis in order to align and harmonize o ur methodology for manufacturing plant and equipment. This change in estimate was made prospectively as of October 1, 2015, and had an immaterial impact for 2015. As a result, as of October 1, 2015, GE manufacturing plant and equipment is generally depreci ated on a straight-line basis. The cost of GE Capital equipment leased to others on operating leases is depreciated on a straight-line basis to estimated residual value over the lease term or over the estimated economic life of the equipment. LOSSES ON FINANCING RECEIVABLES Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the si ze, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including p resent economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values, and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use t o provide for losses are updated periodically to reflect our view of current conditions and are subject to the regulatory examination process, which can result in changes to our assumptions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollectible and subsequent recoveries ar e added to the allowance at the time cash is received on a written-off account. "Impaired" loans are defined as larger-balance or restructured loans for which it is probable that the lender will be unable to collect all amounts due according to the origi nal contractual terms of the loan agreement. A portion of our CLL nonaccrual receivables are excluded from this definition, as they represent smaller-balance homogeneous loans that we evaluate collectively by portfolio for impairment. Specific reserves a re recorded for individually impaired loans to the extent we have determined that it is probable that we will be unable to collect all amounts due according to original contractual terms of the loan agreement. Certain loans classified as impaired may not r equire a reserve because we believe that we will ultimately collect the unpaid balance (through collection or collateral repossession). “Delinquent” receivables are those that are 30 days or more past due based on their contractual terms. Recently restru ctured financing receivables are not considered delinquent when payments are brought current according to the restructured terms, but may remain classified as nonaccrual until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. Our commercial loan and lease portfolio consists of a variety of loans and leases, including both larger-balance, non-homogeneous loans and leases and smaller-balance homogeneous loans and leases. Loss es on such loans and leases are recorded when probable and estimable. We routinely evaluate our entire portfolio for potential specific credit or collection issues that might indicate an impairment. For larger-balance, non-homogeneous loans and leases, we consider the financial status, payment history, collateral value, industry conditions and guarantor support related to specific customers. Any delinquencies or bankruptcies are indications of potential impairment requiring further assessment of collectability. We routinely receive financial as well as rating agency reports on our customers, and we elevate for further attention those customers whose operations we judge to be marginal or deteriorating. We also elevate customers for further attenti on when we observe a decline in collateral values for asset-based loans. While collateral values are not always available, when we observe such a decline, we evaluate relevant markets to assess recovery alternatives. Measurement of the loss on our impair ed commercial loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of collateral, net of expected selling costs, if the loan is determined to be collateral dependent. We determ ine whether a loan is collateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. After providing for specific incurred losses, we then determine an allowance for losses that have been incurred in the b alance of the portfolio but cannot yet be identified to a specific loan or lease. This estimate is based upon various statistical analyses considering historical and projected default rates and loss severity and aging, as well as our view on current market and economic conditions. It is prepared by each respective line of business. When we repossess collateral in satisfaction of a loan, we write down the receivable against the allowance for losses. Repossessed collateral is included in the caption “All ot her assets” in the Statement of Financial Position and carried at the lower of cost or estimated fair value less costs to sell. Write-offs on larger-balance impaired commercial loans are based on amounts deemed uncollectible and are reviewed quarterly. Wr ite-offs are determined based on the consideration of many factors, such as expectations of the workout plan or restructuring of the loan, valuation of the collateral and the prioritization of our claim in bankruptcy. Write-offs 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. If foreclosure is probable |
Businesses Held For Sale and Di
Businesses Held For Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Of Business Held For Sale and Discontinued Operations | Note 2 . BUSINESSES 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 fourth quarter of 2015, we signed an agreement to sell our Electricity Meters business within our Energy Management segment to Aclara Technologies, LLC and our Clarient business within our Healthcare segment to NeoGenomics , Inc. The sale of our Electricity Meters business was completed on December 21, 2015 for proceeds of $220 million. The sale of our Clarient business was completed on December 30, 2015 for proceeds of $255 million. In the third quarter of 2015, we signed an agr eement to sell our Intelligent Platforms Embedded Systems Products business within our Energy Management segment to Veritas Capital . The sale was completed on December 7, 2015 for proceeds of $ 515 million. In the fourth quarter of 2014, we signed an agreement to sell our Signaling business wi thin our Transportation segment to Alstom . The transaction closed on November 2, 2015 for proceeds of $ 800 million. In the third quarter of 2014, we signed an agreement to sell our Appliances business to Electrolux. On July 1, 2015, we were notified that the Department of Justice had initiated court proceedings seeking to enjoin the sale of Appliance s to Electrolux. On December 7, 2015, we announced the termi nation of our agreement to sell our Appliances business to Electrolux. We received a break-up fee of $ 175 million from Electrolux, which is recorded under the caption “Other income” in the consolidated Statement of Earnings. On January 15, 2016 , we announced the signing of a definitive agreement to sell our Appliances business with assets of $ 2,818 million and liabilities of $ 1,409 million, to Qingdao Haier Co., Ltd. (Haier) for approximately $ 5,400 million . The transacti on has been approved by the board of directors of GE and Haier and remains subject to customary closing conditions, including Haier shareholder approval and regulatory approvals. The transaction is targeted to close in mid-2016. FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31 (In millions) 2015 2014 Assets Current receivables(a) $ 79 $ 180 Inventories 583 588 Property, plant, and equipment – net 1,208 979 Goodwill 370 433 Other intangible assets – net 162 157 Other 416 489 Assets of businesses held for sale $ 2,818 $ 2,826 Liabilities Accounts payable(a) $ 503 $ 506 Other current liabilities 325 346 Other 33 89 Liabilities of businesses held for sale $ 861 $ 941 (a) Certain transactions at our Appliances and Signaling businesses are made on an arms-length basis with GE Capital , consisting primarily of GE customer receivables sold to GE Capital and GE Capital services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. Discontinued Operations Discontinued operations primarily included our Consumer business, most of our CLL business, our Real Estate business, and our U.S. mortgage business (WMC). Results of operations, financial position and cash flows for these businesses are separately reported as discontinued operations for all periods presented. We have entered into Transitional Service Agreements (TSA) with and provided certain indemnifications to buyers of GE Capital’s assets. Under the TSAs, GE Capital pro vides various services for terms generally between 12 and 24 months and receives a level of cost reimbursement from the buyer s. Indemnifications amount to $ 1, 543 million, for which we have recogni zed related liabilities of $62 million at December 31, 2 01 5. In addition, we provided $736 million of credit support, the vast majority on behalf of certain CLL customers aligned with signed disposal transactions scheduled to close in 2016 , and recognized an insignificant liability at December 31, 2015 . FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 23,003 $ 31,136 $ 32,987 Earnings (loss) from discontinued operations before income taxes $ 887 $ 6,615 $ 6,558 Benefit (provision) for income taxes (791) (776) 699 Earnings (loss) from discontinued operations, net of taxes $ 96 $ 5,839 $ 7,257 Disposal Gain (loss) on disposal before income taxes $ (6,612) $ 14 $ (2,027) Benefit (provision) for income taxes (979) 1 246 Gain (loss) on disposal, net of taxes $ (7,591) $ 15 $ (1,781) Earnings (loss) from discontinued operations, net of taxes(a)(b) $ (7,495) $ 5,855 $ 5,475 The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GE Capital earnings (loss) from discontinued operations, net of taxes, after adjusting for earnings (loss) attributable to noncontrolling interests related to discontinued operations, is reported within GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Earnings (Loss). Earnings (loss) from discontinued operations attributable to the C ompany, before income taxes, was $ (6,038) million, $ 6,472 million, and $ 4,495 million for the years ended December 31, 2015, 2014, 2013, respectively. December 31 (In millions) 2015 2014 Assets Cash and equivalents $ 20,395 $ 20,991 Investment securities 8,478 13,349 Financing receivables – net 3,205 213,514 Other receivables 1,221 2,896 Property, plant and equipment – net 7,537 18,354 Goodwill 7,764 23,452 Other intangible assets - net 80 987 Deferred income taxes 2,447 3,530 Financing receivables held for sale 69,847 3,475 Valuation allowance on disposal group classified as discontinued operations (6,374) - Other 6,350 22,980 Assets of discontinued operations $ 120,951 $ 323,529 Liabilities Short-term borrowings $ 739 $ 3,780 Accounts payable 2,870 4,280 Non-recourse borrowings 3,994 25,536 Bank deposits 25,613 62,839 Long-term borrowings 730 13,767 All other liabilities 11,053 11,046 Deferred income taxes 1,437 6,810 Other 52 174 Liabilities of discontinued operations $ 46,487 $ 128,233 Consumer In connection with the GE Capital Exit Plan , we announced the planned disposition of our Consumer business (including Synchrony Financial) and classified the business as discontinued operations. On November 17, 2015, we completed the split-off of Synchrony Financial through which GE accepted 671,366,809 shares of GE common stock from its shareholders in exchange for 705,270,833 shares of Synchrony Financial common stock that it owned. We closed certain of our other Consumer business dispositions fo r proceeds of $ 17,550 million (excluding Synchrony Financial) for the year ended December 31, 2015. We expect to dispose of substantially all of the remaining Consumer business in 2016. FINANCIAL INFORMATION FOR CONSUMER (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 11,690 $ 15,023 $ 15,741 Interest $ (2,081) $ (2,611) $ (2,669) Selling, general, and administrative expenses (3,940) (4,572) (4,349) Cost of services sold (1) - (1) Provision for losses on financing receivables (5,029) (3,544) (4,048) Investment contracts, insurance losses and insurance annuity benefits (12) (18) (15) Other costs and expenses (392) (388) (337) Earnings (loss) from discontinued operations, before income taxes 236 3,891 4,324 Benefit (provision) for income taxes (878) (736) 7 Earnings (loss) from discontinued operations, net of taxes $ (642) $ 3,155 $ 4,330 Disposal Gain (loss) on disposal before income taxes $ 2,739 $ - $ - Benefit (provision) for income taxes 363 - - Gain (loss) on disposal, net of taxes(a) $ 3,102 $ - $ - Earnings (loss) from discontinued operations, net of taxes(b) $ 2,460 $ 3,155 $ 4,330 Included Synchrony Financial gain on sale of $3,429 million related to the share exchange. Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 2,670 million , $ 3,752 million , and $ 4,312 million for the years ended December 31, 2015, 2014 and 2013, respectively. Commercial lending and leasing In connection with the GE Capital Exit Plan , we announced the planned disposition of most of our CLL business and classified this portion of the business as discontinued operations. We closed certain of our CLL business dispositions for proceeds of $ 48,068 million for the year ended December 31, 2015. We expect to dispose of substantially all of the remaining CLL business in 2016. FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 10,580 $ 13,413 $ 13,144 Interest $ (2,365) $ (3,069) $ (3,300) Selling, general and administrative expenses (3,576) (3,598) (3,538) Cost of services sold (1,735) (3,859) (4,002) Provision for losses on financing receivables (1,753) (456) (736) Other costs and expenses (127) (135) (94) Earnings (loss) from discontinued operations, before income taxes 1,024 2,296 1,474 Benefit (provision) for income taxes (186) (487) 65 Earnings (loss) from discontinued operations, net of taxes $ 838 $ 1,808 $ 1,539 Disposal Gain (loss) on disposal before income taxes $ (8,013) $ - $ - Benefit (provision) for income taxes (698) - - Gain (loss) on disposal, net of taxes $ (8,711) $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (7,873) $ 1,808 $ 1,539 (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (6,996) million, $ 2,279 million and $ 1,457 million for the years ended December 31, 2015, 2014 and 2013, 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 $ 31,601 million for the year ended December 31, 2015. We expect to dispose of substantially all of the remaining Real Estate business in 2016. FINANCIAL INFORMATION FOR REAL ESTATE (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 911 $ 2,969 $ 3,915 Interest $ (457) $ (1,079) $ (1,278) Selling, general and administrative (444) (484) (568) Cost of services sold (5) - - Provision for losses on financing receivables 5 86 (28) Other costs and expenses (158) (712) (788) Earnings (loss) from discontinued operations, before income taxes (149) 780 1,253 Benefit (provision) for income taxes 168 224 472 Earnings (loss) from discontinued operations, net of taxes $ 19 $ 1,003 $ 1,725 Disposal Gain (loss) on disposal before income taxes $ (1,338) $ - $ - Benefit (provision) for income taxes (639) - - Gain (loss) on disposal, net of taxes $ (1,977) $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (1,958) $ 1,003 $ 1,725 (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (1,486) million, $ 778 million and $ 1,246 million for the years ended December 31, 2015, 2014 and 2013, 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 December 31, 2015 , such claims consisted of $ 2,887 million of individual claims generally submitted before the filing of a lawsuit (compared to $ 3,694 million at December 31, 2014 ) and $ 8,047 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, $ 10,934 million, reflects the purchase price or unpaid principal balances of the loans at the time of purchase and does not give effect to pay downs or potential recoveries based upon the underlying collateral, which in many cases are substantial, nor to accr ued interest or fees. As of December 31, 2015 , these amounts do not include approximately $ 112 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 $ 875 million at December 31, 2015 , reflecting a net increase to reserves in the year December 31, 2015 of $ 66 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 exposures a s 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 i n certain securitizations and the claim amounts reported above give effect to these settlements . ROLLFORWARD OF THE RESERVE December 31 (In millions) 2015 2014 Balance, beginning of period $ 809 $ 800 Provision 212 365 Claim resolutions / rescissions (146) (356) Balance, end of period $ 875 $ 809 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 December 31, 2015 . This estimate involves significant judgment and may not reflect the range of uncertainties and unpredictable outcomes inherent in litigation, including the matters discussed in Legal Proceedings and potential changes in WMC’s legal strategy. This estimate excludes any possible l oss associated with an adverse court decision on the applicable statute of limitations or an adverse outcome in the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) investigation discussed in Legal Proceedings, as WMC is unable at this time to develop such a meaningful estimate. At December 31, 2015 , there were 14 lawsuits involving claims made against WMC arising from alleged breaches of representations and warranties on mortgage loans included in 13 securitiz ations. The adverse parties in these cases are securitization trustees or parties claiming to act on their behalf. Although the alleged claims for relief vary from case to case, the complaints and counterclaims in these actions generally assert claims for breach of 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 laws uits 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 pre dict the outcome or impact of these defenses and other factors, any of which could materially affect the amount of any loss ultimately incurred by WMC on these claims. WMC has also received indemnification demands, nearly all of which are unspecified, fro m depositors/underwriters/sponsors of RMBS in connection with lawsuits brought by RMBS investors concerning alleged misrepresentations in the securitization offering documents to which WMC is not a party or, in two cases, involving mortgage loan repurchase claims made against RMBS sponsors. WMC believes that it has defenses to these demands. To the extent WMC is required to repurchase loans, WMC’s loss also would be affected 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 litigatio n, court decisions regarding WMC’s legal defenses, indemnification demands, government activity, and other variables in the mortgage industry. Actual losses arising from claims against WMC could exceed these amounts and additional claims and lawsuits could result if actual claim rates, governmental actions, litigation and indemnification activity, adverse court decisions, actual settlement rates or losses WMC incurs on repurchased loans differ from its assumptions . FINANCIAL INFORMATION FOR WMC (In millions) 2015 2014 2013 Total revenues and other income (loss) $ (184) $ (291) $ (346) Earnings (loss) from discontinued operations, net of taxes $ (146) $ (199) $ (232) Other Financial Services During the fourth quarter of 2013, we announced the planned disposition of Consumer Russia and classified the business as discontinued operations. We completed the sale in the first quarter of 2014 for proceeds of $232 million. During the first quarter of 2013, we announced the planned disposition of CLL Trailer Services and classified the business as discontinued operations. We completed the sale in the fourth quarter of 2013 for proceeds of $528 million. FINANCIAL INFORMATION FOR OTHER FINANCIAL SERVICES (In millions) 2015 2014 2013 Total revenues and other income (loss) $ 8 $ 23 $ 532 Gain (loss) on disposal, net of taxes $ - $ 15 $ (1,781) (a) Earnings (loss) from discontinued operations, net of taxes $ 32 $ 92 $ (1,823) (a) Primarily reflects agreement with the buyer of GE Money Japan to extinguish an obligation under terms specified in the 2008 sale agreement. GE Industrial The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, was $ (10) million, $ (5) million, and $ (66) million for the years ended December 31, 2015, 2014, 2013, respectively. During the fourth quarter of 2013, we recorded an increase to our tax reserve related to Spanish taxes for the years prior to 2007 disposition of our Plastics business. GE Capital earnings (loss) from discontinued operations, net of taxes, after adjusting for earning s (loss) attributable to noncontrolling interests related to discontinued operations, is reported within GE industrial earnings (loss) from discontinued operations, net of taxes, on the Statement of Earnings. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | note 3 . INVESTMENT SECURITIES 2015 2014 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated December 31 (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 2 $ - $ - $ 3 $ 12 $ - $ - $ 12 Corporate – non-U.S. 1 - - 1 1 - - 1 U.S. government and federal agency 49 - - 49 - - - - Equity 87 13 (2) 98 69 4 (2) 71 139 14 (2) 151 82 4 (2) 84 GE Capital Debt U.S. corporate 19,971 2,669 (285) 22,355 19,801 3,961 (70) 23,692 State and municipal 3,910 407 (73) 4,245 4,116 554 (52) 4,618 Mortgage and asset-backed(a) 2,995 157 (35) 3,116 4,478 328 (29) 4,777 Corporate – non-U.S. 759 96 (9) 846 844 109 (1) 952 Government – non-U.S. 279 136 - 415 362 129 - 491 U.S. government and federal agency 623 104 - 727 705 56 - 761 Equity 112 16 (4) 123 112 23 (1) 134 28,648 3,585 (407) 31,827 30,417 5,160 (153) 35,425 Eliminations (4) - - (4) (4) - - (4) Total $ 28,783 $ 3,599 $ (409) $ 31,973 $ 30,496 $ 5,164 $ (155) $ 35,505 (a) Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. A t December 31, 2015 , $ 587 million related to securities issued by government-sponsored entities and $ 30 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 $ 31,973 million at December 31, 2015 , from $ 35,505 million at December 31, 2014 , primarily due to a decline in unrealized gains resulting from higher interest rates, and net sales , primarily related to mortgage-backed securities . 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) December 31, 2015 Debt U.S. corporate $ 2,966 $ (218) $ 433 $ (67) State and municipal 494 (20) 155 (53) Mortgage and asset-backed 719 (20) 84 (16) Corporate – non-U.S. 56 (4) 14 (4) Equity 36 (6) - - Total $ 4,273 $ (269) $ 686 $ (140) (c) December 31, 2014 Debt U.S. corporate $ 556 $ (17) $ 836 $ (53) State and municipal 67 (1) 274 (51) Mortgage and asset-backed 174 (1) 307 (28) Corporate – non-U.S. 39 (1) - - Equity 10 (3) - - Total $ 846 $ (22) $ 1,417 $ (132) (a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. At December 31, 2015 , the estimated fair value of and gross unrealized losses on equity securities were $ 6 million and $ (2) 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 $ (1) million related to secu rities that had other-than-temporary impairments previously recognized at December 31, 2015 . (c) Includes debt securities held to support obligations to holders of Guaranteed Investment Contracts (GICs) all of which are considered to be investment-grade by the major rating agencies at December 31, 2015 . Unrealized losses are not indicative of the amount of credit loss that would be recognized and at December 31, 2015 are primarily due to increases in market yields subsequent to our purchase of the securities. We presentl y 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 o ur amortized cost. The methodologies and significant inputs used to measure the amount of credit loss for our investment securities during 2015 have not changed. Our corporate debt portfolio comprises securities issued by public and private corporations i n various industries, primarily in the U.S. Substantially all of our corporate debt securities are rated investment grade by the major rating agencies. Mortgage and asset-backed securities primarily comprise commercial and residential mortgage-backed secu rities. Our commercial mortgage-backed securities (CMBS) portfolio is collateralized by both diversified pools of mortgages that were originated for securitization (conduit CMBS) and pools of large loans backed by high-quality properties (large loan CMBS ), 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. Our residential mortgage-backed securities (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 other structured products such as collateralized debt obligations. Of the total RMBS held at December 31, 2015 , $ 587 mill ion and $ 30 million related to agency and non-agency securities, respectively. Additionally, $ 57 million was related to residential subprime credit securities, primarily supporting obligations to annuitants and policyholders in our ru n-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. PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES (In millions) 2015 2014 2013 Total pre-tax, OTTI recognized $ 64 $ 316 $ 201 Pre-tax, OTTI recognized in AOCI - (4) (31) Pre-tax, OTTI recognized in earnings(a) $ 64 $ 312 $ 170 (a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $ 5 million, $ 219 million and an insignificant amount in 2015 , 2014 and 2013 , respectively CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD (In millions) 2015 2014 2013 Cumulative credit loss impairments recognized, beginning of period $ 176 $ 473 $ 391 Credit loss impairments recognized on securities not previously impaired 31 1 120 Incremental credit loss impairments recognized on securities previously impaired - 4 25 Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell 3 301 63 Cumulative credit loss impairments recognized, end of period $ 205 $ 176 $ 473 CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-SALE DEBT SECURITIES (EXCLUDING MORTGAGE AND ASSET-BACKED SECURITIES) Amortized Estimated (In millions) cost fair value Due Within one year $ 495 $ 501 After one year through five years 2,556 2,745 After five years through ten years 4,846 5,097 After ten years 17,648 20,248 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES (In millions) 2015 2014 2013 GE Gains $ 7 $ 3 $ 1 Losses, including impairments (36) (218) (20) Net (29) (215) (19) GE Capital Gains 121 87 128 Losses, including impairments (51) (104) (156) Net 70 (16) (28) Total $ 41 $ (231) $ (47) 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. Proceeds from investment securities sales and early redemptions by issuers totaled $ 5,746 millio n, $ 1,898 millio n and $ 6,406 million for the years ended 2015 , 2014 and 2013 , respectively. In 2015, investment securities sales of U.S. government and federal agency securities, CMBS, and RMBS at Trinity totaled $ 4,254 mi llion. |
Current Receivables
Current Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Current Receivables [Abstract] | |
Current Receivables | NOTE 4 . CU RRENT RECEIVABLES Consolidated(a) GE(b) December 31 (In millions) 2015 2014 2015 2014 Power $ 6,675 $ 4,071 $ 4,377 $ 2,149 Renewable Energy 2,336 895 1,418 616 Oil & Gas 4,958 5,793 2,764 3,233 Energy Management 2,930 1,655 1,980 731 Aviation 4,133 4,656 1,876 1,997 Healthcare 4,022 4,350 1,943 2,241 Transportation 609 454 193 351 Appliances & Lighting 1,502 1,466 194 214 Corporate items and eliminations 372 391 464 466 27,538 23,732 15,209 11,998 Less Allowance for Losses (515) (495) (502) (485) Total $ 27,022 $ 23,237 $ 14,707 $ 11,513 Includes GE industrial customer receivables factored through a GE Capital affiliate and reported as financing receivables by GE Capital of $ 13,042 million and $ 12,533 million at December 31, 2015 and 2014 , respectively . GE current receivables of $ 251 million and $ 254 million at December 31, 2015 and 2014 , respectively, arose from sales, principally of Aviation goods and services, on open account to various agencies of the U.S. government. As a percentage of GE r evenues, approximately 4 % of GE sales of goods and services were to the U.S. government in 2015 , compared with 3 % in 2014 and 4 % in 2013 . GE current receivables balances at December 31, 2015 and 2014 , before allowance for losses, included $ 10,535 million and $ 7,808 million, respectively, from sa les of goods and services to customers, and $ 17 million and $ 22 million at December 31, 2015 and 2014 , respectively, fr om transactions with associated companies. The remainder of the balances primarily relates to supplier advances, revenue sharing programs and other non-income based tax receivables. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Inventories | NOTE 5 . INVENTORIES December 31 (In millions) 2015 2014 GE Raw materials and work in process $ 13,415 $ 9,963 Finished goods 8,199 6,982 Unbilled shipments 628 755 22,243 17,701 Revaluation to LIFO 207 (62) Total GE 22,449 17,639 GE Capital Finished goods 66 50 Total consolidated $ 22,515 $ 17,689 Inventory increased $4,826 million in 2015 primarily due to the Alstom acquisition of $4,298 million. |
Financing Receivables and Allow
Financing Receivables and Allowance for Losses on Financing Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables And Allowance For Losses On Financing Receivables | NOTE 6 . GE Capital FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES FINANCING RECEIVABLES, NET December 31 (In millions) 2015 2014 Loans, net of deferred income $ 20,115 $ 20,270 Investment in financing leases, net of deferred income 4,969 5,471 25,084 25,741 Allowance for losses (81) (93) Financing receivables – net $ 25,003 $ 25,647 NET INVESTMENT IN FINANCING LEASES Total financing leases Direct financing leases(a) Leveraged leases(b) December 31 (In millions) 2015 2014 2015 2014 2015 2014 Total minimum lease payments receivable $ 5,901 $ 6,755 $ 3,251 $ 3,669 $ 2,649 $ 3,086 Less principal and interest on third-party non-recourse debt (1,482) (1,868) - - (1,482) (1,868) Net rentals receivables 4,419 4,887 3,251 3,669 1,167 1,218 Estimated unguaranteed residual value of leased assets 2,057 2,371 928 1,138 1,129 1,233 Less deferred income (1,507) (1,787) (913) (1,101) (593) (686) Investment in financing leases, net of deferred income 4,969 5,471 3,266 3,706 1,703 1,765 Less amounts to arrive at net investment Allowance for losses (27) (29) (15) (14) (13) (15) Deferred taxes (1,665) (1,899) (593) (697) (1,071) (1,202) Net investment in financing leases $ 3,277 $ 3,543 $ 2,658 $ 2,995 $ 619 $ 548 Included $ 24 million and $ 33 million of initial direct costs on direct financing le ases at December 31, 2015 and 2014 , respectively. Included pre-tax income of $ 61 million and $ 53 million and income tax of $ 23 million and $ 20 million during 2015 and 2014 , respectively. Net investment credits recognized on leveraged leases during 2015 and 2014 were insignificant. CONTRACTUAL MATURITIES Total Net rentals (In millions) loans receivable Due in 2016 $ 13,937 $ 821 2017 1,299 719 2018 769 715 2019 1,428 564 2020 722 425 2021 and later 1,959 1,174 Total $ 20,115 $ 4,419 We expect actual maturities to differ from contractual maturities. ALLOWANCE FOR LOSSES (In millions) 2015 2014 2013 Beginning balance $ 93 $ 44 $ 43 Provision 48 79 4 Net write-offs(a) (60) (27) (4) Other(b) (1) (3) 1 Ending balance $ 81 $ 93 $ 44 Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables . Other primarily include s effects of currency exchange. We manage our financing receivable portfolios using delinquency and nonaccrual data as key performance indicators. Substantially all of our financing receivables are secured at December 31, 2015 and 2014. At December 31, 2015, $622 million (2.5%), $201 million (0.8%) and $256 million (1.0%) of financing receivables were over 30 days past due, over 90 days past due and on nonaccrual, respectively. At December 31, 2014, $610 million (2.4%), $131 million (0.5%) and $512 million (2.0%) of financing receivabl es were over 30 days past due, over 90 days past due and on nonaccrual, respectively. The vast majority of nonaccrual loans at December 31, 2015 and 2014, which are primarily at GECAS, are currently paying in accordance with their contractual terms. The r ecorded investment in impaired loans at December 31, 2015 and 2014 was $175 million and $412 million, respectively, primarily in GECAS, and included $2 million and $20 million of impaired loans with specific allowances of $1 and $16 million, respectively, primarily at EFS. The method used to measure impairment for these loans is primarily based on collateral value. At December 31, 2015, troubled debt restructurings included in impaired loans were $116 million, the vast majority at GECAS. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 7 . PROPERTY, PLANT AND EQUIPMENT Depreciable lives-new Original Cost Net Carrying Value December 31 (Dollars in millions) (in years) 2015 2014 2015 2014 GE Land and improvements 8 (a) $ 888 $ 690 $ 870 $ 698 Buildings, structures and related equipment 8-40 10,050 8,740 5,440 4,131 Machinery and equipment 4-20 24,515 23,370 9,986 9,040 Leasehold costs and manufacturing plant under construction 1-10 4,359 3,751 3,849 3,338 39,812 36,551 20,145 17,207 GE Capital(b) Land and improvements, buildings, structures and related equipment 1-35 (a) 267 318 101 142 Equipment leased to others Aircraft(c) 15-20 50,339 46,017 34,316 30,573 All other 3-35 543 767 364 539 51,149 47,102 34,781 31,253 Eliminations (939) (462) (831) (390) Total $ 90,022 $ 83,191 $ 54,095 $ 48,070 (a) Depreciable lives exclude land. (b) Included $ 1,024 million and $ 731 million of original cost of assets leased to GE with accumulated amortization of $ 83 million and $ 60 million at December 31, 2015 and 2014 , respectively. (c) The GECAS business of Capital recognized impairment losses of $ 168 million and $ 445 million in 2015 and 2014 , respectively. These losses are recorded in the caption “ Cost of services sold ” in the Sta tement of Earnings to reflect adjustments to fair value based on management’s best estimates, which are benchmarked against third-party appraiser current market values for aircraft of similar type and age . Consolidated depreciation and amortization relat ed to property, plant and equipment was $ 4,847 million, $ 4,953 million and $ 5,202 million in 2015 , 2014 and 2013 , respectively. Amortization of GE Capital equipment leased to others was $ 2,266 million, $ 2,386 million and $ 2,693 million in 2015 , 2014 and 2013 , respectively. Noncancellable future rentals due from customers for equipment on operating leases at December 31, 2015 , are as follows: (In millions) Due in 2016 $ 4,162 2017 3,876 2018 3,378 2019 2,920 2020 2,455 2021 and later 7,128 Total $ 23,919 |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangibles Assets | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | NOTE 8. ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions On November 2, 2015, we acquired the Thermal, Renewables and Grid businesses from Alstom. The purchase price was € 9,200 million ($10,135 million), net of cash acquired of approximately € 1,600 million ($1,765 million) . As further discussed below and elsewhere in this report, the acquired Alstom businesses had a significant impact on our industrial businesses, directly affecting accounting and reporting related to three of our operating segme nts, as well as the creation of several new, jointly-owned entities. Given the timing and complexity of the acquisition, the presentation of these businesses in our financial statements, including the allocation of the purchase price, is preliminary and li kely to change in future reporting periods. We will complete our post-closing procedures and purchase price allocation no later than the fourth quarter of 2016 . As noted above , we formed three consolidated joint ventures with Alstom in grid t echnology, renewable energy, and global nuclear and French steam power. In addition, GE contributed its Digital Energy business to the grid technology joint venture . Alstom holds redemption rights with respect to its interest in each joint venture, which, if exercised, would require us to purchase all of their interest during September 2018 or September 2019 for the grid technology and renewable energy joint ventures. Alstom also holds similar redemption rights for the global nuclear and French steam power joint venture, that are exercisable during the first full calendar quarter immediately following the fifth or sixth anniversary of the acquisit ion date. The redemption price would generally be equal to Alstom’s initial investment plus annual accretion of 3% for the grid technology and renewable energy joint ventures and plus annual accretion of 2% for the nuclear and French steam power joint vent ure, with potential upside sharing based on an EBITDA multiple. Alstom also holds additional redemption rights in other limited circumstances as well as a call option to require GE to sell all of its interests in the renewable energy joint venture at the h igher of fair value or Alstom’s initial investment plus annual accretion of 3% during the month of May in the years 2016 through 2019 and also upon a decision to IPO the joint venture . GE holds a call option on Alstom’s interest in the global nuclear and French steam power joint venture at the same amount as Alstom’s redemption price in the event that Alstom exercises its put option in the grid technology or renewable energy joint ventures. GE also has call options on Alstom’s interest in the three joint ventures in other limited circumstances. In addition, the French Government holds a preferred interest in the global nuclear and French steam power joint venture, giving it certain protective rights. The acquisition and alliances with Alstom affected our Power, Energy Management and Renewable Energy segments. The financial impact of acquired businesses on individual segments will be affected by a number of variables, including operating performance, purchase accounting effects and expected synergies. In ad dition, due to the amount of time that elapsed between signing and closing, the commercial ope rations of the businesses were negatively affected primarily as a result of uncertainty among Alstom customers regarding the execution of the transaction. This af fected the overall valuation of the acquired businesses at the time of close and, accordingly, is reflected in the amounts assigned to the assets and liabilities recorded in purchase accounting. The fair value of the acquired businesses, including a prelim inary valuation of non-controlling interest, at the time of close was approximately $13,700 million, net of cash acquired. The preliminary purchase price allocat ion resulted in approximately $ 13,5 00 million of goodwill and $4,065 million of amortizable int angible assets. The preliminary fair value of the associated non-controlling interest is approximately $3,600 million, which consists of approximately $2,900 million for Alstom’s redeemable non-controlling interest in the three joint ventures (presented se parately from total equity in the consolidated balance sheet) and $700 million for all other non-controlling interest. In order to obtain approval by the European Commission and the Department of Justice, GE pledged to sell certain of Alstom’s gas-turbi ne assets and its Power Systems Manufacturing subsidiary to Ansaldo Energia SpA ( Ansaldo ) after the close of the transaction for approximately €120 million. The purchase price will be paid by Ansaldo over a period of five years. We expect the transaction t o close in the first quarter of 2016. 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 Capital segment. The p urchase price allocation resulted in goodwill of approximately $ 730 million and amortizable intangible assets of approx imately $ 345 million. On June 2, 2014, we acquired Cameron’s Reciprocating Compression division for $ 550 million. The division provides reciprocating compression equipment and aftermarket services for oil and gas production, gas processing, gas distribution and independent power industries. The division is included in our Oil & Gas segment. The purchase price allocation resulted in goodwill of approximately $ 280 million and amortizable intangible assets of approximately $ 95 million. In the first quarter of 2014, we acquired several businesses in our Healthcare segment. On February 12, 2014, we acquired API Healthcare (API) for $ 340 million in cash. API is a healthcare workforce management software and analytics solutions provider. T he purchase price allocation resulted in goodwill of approximately $ 270 million and amortizable intangible assets of approximately $ 125 million. On March 21, 2014, we acquired certain Thermo Fisher Scientific Inc. life-science businesses for $ 1,065 million in cash. The primary business acquired, Hyclone, is a leading manufacturer of products used to support biopharmaceutical research and production. The purchase price allocation resulted in goodwill of approximately $ 695 mi llion and amortizable intangible assets of approximately $ 320 million. GOODWILL CHANGES IN GOODWILL BALANCES 2015 2014 Dispositions, Dispositions, currency currency Balance at exchange Balance at Balance at exchange Balance at (In millions) January 1 Acquisitions(a) and other December 31 January 1 Acquisitions and other December 31 Power $ 7,769 $ 9,582 $ (615) $ 16,736 $ 7,852 $ 21 $ (104) $ 7,769 Renewable Energy 984 1,631 (35) 2,580 970 - 14 984 Oil & Gas 10,572 22 - 10,594 10,516 276 (220) 10,572 Energy Management 4,570 2,314 (657) 6,227 4,748 - (178) 4,570 Aviation 8,952 - (385) 8,567 9,103 - (151) 8,952 Healthcare 17,532 11 (190) 17,353 16,643 1,004 (115) 17,532 Transportation 887 - (36) 851 1,012 2 (127) 887 Appliances & Lighting 226 - (12) 214 606 - (380) 226 Capital 1,680 728 (37) 2,370 1,684 - (3) 1,680 Corporate 34 - - 34 3 31 - 34 Total $ 53,207 $ 14,287 $ (1,968) $ 65,526 $ 53,137 $ 1,334 $ (1,264) $ 53,207 (a) Goodwill balances associated with Alstom and their allocations to segments are preliminary. Goodwill balances increased by $ 12,319 million in 2015 , primarily as a result of the Alstom and Milestone Aviation acquisitions, partially offset by currency exchange effects of the stronger U.S dollar and disposals. Goodwill balances increased $ 70 million in 2014, primarily as a result of acquisitions at Healthcare and Oil & Gas partially offset by currency exchange effects of a stronger U.S. dollar. We test goodwill for impairment annually in the third quarter of each year using data as of July 1 of that year. The impairment test consists of two steps: in step one, the carrying value of the 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 deducting the fair value of the reporting unit’s assets and liabilities from the fair value of its equity, and comparing that am ount with the carrying amount of goodwill. We determined fair values for each of the reporting units using the market approach, when available and appropriate, or the income approach, or a combination of both. We assess the valuation methodology based upon the relevance and availability of the data at the time we perform the valuation. If multiple valuation methodologies are used, the results are weighted appropriately. Valuations using the market approach are derived from metrics of publicly traded compan ies 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 s ervices. A market approach is limited to reporting units for which there are publicly traded companies that have the characteristics similar to our businesses. Under the income approach, fair value is determined based on the present value of estimated f uture cash flows, discounted at an appropriate risk-adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most recent views of the long-term outlook for each busines s. Actual results may differ from those assumed in our forecasts. We derive our discount rates using a capital asset pricing model and analyzing published rates for industries relevant to our reporting 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 developed 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 s econd step of the impairment test was not required to be performed for any of our reporting units and no goodwill impairment was recognized. While all of our reporting units passed step one of our annual impairment testing in 2015, we identified one repor ting unit for which the fair value was not substantially in excess of its carrying value. Due to the sharp decline experienced in oil prices and the prospect of a continuation of prevailing oil prices, the fair value of our Energy Financial Services report ing unit, within our Capital operating segment, has been impacted and was in excess of its carrying value by approximately 13%. Due to the continued decline in oil prices, we performed an impairment test in the fourth quarter using data as of Dec ember 31, 2015, which resulted in the fair value of our Energy Financial Services reporting unit being in excess of its carrying value by approximately 12%. The goodwill associated with our Energy Financial Services reporting unit was $ 1,386 millio n at December 31, 2015 , representing approximately 2 % of our total goodwill. Our Oil & Gas business has also experienced declines in orders, project commencement delays and pricing pressures, which affect the fair value of our Oil & Gas reporting u nits. 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 businesses. As of December 31, 2015 , we believe that the goodwill is recoverable for all of th e 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 Ma nagement operating segment, the Power Conversion reporting unit was determined to have a fair value in excess of its carrying value by approximately 10 %. In the current year, the fair value of the Power Conversion reporting unit significantly ex ceeded its carrying value. The increase in fair value over its carrying value was driven primarily by a stabilization of the business and cost cutting measures. In addition, our carrying 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 cou ld change in future periods. oTHER INTANGIBLE ASSETS OTHER INTANGIBLE ASSETS - NET December 31 (In millions) 2015 2014 Intangible assets subject to amortization $ 16,634 $ 13,052 Indefinite-lived intangible assets(a) 109 130 Total $ 16,744 $ 13,182 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. INTANGIBLE ASSETS SUBJECT TO AMORTIZATION 2015 2014 Gross Gross carrying Accumulated carrying Accumulated December 31 (In millions) amount amortization Net amount amortization Net Customer-related $ 8,650 $ (2,059) $ 6,591 $ 7,139 $ (1,772) $ 5,367 Patents and technology 8,543 (3,096) 5,447 6,685 (2,894) 3,791 Capitalized software 7,375 (4,136) 3,239 6,509 (3,547) 2,962 Trademarks 1,337 (282) 1,055 1,129 (251) 878 Lease valuations 167 (22) 145 - - - Present value of future profits(a) 651 (651) - 614 (614) - All other 267 (108) 159 107 (53) 54 Total $ 26,990 $ (10,354) $ 16,634 $ 22,183 $ (9,131) $ 13,052 (a) Balances at December 31, 2015 and 2014 reflect adjustments of $ 266 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. During 2015 , we recorded additions to intangible assets subje ct to amortization of $ 5,764 million , primarily driven by Alstom, cap italized software across all business lines and Milestone Aviation . The components of finite-lived intangible assets acquired during 2015 and their respective weighted average amortizable period follow . COMPONENTS OF FINITE-LIVED INTANGIBLE ASSETS ACQUIRED DURING 2015 Weighted-average Gross amortizable period (In millions) carrying value (in years) Customer-related $ 1,737 8.5 Patents and technology 2,213 10.2 Capitalized software 1,196 7.0 Trademarks 223 6.3 Lease valuations 167 4.7 All other 227 9.5 GE amortization expense related to intangible assets subject to amortization was $ 1,505 million , $ 1,386 million and $ 1,286 million in 2015 , 2014 and 2013 , respectively. GE Capital amortization expense related to intangible assets subject to amortization was $ 148 million, $ 84 million and $ 93 million in 2015 , 2014 and 2013 , respectively. Estimated GE Consolidated annual pre-tax amortization for intangible assets over the next five calendar years follows. ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION (In millions) 2016 2017 2018 2019 2020 Estimated annual pre-tax amortization $ 1,952 $ 1,853 $ 1,851 $ 1,725 $ 1,591 |
Contract Assets and All Other A
Contract Assets and All Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets Disclosure [TextBlock] | NOTE 9. CONTRACT ASSETS AND ALL OTHER ASSETS December 31 (In millions) 2015 2014 GE Contract assets $ 21,156 $ 16,960 Contract assets reflect revenues earned in excess of billings on our long-term contracts to construct technically complex equipment (such as gas power systems and aircraft engines), long-term product maintenance or extended warranty arrangements and other deferred contract related costs. Long-term product maintenance amounts are presented net of related billings in excess of revenues of $ 2,602 million and $ 2,329 million at December 31, 2015 and 2014 , respectively. Included in contract as sets at December 31, 2015, is $1,979 million related to the Alstom acquisition. December 31 (In millions) 2015 2014 Investments Associated companies $ 3,582 $ 3,384 Other 718 613 4,300 3,997 Long-term receivables, including notes 2,310 766 Derivative instruments 733 783 Other 5,937 2,175 13,281 7,722 GE Capital Investments Associated companies 8,373 8,651 Assets held for sale(a) 857 1,414 Time deposits(b) 10,386 - Other 543 138 20,159 10,203 Derivative instruments 549 1,434 Advances to suppliers 1,809 1,372 Deferred borrowing costs 199 662 Other(c) 2,571 3,774 25,287 17,445 Eliminations (1,097) (331) All Other Assets $ 37,471 $ 24,836 (a ) Assets were classified as held for sale on the date a decision was made to dispose of them through sale or other means. At December 31, 2015 and 2014 , such assets consisted primarily of loans, aircraf t and equipment, and were accounted for at the lower of carrying amount or estimated fair value less costs to sell. (b ) Balances at December 31, 2015 included $ 10,386 million of high quality interest bearing deposits with European branches of global ban ks, predominantly in the UK, that mature in April 2016. (c ) Balances at December 31, 2015 and 2014 included $ 6 million and $ 7 million, respectively of deferred acquisition cost that reflect adjustments of $ 544 million a nd $ 624 million, respectively, to deferred acquisition costs in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realiz ed. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 10 . BORROWINGS December 31 (Dollars in millions) 2015 2014 Short-term borrowings Amount Average Rate(a) Amount Average Rate(a) GE Commercial paper $ 500 0.15 % $ 500 0.10 % Current portion of long-term borrowings 17,777 2.10 2,068 1.05 Other 1,522 1,304 Total GE short-term borrowings(b) 19,799 3,872 GE Capital Commercial paper U.S. 650 0.46 22,019 0.19 Non-U.S. 4,351 0.01 2,993 0.25 Current portion of long-term borrowings(c) 24,996 4.28 36,920 2.15 Intercompany payable to GE(d) 17,649 - GE interest plus notes(f) - 5,467 1.01 Other(e) 1,005 16 Total GE Capital short-term borrowings 48,650 67,416 Eliminations(d) (18,556) (863) Total short-term borrowings $ 49,892 $ 70,425 Long-term borrowings Maturities Amount Average Rate(a) Amount Average Rate(a) GE Senior notes 2017-2055 $ 72,840 3.23 % $ 11,945 4.25 % Subordinated notes 2021-2037 2,954 3.68 - Subordinated debentures(g) 2066-2067 6,678 6.14 - Other 1,298 523 Total GE long-term borrowings(b) 83,770 12,468 GE Capital Senior notes(c) 2017-2039 59,254 2.54 158,600 2.65 Subordinated notes 249 4,804 3.36 Subordinated debentures(g) - 7,085 5.88 Intercompany payable to GE(d) 67,465 - Other(e) 2,094 3,686 Total GE Capital long-term borrowings 129,062 174,174 Eliminations(d) (67,531) (46) Total long-term borrowings $ 145,301 $ 186,596 Non-recourse borrowings of consolidated securitization entities(h) 2016-2017 $ 3,083 1.00 % $ 4,403 0.97 % Total borrowings $ 198,276 $ 261,424 Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging . Excluding assumed debt of GE Capital, GE total borrowings is $18,455 million. Included $ 160 million and $ 439 million of obligations to holders of GICs at December 31, 2015 and 2014 , respectively. These obligations included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GE Capital fall below AA-/Aa3. The remaining outstanding GICs will continue to be subject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GE Capital ’s ratings, among other t hings. Included $ 85,114 million of GE Capital debt assumed by GE and maintained as intercompany payable to GE at December 31, 2015 . Included $ 2,721 million and $ 3,830 million of funding secured by aircraft and other collateral at December 31, 2015 and 2014 , respectively, of which $ 1,537 million and $ 1,183 million is non-recourse to GE Capital at December 31, 2015 and 2014 , respectively. Entirely variable denomination floating-rate demand notes. The GE Interest Plus program was closed effective August 31, 2015. Included $ 2,587 million of subordinated debentures, which constitute the sole as s ets of trusts that have issued trust pre f erred securities and where GE owns 100% of the common securities of the trusts. Obligations associated with these trusts are unconditionally guaranteed by GE . Included $ 918 million and $ 773 million of current portion of long-term borro wings at December 31, 2015 and 2014 , respectively. See Note 21 . 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. On April 10, 2015, GE provided 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 guar anteed by GE Capital. $ 92.6 billion of such debt was assumed by GE on December 2 , 2015 upon its merger with GE Capital resulting in an intercompany payable to GE. Prior to the merger $ 36 billion notional of GE Capital debt was exchanged into a new GE Capital international entity, including $16.2 billion which was exchanged into Six Month Notes and of which $14.9 billion was classified in long-term borrowings prior to exchange. As part of the GE Capital Exit Plan, on September 21, 2015 G E Capital commenced private offers to exchange up to $30 billion of certain outstanding debt for new notes with maturities of six months, five years, ten years or twenty years. On October 19, 2015, given the high level of participation, the offering was in creased by $6 billion with the aggregate principal amount of $36 billion of outstanding notes (representing $31 billion of outstanding principal and $5 billion of premium) being tendered for exchange and settled on October 26, 2015. The new notes that were issued at closing are composed of $15.3 billion of 0.964% Six Month Notes due April 2016, £0.8 billion of 1.363% Six Month Notes due April 2016, $6.1 billion of 2.342% Notes due 2020, $2.0 billion of 3.373% Notes due 2025 and $11.5 billion of 4.418% Notes due 2035. December 31 (in millions) 2015 Borrowings from debt exchange(a) Borrowings assumed by GE Borrowings guaranteed by GE Short-term borrowings GE Current portion of long-term borrowings $ - $ 17,649 $ - GE Capital Commercial paper-Non U.S. - - 4,351 Current portion of long-term borrowings 15,430 - 24,334 Other 789 - 789 Total short-term borrowings $ 16,219 $ 17,649 $ 29,474 Long-term borrowings GE Senior unsecured notes $ - $ 57,433 $ - Subordinated notes - 2,954 - Subordinated debentures - 6,678 - Other - 400 - GE Capital Senior unsecured notes 16,756 - 56,355 Other - - - Total long-term borrowings $ 16,756 $ 67,465 $ 56,355 Total borrowings $ 32,975 $ 85,114 $ 85,829 (a) Included $4.5 billion in additional bonds issued as a premium that will accrete up to face value ($36 billion) to the maturity date . Additional information about borrowings and associated swaps can be found in Notes 20 and 27 L iquidity is affected by debt maturities and our ability to repay or refinance such debt. Long-term debt maturities over the next five years follow. (In millions) 2016 2017 2018 2019 2020 GE(a) $ 17,777 $ 16,723 $ 7,953 $ 3,749 $ 7,306 GE Capital 24,996 (b) 8,520 7,681 5,714 11,419 Included borrowings assumed by GE as part of the merger, for which GE has an offsetting amount due from GE Capital, of $17,649 million, $12,454 million, $7,898 million, $3,707 million and $6,548 million in 2016, 2017, 2018, 2019, and 2020, respectively. Fixed and floating rate notes of $ 458 million contain put options with exercise dates in 2016, and which have final maturity beyond 2019 Committed credit lines totaling $ 45.6 billion had been extended to us by 48 banks at year-end 2015 . $ 45.6 billion under these credit lines can be on-lent to GE Capital. The GE lines include $ 24.5 billion of revolving credit agreements under which we can borrow funds for periods exceeding one year. Additional ly, $ 20.9 billion are 364-day lines that contain a term-out feature that allows us to extend the borrowings for two years from the date on which such borrowings would otherwise be due. |
Investment Contracts Insurance
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense Abstract | |
LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock | NOTE 11. INVESTMENT CONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS Investment contracts, insurance liabilities and insurance annuity benefits comprise mainly obligations to annuitants and policyholders in our run-off insurance operations. December 31 (In millions) 2015 2014 Life insurance benefits(a) $ 19,978 $ 20,688 Investment contracts 2,955 3,970 Other(b) 3,223 3,224 26,155 27,881 Eliminations (463) (449) Total $ 25,692 $ 27,432 Life insurance benefits are accounted for mainly by a net-level-premium method using estimated yields generally ranging from 3.0 % to 8.5 % in both 2015 and 2014 . Substantially all unpaid claims and claims adjustment expenses and unearned premiums. When insurance affiliates cede insurance risk to third parties, such as reinsurers, they are not relieved of their primary obligation to policyholders. When losses on ceded risks give rise to claims for recovery, we establi sh allowances for probable losses on such receivables from reinsurers as required. Reinsurance recoverables are included in the caption “Other GE Capital receivables" on our Statement of Financial Position, and amounted to $ 1,880 million and $1,742 milli on at December 31, 2015 and 2014 respectively. We recognize reinsurance recoveries as a reduction of the Statement of Earnings caption “Investment contracts, insurance losses and insurance annuity benefits.” Reinsurance recoveries were $ 295 million, $24 0 million and $ 250 million in 2015, 2014 and 2013 , respectively. |
Postretirement Benefit Plans
Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Postretirement Benefit Plans | NOTE 12. POSTRETIREMENT BENEFIT PLANS About our plans We sponsor a number of pension plans, including our two principal pension plans for certain U.S. employees as well as other affiliate pension plans. Our principal p ension p lans, the GE Pension Plan and the GE Supplementary Pension Plan , are discussed below . A summary of other postretirement plans is also provided. The GE Pension Plan is a defi ned benefit plan that covers 231,000 retirees and beneficiaries, 167,000 veste d former employees and 75,000 active employees. This plan is closed to new participants. The GE Supplementary Pension Plan is an unfunded plan that provides supplementary benefits to higher-level, longer-service employees. The GE Supplementary Pensio n Plan annuity benefit is closed to new participants and has been replaced by an installment benefit. We use a December 31 measurement date for these plans. On our balance sheet, we measure our plan assets at fair value and the obligations at the present value of the estimated payments to plan participants. Participants earn benefits based on their service and pay. Those estimated payment amounts are determined based on assumptions. Differences between our actual results and what we assumed are recorded i n a separate component of equity each period. These differences are amortized into earnings over the remaining average future service of active employees or the expected life of participants, as applicable, who participate in the plan. The cost of our pl ans The amount we report in our earnings as pension cost consists of the following components : Service cost - the cost of benefits earned . Prior service cost amortization – the effect of benefit changes resulting from plan amendments . Expected return on plan assets – the return we expect to earn on plan investments . Interest cost – the accrual of interest on the pension obligation due to the passage of time . Net actuarial loss amortization – changes in estimates of the amount of the net pension obl igation (based on assumption changes and actual experience) . Curtailment loss – immediate recognition of amounts previously deferred (due to an event, such as the sale of a business, that shortens future service or eliminates future benefits) . Pension cost components follow . COST OF PENSION PLANS Principal pension plans (In millions) 2015 2014 2013 Service cost for benefits earned $ 1,424 $ 1,205 $ 1,535 Prior service cost amortization 205 214 246 Expected return on plan assets (3,302) (3,190) (3,500) Interest cost on benefit obligations 2,778 2,745 2,460 Net actuarial loss amortization 3,288 2,565 3,664 Curtailment loss 105 65 - Pension cost $ 4,498 $ 3,604 $ 4,405 assumptions used in pension calculations Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time over which the pension obligations will be paid. The actual amount of future benefit payments will depend upon when participants retire, the amount of their benefit at retirement a nd how long they live. To reflect the obligation in today’s dollars, we discount the future payments using a rate that matches the time frame over which the payments will be made. We also need to assume a long-term rate of return that will be earned on inv estments used to fund these payments . The assumptions used to measure our pension benefit obligations (PBO) follow . ASSUMPTIONS USED TO MEASURE PENSION BENEFIT OBLIGATIONS Principal pension plans December 31 2015 2014 2013 Discount rate 4.38 % 4.02 % 4.85 % Compensation increases 3.80 4.10 4.00 The discount rate used to measure the pension obligation at the end of the year is also used to measure pension cost in the following year. The assumptions used to measure pension costs follow . ASSUMPTIONS USED TO MEASURE PENSION COST Principal pension plans December 31 2015 2014 2013 Discount rate 4.02 % 4.85 % 3.96 % Expected return on assets 7.50 7.50 8.00 We evaluate these assumptions annually. We evaluate other assumptions periodically, such as retirement age, mortality and turnover, and update them as necessary to reflect our actual experience and expectations for the future. The Society of Actuaries issued new mortality tables in 2014 projecting longer life expectancies that resulted in higher postretirement benefit obligations for U.S. companies. We updated our mortality assumptions as of December 31, 2014, which resulted in an increase of $ 3,953 million in our principal pension plans’ benefit obligations. We determine the discount rate using the weighted average yields on high-quality fixed-income securities that have maturities consistent with the timing of benefit payments. Lower discou nt rates increase the size of the benefit obligation and pension expense in the following year; higher discount rates reduce the size of the benefit obligation and subsequent-year pension expense. The expected return on plan assets is the estimated long-t erm rate of return that will be earned on the investments used to fund the pension obligation. To determine this rate, we consider the current and target composition of plan investments, our historical returns earned, and our expectations about the future. The compensation assumption is used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligation will increase, as will the amount recorded in shareowners’ equity and amortized to earnings in subsequent periods. Further information a bout our pension assumptions, including a sensitivity analysis of certain assumptions, can be found in the Critical Accounting Estimates – Pension Assumptions within Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) . FUNDED STATUS Principal pension plans December 31 (in millions) 2015 2014 Projected benefit obligations $ 68,722 $ 70,735 Fair value of plan assets 45,720 48,280 Underfunded $ 23,002 $ 22,455 PROJECTED BENEFIT OBLIGATIONS Principal pension plans (In millions) 2015 2014 Balance at January 1 $ 70,735 $ 58,113 Service cost for benefits earned 1,424 1,205 Interest cost on benefit obligations 2,778 2,745 Participant contributions 155 153 Plan amendments 902 - Actuarial loss (gain) (4,017) (a) 11,718 (b) Benefits paid (3,255) (3,199) Balance at December 31(c) $ 68,722 $ 70,735 Principally associated with discount rate changes. Principally associated with discount rate and mortality assumption changes. The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $ 6,099 million and $ 6,632 million at year-end 2015 and 2014 , respectively. The composition of our plan assets The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are descr ibed in Note 1 and have been applied consistently. Principal pension plans December 31 (in millions) 2015 2014 Equity securities U.S. equity securities(a) $ 12,447 $ 12,956 Non-U.S. equity securities(a) 9,088 9,153 Debt securities Fixed income and cash investment funds 3,252 4,500 U.S. corporate(b) 5,529 5,155 Other debt securities(c) 5,131 5,729 Private equities(a) 4,885 5,249 Real estate(a) 3,186 3,129 Other investments(d) 2,202 2,409 Total plan assets $ 45,720 $ 48,280 (a) Included direct investments and investment funds. (b) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (c) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. (d) Substantially all represented hedge fund inves tments. Virtually all of the private equity, real estate and other investments are considered Level 3 investmen ts. The remaining investments are substantially all considered Level 1 or Level 2. A description of the fair value leveling hierarchy is provided in the Accounting Principles and Policy section of Note 1 . FAIR VALUE OF PLAN ASSETS Principal pension plans (In millions) 2015 2014 Balance at January 1 $ 48,280 $ 48,297 Actual gain on plan assets 307 2,793 Employer contributions 233 236 Participant contributions 155 153 Benefits paid (3,255) (3,199) Balance at December 31 $ 45,720 $ 48,280 amounts included in shareowners’ equity Amounts included in shareowners’ equity that will be amortized in future reporting periods follow . Principal pension plans December 31 (in millions) 2015 2014 Prior service cost $ 1,473 $ 881 Net actuarial loss 16,795 21,105 Total $ 18,268 $ 21,986 In 2016, we estimate that we will amortize $ 300 million of prior service cost and $ 2,450 million of net actuarial loss from shareowners’ equity into pension cost. Comparable amounts amortized in 2015 were $ 205 million and $ 3,288 million, respectively. Other pension and postretirement plans We also administer other pension plans, including legacy plans that were part of acquisitions. Other pension plans in 2015 included 53 U.S. and non-U.S. pension plans with assets or obligations greater than $ 50 million. These other pension plans cover 60,000 retirees and beneficiaries, 58,000 vested former employees and 39,000 active employees. We also sponsor a number of postretirement health and life insurance benefit plans (retiree benefit plans). Principal retiree benefit plans cover approximately 189,000 retirees and dependents. In June 2015, we amended our principal retiree benefit plans such that, effective January 1, 2016, our curren t post-65 retiree health plans will be closed to certain production retirees, employees, and their eligible dependents. In lieu of cu rrent post-65 retiree health benefits, current retired production participants and their eligible dependents who are 65 on or before January 1, 2018, will receive a Ret irement Reimbursement Account ( RRA) to help pay for eligible expenses incurred for coverage purcha sed through a private exchange. In addition, production employees eligible for current post-65 retiree healthcare benefits who retire by June 23, 2019 and their eligible dependents will also receive the RRA when they turn age 65 and enroll in individual Medicare coverage purchased through a private exchange. Also, in June 2015, we amended our company-provided retiree life insurance so that it will be closed to production employees who retire after June 23, 2019. These plan amendments reduced our principal retiree benefit obligations by approximately $3,300 m illion. Summarized information about these plans follows . COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2013 2015 2014 2013 Benefit plan cost $ 373 $ 412 $ 645 $ 174 $ 789 $ 927 FUNDED STATUS Principal retiree Other pension plans benefit plans (In millions) 2015 2014 2015 2014 Benefit obligations $ 21,618 $ 15,589 $ 6,757 $ 10,703 Fair value of plan assets 17,368 12,386 695 813 Underfunded $ 4,250 $ 3,203 $ 6,062 $ 9,890 amounts included in shareowners’ equity Amounts included in shareowners’ equity that will be amortized in future reporting periods follow. Principal retiree Other pension plans benefit plans December 31 (In millions) 2015 2014 2015 2014 Prior service cost (credit) $ (29) $ (23) $ (3,132) $ (24) Net actuarial loss (gain) 3,080 3,533 (464) (71) Total $ 3,051 $ 3,510 $ (3,596) $ (95) In 2016, we estimate that we will amortize $ 1 million of prior service cost and $ 275 million of net actuarial loss for the other pension plans from shareowners’ equity into pension cost. For principal retiree benefit plans, the estimated prior service credit and net actuarial gain to be amortized in 2016 will be $ 165 million and $ 55 million, respectively. Comparable amounts amortized in 2015, respectively, were an insignificant amount and $ 289 million of net actuarial loss for the other pension plans and $ 8 million of prior service credit and $ 25 million of net actuarial gain for the principal retiree benefit plans. Our funding policy Our policy for funding the GE Pension Plan is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level. We did not make contributions to the GE Pension Plan in 2015 and 2014. The minimum funding requirements under U.S. law do not require a contribution to be made in 2016 . We ex pect to pay ap proximately $ 250 million for benefit payments under our GE Supplementary Pension Plan and administrative expenses of our principal pension plans and expect to contribute approximately $ 930 million to other pension plans in 2016. In 201 5 , comparative amounts were $ 233 million and $ 549 million, respectively. We fund retiree health benefits on a pay-as-you-go basis and the retiree life insurance trust at our discretion. We expect to contribute approximately $ 490 million in 2016 to fund such benefits. In 2015, we contributed $ 501 million for these plans. Further information about our pension plans and principal retiree benefit plans can be found in Note 27 . |
All Other Liabilities
All Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
All Other Liabilities [Abstract] | |
All Other Liabilities | NOTE 13. ALL OTHER LIABILITIES This caption includes liabilities f or various items including deferred income, interest on tax liabilities, unrecognized tax benefits, environmental remediation, asset retirement obligations, derivative instruments, product warranties and a variety of sundry items. We are involved in numerous remediation actions to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs exclude possible insurance recoveries and, when dates a nd amounts of such costs are not known, are not discounted. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low end of such range. It is reasonably possible that our environmental remediation exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites, such amounts are not reasonably estimable. Total reserves related to environmental remediation and asb estos claims, were $ 1,869 million at December 31, 2015 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 14. INCOME TAXES GE and GE Capital file a consolidated U.S. federal income tax return. This enables GE and GE Capital to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The GE Capital effective tax rate reflects the benefit of these tax reductions in the consolidated return. GE makes cash payments to GE Capital for tax reductions and GE Capital pays for tax increases at the time GE’s ta x payments are due. Our businesses are subject to regulation under a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. THE GE Capital Exit Plan In conjunction with the GE Capital Exit Plan , GE Capital will significantly reduce its non-U.S. assets while continuing to operate appropriately capitalized non-U.S. businesses with substantial assets related to GE Capital ’s vertical financing businesses, Energy Financial Services, GECAS and Healthcare Equipment Finance. As a result of the GE Capital Exit Plan , GE Capital recognized a tax expense of $6,327 million in continuing operations during 2015 . This primarily consisted of $3, 548 million of tax expense related to the repatriation of excess foreign cash and the write-off of deferred tax assets of $2,779 million that will no longer be supported under this plan. The repatriation of cash includes approximately $ 10 billion of foreign earnings that, prior to the approval of the GE Capital Exit Plan , were indefinitely reinvested in GE Capital ’s international operations. GE Capital ’s indefinitely reinvested earnings have also been reduced by charges recognized in connec tion 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-of f of deferred tax assets largely relates 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 . These charges, which increase the 2015 Consolidated effective tax rate by 77.3 percentage points, are reported in the lines “Tax on global activities including exports”, and “All other-net” in the Reconciliation of U.S. federal statutory income tax rate to actual income tax rate.” (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2015 2014 2013 GE Current tax expense $ 3,307 $ 2,110 $ 4,238 Deferred tax expense (benefit) from temporary differences (1,800) (476) (2,571) 1,506 1,634 1,667 GE Capital Current tax expense (benefit) 2,796 (455) 521 Deferred tax expense (benefit) from temporary differences 2,183 (406) (969) 4,979 (861) (448) Consolidated Current tax expense 6,103 1,655 4,759 Deferred tax expense (benefit) from temporary differences 383 (882) (3,540) Total $ 6,485 $ 773 $ 1,219 CONSOLIDATED EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) 2015 2014 2013 U.S. earnings $ (309) $ 3,176 $ 6,066 Non-U.S. earnings 8,495 7,087 3,034 Total $ 8,186 $ 10,263 $ 9,100 CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2015 2014 2013 U.S. Federal Current $ 1,549 $ (122) $ 2,005 Deferred 492 261 (2,571) Non - U.S. Current 4,867 2,035 2,703 Deferred (121) (982) (1,004) Other (302) (419) 86 Total $ 6,485 $ 773 $ 1,219 RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE Consolidated GE GE Capital 2015 2014 2013 2015 2014 2013 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase (reduction) in rate resulting from inclusion of after-tax earnings of GE Capital in before-tax earnings of GE - - - 82.4 (4.8) (2.6) - - - Tax on global activities including exports(a) 54.1 (17.7) (11.4) (52.8) (12.0) (7.4) (224.5) (72.0) (126.9) U.S. business credits(b) (4.7) (3.3) (4.9) (4.1) (1.0) (2.6) 9.2 (34.5) (74.3) All other – net(c) (5.2) (6.5) (5.3) (14.2) (2.5) (4.9) (1.5) (55.9) (1.0) 44.2 (27.5) (21.6) 11.3 (20.3) (17.5) (216.8) (162.4) (202.2) Actual income tax rate 79.2 % 7.5 % 13.4 % 46.3 % 14.7 % 17.5 % (181.8) % (127.4) % (167.2) % Included 2.9% and 2.7% in consolidated and GE, respectively, related to repatriation of prior year’s non-U.S. earnings in 2013. U.S. general business credits, primarily the credit for manufacture of energy efficient appliances, the credit for energy produced from renewable sources, the advanced energy project credit and the credit for research performed in the U.S . Included (4.2)% and (10.6)% in consolidated and GE, respectively, related to deductible stock losses in 2015. Also includes, for each period, the expense or (benefit) for “Other” taxes reported above in the consolidated (benefit) provision for income taxes, net of 35% federal effect. UNRECOGNIZED TAX POSITIONS Annually, we file over 5,500 income tax returns in over 300 global taxing jurisdictions. We are under examination or engaged in tax litigation in many of these jurisdictions. During 201 5 , the Internal Revenue Service (IRS) completed the audit of our consolidated U.S. income tax returns for 20 10 -20 11 , except for certain issues that remain under examination. During 2013, the IRS completed the audit of our consolidated U.S. income tax returns for 2008-2009 , except for certain issues that remain under examination. In addition, certain other U.S. tax deficiency issues and refund claims for previous years were unresolved. The IRS has disallowed the tax loss on our 2003 disposition of ERC Life Reinsurance Corpo ration. 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 aggregat e 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 o f operations, financial position or cash flows. We further believe that we have made adequate provision for all income tax uncertainties. Resolution of audit matters, including the IRS audit of our consolidated U.S. income tax returns for 2008-2011, reduce d our 2015 and 2013 consolidated income tax rates by 4.4 and 1.9 percentage points, respectively. The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be th e range of reasonably possible changes in the next 12 months were: UNRECOGNIZED TAX BENEFITS December 31 (In millions) 2015 2014 Unrecognized tax benefits $ 6,778 $ 5,619 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,723 4,059 Accrued interest on unrecognized tax benefits 805 807 Accrued penalties on unrecognized tax benefits 98 103 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-700 0-900 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-200 0-300 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) 2015 2014 Balance at January 1 $ 5,619 $ 5,816 Additions for tax positions of the current year 720 234 Additions for tax positions of prior years 1,296 673 Reductions for tax positions of prior years (754) (761) Settlements with tax authorities (70) (305) Expiration of the statute of limitations (33) (38) Balance at December 31 $ 6,778 $ 5,619 For 2015 , t he amount shown as “additions for tax positions of prior years” relates primarily ($1,054 million ) to the preliminary estimate of uncertain tax liabilities for acquired Alstom businesses. Of the total 2015 additions for tax positions of prior years, $4 45 million relates to amounts that would not affect tax expense if recognized. We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2015 , 2014 and 2013 , $ 48 million, $ (68) million and $ 22 million of interest expense (income), respectively, and $ (4) million, $ (45) million and an insignificant amount of tax expense (inc ome) related to penalties, respectively, were recognize d in the Statement of Earnings. DEFERRED INCOME TAXES Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carryforwards , and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future t ax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent we do not consid er it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established. We have not provided U.S. deferred taxes on cumulative earnings of non-U.S. affiliates and associated companies that have been reinvested indefi nitely. These earnings relate to ongoing operations and, at December 31, 2015 and 2014 , were approximately $ 104 billion and $ 119 billion, respectively. Most of these earnings have been reinvested in active non-U.S. business operati ons and we do not intend to repatriate these earnings to fund U.S. operations. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the U.S. federal income tax liability that would be payable if such earnings were not reinvested indefinitely. Deferred taxes are provided for earnings of non-U.S. affiliates and associated companies when we plan to remit those earnings. Aggregated deferred income tax amounts are summarized below. December 31 (In millions) 2015 2014 Assets GE $ 20,539 $ 19,942 GE Capital 4,643 8,048 25,182 27,990 Liabilities GE (12,873) (11,170) GE Capital (9,204) (10,638) (22,077) (21,808) Net deferred income tax asset (liability) $ 3,105 $ 6,183 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 (In millions) 2015 2014 GE Principal pension plans $ 8,051 $ 7,859 Other non-current compensation and benefits 4,133 3,427 Provision for expenses 2,827 2,765 Retiree insurance plans 2,122 3,462 Non-U.S. loss carryforwards(a) 1,940 738 Contract assets (5,143) (4,539) Intangible assets (3,192) (2,364) Depreciation (1,688) (1,226) Investment in global subsidiaries (915) (979) Other – net (469) (371) 7,666 8,772 GE Capital Operating leases (3,863) (3,763) Financing leases (1,665) (1,899) Intangible assets (103) (53) Non-U.S. loss carryforwards(a) 2,262 2,974 Investment in global subsidiaries 5 2,060 Other – net (1,197) (1,909) (4,561) (2,590) Net deferred income tax asset (liability) $ 3,105 $ 6,183 (a) Net of valuation allowances of $ 2,184 million and $ 2,015 million for GE and $ 109 million and $ 19 million for GE Capital , for 2015 and 2014 , respectively. Of the net deferred tax asset as of December 31, 2015 , of $ 4,202 million, $ 10 million relates to net operating loss carryforwards that expire in various years ending from December 31, 201 6 through December 31, 201 8 ; $ 472 million relates to net operating losses that expire in various years ending from December 31, 201 9 through December 31, 203 5 and $ 3,720 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
Shareowners' Equity
Shareowners' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' Equity | NOTE 15. SHAREOWNERS’ EQUITY (In millions) 2015 2014 2013 Preferred stock issued $ 6 $ - $ - Common stock issued $ 702 $ 702 $ 702 Accumulated other comprehensive income Balance at January 1 $ (18,172) $ (9,119) $ (20,229) Other comprehensive income before reclassifications (3,312) (12,088) 8,844 Reclassifications from other comprehensive income 4,956 3,035 2,265 Other comprehensive income, net, attributable to GE 1,644 (9,053) 11,109 Balance at December 31 $ (16,529) $ (18,172) $ (9,119) Other capital Balance at January 1 $ 32,889 $ 32,494 $ 33,070 Gains (losses) on treasury stock dispositions and other(a)(b) 4,724 396 (576) Balance at December 31 $ 37,613 $ 32,889 $ 32,494 Retained earnings Balance at January 1 $ 155,333 $ 149,051 $ 144,055 Net earnings (loss) attributable to the Company (6,126) 15,233 13,057 Dividends and other transactions with shareowners (9,161) (8,948) (8,060) Redemption value adjustment on redeemable noncontrolling interests (25) (2) (1) Balance at December 31 $ 140,020 $ 155,333 $ 149,051 Common stock held in treasury Balance at January 1 $ (42,593) $ (42,561) $ (34,571) Purchases(c) (23,762) (1,950) (10,466) Dispositions 2,816 1,917 2,477 Balance at December 31 $ (63,539) $ (42,593) $ (42,561) Total equity GE shareowners' equity balance at December 31 $ 98,274 $ 128,159 $ 130,566 Noncontrolling interests balance at December 31 1,864 8,674 6,217 Total equity balance at December 31 $ 100,138 $ 136,833 $ 136,783 2014 included $ 440 million related to the excess of the net proceeds from the Synchrony Financial IPO over the carrying value of the interest sold. 2015 included $ 4,949 million related to issuance of new preferred sto ck in exchange for existing GE Capital preferred stock. 2015 included $ (20,383) million related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial. Shares of GE Preferred Stock At December 31, 2014 GECC had outstanding 50,000 shares of non-cumulative A, B and C Series perpetual preferred stock at an average dividend rate of 6.44 % with a face value of $ 5,000 million. In connection with the GE Capital Exit Plan, on Dec ember 3, 2015, these shares were converted into a corresponding Series A, B, and C of fixed-to-floating rate non-cumulative perpetual preferred stock issued by GE with face value of $ 2,778 million, $ 2,073 million, $ 1,094 mi llion, respectively, for a cumulative face value of $ 5,944 million with terms as follows: Series A: 2,777,625 shares bearing an initial fixed interest rate of 4.00 % through June 15, 2022, and a floating rate equal to three- month LIBOR plus 2.28 % thereafter, callable on June 15, 2022. Series B : 2,072,525 shares bearing an initial fixed interest rate of 4.10 % through June 15, 2022, and a floating rate equal to three-month LIBOR plus 2.32 % thereafter, callable on December 15, 2022. Series C : 1,094,100 shares bearing an initial fixed interest rate of 4.20 % through June 15, 2022, and a floating rate equal to three-month LIBOR plus 2.37 % thereafter, callable on June 15, 2023. The incremental shares were issued in order to compensate preferred holders for the lower dividend rate. In conjunction with the exchange of the GE Capital Preferred stock into GE Preferred stock, GE Capital issued preferred st ock to GE for which the amount and terms mirror the GE preferred stock held by external investors ($ 4,949 million carrying value at exchange). Subsequent to the issuance of the preferred stock on December 3, 2015, in response to investor feedba ck, GE launched an exchange offer on December 18, 2015 that allowed GE preferred stock investors to exchange their existing Series A, B and C preferred stock into a Series D GE preferred stock. These Series D instruments bear an initial fixed interest rate of 5.00 % through January 21, 2021, will bear a floating rate equal to three-month LIBOR plus 3.33 % thereafter and are callable on January 21, 2021. On January 20, 2016, $ 2,687 million of Series A, $ 2,008 milli on of Series B and $ 999 million of Series C were exchanged into $ 5,694 million Series D GE preferred stock. Post exchange, $ 91 million of Series A, $ 64 million of Series B and $ 95 million of Series C GE preferred stock remain outstanding. The carrying value of the GE preferred stock at December 31, 2015 was $ 4,960 million and will increase to $ 5,944 million through periodic accretion to the respective call dates of each series. Principal and accretion for the preferred stock is recorded in other capital in the consolidated Statement of Financial Position. On October 16, 2008, we issued 30,000 shares of 10 % cumulative perpetual preferred stock and warr ants to purchase 134,831,460 shares of common stock to Berkshire Hathaway Inc. (Berkshire Hathaway). On October 16, 2013, Berkshire Hathaway exercised their warrants and GE delivered 10.7 million shares to Berkshire Hathaway. The transaction h ad equal and offsetting effects on other capital and common stock held in treasury. GE has 50 million authorized shares of preferred stock ($ 1.00 par value). 5,944,250 shares were issued and outstanding as of December 31, 2015 . No shares were issued and outstanding as of December 31, 2014 and 2013 . Shares of GE Common Stock On April 10, 2015, the GE Board has authorized a new repurchase program of up to $ 50 billion in common stock, exclu ding the Synchrony Financial exchange. On November 17, 2015, we completed the split-off of Synchrony Financial through which we acquired 671,366,809 shares of GE common stock from our shareholders in exchange for 705,270,833 shares of Synchrony F inancial stock we held. Under our share purchase programs, on a book basis, we repurchased shares of 109.8 million, 73.6 million and 432.6 million for a total of $ 3,320 million, $ 1,901 million and $ 10,375 million for the years ended 2015 , 2014 and 2013 , respectively. GE’s authorized common stock consists of 13,200,000,000 shares having a par value of $ 0.06 each. Common shares issued and outstanding are summarized in the following table. December 31 (In thousands) 2015 2014 2013 Issued 11,693,841 11,693,841 11,693,841 In treasury(a) (2,314,553) (1,636,461) (1,632,960) Outstanding 9,379,288 10,057,380 10,060,881 (a) 2015 included (671,366,809) shares related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) 2015 2014 2013 Investment securities Balance at January 1 $ 1,013 $ 307 $ 677 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $(270), $352 and $(408)(a) (486) 562 (692) Reclassifications from OCI – net of deferred taxes of $(36), $85 and $223 (67) 146 318 Other comprehensive income (loss)(b) (553) 708 (374) Less OCI attributable to noncontrolling interests (1) 2 (4) Balance at December 31 $ 460 $ 1,013 $ 307 Currency translation adjustments (CTA) Balance at January 1(c) $ (2,428) $ 283 $ 413 OCI before reclassifications – net of deferred taxes (4,932) (2,600) 510 of $1,348, $(129) and $(613) Reclassifications from OCI – net of deferred taxes of $(1,489), $213 and $793 1,794 (129) (818) Other comprehensive income (loss)(b) (3,137) (2,730) (308) Less OCI attributable to noncontrolling interests (66) (19) (22) Balance at December 31 $ (5,499) $ (2,428) $ 126 Cash flow hedges Balance at January 1(c) $ (180) $ (414) $ (722) OCI before reclassifications – net of deferred taxes (732) (609) 737 of $(21), $22 and $251 Reclassifications from OCI – net of deferred taxes of $86, $34 and $(176) 831 844 (271) Other comprehensive income (loss)(b) 99 234 466 Less OCI attributable to noncontrolling interests - - 2 Balance at December 31 $ (80) $ (180) $ (257) Benefit plans Balance at January 1 $ (16,578) $ (9,296) $ (20,597) Prior service credit (costs) - net of deferred taxes of $859, $219 and $(5) 1,541 396 (6) Net actuarial gain (loss) – net of deferred taxes of $647, $(5,332) and $4,506 1,227 (9,849) 8,269 Net curtailment/settlement - net of deferred taxes of $(42), $41 and $0 (76) 72 - Prior service cost amortization – net of deferred taxes of $103, $241 and $267 100 349 397 Net actuarial loss amortization – net of deferred taxes of $1,199, $859 and $1,343 2,373 1,753 2,640 Other comprehensive income (loss)(b) 5,165 (7,278) 11,300 Less OCI attributable to noncontrolling interests (3) 3 (1) Balance at December 31 $ (11,410) $ (16,578) $ (9,296) Accumulated other comprehensive income (loss) at December 31 $ (16,529) $ (18,172) $ (9,119) (a) Included adjustments of $ (611) million, $ 960 million and $ (1,171) million in 2015 , 2014 and 2013 , respectively, to deferred acquisition costs, present value of future profits, and investment contracts, insurance liabilities and insurance annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. (b ) Total other comprehensive income (loss) was $ 1,575 million, $ (9,066) million and $ 11,084 million in 2015 , 2014 and 2013 , respectively. (c) Included a $ 157 million reclassification between 2014 opening balances in Currency Translation Adjustments and Cash Flow Hedges. RECLASSIFICATION OUT OF AOCI (In millions) 2015 2014 2013 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ 103 $ (231) $ (541) Total revenue and other income (a) (36) 85 223 Benefit (provision) for income taxes (b) $ 67 $ (146) $ (318) Net of tax Currency translation adjustments Gains (losses) on dispositions $ (305) $ (85) $ 25 Total revenues and other income(c) (1,489) 213 793 Benefit (provision) for income taxes(d) $ (1,794) $ 129 $ 818 Net of tax Cash flow hedges Gains (losses) on interest rate derivatives $ (130) $ (234) $ (364) Interest and other financial charges Foreign exchange contracts (801) (666) 564 (e) Other 13 22 248 (f) (918) (878) 447 Total before tax 86 34 (176) Benefit (provision) for income taxes $ (831) $ (844) $ 271 Net of tax Benefit plan items Curtailment gain (loss) $ 118 $ (113) $ - (g) Amortization of prior service costs (203) (590) (664) (g) Amortization of actuarial gains (losses) (3,572) (2,612) (3,983) (g) (3,657) (3,315) (4,647) Total before tax 1,260 1,141 1,610 Benefit (provision) for income taxes $ (2,397) $ (2,174) $ (3,037) Net of tax Total reclassification adjustments $ (4,956) $ (3,035) $ (2,266) Net of tax Included $ 61 million, an insignificant amount and $ (497) million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (30) million, $ 3 million and $ 204 million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (224) million, $ (51) million and $ 62 million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (1,506) million, $ 213 million and $ 802 million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (758) million, $ (607) million and $ 608 million in GE Capital revenues from services and $ (43) millio n, $ (59) million and $ (44) million in interest and other financial charges in 2015 , 2014 and 2013 , respectively. Primarily recorded in costs and expenses. Curtailment gain ( loss ) , amortization of prior service costs and actuarial gains and losses reclassified out of AOCI are included in the computation of net periodic pension costs. See Note s 12 and 27 for further information. Noncontrolling Interests Noncontrolling interests in equity of consol idated affiliates includes common shares in consolidated affiliates and preferred stock issued by our affiliates. Prior to the fourth quarter of 2015, the preferred stock issued by GECC was classified as noncontrolling interests in our consolidated State ment of Financial Position, with dividends presented as noncontrolling interest in our consolidated Statement of Earnings. As discussed previously in this note, this preferred stock was converted to a corresponding series of preferred stock issued by GE an d on January 20, 2016 a substantial majority of those shares were exchanged into GE Series D preferred stock. Effective with these changes, the preferred stock issued by GE is reflected in our shareowners’ equity and dividends are presented as a reduction of net earnings attributable to GE in the statement of earnings (under the caption “Preferred stock dividends”) for the year ended December 31, 2015 and subsequently. December 31 (In millions) 2015 2014 GECC preferred stock $ - $ 4,949 Synchrony Financial - 2,531 Other noncontrolling interests in consolidated affiliates(a) 1,864 1,194 Total $ 1,864 $ 8,674 (a) Consisted of a number of individually insignificant noncontrolling interests in partnerships and consolidated affiliates. 2015 included $ 695 million related to the Alstom acquisition. CHANGES TO NONCONTROLLING INTERESTS (In millions) 2015 2014 2013 Beginning balance $ 8,674 $ 6,217 $ 5,444 Net earnings 377 183 312 GECC preferred stock(a) (4,949) - 990 GECC preferred stock dividend (311) (322) (298) Dividends (43) (74) (80) Dispositions 189 (81) (175) Synchrony Financial(b) (2,840) 2,393 - Other (including AOCI)(c)(d) 767 358 24 Ending balance $ 1,864 $ 8,674 $ 6,217 (a) 2015 included $ (4,949) million related to the issuance of GE preferred stock in exchange for existing GECC preferred stock. GE preferred st ock is reflected in shareowners’ equity in the consolidated Statement of Financial Position. ( b ) 2015 related to the split- off on Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial; 2014 related to the Synchrony Financial IPO. (c) Includes research & development partner funding arrangements, acquisitions and eliminations. (d) 2 015 included $ 695 million related to the Alstom acquisition. redeemable noncontrolling interest Redeemable noncontrolling interest presented in our statement of financial position includes common shares issued by our affiliates that are redeem able at the option of the holder of those interests. As part of the Alstom acquisition, we formed three joint ventures in which the noncontrolling interests hold certain redemption rights. These joint ventures and the associated redemption rights are dis cussed in Note 8. Our retained earnings will be adjusted for subsequent changes in the redemption value of the noncontrolling interest in these entities to the extent that the redemption value exceeds the carrying amount of the noncontrolling interest. (In millions) 2015 2014 2013 Beginning balance $ 98 $ 178 $ 214 Net earnings (46) (71) (14) Dividends (11) (12) (14) Dispositions 1 - - Redemption value adjustment 25 2 1 Other(a) 2,905 1 (8) Ending balance $ 2,972 $ 98 $ 178 (a) 2015 included $ 2,875 million related to joint ventures formed by GE and Alstom as part of the Alstom acquisition. Other Common d ividends from GE Capital totaled $ 4,311 million, $ 2,000 million and $ 1,930 million to GE during 2015 , 2014 and 2013 , respectively. GE Capital did not pay any special dividends to GE during 2015 . GE Capital paid special dividends of $ 1,000 million and $ 4,055 million to GE during 2014 and 2013 , respectively. |
Other Stock-related Information
Other Stock-related Information | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Other Stock-Related Information | NOTE 16 . OTHER STOCK-RELATED INFORMATION Share-Based Compensation We grant stock options, restricted stock units and performance share units to employees under the 2007 Long-Term Incentive Plan. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE’s Board of Directors, which is composed enti rely of independent directors. Stock options Under our stock option program, an employee receives an award that provides the opportunity in the future to purchase GE shares at the market price of our stock on the date the award is granted (the strike price). The options become exercisable in equal amounts over a five-year vesting period and expire 10 years from the grant date if they are not exercised. Sto ck options have no financial statement effect on the date they are granted but rather are reflected over time through recording compensation expense and increasing shareowners’ equity. We record compensation expense based on the estimated fair value of the awards expected to vest, and that amount is amortized as compensation expense on a straight-line basis over the five-year vesting period. Accordingly, total expense related to the award is reduced by the fair value of options that are expected to be forfe ited by employees t hat leave GE prior to vesting. We estimate forfeitures based on our experience and adjust the expense to reflect actual forfeitures over the vesting period. The offset to the expense we record is reflected as an increase in the “Other ca pital” component of shareowners’ equity. (In millions, after tax) 2015 2014 2013 Compensation Expense $ 234 $ 215 $ 231 We estimate the fair value of each stock option award on the date of grant using a Black-Scholes option pricing model. The table below provides the weighted average grant date fair values, key assumptions and other inputs into the pricing model. With the exception of the dividend yield assumption, an increase in any individual assumption will increase the estimated fair value of the option, all other things being equal. 2015 2014 2013 Weighted average grant-date fair value of stock options $ 4.64 $ 5.26 $ 4.52 Stock Option Valuation Assumptions: Risk-free interest rate 2.0 % 2.3 % 2.5 % Dividend yield 3.4 % 3.1 % 4.0 % Expected volatility 25.0 % 26.0 % 28.0 % Expected option life (in years) 6.8 7.3 7.5 Other pricing model inputs: Weighted average grant-date market price of GE stock (strike price) $ 25.79 $ 26.11 $ 23.80 The table below shows the amount and weighted average strike price of options granted during 2015, as well as those outstanding and exercisable at year-end 2015. As of December 31, 2015 unless, otherwise stated (in thousands, except per share data) Stock options granted during 2015 52,561 Weighted average strike price of awards granted in 2015 $ 25.79 Stock options outstanding 467,922 Weighted average strike price of stock options outstanding $ 21.72 Stock options exercisable 298,199 Weighted average strike price of stock options exercisable $ 20.14 When an employee exercises an option, we issue treasury shares to satisfy the requirements of the option. 2015 2014 2013 Stock options exercised (in thousands) 65,764 30,433 36,191 Cash received from stock options exercised (in millions) $ 1,098 $ 439 $ 490 Outstanding stock option awards may be dilutive to earnings per share when they are in the money (the market price of GE stock is greater than the strike price of the option). When an option is dilutive, it increases the number of shares used in the diluted earnings per share calculation, which will decrease earnings per share. However, the effect stock options have on the number of shares added to the diluted earnings per share calculation is not one for one. The average amount of unrecognized compen sation expense (the portion of the fair value of these option awards not yet amortized), potential option-related excess tax benefits and the market price of GE stock during the reporting period affect how many of these potential shares are included in the calculation. The calculation assumes that the proceeds received from the exercise, the unrecognized compensation expense and any potential excess tax benefits are used to buy back shares, which reduces the dilutive impact. As of December 31, 2015, there was $628 million of unrecognized compensation expense related to unvested options, which will be amortized over the remaining vesting period (the weighted average period is approximately 2 years). Of that total, approximately $159 million, after tax, is e stimated to be recorded as compensation expense in 2016. The dilutive effect of in the money options on our earnings per share from continuing operations has been $0.01 or less per share (1% or less) for the last three years. For additional information a bout earnings per share see Note 18. Restricted Stock A restricted stock award provides an employee with the right to receive shares of GE stock when the restrictions lapse, which occurs in equal amounts over the vesting period. Upon vesting, each unit of restricted stock is converted into GE common stock on a one for one basis using treasury stock shares. The expense to be recognized on restricted stock is based upon the market price on the grant date (which is its fair value) times the number of units expected to vest. Accordingly, total expense related to the award is reduced by the fair value of restricted stock units that are expected to be forfeited by employees that leave GE prior to lapse of the restrictions. That amount is amortized as com pensation expense on a straight-line basis over the five-year vesting period. We estimate forfeitures based on our experience and adjust the expense to reflect actual forfeitures over the vesting period. The offset to compensation expense is an increase i n the “Other capital” component of shareowners’ equity. (In millions, after tax) 2015 2014 2013 Compensation expense(a) $ 72 $ 56 $ 62 (a) Includes $5.7 million of compensation expense related to performance share units. The fair value of a restricted stock unit at the grant date is equal to the market price of our stock on the grant date. 2015 2014 2013 Weighted average grant-date fair value of restricted stock awards $ 26.74 $ 26.08 $ 24.54 As of December 31, 2015, unless otherwise stated (in thousands, except per share data) Restricted stock granted during 2015 3,756 Non-vested restricted stock outstanding 13,941 Weighted average fair value at grant date of non-vested stock $ 25.05 The table below provides information about the units of restricted stock that vested for each of the years presented. (In thousands) 2015 2014 2013 Restricted stock vested during the year ended 3,899 3,305 4,583 As of D ecember 31, 2015, there was $221 million of total unrecognized compensation expense related to unvested restricted stock, which will be amortized over the remaining vesting period (the weighted a verage period is approximately 2 years). Of that total, approximately $55 million, after tax, is estimated to be recorded as compensation expense in 2016. Other Information When options are exercised and restricted stock vests, we issue shares from treasury stock , which increases shares outstanding. The “Other capital” component of shareowners’ equity is adjusted for differences between the strike price of GE stock and the average cost of our treasury stock. We also record the difference between the tax benefits assumed (based on the fair value of the aw ard on the grant date) and the actual tax benefit in the “Other capital” component of shareowners’ equity. Any excess tax benefit is recorded as a cash flow from financing activities in our statement of cash flows. The table below provides information abou t tax benefits related to all share-based compensation arrangements. (In millions) 2015 2014 2013 Income tax benefit recognized in earnings $ 148 $ 147 $ 145 Excess of actual tax deductions over amounts assumed recognized in equity 167 86 86 Share based compensation programs serve as a means to attract and retain talented employees and are an important elemen t of their total compensation. The intrinsic value of a stock option award is the amount by which the award is in the money and represents the potential value to the employe e upon exercise of the option. The intrinsic value of restricted stock is the value of the shares awarded at the current market price. The table below provides information about the intrinsic value of option an d restricted stock awards. Aggregate intrinsic As of December 31, 2015, unless otherwise stated (in millions) value Stock options outstanding $ 4,534 Stock options exercised in 2015 746 Non-vested restricted stock outstanding 434 Restricted stock vested in 2015 102 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Income [Abstract] | |
Other Income | NOTE 17 . OTHER INCOME (In millions) 2015 2014 2013 GE Purchases and sales of business interests(a) $ 1,020 $ 188 $ 1,750 Licensing and royalty income 168 288 320 Associated companies 45 176 40 Net interest and investment income(b) 65 (77) 116 Other items(c) 868 132 660 2,165 707 2,886 Eliminations 62 71 221 Total $ 2,227 $ 778 $ 3,107 (a) Included a pre-tax gain of $623 million on the sale of our Signaling business in 2015 and a pre-tax gain of $ 1,096 million on the sale of our 49% com mon equity interest in NBCU LLC in 2013 . See Note 2. (b) Included other-than-temporary impairments on investment securities of $(217) million in 2014. (c) Included the $450 million NBCU tax settlement and the $175 million break-up fee from Electrolux in 2015. Included net gains on ass et sales of $ 90 million, $ 127 million and $ 357 million in 2015 , 2014 |
Earnings Per Share Information
Earnings Per Share Information | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information | 2015 2014 2013 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations for per-share calculation(a) $ 1,680 $ 1,679 $ 9,523 $ 9,523 $ 7,596 $ 7,609 Preferred stock dividends declared (18) (18) - - - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 1,662 $ 1,661 $ 9,523 $ 9,523 $ 7,596 $ 7,609 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (7,795) (7,795) 5,691 5,691 5,420 5,432 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ (6,135) $ (6,135) $ 15,213 $ 15,212 $ 13,028 $ 13,040 Average equivalent shares Shares of GE common stock outstanding 9,944 9,944 10,045 10,045 10,222 10,222 Employee compensation-related shares (including stock options) and warrants 72 - 78 - 67 - Total average equivalent shares 10,016 9,944 10,123 10,045 10,289 10,222 Per-share amounts Earnings (loss) from continuing operations $ 0.17 $ 0.17 $ 0.94 $ 0.95 $ 0.74 $ 0.74 Earnings (loss) from discontinued operations (0.78) (0.78) 0.56 0.57 0.53 0.53 Net earnings (loss) (0.61) (0.62) 1.50 1.51 1.27 1.28 Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. A pplication of this treatment had an insignificant effect. Included an insignificant amount of dividend equivalents in each of the three years presented. Included in 2013 is a dilutive adjustment for the change in income for forward purchase contr acts that may be settled in stock. For the years ended December 31, 2015 , 2014 and 2013 , there were approximately 97 million, 98 million and 121 million, respectively, of outstanding stock awards that w ere not included in the computation of diluted earnings per share because their effect was antidilutive. Earnings-per-share amounts are computed independently for earnings from continuing operations, earnings (loss) from discontinued operations and net ea rnings. As a result, the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19. 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 an d derivatives . ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Netting (In millions) Level 1 (a) Level 2 (a) Level 3 adjustment (b) Net balance December 31, 2015 Assets Investment securities Debt U.S. corporate $ - $ 19,351 $ 3,006 $ - $ 22,358 State and municipal - 4,215 30 - 4,245 Mortgage and asset-backed - 3,084 32 - 3,116 Corporate – non-U.S. 12 544 290 - 847 Government – non-U.S. 5 410 - - 415 U.S. government and federal agency 49 404 323 - 776 Equity 194 9 13 - 216 Derivatives(c) - 7,312 79 (6,110) 1,281 Other(d) - - 259 - 259 Total $ 260 $ 35,331 $ 4,033 $ (6,110) $ 33,512 Liabilities Derivatives $ - $ 5,677 $ 4 $ (4,968) $ 713 Other(e) - 1,182 - - 1,182 Total $ - $ 6,860 $ 4 $ (4,968) $ 1,895 December 31, 2014 Assets Investment securities Debt U.S. corporate $ - $ 20,651 $ 3,053 $ - $ 23,704 State and municipal - 4,560 58 - 4,618 Mortgage and asset-backed - 4,632 146 - 4,777 Corporate – non-U.S. - 615 337 - 953 Government – non-U.S. - 489 2 - 491 U.S. government and federal agency - 496 266 - 761 Equity 176 16 9 - 201 Derivatives(c) - 9,881 30 (7,570) 2,341 Other(d) - - 277 - 277 Total $ 176 $ 41,340 $ 4,177 $ (7,570) $ 38,122 Liabilities Derivatives $ - $ 4,840 $ 11 $ (4,337) $ 514 Other(e) - 1,179 - - 1,179 Total $ - $ 6,018 $ 11 $ (4,337) $ 1,692 (a) There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2015 and 2014 . ( b) The netting of derivative receivables and payables (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. At December 31, 2015 and 2014 , the cumulative adjustment for non-performance risk was insignificant and $ 16 mil lion, respectively . See Note s 20 and 27 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 YEARS ENDED DECEMBER 31 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) December 31 December 31(c) 2015 Investment securities Debt U.S. corporate $ 3,053 $ 3 $ (165) $ 362 $ (80) $ (137) $ - $ (30) $ 3,006 $ - State and municipal 58 - (2) - - (9) - (17) 30 - Mortgage and asset-backed 146 (19) (9) - (32) (4) - (49) 32 - Corporate – non-U.S. 337 - (6) 9 (49) (1) - - 290 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 266 - 58 - - (1) - - 323 - Equity 9 2 (5) - - (4) 10 - 13 - Derivatives(d)(e) 29 25 - - - (6) 40 - 88 22 Other 277 8 - - (26) - - - 259 5 Total $ 4,175 $ 19 $ (128) $ 370 $ (187) $ (161) $ 51 $ (98) $ 4,042 $ 27 2014 Investment securities Debt U.S. corporate $ 2,787 $ 18 $ 131 $ 541 $ (227) $ (212) $ 175 $ (159) $ 3,053 $ - State and municipal 50 - 6 3 - (1) - - 58 - Mortgage and asset-backed 238 3 6 - (16) (31) 2 (57) 146 - Corporate – non-U.S. 515 64 4 167 (248) (149) 1 (19) 337 - Government – non-U.S. 30 - - - - - 2 (30) 2 - U.S. government and federal agency 225 - 34 - - - 9 (2) 266 - Equity 11 - - 2 (2) - - (2) 9 - Derivatives(d)(e) 11 13 - (1) - 3 3 (1) 29 12 Other 201 85 - 33 (41) - - - 277 73 Total $ 4,068 $ 182 $ 181 $ 744 $ (534) $ (390) $ 192 $ (269) $ 4,175 $ 85 Earnings effects are primarily included in the “ GE Capital revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were primarily a result of increased use of quotes from independent pricing vendors based on recent trading activity. Represents the amount of unrealized gains or losses for the period included in earnings. Represents derivative a ssets net of derivative liabilities and included cash accruals of $ 13 million and $ 9 million not reflected in the fair value hierarchy table during 2015 and 2014 , respectively. Gains (losses) included in net realized/un realized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 20 and 27 . The following table represents 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 during the fiscal year and still held at December 31, 2015 and 2014 . Remeasured during the years ended December 31 2015 2014 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 154 $ 1 $ 8 Cost and equity method investments 1 436 - 346 Long-lived assets 2 882 102 689 Total $ 3 $ 1,471 $ 103 $ 1,044 The following table represents the fair value adjustments to assets measured at fair value on a non-recurring basis and still held at December 31, 2015 and 2014 . Years ended December 31 (In millions) 2015 2014 Financing receivables and financing receivables held for sale $ (69) $ (16) Cost and equity method investments (506) (286) Long-lived assets (1,603) (427) Total $ (2,177) $ (729) LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted average) December 31, 2015 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 834 Income approach Discount rate(a) 1.7%-14.1% (8.6%) Mortgage and asset-backed 31 Income approach Discount rate(a) 5.0%-12.0% (10.5%) Corporate – non-U.S. 236 Income approach Discount rate(a) 6.5%-14.0% (7.5%) Other financial assets 259 Income approach, EBITDA multiple 6.1X-15.0X (9.9X) Market comparables Capitalization rate 7.8%-7.8% (7.8%) Non-recurring fair value measurements Financing receivables and $ 146 Income approach Discount rate(a) 6.5%-30.0% (10.7%) financing receivables held for sale Cost and equity method investments 293 Income approach Discount rate(a) 9.5%-35.0% (14.4%) Long-lived assets 830 Income approach Discount rate(a) 1.8%-11.7% (10.5%) 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%) Mortgage and 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 664 Income approach Discount rate(a) 2.0%-10.8% (6.7%) (a) Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value. At December 31, 2015 and 2014 , other Level 3 recurring fair value measurements of $2,637 million and $2,532 million, respectively, and no n-recurring measurements of $122 million and $55 million, respectively, are valued using non-binding broker quotes or other th ird-party sources. At December 31, 2015 and 2014 , other recurring fair value measurements of $32 million and $203 million, respectively, and non-recurring fair value measurements of $80 million and $16 million, respectively, w ere individually insignificant and utilize a number of different unobservable inputs not subject to meaningful aggregation . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | NOTE 20. 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. For those instruments that are not actively traded their fair values must often be determ ined using financial models. Realization of the fair value of these instruments depends upon market forces beyond our control, including marketplace liquidity. 2015 2014 Assets (liabilities) Assets (liabilities) Carrying Carrying amount Estimated amount Estimated December 31 (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,104 $ 1,174 $ 502 $ 551 Liabilities Borrowings(a)(b) (18,455) (19,011) (16,340) (17,503) Borrowings (debt assumed)(a)(c) (85,114) (92,641) - - GE Capital Assets Loans 20,061 19,774 20,153 20,182 Time deposits(d) 10,386 10,386 - - Other commercial mortgages 1,381 1,447 1,427 1,508 Loans held for sale 342 342 419 419 Other financial instruments(e) 94 110 103 113 Liabilities Borrowings(a)(f)(g)(h) (95,681) (99,602) (245,993) (261,569) Investment contracts (2,955) (3,441) (3,970) (4,596) (a) See Note 10. (b) Included $ 116 million and $ 94 million of accrued interest in estimated fair value at December 31, 2015 and December 31, 2014 , respectively. (c) Included $ 1,006 million of accrued interest in estimated fair value at December 31, 2015 . (d) Balances at December 31, 2015 included $ 10,386 million of high quality interest bearing deposits with European branches of global banks, predominantly in the UK, that mature in April 2016. (e) Principally comprises cost method investments. (f) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at December 31, 2015 and 2014 would have been red uced by $ 3,001 million and $ 5,020 million, respectively. (g) Included $ 1,103 million and $ 2,888 million of accrued interest in estimated fair value at December 31, 2015 and 2014 , respectively. (h) Excluded $85,114 million of intercompany payable to GE related to the debt assumption at December 31, 2015 . A description of how we estimate fair values follows: Loans . Based on a discounted future cash flows methodology, using current market interest rate data adjusted for inherent credit risk or quoted market prices and recent transactions, if available. Borrowings. Based on valuation methodologies using current market interest rate data that are comparable to market quotes adjusted for our non-performance risk. Investment contracts. Based on expected future cash flows, discounted at currently offered r ates for immediate annuity contracts or the income approach for single premium deferred annuities. Time deposits. Carrying value approximates fair value as these financial instruments have limited credit risk, short-term maturities and interest rates th at approximate market. All other instruments. Based on observable market transaction and/or valuation methodologies using current market interest rate data adjusted for inherent credit risk. Assets and liabilities that are reflected in the accompanyin g financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securities and derivative financial instruments. Additional information about Notional Amounts of Loan Commitments follows. NOTIONAL AMOUNTS OF LOAN COMMITMENTS December 31 (In millions) 2015 2014 Ordinary course of business lending commitments(a) $ 531 $ 762 Unused revolving credit lines Commercial 279 282 (a) Excluded investment commitments of $ 782 million and $ 812 million at December 31, 2015 and 2014 , respectively. Securities Repurchase and Reverse Repurchase Arrangements Our issuances of securities repurchase agreements are insignificant and are limited to activities at certain of our foreign banks primarily for purposes of liquidity management. Any such agreements are reported in short-term borrowings on the financial statements. No repurchase agreements were accounted for a s off-book financing and we do not engage in securities lending transactions. At December 31, 2015 , we were party to no repurchase agreements. We also enter into reverse securities repurchase agreements, primarily for short-term investment with maturities of 9 0 days or less. At December 31, 2015 , we were party to reverse repurchase agreements totaling $ 11.3 billion, which were reported in cash and equivalents on the financial statements. Under these reverse securities repurchase agreements, we typically lend available cash at a specified rate of interest and hold U.S. or highly-rated European government securities as collateral during the term of the agreement. Collateral value is in excess of amounts loaned under the agreements. Derivatives and Hedging In this section, we explain how we use derivatives to manage our risks and how these financial instruments are reflected in our financial statements. Our use of derivatives relates solely to risk management; we do not use derivatives for speculation. As discussed elsewhere in this report, we are executing a plan to reduce the size and scope of our financial services business, with the intention of princ ipally retaining those activities that support our industrial businesses. The affected businesses have either been sold or are held for sale and are presented as discontinued operations in our financial statements as of December 31, 2015. As a result of th ese actions, the significance of financial services hedging activity will diminish significantly in the future. Risk management strategy In our industrial businesses, we buy, manufacture and sell components and products across global markets. These activ ities expose us to changes in foreign currency exchange rates and commodity prices, which can adversely affect revenues earned and costs of operating our industrial businesses. When the currency in which we sell equipment differs from the primary currency of one of our industrial businesses (known as its functional currency) and the exchange rate fluctuates, it will affect the revenue we earn on the sale. These sales and purchase transactions also create receivables and payables denominated in foreign curre ncies, which expose us to foreign currency gains and losses based on changes in exchange rates. Changes in the price of a raw material that we use in manufacturing can affect the cost of manufacturing. We use derivatives to mitigate or eliminate these expo sures. With respect to our ongoing financial services activities, our key exposures relate to interest rate and currency risk. To the extent feasible, we seek to ensure that the characteristics of the debt we have issued align with the assets being funded . The form (fixed rate or floating rate) and currency denomination of the debt we issue depends on a number of considerations, the most important of which are market factors (demand, pricing, etc.) that affect the economics of the issuance. If the form and currency denomination of the debt does not match the assets being funded, we typically execute derivatives to meet this objective within defined limits. Forms of hedging In this section we explain the hedging methods we use and their effects on our fi nancial statements. Cash flow hedges – We use cash flow hedging primarily to reduce or eliminate the effects of foreign exchange rate changes on purchase and sale contracts in our industrial businesses and to convert foreign currency debt that we have iss ued in our financial services business back to our functional currency. Accordingly, the vast majority of our derivative activity in this category consists of currency exchange contracts. As a result of acquisitions in our industrial businesses, we expect to significantly expand our foreign currency hedging activity related to long-term contracts. We also use commodity derivatives to reduce or eliminate price risk on raw materials purchased for use in manufacturing. Under hedge accounting, the derivative carrying amount is measured at fair value each period and any resulting gain or loss is recorded in a separate component of shareowners’ equity. Differences between the derivative and the hedged item may cause changes in their fair value s to not offset completely, which is referred to as ineffectiveness. When the hedged transaction occurs, these amounts are released from shareowners’ equity, in order that the transaction will be reflected in earnings at the rate locked in by the derivative . The effect of the hedge is reported in the same financial statement line item as the earnings effects of the hedged transaction. The table below summarizes how the derivative is reflected in the balance sheet and in earnings under hedge accounting. The e ffect of the hedged forecasted transaction is not presented in this table but offsets the earnings effect of the derivative. FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES (In millions) 2015 2014 Balance sheet changes Fair value of derivatives increase (decrease) $ (911) $ (546) Shareowners' equity (increase) decrease 913 546 Earnings (loss) related to ineffectiveness 2 1 Earnings (loss) effect of derivatives(a) (918) (878) (a) Offsets earnings effect of the hedged forecasted transaction The following table explains the effect of changes in market rates on the fair value of derivatives we use most commonly in cash flow hedging arrangements. Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay fixed rate/receive floating rate Fair value increases Fair value decreases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases Fair value hedges – These derivatives are used to hedge the effects of interest rate and currency exchange rate changes on debt that we have issued. We have issued mostly fixed rate debt that is used to fund both fixed and floating rate assets. In instances where fixed rate debt is funding floating rate assets, we have an exposure to changes in interest rates. We enter into interest rate swaps that receive a fixed rate and pay a floating rate of interest to align with that portion of our debt which funds floating rate assets. These swaps typically match the maturity of the associated debt being hedged. Under hedge accounting, the derivative is measured at fair value and the carrying amount of the hedged debt is adjusted for the change in value rela ted to the exposure being hedged, with both adjustments offset to earnings as interest expense. For example, the earnings effect of an increase in the fair value of the derivative will be largely offset by the earnings effect of an increase in the carryin g amount of the hedged debt. Differences between the terms of the derivative and the hedged debt may cause changes in their fair values to not offset completely, which is referred to as ineffectiveness. The table below summarizes how the derivative and the hedged debt are reflected in the balance sheet and in earnings under hedge accounting. The effect on interest expense of changing from the fixed rate on the debt to the floating rate on the swap is not shown in this table. FINANCIAL STATEMENT EFFECTS - FAIR VALUE HEDGES (In millions) 2015 2014 Balance sheet changes Fair value of derivative increase (decrease) $ (151) $ 3,863 Adjustment to carrying amount of hedged debt (increase) decrease 75 (3,939) Earnings (loss) related to hedge ineffectiveness (75) (76) The effect of changes in market interest rates on the fair value of derivatives we use most commonly in fair value hedging arrangements is presented below. Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases Net investment hedges – We invest in foreign operations that conduct their financial services activities in currencies other than the US dollar. We hedge the currency risk associated with those investments primarily using short-term currency exchange contracts under which we receive US dollars and pay foreign currency and non-derivatives instruments such as debt denominated in a foreign currency. Under hedge accounting, the portion of the fair value change of the derivative or debt instrument that relates to changes in spot currency exchange rates is offset in a separate component of shareowners’ equity. For example, an increase in the fair value of the derivative related to changes in spot exchange rates will be offset by a corresponding increase in the currency translation component of shareowners’ equity. The portion of the fair value change of the derivative related to differences between spot and forward rates, which primarily relates to the interest component, is recorded in earnings each period as interest expense. As a result of this hedging strategy, the investments in foreign operations of our financial services business are largely unaffected by changes in currency exchange rates. The amounts recorded in shareowners’ equity only affect earnings if the hedged investme nt is sold, substantially liquidated, or control is lost. FINANCIAL STATEMENT EFFECTS - NET INVESTMENT HEDGES (In millions) 2015 2014 Balance sheet changes Fair value of derivatives increase (decrease) $ 4,871 $ 5,192 Fair value of non-derivatives (increase) decrease (849) - Shareowners' equity (increase) decrease (4,131) (5,741) Earnings (loss) related to spot-forward differences (109) (549) Earnings (loss) related to reclassification upon sale or liquidation(a) 4,547 88 (a) Included $ 4,549 million gain and $ 88 million gain recorded in discontinued operations in 2015 and 2014 , respectively. The effect of changes in currency exchange rates on the fair value of derivatives we use in net investment hedging arrangements is presented below . Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases Economic Hedges - These derivatives are not designated as hedges from an accounting standpoint (and therefore we do not apply hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging arrangements. Economic hedges are used when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative, making hedge accounting unnecessary. For example, in our Industrial businesses we record the effects of spot exchange rate changes on o ur foreign currency payables and receivables in earnings each period along with the fair value changes on the foreign currency forward contracts used as economic hedges. In these cases, the earnings effects of the derivative and hedged item largely offset. We also use economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting. For example, we use currency forwards as an economic hedge of forecasted foreign currency cash flows under long-term contracts. In this case, the forecast period is so long that it is difficult to meet the hedge accounting requirement that the occurrence of the hedged transactions is probable. For these types of economic hedges, changes in the fair value of the derivative are recorded in earnings currently but changes in the value of the forecasted foreign currency cash flows are only recognized in earnings when they occur. As a result, even though the derivative is an effective economic hedge, there is a net e ffect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. The table below provides information about the earnings effects of all derivatives that serve as economic hedges. These d erivatives are marked to fair value through earnings each period. For our financial services business, these gains and losses are reported in “GE Capital revenues from services”. For our industrial businesses, the effects are reported in “Other income” or “Other costs and expenses”. The offsetting earnings effects associated with hedged assets and liabilities are also displayed in the table below. In general, the earnings effects of the hedged item are recorded in the same financial statement line as the de rivative. The earnings effect of economic hedges, after considering offsets related to earnings effects of hedged assets and liabilities, is substantially offset by changes in the fair value of forecasted transactions that have not yet affected earnings. FINANCIAL STATEMENT EFFECTS - ECONOMIC HEDGES (In millions) 2015 2014 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ (2,720) $ (2,198) Change in carrying amount of item being hedged increase (decrease) 2,543 2,083 Earnings (loss) effect of economic hedges(a) (177) (116) (a) Offset by the future earnings effects of economic ally hedge d item . The table below explains the effects of market rate changes on the fair value of derivatives we use most commonly as economic hedges. Interest rate forwards/swaps interest rate Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases Notional amount of Derivatives The notional amount of a derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of our level of activity. We generally disclose derivative notional amounts on a gross basis. A substantial majority of the outstanding notional amount of $ 245 billion at December 31 , 2015 is related to managing interest rate and currency risk between financial assets and liabilities in our financial services business. The remaining derivative notional primarily relates to hedges of anticipated sales and purchases in foreign currency, commodity purchases and contractual terms in contracts that are considered embedded derivatives. The table below provides additional information about how derivatives are reflected in our financial statements. Derivative assets and liabilities are record ed at fair value exclusive of interest earned or owed on interest rate derivatives, which is presented separately on our balance sheet. Cash collateral and securities held as collateral represent assets that have been provided by our derivative counterpart ies as security for amounts they owe us (derivatives that are in an asset position). CARRYING AMOUNTS RELATED TO DERIVATIVES December 31 (in millions) 2015 2014 Derivative assets $ 7,391 $ 9,911 Derivative liabilities (5,681) (4,851) Accrued interest 1,014 1,419 Cash collateral & credit valuation adjustment (1,141) (3,233) Net Derivatives 1,583 3,246 Securities held as collateral (1,277) (3,114) Net carrying amount $ 306 $ 132 Effects of derivatives on Earnings All derivatives are marked to fair value on our balance sheet, whether they are designated in a hedging relationship for accounting purposes or are used as economic hedges. As discussed in the previous sections, each type of hedge affects the financial statements differently. In fair value and economic hedges, both the hedged item and the hedging derivative largely offset in earnings each period. In cash flow and net investment hedges, the effective portion of the hedg ing derivative is offset in separate components of shareowners ’ equity and ineffectiveness is recognized in earnings. The table below summarizes these offsets and the net effect on earnings. (In millions) Effect on hedging instrument Effect on underlying Effect on earnings 2015 Cash flow hedges $ (911) $ 913 $ 2 Fair value hedges (151) 75 (75) Net investment hedges(a) 4,022 (4,131) (109) Economic hedges(b) (2,720) 2,543 (177) Total $ (359) 2014 Cash flow hedges $ (546) $ 546 $ 1 Fair value hedges 3,863 (3,939) (76) Net investment hedges(a) 5,192 (5,741) (549) Economic hedges(b) (2,198) 2,083 (116) Total $ (740) The amounts in the table above generally do not include associated derivative accruals in income or expense. (a) Both derivatives and non-derivatives hedging instruments are included. (b) Net effect is substantially offset by the change in fair value of the hedged item that will affect earnings in future periods. Note 15 provides additional information about changes in shareowners’ equity related to hedging and amounts released to earnings . Other supplemental information about derivatives and hedging can be found in Note 27 . |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | NOTE 21. VARIABLE INTEREST ENTITIES We use variable interest entities primarily to securitize financial assets and arrange other forms of asset-backed financing in the ordinary course of business. 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 . In evaluating whether we have the power to direct the activities of a VIE that most significantly impact its economic performance, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and o ur decision-making role, if any, in those activities that significantly determine the entity’s economic performance as compared to other economic interest holders. This evaluation requires consideration of all facts and circumstances relevant to decision-m aking that affects the entity’s future performance and the exercise of professional judgment in deciding which decision-making rights are most important. In determining whether we have the right to receive benefits or the obligation to absorb losses that c ould potentially be significant to the VIE, we evaluate all of our economic interests in the entity, regardless of form (debt, equity, management and servicing fees, and other contractual arrangements). This evaluation considers all relevant factors of the entity’s design, including: the entity’s capital structure, contractual rights to earnings (losses), subordination of our interests relative to those of other investors, contingent payments, as well as other contractual arrangements that have the potentia l to be economically significant. The evaluation of each of these factors in reaching a conclusion about the potential significance of our economic interests is a matter that requires the exercise of professional judgment. Consolidated Variable Interest En tities Our most significant consolidated VIE s are the three joint ventures we formed with Alstom to facilitat e the Alstom acquisition. These joint ventures include grid technology, renewable energy, and global nuclear and French steam power. The assets, l iabilities and redeemable non-controlling interest in the joint ventures as of December 31, 2015 was $11,536 million, $8,739 million and $2,859 million, respectively. Further information about the formation of the Alstom joint v entures is provided in Note 8. These joint ventures are VIE s due to the nature of the exit mechanisms held by Alstom and are consolidated by GE because we control all significant act ivities of the joint ventures. As these joint ventures are businesses, would otherwise be consolidate d under the voting model and their assets can be used for purposes other than settlement of the joint ventures’ obligations, there is no continuing VIE disclosure requirement for these consolidated joint ventures . The Consolidated VIEs for which we have continuing disclosure requirements fall into three main groups. 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, which are further described below: Trinity comprises two consolidated entities that hold investment securities, the majority of which are investment-grade, and were funded by the issuance of GICs. The GICs include conditions under which certain holders could require immediate repayment of their investment should the long-term credit ratings of GE Capital fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. The outstanding GICs are subject to their scheduled maturities and i ndividual terms, which may include provisions permitting redemption upon a downgrade of one or more of GE Capital ’s ratings, among other things, and are reported in investment contracts, insurance liabilities and insurance annuity benefits. A Securitiza tion Entity was created to facilitate securitization of trade receivables that serve as an alternative funding source by providing access to variable funding notes and term markets. The securitization transactions executed with this entity are similar to t hose used by many financial institutions and all are non-recourse. We provide servicing for substant ially all of the assets in this entity . The trade receivables in this entity have similar risks and characteristics to our other trade receivables and were underwritten to the same standard. Accordingly, the performance of these asset s has been similar to our other trade receivables; however, the blended performance of t he pools of receivables in this entity reflects the eligibility criteria that we apply to determine which receivables are selected for transfer. Contractu ally the cash flows from these trade receivables must first be used to pay third-party debt holders as well as other expenses of the entity. Excess cash flows are available to GE. The creditor s of th is entity have no claim on other assets of GE. Other remaining assets and liabilities of consolidated VIEs relate primarily to three categories of entities: (1) joint ventures that lease equipment with $ 821 million of assets and $ 818 million of liabilities; (2) other entities that are involved in power generating and leasing activities with $ 1,151 million of assets and $ 1,079 million of liabilities; and (3) insurance entities that, among other lines of business, provi de property and casualty and workers’ compensation coverage for GE with $ 1,114 million of assets and $ 532 million of liabilities. ASSETS AND LIABILITIES OF CONSOLIDATED VIEs Trade receivables (In millions) Trinity(a) securitization(b) Other Total December 31, 2015 Assets(c) Financing receivables, net $ - $ - $ 882 $ 882 Current receivables - 3,506 (d) 361 3,867 Investment securities 409 - 995 1,404 Other assets 46 24 2,934 3,004 Total $ 455 $ 3,530 $ 5,172 $ 9,157 Liabilities(c) Borrowings $ - $ - $ 1,297 $ 1,297 Non-recourse borrowings - 3,022 61 3,083 Other liabilities 184 34 1,654 1,872 Total $ 184 $ 3,056 $ 3,012 $ 6,252 December 31, 2014 Assets(c) Financing receivables, net $ - $ - $ 1,030 $ 1,030 Current receivables - 3,028 (d) 278 3,306 Investment securities 2,369 - 1,005 3,374 Other assets 17 2 2,259 2,278 Total $ 2,386 $ 3,030 $ 4,572 $ 9,988 Liabilities(c) Borrowings $ - $ - $ 517 $ 517 Non-recourse borrowings - 2,692 436 3,128 Other liabilities 1,022 26 1,325 2,373 Total $ 1,022 $ 2,718 $ 2,278 $ 6,018 Excluded intercompany advances from GE Capital to Trinity, which were elimin ated in consolidation of $ 30 million and $ 1,565 million at December 31, 2015 and 2014 , respectively. We provide servicing to the trade receivable securitization (TRS) and are contractually permitted to commingle cash collected from customers on f inancing receivables sold to the TRS investors with ou r own cash prior to payment to the TRS , provided our short-term credit rating does no t fall below A-1/ P-1. The TRS also owe s us amounts for purchased financial assets and scheduled interest and principal payments. At December 31, 2015 and 2014 , the amounts of commingled ca sh owed to the TRS were $ 1,093 million and $ 856 million, respectiv ely, and the amounts owed to us by the TRS were $ 7 million and $ 2 million, respectively. Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE Capital as servicer, which are eliminated i n consolidation. Such receivables provide the cash to repay 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 intercomp any balances that are eliminated in consolidation . Included $ 737 million and $686 million of receivabl es at December 31, 2015 and 2014 , respectively, origin ated by Appliances. We require third party debt holder consent to sell these assets. The receivab les will be included in assets of businesses held for sale when the consent is received. Total revenues from our consolidated VIEs were $ 1,638 million, $ 1,457 million and $ 994 million in 2015 , 2014 and 2013 , respectively. Related expenses consisted primarily of cost of goods and services of $ 1,232 million, $ 823 million and $ 675 million in 2015 , 2014 and 2013 , respectively. These amounts do not include interco mpany revenues and costs , 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 December 31 (In millions) 2015 2014 Other assets and investment securities $ 745 $ 704 Financing receivables – net 13 109 Total investments 758 813 Contractual obligations to fund investments, guarantees or revolving lines of credit 29 11 Total $ 787 $ 824 In addition to the entities included in the table above, we also hold passive investments in investment 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 . |
Commitments, Guarantees and Pro
Commitments, Guarantees and Product Warranties | 12 Months Ended |
Dec. 31, 2015 | |
Commitments, Guarantees and Product Warranties [Abstract] | |
Commitments, Guarantees and Product Warranties | NOTE 22. COMMITMENTS, GUARANTEES and Product warranties Commitments The GECAS business in Capital had placed multiple-year orders for various Boeing, Airbus and other aircraft manufacturers with list prices approximating $ 27,115 million and secondary orders with airlines for used aircraft of approximately $ 766 million at December 31, 2015 . In our Aviation segment, we had committed to provide financing assistance on $ 2,565 million of future customer acquisitions of airc raft equipped with our engines, including commitments made to airlines in 2015 for future sales under our GE90 and GEnx engine campaigns. Guarantees Our guarantees are provided in the ordinary course of business. We underwrite these guarantees considering economic, liquidity and credit risk of the counterparty. We believe that the likelihood is remote that any such arrangements could have a significant adverse effect on our financial position, results of operations or liquidity. We record liabilities for guarantees at estimated fair value, generally the amount of the premium received, or if we do not receive a premium, the amount based on a ppraisal, observed market values or discounted cash flows. Any associated expected recoveries from third parties are recorded as other receivables, not netted against the liabilities. At December 31, 2015 , we were committed under the following guarantee arrang ements beyond those provided on behalf of VIEs. See Note 21 . Credit Support. We have provided $ 816 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arran gements such as standby letters of credit and performance guarantees. These arrangements enable these customers and associated companies to execute transactions or obtain desired financing arrangements with third parties. Should the customer or associated company fail to perform under the terms of the transaction or financing arrangement, we would be required to perform on their behalf. Under most such arrangements, our guarantee is secured, usually by the asset being purchased or financed, or possibly by c ertain other assets of the customer or associated company. The length of these credit support arrangements parallels the length of the related financing arrangements or transactions. The liability for such credit support was $ 36 million at December 31, 2015 . Indemnification Agreements. We have agreements that require us to fund up to $ 23 million at December 31, 2015 under residual value guarantees on a variety of leased equipment. Under most of our residual value guarantees, our commitment is secu red by the leased asset. The liability for these indemnification agreements was $ 10 million at December 31, 2015 . At December 31, 2015 , we also had $ 449 million of other indemnification commitments, substantially all of which relate to represen tations and warranties in sales of businesses or assets. The liability for these indemnification commitments was $ 347 million at December 31, 2015 . Contingent Consideration. These are agreements to provide additional consideration to a buyer or selle r in a business combination if contractually specified conditions related to the acquisition or disposition are achieved. Amount of contingent consideration was insignificant at December 31, 2015 . Product Warranties We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information – mostly historical claims experience – claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows. (In millions) 2015 2014 2013 Balance at January 1 $ 1,199 $ 1,370 $ 1,429 Current-year provisions 649 593 798 Expenditures (718) (714) (867) Other changes (a) 593 (50) 10 Balance at December 31 $ 1,723 $ 1,199 $ 1,370 (a) 2015 included $634 million relate d to Alstom acquisition. |
Intercompany Transactions
Intercompany Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | NOTE 23 . INTERCOMPANY TRANSACTIONS Transactions between related companies are made on an arms-length basis, are eliminated and consist primarily of GE Capital dividends to GE; GE customer receivables sold to GE Capital ; GE Capital services for trade receivables management and material procurement; buildings and equipment leased between GE and GE Capital ; information technology (IT) and other services sold to GE Capital by GE; aircraft engines manufactured by GE that are install ed on aircraft purchased by GE Capital from third-party producers for lease to others; expenses related to parent-subsidiary pension plans, and various investments, loans and allocations of GE corporate overhead costs. These intercompany transactions ar e reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. Effects of these eliminations on our consolidated cash flows from operating, investing and financing activities are $ (6,035) million, $ 2,097 million and $ 3,937 million in the twelve months ended December 31 , 2015 , and $ (5,404) million, $ 1,978 million and $ 3,426 million in the twelve months ended December 31 , 2014 , $(5,088) million, $492 million and $4,690 million for 2013, respectively. Details of these eliminations are shown below . (In millions) 2015 2014 2013 Cash from (used for) operating activities-continuing operations Combined $ 17,891 $ 21,434 $ 19,487 GE customer receivables sold to GE Capital (914) (1,918) 360 GE Capital dividends to GE (4,300) (3,000) (5,985) Other reclassifications and eliminations (821) (486) 537 $ 11,856 $ 16,033 $ 14,398 Cash from (used for) investing activities-continuing operations Combined $ 59,516 $ 17,252 $ 43,666 GE customer receivables sold to GE Capital 1,319 1,766 262 Other reclassifications and eliminations 778 212 230 $ 61,613 $ 19,229 $ 44,159 Cash from (used for) financing activities-continuing operations Combined $ (73,484) $ (44,340) $ (51,502) GE customer receivables sold to GE Capital (405) 152 (622) GE Capital dividends to GE 4,300 3,000 5,985 Other reclassifications and eliminations 42 274 (673) $ (69,547) $ (40,912) $ (46,813) |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2015 | |
Operating Segments Reconciliation [Abstract] | |
Summary of Operating Segments | SUMMARY OF OPERATING SEGMENTS General Electric Company and consolidated affiliates (In millions) 2015 2014 2013 2012 2011 Revenues Power $ 21,490 $ 20,580 $ 19,315 $ 20,364 $ 20,335 Renewable Energy 6,273 6,399 4,824 7,373 4,924 Oil & Gas 16,450 19,085 17,341 15,539 13,874 Energy Management 7,600 7,319 7,569 7,412 6,422 Aviation 24,660 23,990 21,911 19,994 18,859 Healthcare 17,639 18,299 18,200 18,290 18,083 Transportation 5,933 5,650 5,885 5,608 4,885 Appliances & Lighting 8,751 8,404 8,338 7,967 7,692 Total industrial segment revenues 108,796 109,727 103,383 102,548 95,074 Capital 10,801 11,320 11,267 11,268 11,843 Total segment revenues 119,597 121,047 114,650 113,816 106,918 Corporate items and eliminations (2,211) (3,863) (1,405) (1,228) 3,145 Consolidated revenues $ 117,386 $ 117,184 $ 113,245 $ 112,588 $ 110,062 Segment profit Power $ 4,502 $ 4,486 $ 4,328 $ 4,368 $ 4,213 Renewable Energy 431 694 485 914 714 Oil & Gas 2,427 2,758 2,357 2,064 1,754 Energy Management 270 246 110 131 78 Aviation 5,507 4,973 4,345 3,747 3,512 Healthcare 2,882 3,047 3,048 2,920 2,803 Transportation 1,273 1,130 1,166 1,031 757 Appliances & Lighting 674 431 381 311 237 Total industrial segment profit 17,966 17,764 16,220 15,487 14,067 Capital (7,983) 1,209 401 1,245 1,469 Total segment profit 9,983 18,973 16,621 16,731 15,536 Corporate items and eliminations (5,108) (6,225) (6,002) (4,719) (1,317) GE interest and other financial charges (1,706) (1,579) (1,333) (1,353) (1,299) GE provision for income taxes (1,506) (1,634) (1,667) (2,013) (4,839) Earnings from continuing operations attributable to GE common shareowners 1,663 9,535 7,618 8,646 8,081 Earnings (loss) from discontinued operations, net of taxes (7,495) 5,855 5,475 5,047 5,143 Less net earnings (loss) attributable to noncontrolling interests, discontinued operations 312 157 36 53 104 Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (7,807) 5,698 5,439 4,995 5,039 Consolidated net earnings (loss) attributable to GE common shareowners $ (6,145) $ 15,233 $ 13,057 $ 13,641 $ 13,120 NOTE 24 . OPERATING SEGMENTS Basis for presentation Our operating businesses are organized based on the nature of markets and customers. Segment accounting polic ies are the same as described and referenced in Note 1. Segment results for our financial services businesses reflect the discrete tax effect of transactions. Results of our formerly consolidated subsidiary, NBCU, and our equity method investment in NBCU LLC, which we sold in the first quarter of 2013 are reported in the Corporate items and elimination s line on the Summary of Operating Segments. A description of our operating segments as of December 31, 2015 , can be found below, and details of segment profit by operating segment can be found in the Summary of Operating Se gments table in “Management’s Discus sion and Analysis of Financial Cond ition and Results of Operations ” Power Power plant products and services, including design, installation, operation and maintenance services are sold into global markets. Gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls and related services, including total asset optimization solutions, equipment upgrades and long-term maintenance service agreements are sold to power generation and other industrial customers. Water treatment services and equipment include specialty chemical treatment programs, water purification equipment, mobile treatment systems and desalination processes. renewable energy Renewable Energy makes power from renewable sources affordable, accessible, and reliable for the benefit of people everywhere. With one of the broadest technology portfolios in the industry, Renewable Energy creates value for customers by pr oviding technology and services i n the Onshore Wind Power industry , high-yield offshore wind turbine s as well as a full range of solutions, products and services to serve the hydropower industry , from initial design to final commissioning . Oil & Gas Oil & Gas supplies mission critical equipment for the global oil and gas industry, used in applications spanning the entire value chain from drilling and completion through production, liquefied natural gas (LNG) and pipeline compression, pipeline inspection, a nd including downstream processing in refineries and petrochemical plants. The business designs and manufactures surface and subsea drilling and production systems, equipment for floating production platforms, compressors, turbines, turboexpanders , high pr essure reactors, industrial power generation and a broad portfolio of auxiliary equipment. Energy Management Energy Management is GE’s electrification business. Global teams design leading technology solutions for the delivery, management, conversion and optimization of electrical power for customers across multiple energy-intensive industries. GE has invested in our Energy Management capabilities, with strategic acquisitions and joint ventures that enable GE to increase its offerings to the utility, industrial, renewable energy, oil and gas, marine, metals and mining industries. Plan t automation hardware, software and embedded computing systems including controllers, embedded systems, advanced software, motion control, operator interfaces and industrial computers are also provided by Energy Management. Aviation Aviation products and services include jet engines, aerospace systems and equipment, replacement parts and repair and maintenance services for all categories of commercial aircraft; for a wide varie ty of military aircraft, includ ing fighters, bombers, tankers an d helicopters; for marine appli cations; and for executive and regional aircraft. Products and services are sold worldwide to airframe manufacturers, airlines and government agencies. Healthcare Healthcare products include diagnostic imaging systems such as m agnetic resonance (MR), computed t omography (CT) and p ositron e mission t omography (PET) scanners, X-ray, surgical & interventional imaging, nuclea r imaging, digital mammography and molecular i maging technologies. Healthcare-manufactured technologies include patient and resident monitoring, diagnostic cardiology, ultrasound, bone densitometry, anesthesiology and oxygen therapy, and neonatal and critical care devices. Related services include equipment monitoring and repair, information technologies and customer productivity services. Products also include diagnostic imaging agents used in medical scanning procedures, drug discovery, biopharmaceutical manufacturing and purification, and tools for protein and cellular analysis for pharmaceutical and academic research, including a pipeline of precision molecular diagnostics in development for neurology, cardiology and oncology applications. Products and services are sold worldwide to hospitals, medical facilities, pharma ceutical and biotechnology companies, and to the life science research market. Transportation Transportation is a global technology leader and supplier to the railroad, mining, marine and drilling industries. GE provides freight and passenger locomotives, diesel engines for rail, marine and stationary power applications, railway signaling and communications systems, underground mining equipment, motorized drive systems for mining trucks, information technology solutions, high-quality replacement parts and value added services. Appliances & Lighting Products include major appliances and related services for products such as refrigerators, freezers, electric and gas ranges, cooktops, dishwashers, clothes washers and dryers, microwave ovens, room air conditioners, residential water systems for filtration, softening and heating, and hybrid water heaters. These products are distributed both to retail outlets and direct to consumers, mainly for the replacement market, and to building contractors and distributors for new installati ons. Lighting manufactures, sources and sells a variety of energy-efficient solutions for commercial, industrial, municipal and consumer applications, utilizing light-emitting diode (LED), fluorescent, halogen and high-intensity discharge (HID) technologies . Products and services are sold in North America and in global markets under various GE and private-label brands. Capital Capital’s continuing financial services businesses and products are geared to utilize GE’s industry-specific expertise in aviation, energy, infrastructure and healthcare to capitalize on market-specific opportunities. In addition, we continue to operate our run-off insurance activities as part of our continuing operations. Products and services are primarily offered in North America and in global markets through its Vertical financing businesses. REVENUES Total revenues(a) Intersegment revenues(b) External revenues (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Power $ 21,490 $ 20,580 $ 19,315 $ 762 $ 778 $ 700 $ 20,728 $ 19,802 $ 18,615 Renewable Energy 6,273 6,399 4,824 12 14 17 6,261 6,386 4,807 Oil & Gas 16,450 19,085 17,341 387 402 371 16,063 18,683 16,970 Energy Management 7,600 7,319 7,569 1,000 890 848 6,600 6,429 6,720 Aviation 24,660 23,990 21,911 418 692 500 24,242 23,298 21,411 Healthcare 17,639 18,299 18,200 7 6 14 17,633 18,293 18,186 Transportation 5,933 5,650 5,885 1 (2) 12 5,932 5,652 5,874 Appliances & Lighting 8,751 8,404 8,338 22 22 25 8,729 8,383 8,313 Total industrial 108,796 109,727 103,383 2,608 2,801 2,486 106,188 106,926 100,896 Capital 10,801 11,320 11,267 1,151 1,037 841 9,650 10,283 10,427 Corporate items and eliminations(c) (2,211) (3,863) (1,405) (3,759) (3,838) (3,327) 1,548 (25) 1,922 Total $ 117,386 $ 117,184 $ 113,245 $ - $ - $ - $ 117,386 $ 117,184 $ 113,245 (a) Revenues of GE businesses include income from sales of goods and services to customers and other income. (b) Sales from one component to another generally are priced at equivalent commercial selling prices. (c) Includes the results of NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC. Revenues from customers located in the United States were $ 53,238 million, $ 51,147 million and $ 49,356 million in 2015 , 2014 and 2013 , respectively. Revenues from customers located outside the United States were $ 64,148 million, $ 66,038 million and $ 63,888 million in 2015 , 2014 and 2013 , respectively. Property, plant and Assets(a)(b) equipment additions(c) Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Power $ 51,674 $ 26,698 $ 26,168 $ 2,122 $ 578 $ 685 $ 712 $ 563 $ 593 Renewable Energy 8,726 3,572 3,269 999 41 23 116 113 73 Oil & Gas 26,126 27,329 26,250 422 656 1,191 596 585 481 Energy Management 16,808 10,976 10,305 1,073 176 137 322 313 323 Aviation 34,524 33,716 32,273 1,260 1,197 1,178 855 824 677 Healthcare 28,162 29,227 27,858 284 405 316 799 843 861 Transportation 4,368 4,449 4,418 202 128 282 179 169 166 Appliances & Lighting 4,702 4,560 4,306 275 359 405 103 235 300 Capital(d) 316,686 503,179 520,399 7,570 3,818 3,274 2,584 2,612 2,847 Corporate items and eliminations(e) 916 11,249 8,001 (297) (111) 194 231 164 258 Total $ 492,692 $ 654,954 $ 663,247 $ 13,911 $ 7,247 $ 7,685 $ 6,499 $ 6,421 $ 6,581 Assets of industrial discontinued operations, NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC are included in Corporate items and eliminations for all periods presented. Total assets of Power, Renewable Energy, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and Capital operating segments at December 31, 2015, include investment in and advances to associated companies of $469 milli on, $36 million, $143 million, $743 million, $1,400 million, $571 million, $6 million, $59 million and $7,546 million, respectively. Investments in and advances to associated companies contributed approximately $31 million, $(1) million, $7 million, $17 mi llion, $88 million, $(43) million, $60 million and $347 million to segment pre-tax income of Power, Renewable Energy, Oil & Gas, Energy Management, Aviation, Healthcare, Appliances & Lighting and Capital operating segments, respectively, and Transportation an insignificant amount, for the year ended December 31, 2015. Additions to property, plant and equipment include amounts relating to principal businesses purchased. Includes Capital discontinued operations Includes deferred income taxes that are presente d as assets for purposes of our consolidating balance sheet presentation. Interest and other financial charges Provision (benefit) for income taxes (In millions) 2015 2014 2013 2015 2014 2013 Capital $ 2,301 $ 1,638 $ 2,021 $ 4,979 $ (861) $ (448) Corporate items and eliminations(a) 1,162 1,085 849 1,506 1,634 1,667 Total $ 3,463 $ 2,723 $ 2,870 $ 6,485 $ 773 $ 1,219 (a) Included amounts for Power, Renewable Energy, Oil & Gas, Energy Management, Aviati on, Healthcare, Transportation and Appliances & Lighting, for which our measure of segment profit excludes interest and other financial charges and income taxes. Property, plant and equipment – net associated with operations based in the United States were $ 14,273 million, $ 9,868 million and $ 10,065 million at year-end 2015 , 2014 and 2013 , respectively. Property, pla nt and equipment – net associated with operations based outside the United States were $ 39,822 million, $ 38,202 million and $ 40,165 million at year-end 2015 , 2014 and 2013 , respectively. |
Cash Flows Information
Cash Flows Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flows Information [Abstract] | |
Supplemental Cash Flows | NOTE 25 . CASH FLOWS INFORMATION Changes in operating assets and liabilities are net of acquisitions and dispositions of principal businesses. Amounts reported in the “Proceeds from sales of discontinued operations” and “Proceeds from principal business dispositions” lines in the Statement of Cash Flows are net of cash disposed and included certain deal-related costs. Amounts reported in the “Net cash from (payments for) principal businesses purchased” line is net of cash acquired and included certain deal-related costs and debt as sumed and immediately repaid in acquisitions. Amounts reported in the “Proceeds from sale of equity interest in NBCU LLC” line included certain deal-related costs. Amounts reported in the “All other operating activities” line in the Statement of Cash Flows consist primarily of adjustments to current and noncurrent accruals, deferrals of costs and expenses and adjustments to assets. Certain supplemental i nformation related to our cash flows is shown below. For the years ended December 31 (In millions) 2015 2014 2013 GE Net dispositions (purchases) of GE shares for treasury Open market purchases under share repurchase program $ (2,709) $ (2,211) $ (10,225) Other purchases (58) (49) (91) Dispositions 1,668 1042 1,038 $ (1,099) $ (1,218) $ (9,278) GE Capital All other operating activities Cash collateral on derivative contracts (1,936) 738 (2,285) Increase (decrease) in other liabilities 4,860 (3,331) 1,886 Other 2,163 5,073 2,995 $ 5,087 $ 2,480 $ 2,596 Net decrease (increase) in GE Capital financing receivables Increase in loans to customers $ (65,306) $ (64,843) $ (58,535) Principal collections from customers - loans 60,292 60,764 58,667 Investment in equipment for financing leases (417) (535) (592) Principal collections from customers - financing leases 734 841 1,335 Sales of financing receivables 4,923 3,612 2,147 $ 226 $ (161) $ 3,022 All other investing activities Purchases of investment securities $ (7,790) $ (2,008) $ (3,293) Dispositions and maturities of investment securities 9,587 2,723 7,360 Decrease (increase) in other assets - investments (1,439) (287) 183 Other(a) (5,048) 24,146 31,506 $ (4,690) $ 24,574 $ 35,756 Repayments and other reductions (maturities longer than 90 days) Short-term (91 to 365 days) $ (42,110) $ (36,919) $ (44,296) Long-term (longer than one year) (2,455) (864) (3,862) Principal payments - non-recourse, leveraged leases (283) (304) (434) $ (44,848) $ (38,087) $ (48,592) All other financing activities Proceeds from sales of investment contracts $ 163 $ 322 $ 491 Redemption of investment contracts (1,235) (1,113) (980) Other (290) 112 (389) $ (1,362) $ (679) $ (878) (a) Other primarily included net activity related to settlements between our continuing operations (primarily our treasury operations) and businesses in discontinued operations. |
Cost Information
Cost Information | 12 Months Ended |
Dec. 31, 2015 | |
Cost Information [Abstract] | |
Consolidated Other Cost and Expenses | NOTE 26. COST INFORMATION RESEARCH & DEVELOPMENT We conduct research and development (R&D) activities to continually enhance our existing products and services, develop new product and services to meet our customer’s changing needs and requirements, and address new market opportunities. Research and development expenses are classified in cos t of goods and services sold in the Statement of Earnings. In addition, research and development funding from customers, principally the U.S. government, is recorded as an offset to such costs. We also enter into research and development arrangements with unrelated investors, which are generally formed through partnerships and consolidated within GE’s financial statements. Research and development funded through consolidated partnerships is classified within net earnings/loss attributable to noncontrolling interests. (In millions) 2015 2014 2013 Total R&D $ 5,278 $ 5,273 $ 5,461 Less customer funded R&D (principally the U.S. Government) (803) (721) (711) Less partner funded R&D (226) (319) (107) GE funded R&D $ 4,249 $ 4,233 $ 4,643 COLLABORATIVE ARRANGEMENTS Our businesses enter into collaborative arrangements primarily with manufacturers and suppliers of components used to build and maintain certain engines, under which GE and these participants share in risks and rewards of these product programs. GE’s payments to participants are recorded as cost of services sold ($ 788 million, $ 873 million and $ 820 million for the years 2015 , 2014 and 2013 , respectively) or as cost of goods sold ($ 2,736 million, $ 2,660 million and $ 2,613 million for the years 2015 , 2014 and 2013 , respectively). RENTAL EXPENSE Rental expense under operating leases is shown below . (In millions) 2015 2014 2013 GE $ 1,258 $ 1,356 $ 1,380 GE Capital 107 123 124 1,365 1,479 1,504 Eliminations (169) (223) (198) Total $ 1,196 $ 1,256 $ 1,306 At December 31, 2015 , minimum rental commitments under noncancellable operating leases aggregated $ 4,946 million and $ 310 million for GE and GE Capital , respectively. Amounts payable over the next five years follow. (In millions) 2016 2017 2018 2019 2020 GE $ 909 $ 819 $ 699 $ 615 $ 547 GE Capital 29 24 20 19 18 938 843 719 634 565 Eliminations (144) (136) (128) (115) (109) Total $ 794 $ 707 $ 591 $ 519 $ 456 |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Supplemental Postretirement Benefit Plan Information [Text Block] | NOTE 27 . SUPPLEMENTAL INFORMATION POSTRETIREMENT BENEFIT PLANS As discussed in Note 12, we sponsor a number of pension plans which consist of the two principal pension plans for certain U.S. employees as well as other affiliate pension plans. In addition, we sponsor a number of postretirement health and life insurance benefit plans (retiree benefit plans). The accounting requirements and concepts discussed in Note 12 Postretirement Benefit Plans are the same for other pension plans and principa l retiree benefit plans and are consistently applied. The following disclosures provide additional information with respect to our pension plans and principal retiree benefit plans. Other pension plans in 2015 included 53 U.S. and non-U.S. pens ion plans with pension assets or obligations greater than $ 50 million. Principal Retiree Benefit Plans provide health and life insurance benefits to eligible participants and these participants share in the cost of healthcare benefits. COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2013 2015 2014 2013 Service cost for benefits earned $ 416 $ 403 $ 435 $ 145 $ 164 $ 229 Prior service cost (credit) amortization - 6 7 (8) 353 393 Expected return on plan assets (881) (789) (663) (48) (50) (60) Interest cost on benefit obligations 555 587 523 335 424 410 Net actuarial loss (gain) amortization 289 205 343 (25) (150) (45) Curtailment loss (gain) (6) - - (225) (a) 48 - Benefit plans cost $ 373 $ 412 $ 645 $ 174 $ 789 $ 927 (a) Gain principally resulting from life insurance amendment. Assumption used in benefit calculations The accounting assumptions in the table below are those that are significant to the measurement of our benefit obligations. ASSUMPTIONS USED TO MEASURE BENEFIT OBLIGATIONS Other pension plans (weighted average) Principal retiree benefit plans December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.33 % 3.53 % 4.39 % 3.93 % 3.89 % 4.61 % Compensation increases 3.32 3.60 3.76 3.80 4.10 4.00 Initial healthcare trend rate N/A N/A N/A 6.00 (a) 6.00 6.00 (a) For 2015, ultimately declining to 5 % for 2030 and thereafter . The healthcare trend assumptions for 2015 apply to our pre-65 retiree medical plans. Our post-65 retiree plan has a fixed subsidy and therefore is not subject to healthcare inflation. The discount rate used to measure the benefit obligation at the end of the year is also used to measure benefit cost in the following year. The assumptions used to measure benefit cost follow . ASSUMPTIONS USED TO MEASURE BENEFIT COST Other pension plans (weighted average) Principal retiree benefit plans December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.53 % 4.39 % 3.92 % 3.89 % (a) 4.61 % (a) 3.74 % (a) Expected return on assets 6.95 6.92 6.82 7.00 7.00 7.00 (a) Weighted average discount rates of 3.92 %, 4.47 % and 3.77 % were used for determination of costs in 2015 , 2014 and 2013 , respectively. The Society of Actuaries issued new mortality tables in 2014 projecting longer life expectancies that resulted in higher postretirement obligations for U.S. companies. We updated our mortality assumptions as of December 31, 2014, which resulted in an increase of $ 612 million in our principal retiree benef it obligations. BENEFIT OBLIGATIONS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2015 2014 Balance at January 1 $ 15,589 $ 13,535 $ 10,703 $ 9,913 Service cost for benefits earned 416 403 145 164 Interest cost on benefit obligations 555 587 335 424 Participant contributions 15 9 50 52 Plan amendments (12) (29) (3,291) (a) (586) Actuarial loss (gain) (406) (b) 2,170 (b) (444) (b) 1,440 (c) Benefits paid (576) (493) (691) (704) Acquisitions (dispositions)/ other - net 6,859 (d) 48 (50) - Exchange rate adjustments (822) (641) - - Balance at December 31(e) $ 21,618 $ 15,589 $ 6,757 $ 10,703 Principally related to plan amendments affecting post-65 retiree health and retiree life insurance for certain production participants. Primarily associated with discount rate changes. Principally associated with disco unt rate and mortality assumption changes. Substantially all related to Alstom acquisition. The benefit obligation for retiree health plans was $ 4,838 million and $ 8,445 million at December 31, 2015 and 2014, respectively. the composition of our Plan Assets The fair value of other pension plans' and principal retiree benefit plans’ investments is presented below. The inputs and valuation techniques used to measure the fair value of the assets are consistently applied and described in Note 1 . Other pension plans Principal retiree benefit plans December 31 (in millions) 2015 2014 2015 2014 Equity securities U.S. equity securities $ 667 $ 635 $ 203 $ 205 Non-U.S. equity securities 6,323 5,285 162 125 Debt securities Fixed income and cash investment funds 6,258 4,071 84 133 U.S. corporate 242 222 52 47 Other debt securities 551 365 93 103 Private equities 703 262 75 94 Real estate 1,358 690 6 64 Other investments 1,266 856 20 42 Total plan assets $ 17,368 $ 12,386 $ 695 $ 813 Virtually all of the private equity, real estate and the majority of other investments are considered level 3 investments. The remaining investments are substantially all considered level 1 or level 2 . A description of the fair value leveling hierarchy is provided in the Accounting Principles and Policy section of Note 1. FAIR VALUE OF PLAN ASSETS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2015 2014 Balance at January 1 $ 12,386 $ 11,059 $ 813 $ 903 Actual gain on plan assets 381 1,537 22 44 Employer contributions 549 726 501 518 Participant contributions 15 9 50 52 Benefits paid (576) (493) (691) (704) Acquisitions (dispositions) / other - net 5,207 (a) - - - Exchange rate adjustments (594) (452) - - Balance at December 31 $ 17,368 $ 12,386 $ 695 $ 813 (a) Substantially all related to Alstom acquisition. ASSET ALLOCATION Other pension plans Principal retiree Principal pension plans (weighted average) benefit plans 2015 2015 2015 2015 2015 2015 Target Actual Target Actual Target Actual December 31 allocation allocation allocation allocation allocation allocation Equity securities 17 - 57 % 47 % 37 % 40 % 35 - 75 % 59 % Debt securities (including cash equivalents) 13 - 53 29 37 40 11 - 46 27 Private equities 8 - 18 11 5 4 0 - 25 11 Real estate 2 - 12 7 9 8 0 - 12 1 Other investments 3 - 13 6 12 8 0 - 10 2 Plan fiduciaries of the GE Pension Plan set investment policies and strategies for the GE Pension T rust and oversee its investment allocation, which includes selecting investment managers and setting long-term strategic targets. The primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet the near-term benefit payment and other cash needs. Target allocation percentages are established at an asset class level by plan f iduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. According to s tatute, the aggregate holdings of all qualifying employer securities (e.g., GE common stock) and qualifying employer real property may not exceed 10 % of the fair value of trust assets at the time of purchase. GE securities represented 3.7 % and 3.8 % of the GE Pension T rust assets at year-end 2015 and 2014 , respectively. The GE Pension Plan has a broadly diversified portfolio of investments in equities, fixed income, private equities, real estate and hedge funds; these investments are both U.S. and non-U.S. in nature. As of December 31, 2015, no sector concentration of assets exceeded 15 % of total GE Pension Plan assets. The following tables present the changes in Level 3 investments for the GE Pension Plan. CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2015 gains (losses) gains (losses) settlements Level 3 2015 Debt securities $ 6 $ (3) $ 3 $ (3) $ (1) $ 2 Private equities 5,217 432 189 (968) - 4,870 Real estate 3,129 122 246 (360) 49 3,186 Other investments 2,248 22 (52) 71 6 2,295 $ 10,600 $ 573 $ 386 $ (1,260) $ 54 $ 10,353 CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2014 gains (losses) gains (losses) settlements Level 3 2014 Debt securities $ - $ (9) $ 11 $ 4 $ - $ 6 Private equities 6,269 592 (54) (1,565) (25) 5,217 Real estate 3,354 36 334 (595) - 3,129 Other investments 1,622 47 86 194 299 2,248 $ 11,245 $ 666 $ 377 $ (1,962) $ 274 $ 10,600 ESTIMATED FUTURE BENEFIT PAYMENTS 2021 - (In millions) 2016 2017 2018 2019 2020 2025 Principal pension plans $ 3,395 $ 3,485 $ 3,610 $ 3,705 $ 3,785 $ 20,145 Other pension plans 855 870 875 885 905 4,835 Principal retiree benefit plans 625 600 590 575 560 2,500 2015 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME Principal Total Principal Other retiree postretirement pension pension benefit (In millions) benefit plans plans plans plans Cost of postretirement benefit plans $ 5,045 $ 4,498 $ 373 $ 174 Changes in other comprehensive income Prior service cost (credit) – current year (2,401) 902 (12) (3,291) Net actuarial loss (gain) – current year (1,604) (1,022) (164) (418) Net curtailment/gain (loss) 76 (105) 6 175 Prior service credit (cost) amortization (197) (205) - 8 Net actuarial gain (loss) amortization (3,552) (3,288) (289) 25 Total changes in other comprehensive income (7,678) (3,718) (459) (3,501) Cost of postretirement benefit plans and changes in other comprehensive income $ (2,633) $ 780 $ (86) $ (3,327) |
Summary Of Derivative Instruments [Abstract] | |
Derivatives And Fair Value [Text Block] | DERIVATIVES AND HEDGING Note 20 provides the primary information related to our derivatives and hedging activity. This section provides certain supplemental information about this topic. As described in N ote 20 , changes in the fair value of derivatives are recorded in a separate component of equity (referred to below as Accumulated Other Comprehensive Income, or AOCI) and are recor ded in earnings in the period in which the hedged transaction occurs. The table be low summarizes this activity by hedging instrument. FAIR VALUE OF DERIVATIVES 2015 2014 December 31 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 4,132 $ 158 $ 5,835 $ 461 Currency exchange contracts 1,109 1,383 2,579 884 Other contracts - - - 2 5,241 1,541 8,414 1,347 Derivatives not accounted for as hedges Interest rate contracts 119 44 79 24 Currency exchange contracts 1,715 4,048 1,182 3,439 Other contracts 315 49 237 40 2,149 4,141 1,498 3,503 Gross derivatives recognized in statement of financial position Gross derivatives 7,391 5,681 9,911 4,851 Gross accrued interest 1,001 (13) 1,389 (30) 8,392 5,668 11,300 4,821 Amounts offset in statement of financial position Netting adjustments(a) (4,326) (4,326) (3,875) (3,892) Cash collateral(b) (1,784) (642) (3,695) (445) (6,110) (4,968) (7,570) (4,337) Net derivatives recognized in statement of financial position Net derivatives 2,282 700 3,731 485 Amounts not offset in statement of financial position Securities held as collateral(c) (1,277) - (3,114) - Net amount $ 1,005 $ 700 $ 617 $ 485 Derivatives are classified in the captions “All other assets” and “All other liabilities” and the related accrued interest is classified in “Other GE Capital receivables” and “All other liabilities” in our financial statements. (a) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amo unts include fair value adjustments related to our own and counterparty non-performance risk. At December 31, 2015 and 2014 , the cumulative adjustment for non-performance risk was insignificant and $ 16 million, respectively. (b) Excluded excess cash collateral received and posted of $ 48 million and $ 379 million at December 31, 2015 , respectively, and $ 63 million and $ 195 million at December 31, 2014 , respectively. (c) Excluded excess securities collateral received of $ 107 million and $ 471 million at December 31, 2015 and 2014 , respectively. CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings (In millions) 2015 2014 2015 2014 Interest rate contracts $ (1) $ (1) $ (130) $ (234) Currency exchange contracts (907) (541) (784) (641) Commodity contracts (5) (4) (4) (3) Total(a) $ (913) $ (546) $ (918) $ (878) (a) Gain (loss) is recorded in GE Capital 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 $ 49 million loss at December 31, 2015 . We expect to transfer $ 134 million to earnings as an expense in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. In both 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 December 31, 2015 and 2014 , the maximum term of derivative instru ments that hedge forecasted transactions was 17 years and 18 years, respectively. See Note15 for additional information about reclassifications out of AOCI. For cash flow hedges, the amount of ineffectiveness in the hedging relations hip 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. Counterparty credit risk Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk that counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis. Where we have agreed to netting of derivative exposures with a counterparty, we net our exposures with that counterparty and apply the value of collateral posted to us to determine the exposure. We actively monitor these net exposures against defined limits and take appropriate actions in response, including requiring additional collateral. As discussed 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 collatera l was $ 3,061 million at December 31, 2015 , of which $ 1,784 million was cash and $ 1,277 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 counterpa rties for our derivative obligations, the fair value of which was $ 642 million at December 31, 2015 . At December 31, 2015 , our exposure to counterparties (including accrued interest), net of collateral we hold, was $ 836 million. This excludes exp osure related to embedded derivatives. Additionally, our master agreements typically contain mutual downgrade provisions that provide the ability of each party to require termination if the long-term credit rating of the counterparty were to fall below A- /A3 or other ratings levels agreed upon with the counterparty. In certain of these master agreements, each party also has the ability to require termination if the short-term rating of the counterparty were to fall below A-1/P-1. Our master agreements also typically contain 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 amo unt payable would be determined on a net basis and could also take into account any collateral posted. The net amount of our derivative liability, after consideration of collateral posted by us and outstanding interest payments was $ 690 million a t December 31, 2015 . This excludes embedded derivatives. |
Quarterly Information (unaudite
Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information [Abstract] | |
Quarterly Information (unaudited) | NOTE 28 . QUARTERLY INFORMATION (UNAUDITED) First quarter Second quarter Third quarter Fourth quarter (In millions; per-share amounts in dollars) 2015 2014 2015 2014 2015 2014 2015 2014 Consolidated operations Earnings (loss) from continuing operations $ (4,673) $ 1,491 $ 1,813 $ 2,180 $ 1,915 $ 2,130 $ 2,645 $ 3,690 Earnings (loss) from discontinued operations (8,936) 1,461 (2,947) 1,367 629 1,378 3,758 1,649 Net earnings (loss) (13,608) 2,952 (1,134) 3,546 2,545 3,508 6,403 5,339 Less net earnings (loss) attributable to noncontrolling interests (35) (47) 225 - 39 (29) 103 187 Net earnings (loss) attributable to the Company $ (13,573) $ 2,999 $ (1,360) $ 3,546 $ 2,506 $ 3,536 $ 6,301 $ 5,152 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ (0.45) $ 0.15 $ 0.17 $ 0.22 $ 0.19 $ 0.22 $ 0.26 $ 0.35 Basic earnings (loss) per share (0.45) 0.15 0.17 0.22 0.19 0.22 0.26 0.36 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share (0.90) 0.14 (0.30) 0.13 0.05 0.13 0.38 0.15 Basic earnings (loss) per share (0.90) 0.14 (0.30) 0.14 0.05 0.13 0.38 0.16 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share (1.35) 0.30 (0.13) 0.35 0.25 0.35 0.64 0.51 Basic earnings (loss) per share (1.35) 0.30 (0.13) 0.35 0.25 0.35 0.64 0.51 Selected data GE Sales of goods and services $ 23,839 $ 24,011 $ 26,141 $ 26,225 $ 25,612 $ 26,025 $ 30,614 $ 31,046 Gross profit from sales 5,514 5,327 6,033 6,089 6,275 6,146 7,556 7,870 GE Capital Total revenues 2,866 2,963 2,690 2,676 2,660 2,763 2,585 2,919 Earnings (loss) from continuing operations attributable to the Company (5,721) 489 (332) 468 (154) 226 (1,447) 348 For GE, gross profit from sales is sales of goods and services less costs of goods and services sold. Earnings-per-share amounts are computed independently each quarter for earnings (loss) from continuing operations, earnings (loss) from discontinued operations and net earnings. As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per -share amounts for net earnings (loss) for the respective quarters. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation Our financial statements consolidate all of our affiliates – entities in which we have a controlling financial interest, most often because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (VIE) model to the entity, otherwise , the entity is evaluated under the voting interest model. Where we hold current or potential rights that give us the power to direct th e activities of a VIE that most significantly impact the VIE’s economic performance , combined with a variable interest that gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in that VIE. Rights held by others to remove the party with power over the VIE are not considered unless one party can exercise those rights unilaterally. When changes occur to the design of an entity, we reconsider whether it is subject to the VIE model. We continuously evaluate whether we have a controlling financial interest in a VIE. We hold a controlling financial interest in other entities where we currently hold, directly or indirectly, more than 50% of the voting rig hts or where we exercise control through substantive participating rights or as a general partner. Where we are a general partner, we consider substantive removal rights held by other partners in determining if we hold a controlling financial interest. We reevaluate whether we have a controlling financial interest in these entities when our voting or substantive participating rights change. Associated companies are unconsolidated VIEs and other entities in which we do not have a controlling financial inte rest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associated companies are accounted for as equity method investments. Results of associated companies are presented on a one-line basis. Investme nts in, and advances to, associated companies are presented on a one-line basis in the caption “All other assets” in our Statement of Financial Position , net of allowance for losses, which represents our best estimate of probable losses inherent in such as sets. |
Financial Statement Presentation | Financial Statement Presentation We have reclassified certain prior-year amounts to conform to the current-year’s presentation. C ertain columns and rows may not add due to the use of rounded numbers. P ercentages presented are calculated from the un derlying numbers in millions . Upon closing an acquisition, we consolidate the acquired business as soon as practicable. The size, scope and complexity of an acquisition can affect the time necessary to adjust the acquired company’s accounting policies, pr ocedures, and books and records to our standards. Accordingly, it is possible that changes will be necessary to the carrying amounts and presentation of assets and liabilities in our financial statements as the acquired company is fully assimilated. Finan cial data and related measurements are presented in the following categories: GE. This represents the adding together of all affiliates other than GE Capital , whose continuing operations are presented on a one-line basis, giving effect to the elimination of transactions among such affiliates. GE Capital . This refers to General Electric Capital Corporation (GECC), or its successor GE Capital Global Holdings, LLC (GECGH), and is the adding together of all affiliates of GE Capital giving effect to the elimination of transactions among such affiliates . Consolidated . This represents the adding together of GE and GE Capital , giving effect to the elimination of transactions between GE and GE Capital . Operating Segments . These comprise our nine businesses, focused on the broad markets they serve: Power, Renewable Energy, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and Capital . Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. See Note 2. The effects of translating to U.S. dollars the financial statements of non-U.S. affiliates wh ose functional currency is the local currency are included in shareowners’ equity. Asset and liability accounts are translated at year-end exchange rates, while revenues and expenses are translated at average rates for the respective periods. Preparing fi nancial sta tements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates based on assumptions about current, and for some estimates future, economic and market conditions (for example, unemployment, market li quidity, the real estate market, etc.), which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is r easonably possible th at in 2016 actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of in vestment securities, goodwill, intangibles and long-lived assets, incremental losses on financing receivables, establishment of valuation allowances on deferred tax assets , incremental fair value marks on businesses and assets held for sale carried at lowe r of cost or market, and increased tax liabilities. |
Sales of Goods and Services Policy | Sales of Goods and Services We record all sales of goods and services only when a firm sales agreement is in place, delivery has occurred or services have been rendered and collectability of the fixed or determinable sales price is reasonably assured. Arrangements for the sale of goods and services sometimes include multiple components. Mos t of our multiple component arrangements involve the sale of goods and services in the Healthcare segment. Our arrangements with multiple components usually involve an upfront deliverable of large machinery or equipment and future service deliverables such as installation, commissioning, training or the future delivery of ancillary products. In most cases, the relative values of the undelivered components are not significant to the overall arrangement and are typically delivered within three to six months a fter the core product has been delivered. In such agreements, selling price is determined for each component and any difference between the total of the separate selling prices and total contract consideration (i.e., discount) is allocated pro rata across each of the components in the arrangement. The value assigned to each component is objectively determined and obtained primarily from sources such as the separate selling price for that or a similar item or from competitor prices for similar items. If such evidence is not available, we use our best estimate of selling price, which is established consistent with the pricing strategy of the business and considers product configuration, geography, customer type, and other market specific factors. Except for goods sold under long-term agreements, we recognize sales of goods under the provisions of U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition. We often sell consumer products and computer hardware and sof tware products with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objecti ve criteria, we recognize revenue when we have reliably demonstrated that all specified acceptance criteria have been met or when formal acceptance occurs, respectively. In arrangements where we provide goods for trial and evaluation purposes, we only reco gnize revenue after customer acceptance occurs. Unless otherwise noted, we do not provide for anticipated losses before we record sales. We recognize revenue on agreements for sales of goods and services under power generation unit and uprate contracts, n uclear fuel assemblies, larger oil drilling equipment projects, aeroderivative unit contracts, military development contracts, locomotive production contracts, and long-term construction projects, using long-term construction and production contract accoun ting. We estimate total long-term contract revenue net of price concessions as well as total contract costs. For goods sold under power generation unit and uprate contracts, nuclear fuel assemblies, aeroderivative unit contracts, military development contr acts and locomotive production contracts, we recognize sales as we complete major contract-specified deliverables, most often when customers receive title to the goods or accept the services as performed. For larger oil drilling equipment projects and long -term construction projects, we recognize sales based on our progress toward contract completion measured by actual costs incurred in relation to our estimate of total expected costs. We measure long-term contract revenues by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. We provide for any loss that we expect to incur on these agr eements when that loss is probable. We recognize revenue upon deliver y for sales of aircraft engines and military propulsion equipment . Delivery of commercial engines and non-U.S. military equipm ent occurs on shipment; delivery of military propulsion equ ipment sold to the U.S. government or agencies thereof occurs upon receipt of a Material Inspection and Receiving Report, DD Form 250 or Memorandum of Shipment. Commercial aircraft engines are complex equipment manufactured to customer order under a variet y of sometimes complex, long-term agreements. We measure sales of commercial aircraft engines by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future revenues and costs for commercial aircraft engine agreements in process and report any cumulative effects of such adjustments in current operations. Significant components of our revenue and cost estimates include price concessions and performance-related guarantees as well as material, labor and overhead costs. We measure revenue for military propulsion equipment and spare parts not subject to long-term product services agreements based on the specific contract on a specifically measured output basis. We provide for any loss that we expect to incu r on these agreements when that loss is probable; consistent with industry practice, for commercial aircraft engines, we make such provision only if such losses are not recoverable from future highly probable sales of spare parts and services for those eng ines. We sell product services under long-term product maintenance or extended warranty agreements in our Aviation, Power, Oil & Gas and Transportation segments, where costs of performing services are incurred on other than a straight-line basis. We also sell similar long-term product services in our Healthcar e and Renewable Energy segment s , where such costs generally are expected to be on a straight-line basis. For the Aviation, Power, Oil & Gas and Transportation agreements, we recognize related sales ba sed on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We routinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. For the Healthcare and Renewable Energy agreements, we recognize revenues on a straight-line basis and expense related costs as incurred. We provide for any loss that we expect to incur on any of these agreements when that loss is proba ble. |
GE Capital Revenues from Servicies (Earned Income) | GE CAPITAL REVENUES FROM SERVICES (EARNED INCOME) We use the interest method to recognize income on loans. Interest on loans includes origination, commitment and other non-refundable fees related to funding (recorded in earned income on the interest method). We stop accruing interest at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days past due . Previously recognized interest income that was accrued but not collected from the borrower is reverse d, unless the terms of the loan agreement permit capitalization of accrued interest to the principal balance. P ayments received on nonaccrual loans are applied to reduce the principal balance of the loan. We resume accruing interest on nonaccrual, non-re structured commercial loans only when (a) payments are brought current according to the loan’s original terms and (b) future payments are reasonably assured. When we agree to restructured terms with the borrower, we resume accruing interest only when it is reasonably assured that we will recover full contractual payments, and such loans pass underwriting reviews equivalent to those applied to new loans. We recognize financing lease income on the interest method to produce a level yield on funds not yet re covered. Estimated unguaranteed residual values are based upon management's best estimates of the value of the leased asset at the end of the lease term. We use various sources of data in determining these estimate s , including information obtained from thi rd parties, which is adjusted for the attributes of the specific asset under lease. Guarantees of residual values by unrelated third parties are considered part of minimum lease payments. Significant assumptions we use in estimating residual values include estimated net cash flows over the remaining lease term, anticipated results of future remarketing, and estimated future component part and scrap metal prices, discounted at an appropriate rate. We recognize operating lease income on a straight-line basis over the terms of underlying leases. |
Businesses And Held for Sale Policy | BUSINESSES AND ASSETS HELD FOR SALE Businesses held for sale represent components that meet accounting requirements to be classified as held for sale and are presented as single asset and liability amounts in our financial statements with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less cost to sell. Financing receivables that no longer qualify to be presented as held for investment must be classifie d 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. The determination of fair value for businesses and portfolios of f inancing receivables involves significant judgments 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 assets 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 estimates. 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 transact ion. We review all businesses and assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. |
Depreciation and Amortization Policy | DEPRECIATION AND AMORTIZATION The cost of GE manufacturing plan t and equipment is depreciated over its estimated economic life. In 2015, we changed the method of depreciating its U.S. assets from an accelerated method based on a sum-of-the-years digits formula to a straight-line basis in order to align and harmonize o ur methodology for manufacturing plant and equipment. This change in estimate was made prospectively as of October 1, 2015, and had an immaterial impact for 2015. As a result, as of October 1, 2015, GE manufacturing plant and equipment is generally depreci ated on a straight-line basis. The cost of GE Capital equipment leased to others on operating leases is depreciated on a straight-line basis to estimated residual value over the lease term or over the estimated economic life of the equipment. |
Losses on Financing Receivables | LOSSES ON FINANCING RECEIVABLES Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the si ze, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including p resent economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values, and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use t o provide for losses are updated periodically to reflect our view of current conditions and are subject to the regulatory examination process, which can result in changes to our assumptions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollectible and subsequent recoveries ar e added to the allowance at the time cash is received on a written-off account. "Impaired" loans are defined as larger-balance or restructured loans for which it is probable that the lender will be unable to collect all amounts due according to the origi nal contractual terms of the loan agreement. A portion of our CLL nonaccrual receivables are excluded from this definition, as they represent smaller-balance homogeneous loans that we evaluate collectively by portfolio for impairment. Specific reserves a re recorded for individually impaired loans to the extent we have determined that it is probable that we will be unable to collect all amounts due according to original contractual terms of the loan agreement. Certain loans classified as impaired may not r equire a reserve because we believe that we will ultimately collect the unpaid balance (through collection or collateral repossession). “Delinquent” receivables are those that are 30 days or more past due based on their contractual terms. Recently restru ctured financing receivables are not considered delinquent when payments are brought current according to the restructured terms, but may remain classified as nonaccrual until there has been a period of satisfactory payment performance by the borrower and future payments are reasonably assured of collection. Our commercial loan and lease portfolio consists of a variety of loans and leases, including both larger-balance, non-homogeneous loans and leases and smaller-balance homogeneous loans and leases. Loss es on such loans and leases are recorded when probable and estimable. We routinely evaluate our entire portfolio for potential specific credit or collection issues that might indicate an impairment. For larger-balance, non-homogeneous loans and leases, we consider the financial status, payment history, collateral value, industry conditions and guarantor support related to specific customers. Any delinquencies or bankruptcies are indications of potential impairment requiring further assessment of collectability. We routinely receive financial as well as rating agency reports on our customers, and we elevate for further attention those customers whose operations we judge to be marginal or deteriorating. We also elevate customers for further attenti on when we observe a decline in collateral values for asset-based loans. While collateral values are not always available, when we observe such a decline, we evaluate relevant markets to assess recovery alternatives. Measurement of the loss on our impair ed commercial loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of collateral, net of expected selling costs, if the loan is determined to be collateral dependent. We determ ine whether a loan is collateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. After providing for specific incurred losses, we then determine an allowance for losses that have been incurred in the b alance of the portfolio but cannot yet be identified to a specific loan or lease. This estimate is based upon various statistical analyses considering historical and projected default rates and loss severity and aging, as well as our view on current market and economic conditions. It is prepared by each respective line of business. When we repossess collateral in satisfaction of a loan, we write down the receivable against the allowance for losses. Repossessed collateral is included in the caption “All ot her assets” in the Statement of Financial Position and carried at the lower of cost or estimated fair value less costs to sell. Write-offs on larger-balance impaired commercial loans are based on amounts deemed uncollectible and are reviewed quarterly. Wr ite-offs are determined based on the consideration of many factors, such as expectations of the workout plan or restructuring of the loan, valuation of the collateral and the prioritization of our claim in bankruptcy. Write-offs 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. If foreclosure is probable, the write-off is determined based on the fair value of the collateral less c osts to sell. Smaller-balance, homogeneous commercial loans are written off at the earlier of when deemed uncollectible or at 180 days past due. |
Partial Sales of Business Interests | Partial Sales of Business Interests Gains or losses on sales of affiliate shares where we retain a controllin g financial interest are recorded in equity. Gains or losses on sales that result in our loss of a controlling financial interest are recorded in earnings along with remeasurement gains or losses on any investments in the entity that we retained. |
Cash and Equivalents Policy | Cash and Equivalents Debt securities and money market instruments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities. |
Investment Securities Policy | INVESTMENT SECURITIES We report investments in debt and marketable equity securities, and certain other equity securities, at fair value. See Note 19 for further information on fair value. Unrealized gains and losses on available-for-sale investment securities are included i n shareowners’ equity, net of applicable taxes and other adjustments. We regularly review investment securities for impairment using both quantitative and qualitative criteria. For debt securities, if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery of our amortized cost, we evaluate other qualitative criteria to determine whether we do not expect to recover the amortized cost basis of the security, such as the financial health of and specific prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the sec urity. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to be other -than-temporarily impaired, and we record the difference between the security’s amortized cost basis and its recoverable amount in earnings and the difference between the security’s recoverable amount and fair value in other comprehensive income. If we int end to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, the security is also considered other-than-temporarily impaired and we recognize the entire difference between the security’s amortized cost basis and its fair value in earnings. For equity securities, we consider the length of time and magnitude of the amount that each security is in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to be other-than-temporarily impaired, and we record the difference between the security’s amortized cost basis and its fair value in earnings. Realized gains and losses are accounted for on the specific id entification method. Unrealized gains and losses on investment se curities classified as trading and certain retained interests are included in earnings. |
Inventory Policy | inventories All inventories are stated at the lower of cost or realizable values. Cost for a portion of GE U.S. inventories is determined on a last-in, first-out (LIFO) basis. Cost of other GE inventories is determined on a first-in, first-out (FIFO) basis. LIFO was used for 34 % and 40 % of GE inventories at 2015 and 2014 , respectively. |
Goodwill and Intangible Assets Policy | GOODWILL AND OTHER INTANGIBLE ASSETS We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is the operating segment, or one level below that operating segment (the compon ent level) if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics. We recognize an impairment charge if the car rying amount of a reporting unit exceeds its fair value and the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill. We use a market approach, when available and appropriate, or the income approach, or a combina tion of both to establish fair values. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit t hat will be retained. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic li fe, except that individually significant customer-related intangible assets are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related ca rrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with in definite lives are tested annually for impairment and written down to fair value as required. The cost of individually significant customer relationships is amortized in proportion to estimated total related sales; cost of other intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. |
Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits | INVESTMENT C ONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS Our run-off insurance activities include providing insurance and reinsurance for life and health risks and providing certain annuity products. Two primary product types are provided: tradition al insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. For short-duration insurance contracts, including accident and health insurance, we report premiums as earned income over the terms of the related agreements, generally on a pro-rata basis. For traditional long-duration insurance contracts , including long-term care, term, whole life and annuities payable for the life of the annuitant, we report premiums as earned income when due. Premiums received on investment contracts (including annuities without significant mortality risk) are not reported as revenues but rather as deposit liabilities. We recognize revenues f or charges and assessments on these contracts, mostly for mortality, contract initiation, administration and surrender. Amounts credited to policyholder accounts are charged to expense. Liabilities for traditional long-duration insurance contracts represe nt the present value of such benefits less the present value of future net premiums based on mortality, morbidity, interest and other assumptions at the time the policies were issued or acquired. Liabilities for investment contracts equal the account value , that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. Liabilities for unpaid claims and estimated claim settlement expenses represent our best e stimate of the ultimate obligations for reported and incurred-but-not-reported claims and the related estimated claim settlement expenses. Liabilities for unpaid claims and estimated claim settlement expenses are continually reviewed and adjusted through c urrent operations. |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market pa rticipant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is con sistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preferenc e is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices fo r identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Significant inputs to the valuation model are unobservable. We maint ain policies and procedures to value instruments using the best and most relevant data available. In addition, we have risk management teams that review valuation, including independent price validation for certain instruments. With regard to Level 3 valua tions (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations. Such reviews, which may be performed quarterly, monthly or weekly, include an evaluation of instruments whose fair val ue change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as well as other published data, such as rating agency market reports and current appraisals. These reviews are perfor med within each business by the asset and risk managers, pricing committees and valuation committees. A detailed review of methodologies and assumptions is performed by individuals independent of the business for individual measurements with a fair value e xceeding predefined thresholds. This detailed review may include the use of a third-party valuation firm. RECURRING FAIR VALUE MEASUREMENTS The following sections describe the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis. Investments in Debt and Equity Securities . When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For large numbers of investment securities for which market prices are observable for identical or similar investmen t securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we obtain pricing information from an independent p ricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources i ncluding: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor us es available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The pricing vendor considers available market observable inputs in determining the evaluation for a security. Thus, cert ain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and primarily comprise our portfolio of corporate fixed income, and government, mortgage and asset-bac ked securities. In infrequent circumstances, our pricing vendors may provide us with valuations that are based on significant unobservable inputs, and in those circumstances we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. While we are not provided access to proprietary models of the vendor, our reviews have included on- site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. Our reviews also include an examination of the underlying inputs and assumptions for a sample of individual securi ties across asset classes, credit rating levels and various durations, a process we perform each reporting period. In addition, the pricing vendor has an established challenge process in place for all security valuations, which facilitates identification a nd resolution of potentially erroneous prices. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characterist ics. We have not adjusted the prices we have obtained. Investment securities priced using non-binding broker quotes and other third-party pricing services are included in Level 3. As is the case with our primary pricing vendor, third-party brokers and othe r third-party pricing services do not provide access to their proprietary valuation models, inputs and assumptions. Accordingly, our risk management personnel conduct reviews of vendors, as applicable, similar to the reviews performed of our primary pricin g vendor. In addition, we conduct internal reviews of pricing for all such investment securities quarterly to ensure reasonableness of valuations used in our financial statements. These reviews are designed to identify prices that appear stale, those that have changed significantly from prior valuations, and other anomalies that may indicate that a price may not be accurate. Based on the information available, we believe that the fair values provided by the brokers and other third-party pricing services are representative of prices that would be received to sell the assets at the measurement date (exit prices). Derivatives. We use closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the-counter markets. Th e majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities includ ed in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent equity derivatives and interest rate pro ducts that contain embedded optionality or prepayment features. NON-RECURRING FAIR VALUE MEASUREMENTS Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject t o fair value adjustments only in certain circumstances. These assets can include loans and long-lived assets that have been reduced to fair value when they are held for sale, impaired loans that have been reduced based on the fair value of the underlying c ollateral, cost and equity method investments and long-lived assets that are written down to fair value when they are impaired and the remeasurement of retained investments in formerly consolidated subsidiaries upon a change in control that results in deco nsolidation of a subsidiary, if we sell a controlling interest and retain a noncontrolling stake in the entity. Assets that are written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further imp airment occurs. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value on a non-recurring basis and for certain assets within our pension plans and retiree benefit plans at each reporting period, as applicable. Financing Receivables and Loans Held for Sale. When available, we use observable market data, including pricing on recent closed market transactions, to value loans that are included in Level 2. When this da ta is unobservable, we use valuation methodologies using current market interest rate data adjusted for inherent credit risk, and such loans are included in Level 3. When appropriate, loans may be valued using collateral values (see Long-Lived Assets below ). Cost and Equity Method Investments. Cost and equity method investments are valued using market observable data such as quoted prices when available. When market observable data is unavailable, investments are valued using a discounted cash flow model, comparative market multiples or a combination of both approaches as appropriate and other third-party pricing sources. These investments are generally included in Level 3. Investments in private equity, real estate and collective funds are valued using net asset values. The net asset values are determined based on the fair values of the underlying investments in the funds. Investments in private equity and real estate funds are generally included in Level 3 because they are not redeemable at the measurem ent date. Investments in collective funds are included in Level 2. Long-lived Assets . Fair values of long-lived assets, including aircraft and real estate, are primarily derived internally and are based on observed sales transactions for similar assets. I n other instances, for example, collateral types for which we do not have comparable observed sales transaction data, collateral values are developed internally and corroborated by external appraisal information. Adjustments to third-party valuations may b e performed in circumstances where market comparables are not specific to the attributes of the specific collateral or appraisal information may not be reflective of current market conditions due to the passage of time and the occurrence of market events s ince receipt of the information. Retained Investments in Formerly Consolidated Subsidiaries. Upon a change in control that results in deconsolidation of a subsidiary, the fair value measurement of our retained noncontrolling stake is valued using market o bservable data such as quoted prices when available, or if not available, an income approach, a market approach, or a combination of both approaches as appropriate. In applying these methodologies, we rely on a number of factors, including actual operating results, future business plans, economic projections, market observable pricing multiples of similar businesses and comparable transactions, and possible control premium. These investments are generally included in Level 1 or Level 3, as appropriate, dete rmined at the time of the transaction. |
Accounting Changes | Accounting Changes In the second quarter of 2014, the Company elected to early adopt Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (To pic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Th is ASU changed the criteria for reporting discontinued operations. To be classified as a discontinued operation, the disposal of a component or group of components must represent a strategic shift that has, or will have, a major effect on an entity’s operations and financia l results. The ASU also expanded the disclosure requirements for those transactions that meet the new criteria to be classified as disc ontinued operations. The revised accounting guidance applies prospectively to all disposals (or classifications as held for sale) of components of an entity and for businesses that, upon acquisition, are classified as held for sale on or af ter adoption. Early adoption was permitted for disposals (or classificat ions as held for sale) that had not been previously reported in financial statements. The effects of applying the revised guidance will vary based upon the nature and size of future disposal transa ctions. It is expected that fewer disposal transactions will meet the new criteria to be reported as discontinued operations. On January 1, 2014, we adopted ASU 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translati on Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity . Under the revised guidance, the entire amount of the cumulative translation adjustment associated with the foreign entity will be released into earnings in the following circumstances: (a) the sale of a subsidiary or group of net assets within a foreign entity that represents a complete or substantially complete liquidation of that entity, (b) the loss of a controllin g financial interest in an investment in a foreign entity, or (c) when the accounting for an investment in a foreign entity changes from the equity method to full consolidation. The revised guidance applies prospectively to transactions or events occurring on or after January 1, 2014. On January 1, 2014, we adopted ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists . Under the new guidance, an unrecognized tax benefit is required to be presented as a reduction to a deferred tax asset if the disallowance of the tax position would reduce the available tax loss or tax credit carryforward instead of resulting in a cash tax liability. The ASU applies prospectivel y to all unrecognized tax benefits that exist as of the adoption date and reduced both deferred tax assets and income tax liabilities (including amounts reported in assets and liabilities of discontinued operations) by $1,224 million as of January 1, 2014. |
Businesses Held For Sale and 38
Businesses Held For Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 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 December 31 (In millions) 2015 2014 Assets Current receivables(a) $ 79 $ 180 Inventories 583 588 Property, plant, and equipment – net 1,208 979 Goodwill 370 433 Other intangible assets – net 162 157 Other 416 489 Assets of businesses held for sale $ 2,818 $ 2,826 Liabilities Accounts payable(a) $ 503 $ 506 Other current liabilities 325 346 Other 33 89 Liabilities of businesses held for sale $ 861 $ 941 (a) Certain transactions at our Appliances and Signaling businesses are made on an arms-length basis with GE Capital , consisting primarily of GE customer receivables sold to GE Capital and GE Capital services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. |
Rollfoward of WMC's reserve and pending claims for WMC representation and warranty obligations | ROLLFORWARD OF THE RESERVE December 31 (In millions) 2015 2014 Balance, beginning of period $ 809 $ 800 Provision 212 365 Claim resolutions / rescissions (146) (356) Balance, end of period $ 875 $ 809 |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 23,003 $ 31,136 $ 32,987 Earnings (loss) from discontinued operations before income taxes $ 887 $ 6,615 $ 6,558 Benefit (provision) for income taxes (791) (776) 699 Earnings (loss) from discontinued operations, net of taxes $ 96 $ 5,839 $ 7,257 Disposal Gain (loss) on disposal before income taxes $ (6,612) $ 14 $ (2,027) Benefit (provision) for income taxes (979) 1 246 Gain (loss) on disposal, net of taxes $ (7,591) $ 15 $ (1,781) Earnings (loss) from discontinued operations, net of taxes(a)(b) $ (7,495) $ 5,855 $ 5,475 The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GE Capital earnings (loss) from discontinued operations, net of taxes, after adjusting for earnings (loss) attributable to noncontrolling interests related to discontinued operations, is reported within GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Earnings (Loss). Earnings (loss) from discontinued operations attributable to the C ompany, before income taxes, was $ (6,038) million, $ 6,472 million, and $ 4,495 million for the years ended December 31, 2015, 2014, 2013, respectively. December 31 (In millions) 2015 2014 Assets Cash and equivalents $ 20,395 $ 20,991 Investment securities 8,478 13,349 Financing receivables – net 3,205 213,514 Other receivables 1,221 2,896 Property, plant and equipment – net 7,537 18,354 Goodwill 7,764 23,452 Other intangible assets - net 80 987 Deferred income taxes 2,447 3,530 Financing receivables held for sale 69,847 3,475 Valuation allowance on disposal group classified as discontinued operations (6,374) - Other 6,350 22,980 Assets of discontinued operations $ 120,951 $ 323,529 Liabilities Short-term borrowings $ 739 $ 3,780 Accounts payable 2,870 4,280 Non-recourse borrowings 3,994 25,536 Bank deposits 25,613 62,839 Long-term borrowings 730 13,767 All other liabilities 11,053 11,046 Deferred income taxes 1,437 6,810 Other 52 174 Liabilities of discontinued operations $ 46,487 $ 128,233 |
CLL | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 10,580 $ 13,413 $ 13,144 Interest $ (2,365) $ (3,069) $ (3,300) Selling, general and administrative expenses (3,576) (3,598) (3,538) Cost of services sold (1,735) (3,859) (4,002) Provision for losses on financing receivables (1,753) (456) (736) Other costs and expenses (127) (135) (94) Earnings (loss) from discontinued operations, before income taxes 1,024 2,296 1,474 Benefit (provision) for income taxes (186) (487) 65 Earnings (loss) from discontinued operations, net of taxes $ 838 $ 1,808 $ 1,539 Disposal Gain (loss) on disposal before income taxes $ (8,013) $ - $ - Benefit (provision) for income taxes (698) - - Gain (loss) on disposal, net of taxes $ (8,711) $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (7,873) $ 1,808 $ 1,539 (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (6,996) million, $ 2,279 million and $ 1,457 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Real Estate | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR REAL ESTATE (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 911 $ 2,969 $ 3,915 Interest $ (457) $ (1,079) $ (1,278) Selling, general and administrative (444) (484) (568) Cost of services sold (5) - - Provision for losses on financing receivables 5 86 (28) Other costs and expenses (158) (712) (788) Earnings (loss) from discontinued operations, before income taxes (149) 780 1,253 Benefit (provision) for income taxes 168 224 472 Earnings (loss) from discontinued operations, net of taxes $ 19 $ 1,003 $ 1,725 Disposal Gain (loss) on disposal before income taxes $ (1,338) $ - $ - Benefit (provision) for income taxes (639) - - Gain (loss) on disposal, net of taxes $ (1,977) $ - $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (1,958) $ 1,003 $ 1,725 (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (1,486) million, $ 778 million and $ 1,246 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
WMC | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR WMC (In millions) 2015 2014 2013 Total revenues and other income (loss) $ (184) $ (291) $ (346) Earnings (loss) from discontinued operations, net of taxes $ (146) $ (199) $ (232) |
Other Financial Services | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR OTHER FINANCIAL SERVICES (In millions) 2015 2014 2013 Total revenues and other income (loss) $ 8 $ 23 $ 532 Gain (loss) on disposal, net of taxes $ - $ 15 $ (1,781) (a) Earnings (loss) from discontinued operations, net of taxes $ 32 $ 92 $ (1,823) (a) Primarily reflects agreement with the buyer of GE Money Japan to extinguish an obligation under terms specified in the 2008 sale agreement. |
Consumer | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR CONSUMER (In millions) 2015 2014 2013 Operations Total revenues and other income (loss) $ 11,690 $ 15,023 $ 15,741 Interest $ (2,081) $ (2,611) $ (2,669) Selling, general, and administrative expenses (3,940) (4,572) (4,349) Cost of services sold (1) - (1) Provision for losses on financing receivables (5,029) (3,544) (4,048) Investment contracts, insurance losses and insurance annuity benefits (12) (18) (15) Other costs and expenses (392) (388) (337) Earnings (loss) from discontinued operations, before income taxes 236 3,891 4,324 Benefit (provision) for income taxes (878) (736) 7 Earnings (loss) from discontinued operations, net of taxes $ (642) $ 3,155 $ 4,330 Disposal Gain (loss) on disposal before income taxes $ 2,739 $ - $ - Benefit (provision) for income taxes 363 - - Gain (loss) on disposal, net of taxes(a) $ 3,102 $ - $ - Earnings (loss) from discontinued operations, net of taxes(b) $ 2,460 $ 3,155 $ 4,330 Included Synchrony Financial gain on sale of $3,429 million related to the share exchange. Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 2,670 million , $ 3,752 million , and $ 4,312 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 2015 2014 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated December 31 (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 2 $ - $ - $ 3 $ 12 $ - $ - $ 12 Corporate – non-U.S. 1 - - 1 1 - - 1 U.S. government and federal agency 49 - - 49 - - - - Equity 87 13 (2) 98 69 4 (2) 71 139 14 (2) 151 82 4 (2) 84 GE Capital Debt U.S. corporate 19,971 2,669 (285) 22,355 19,801 3,961 (70) 23,692 State and municipal 3,910 407 (73) 4,245 4,116 554 (52) 4,618 Mortgage and asset-backed(a) 2,995 157 (35) 3,116 4,478 328 (29) 4,777 Corporate – non-U.S. 759 96 (9) 846 844 109 (1) 952 Government – non-U.S. 279 136 - 415 362 129 - 491 U.S. government and federal agency 623 104 - 727 705 56 - 761 Equity 112 16 (4) 123 112 23 (1) 134 28,648 3,585 (407) 31,827 30,417 5,160 (153) 35,425 Eliminations (4) - - (4) (4) - - (4) Total $ 28,783 $ 3,599 $ (409) $ 31,973 $ 30,496 $ 5,164 $ (155) $ 35,505 (a) Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. A t December 31, 2015 , $ 587 million related to securities issued by government-sponsored entities and $ 30 million related to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions. |
Schedule of investments, by type and length in continuous loss position | ESTIMATED FAIR VALUE AND GROSS UNREALIZED LOSSES OF AVAILABLE-FOR-SALE INVESTMENT SECURITIES In loss position for Less than 12 months 12 months or more Gross Gross Estimated unrealized Estimated unrealized (In millions) fair value(a) losses(a)(b) fair value losses(b) December 31, 2015 Debt U.S. corporate $ 2,966 $ (218) $ 433 $ (67) State and municipal 494 (20) 155 (53) Mortgage and asset-backed 719 (20) 84 (16) Corporate – non-U.S. 56 (4) 14 (4) Equity 36 (6) - - Total $ 4,273 $ (269) $ 686 $ (140) (c) December 31, 2014 Debt U.S. corporate $ 556 $ (17) $ 836 $ (53) State and municipal 67 (1) 274 (51) Mortgage and asset-backed 174 (1) 307 (28) Corporate – non-U.S. 39 (1) - - Equity 10 (3) - - Total $ 846 $ (22) $ 1,417 $ (132) (a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. At December 31, 2015 , the estimated fair value of and gross unrealized losses on equity securities were $ 6 million and $ (2) 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 $ (1) million related to secu rities that had other-than-temporary impairments previously recognized at December 31, 2015 . (c) Includes debt securities held to support obligations to holders of Guaranteed Investment Contracts (GICs) all of which are considered to be investment-grade by the major rating agencies at December 31, 2015 . |
Pre Tax Other Than Temporary Impairments On Investment Securities [TableTextBlock] | PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES (In millions) 2015 2014 2013 Total pre-tax, OTTI recognized $ 64 $ 316 $ 201 Pre-tax, OTTI recognized in AOCI - (4) (31) Pre-tax, OTTI recognized in earnings(a) $ 64 $ 312 $ 170 (a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $ 5 million, $ 219 million and an insignificant amount in 2015 , 2014 and 2013 , respectively |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD (In millions) 2015 2014 2013 Cumulative credit loss impairments recognized, beginning of period $ 176 $ 473 $ 391 Credit loss impairments recognized on securities not previously impaired 31 1 120 Incremental credit loss impairments recognized on securities previously impaired - 4 25 Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell 3 301 63 Cumulative credit loss impairments recognized, end of period $ 205 $ 176 $ 473 |
Schedule of contractual maturities | CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-SALE DEBT SECURITIES (EXCLUDING MORTGAGE AND ASSET-BACKED SECURITIES) Amortized Estimated (In millions) cost fair value Due Within one year $ 495 $ 501 After one year through five years 2,556 2,745 After five years through ten years 4,846 5,097 After ten years 17,648 20,248 |
Supplemental gross realized gains losses on available-for-sale investment securities | GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES (In millions) 2015 2014 2013 GE Gains $ 7 $ 3 $ 1 Losses, including impairments (36) (218) (20) Net (29) (215) (19) GE Capital Gains 121 87 128 Losses, including impairments (51) (104) (156) Net 70 (16) (28) Total $ 41 $ (231) $ (47) |
Current Receivables (Tables)
Current Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Current Receivables [Abstract] | |
Schedule Of Current Receivables [Table Text Block] | Consolidated(a) GE(b) December 31 (In millions) 2015 2014 2015 2014 Power $ 6,675 $ 4,071 $ 4,377 $ 2,149 Renewable Energy 2,336 895 1,418 616 Oil & Gas 4,958 5,793 2,764 3,233 Energy Management 2,930 1,655 1,980 731 Aviation 4,133 4,656 1,876 1,997 Healthcare 4,022 4,350 1,943 2,241 Transportation 609 454 193 351 Appliances & Lighting 1,502 1,466 194 214 Corporate items and eliminations 372 391 464 466 27,538 23,732 15,209 11,998 Less Allowance for Losses (515) (495) (502) (485) Total $ 27,022 $ 23,237 $ 14,707 $ 11,513 Includes GE industrial customer receivables factored through a GE Capital affiliate and reported as financing receivables by GE Capital of $ 13,042 million and $ 12,533 million at December 31, 2015 and 2014 , respectively . GE current receivables of $ 251 million and $ 254 million at December 31, 2015 and 2014 , respectively, arose from sales, principally of Aviation goods and services, on open account to various agencies of the U.S. government. As a percentage of GE r evenues, approximately 4 % of GE sales of goods and services were to the U.S. government in 2015 , compared with 3 % in 2014 and 4 % in 2013 . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Inventories | December 31 (In millions) 2015 2014 GE Raw materials and work in process $ 13,415 $ 9,963 Finished goods 8,199 6,982 Unbilled shipments 628 755 22,243 17,701 Revaluation to LIFO 207 (62) Total GE 22,449 17,639 GE Capital Finished goods 66 50 Total consolidated $ 22,515 $ 17,689 |
Financing Receivables and All42
Financing Receivables and Allowance for Losses on Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables - Net | FINANCING RECEIVABLES, NET December 31 (In millions) 2015 2014 Loans, net of deferred income $ 20,115 $ 20,270 Investment in financing leases, net of deferred income 4,969 5,471 25,084 25,741 Allowance for losses (81) (93) Financing receivables – net $ 25,003 $ 25,647 |
Net Investment in Financing Leases | NET INVESTMENT IN FINANCING LEASES Total financing leases Direct financing leases(a) Leveraged leases(b) December 31 (In millions) 2015 2014 2015 2014 2015 2014 Total minimum lease payments receivable $ 5,901 $ 6,755 $ 3,251 $ 3,669 $ 2,649 $ 3,086 Less principal and interest on third-party non-recourse debt (1,482) (1,868) - - (1,482) (1,868) Net rentals receivables 4,419 4,887 3,251 3,669 1,167 1,218 Estimated unguaranteed residual value of leased assets 2,057 2,371 928 1,138 1,129 1,233 Less deferred income (1,507) (1,787) (913) (1,101) (593) (686) Investment in financing leases, net of deferred income 4,969 5,471 3,266 3,706 1,703 1,765 Less amounts to arrive at net investment Allowance for losses (27) (29) (15) (14) (13) (15) Deferred taxes (1,665) (1,899) (593) (697) (1,071) (1,202) Net investment in financing leases $ 3,277 $ 3,543 $ 2,658 $ 2,995 $ 619 $ 548 Included $ 24 million and $ 33 million of initial direct costs on direct financing le ases at December 31, 2015 and 2014 , respectively. Included pre-tax income of $ 61 million and $ 53 million and income tax of $ 23 million and $ 20 million during 2015 and 2014 , respectively. Net investment credits recognized on leveraged leases during 2015 and 2014 were insignificant. |
Contractual Maturities | CONTRACTUAL MATURITIES Total Net rentals (In millions) loans receivable Due in 2016 $ 13,937 $ 821 2017 1,299 719 2018 769 715 2019 1,428 564 2020 722 425 2021 and later 1,959 1,174 Total $ 20,115 $ 4,419 |
Allowance For Losses | ALLOWANCE FOR LOSSES (In millions) 2015 2014 2013 Beginning balance $ 93 $ 44 $ 43 Provision 48 79 4 Net write-offs(a) (60) (27) (4) Other(b) (1) (3) 1 Ending balance $ 81 $ 93 $ 44 Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables . Other primarily include s effects of currency exchange. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Depreciable lives-new Original Cost Net Carrying Value December 31 (Dollars in millions) (in years) 2015 2014 2015 2014 GE Land and improvements 8 (a) $ 888 $ 690 $ 870 $ 698 Buildings, structures and related equipment 8-40 10,050 8,740 5,440 4,131 Machinery and equipment 4-20 24,515 23,370 9,986 9,040 Leasehold costs and manufacturing plant under construction 1-10 4,359 3,751 3,849 3,338 39,812 36,551 20,145 17,207 GE Capital(b) Land and improvements, buildings, structures and related equipment 1-35 (a) 267 318 101 142 Equipment leased to others Aircraft(c) 15-20 50,339 46,017 34,316 30,573 All other 3-35 543 767 364 539 51,149 47,102 34,781 31,253 Eliminations (939) (462) (831) (390) Total $ 90,022 $ 83,191 $ 54,095 $ 48,070 (a) Depreciable lives exclude land. (b) Included $ 1,024 million and $ 731 million of original cost of assets leased to GE with accumulated amortization of $ 83 million and $ 60 million at December 31, 2015 and 2014 , respectively. (c) The GECAS business of Capital recognized impairment losses of $ 168 million and $ 445 million in 2015 and 2014 , respectively. These losses are recorded in the caption “ Cost of services sold ” in the Sta tement of Earnings to reflect adjustments to fair value based on management’s best estimates, which are benchmarked against third-party appraiser current market values for aircraft of similar type and age . |
Rentals due from customers for equipment on operating leases | (In millions) Due in 2016 $ 4,162 2017 3,876 2018 3,378 2019 2,920 2020 2,455 2021 and later 7,128 Total $ 23,919 |
Acquisitions, Goodwill and Ot44
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill balance | CHANGES IN GOODWILL BALANCES 2015 2014 Dispositions, Dispositions, currency currency Balance at exchange Balance at Balance at exchange Balance at (In millions) January 1 Acquisitions(a) and other December 31 January 1 Acquisitions and other December 31 Power $ 7,769 $ 9,582 $ (615) $ 16,736 $ 7,852 $ 21 $ (104) $ 7,769 Renewable Energy 984 1,631 (35) 2,580 970 - 14 984 Oil & Gas 10,572 22 - 10,594 10,516 276 (220) 10,572 Energy Management 4,570 2,314 (657) 6,227 4,748 - (178) 4,570 Aviation 8,952 - (385) 8,567 9,103 - (151) 8,952 Healthcare 17,532 11 (190) 17,353 16,643 1,004 (115) 17,532 Transportation 887 - (36) 851 1,012 2 (127) 887 Appliances & Lighting 226 - (12) 214 606 - (380) 226 Capital 1,680 728 (37) 2,370 1,684 - (3) 1,680 Corporate 34 - - 34 3 31 - 34 Total $ 53,207 $ 14,287 $ (1,968) $ 65,526 $ 53,137 $ 1,334 $ (1,264) $ 53,207 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Goodwill and other intangible assets | OTHER INTANGIBLE ASSETS - NET December 31 (In millions) 2015 2014 Intangible assets subject to amortization $ 16,634 $ 13,052 Indefinite-lived intangible assets(a) 109 130 Total $ 16,744 $ 13,182 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Intangible assets subject to amortization | INTANGIBLE ASSETS SUBJECT TO AMORTIZATION 2015 2014 Gross Gross carrying Accumulated carrying Accumulated December 31 (In millions) amount amortization Net amount amortization Net Customer-related $ 8,650 $ (2,059) $ 6,591 $ 7,139 $ (1,772) $ 5,367 Patents and technology 8,543 (3,096) 5,447 6,685 (2,894) 3,791 Capitalized software 7,375 (4,136) 3,239 6,509 (3,547) 2,962 Trademarks 1,337 (282) 1,055 1,129 (251) 878 Lease valuations 167 (22) 145 - - - Present value of future profits(a) 651 (651) - 614 (614) - All other 267 (108) 159 107 (53) 54 Total $ 26,990 $ (10,354) $ 16,634 $ 22,183 $ (9,131) $ 13,052 (a) Balances at December 31, 2015 and 2014 reflect adjustments of $ 266 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. |
Components of finite-lived intangible assets | COMPONENTS OF FINITE-LIVED INTANGIBLE ASSETS ACQUIRED DURING 2015 Weighted-average Gross amortizable period (In millions) carrying value (in years) Customer-related $ 1,737 8.5 Patents and technology 2,213 10.2 Capitalized software 1,196 7.0 Trademarks 223 6.3 Lease valuations 167 4.7 All other 227 9.5 |
Consolidated amortization | ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION (In millions) 2016 2017 2018 2019 2020 Estimated annual pre-tax amortization $ 1,952 $ 1,853 $ 1,851 $ 1,725 $ 1,591 |
Contract Assets and All Other45
Contract Assets and All Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
All Other Assets | December 31 (In millions) 2015 2014 GE Contract assets $ 21,156 $ 16,960 December 31 (In millions) 2015 2014 Investments Associated companies $ 3,582 $ 3,384 Other 718 613 4,300 3,997 Long-term receivables, including notes 2,310 766 Derivative instruments 733 783 Other 5,937 2,175 13,281 7,722 GE Capital Investments Associated companies 8,373 8,651 Assets held for sale(a) 857 1,414 Time deposits(b) 10,386 - Other 543 138 20,159 10,203 Derivative instruments 549 1,434 Advances to suppliers 1,809 1,372 Deferred borrowing costs 199 662 Other(c) 2,571 3,774 25,287 17,445 Eliminations (1,097) (331) All Other Assets $ 37,471 $ 24,836 (a ) Assets were classified as held for sale on the date a decision was made to dispose of them through sale or other means. At December 31, 2015 and 2014 , such assets consisted primarily of loans, aircraf t and equipment, and were accounted for at the lower of carrying amount or estimated fair value less costs to sell. (b ) Balances at December 31, 2015 included $ 10,386 million of high quality interest bearing deposits with European branches of global ban ks, predominantly in the UK, that mature in April 2016. (c ) Balances at December 31, 2015 and 2014 included $ 6 million and $ 7 million, respectively of deferred acquisition cost that reflect adjustments of $ 544 million a nd $ 624 million, respectively, to deferred acquisition costs in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realiz ed. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | December 31 (Dollars in millions) 2015 2014 Short-term borrowings Amount Average Rate(a) Amount Average Rate(a) GE Commercial paper $ 500 0.15 % $ 500 0.10 % Current portion of long-term borrowings 17,777 2.10 2,068 1.05 Other 1,522 1,304 Total GE short-term borrowings(b) 19,799 3,872 GE Capital Commercial paper U.S. 650 0.46 22,019 0.19 Non-U.S. 4,351 0.01 2,993 0.25 Current portion of long-term borrowings(c) 24,996 4.28 36,920 2.15 Intercompany payable to GE(d) 17,649 - GE interest plus notes(f) - 5,467 1.01 Other(e) 1,005 16 Total GE Capital short-term borrowings 48,650 67,416 Eliminations(d) (18,556) (863) Total short-term borrowings $ 49,892 $ 70,425 Long-term borrowings Maturities Amount Average Rate(a) Amount Average Rate(a) GE Senior notes 2017-2055 $ 72,840 3.23 % $ 11,945 4.25 % Subordinated notes 2021-2037 2,954 3.68 - Subordinated debentures(g) 2066-2067 6,678 6.14 - Other 1,298 523 Total GE long-term borrowings(b) 83,770 12,468 GE Capital Senior notes(c) 2017-2039 59,254 2.54 158,600 2.65 Subordinated notes 249 4,804 3.36 Subordinated debentures(g) - 7,085 5.88 Intercompany payable to GE(d) 67,465 - Other(e) 2,094 3,686 Total GE Capital long-term borrowings 129,062 174,174 Eliminations(d) (67,531) (46) Total long-term borrowings $ 145,301 $ 186,596 Non-recourse borrowings of consolidated securitization entities(h) 2016-2017 $ 3,083 1.00 % $ 4,403 0.97 % Total borrowings $ 198,276 $ 261,424 Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging . Excluding assumed debt of GE Capital, GE total borrowings is $18,455 million. Included $ 160 million and $ 439 million of obligations to holders of GICs at December 31, 2015 and 2014 , respectively. These obligations included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GE Capital fall below AA-/Aa3. The remaining outstanding GICs will continue to be subject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GE Capital ’s ratings, among other t hings. Included $ 85,114 million of GE Capital debt assumed by GE and maintained as intercompany payable to GE at December 31, 2015 . Included $ 2,721 million and $ 3,830 million of funding secured by aircraft and other collateral at December 31, 2015 and 2014 , respectively, of which $ 1,537 million and $ 1,183 million is non-recourse to GE Capital at December 31, 2015 and 2014 , respectively. Entirely variable denomination floating-rate demand notes. The GE Interest Plus program was closed effective August 31, 2015. Included $ 2,587 million of subordinated debentures, which constitute the sole as s ets of trusts that have issued trust pre f erred securities and where GE owns 100% of the common securities of the trusts. Obligations associated with these trusts are unconditionally guaranteed by GE . Included $ 918 million and $ 773 million of current portion of long-term borro wings at December 31, 2015 and 2014 , respectively. See Note 21 . |
Schedule Of Maturities Of Long Term Debt [Table Text Block] | (In millions) 2016 2017 2018 2019 2020 GE(a) $ 17,777 $ 16,723 $ 7,953 $ 3,749 $ 7,306 GE Capital 24,996 (b) 8,520 7,681 5,714 11,419 Included borrowings assumed by GE as part of the merger, for which GE has an offsetting amount due from GE Capital, of $17,649 million, $12,454 million, $7,898 million, $3,707 million and $6,548 million in 2016, 2017, 2018, 2019, and 2020, respectively. Fixed and floating rate notes of $ 458 million contain put options with exercise dates in 2016, and which have final maturity beyond 2019 |
Schedule Of Debt Conversions | December 31 (in millions) 2015 Borrowings from debt exchange(a) Borrowings assumed by GE Borrowings guaranteed by GE Short-term borrowings GE Current portion of long-term borrowings $ - $ 17,649 $ - GE Capital Commercial paper-Non U.S. - - 4,351 Current portion of long-term borrowings 15,430 - 24,334 Other 789 - 789 Total short-term borrowings $ 16,219 $ 17,649 $ 29,474 Long-term borrowings GE Senior unsecured notes $ - $ 57,433 $ - Subordinated notes - 2,954 - Subordinated debentures - 6,678 - Other - 400 - GE Capital Senior unsecured notes 16,756 - 56,355 Other - - - Total long-term borrowings $ 16,756 $ 67,465 $ 56,355 Total borrowings $ 32,975 $ 85,114 $ 85,829 (a) Included $4.5 billion in additional bonds issued as a premium that will accrete up to face value ($36 billion) to the maturity date |
Investment Contracts Insuranc47
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits [Abstract] | |
Schedule of Investment Contracts Insurance Liabilities and Insurance Annuity Benefits | December 31 (In millions) 2015 2014 Life insurance benefits(a) $ 19,978 $ 20,688 Investment contracts 2,955 3,970 Other(b) 3,223 3,224 26,155 27,881 Eliminations (463) (449) Total $ 25,692 $ 27,432 Life insurance benefits are accounted for mainly by a net-level-premium method using estimated yields generally ranging from 3.0 % to 8.5 % in both 2015 and 2014 . Substantially all unpaid claims and claims adjustment expenses and unearned premiums. |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset allocation | ASSET ALLOCATION Other pension plans Principal retiree Principal pension plans (weighted average) benefit plans 2015 2015 2015 2015 2015 2015 Target Actual Target Actual Target Actual December 31 allocation allocation allocation allocation allocation allocation Equity securities 17 - 57 % 47 % 37 % 40 % 35 - 75 % 59 % Debt securities (including cash equivalents) 13 - 53 29 37 40 11 - 46 27 Private equities 8 - 18 11 5 4 0 - 25 11 Real estate 2 - 12 7 9 8 0 - 12 1 Other investments 3 - 13 6 12 8 0 - 10 2 |
Principal pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Benefit Plans [Table Text Block] | COST OF PENSION PLANS Principal pension plans (In millions) 2015 2014 2013 Service cost for benefits earned $ 1,424 $ 1,205 $ 1,535 Prior service cost amortization 205 214 246 Expected return on plan assets (3,302) (3,190) (3,500) Interest cost on benefit obligations 2,778 2,745 2,460 Net actuarial loss amortization 3,288 2,565 3,664 Curtailment loss 105 65 - Pension cost $ 4,498 $ 3,604 $ 4,405 |
Assumptions used to measure pension benefit obligations | ASSUMPTIONS USED TO MEASURE PENSION BENEFIT OBLIGATIONS Principal pension plans December 31 2015 2014 2013 Discount rate 4.38 % 4.02 % 4.85 % Compensation increases 3.80 4.10 4.00 |
Assumptions used to measure pension costs | ASSUMPTIONS USED TO MEASURE PENSION COST Principal pension plans December 31 2015 2014 2013 Discount rate 4.02 % 4.85 % 3.96 % Expected return on assets 7.50 7.50 8.00 |
Funded status | FUNDED STATUS Principal pension plans December 31 (in millions) 2015 2014 Projected benefit obligations $ 68,722 $ 70,735 Fair value of plan assets 45,720 48,280 Underfunded $ 23,002 $ 22,455 |
Projected benefit obligations | PROJECTED BENEFIT OBLIGATIONS Principal pension plans (In millions) 2015 2014 Balance at January 1 $ 70,735 $ 58,113 Service cost for benefits earned 1,424 1,205 Interest cost on benefit obligations 2,778 2,745 Participant contributions 155 153 Plan amendments 902 - Actuarial loss (gain) (4,017) (a) 11,718 (b) Benefits paid (3,255) (3,199) Balance at December 31(c) $ 68,722 $ 70,735 Principally associated with discount rate changes. Principally associated with discount rate and mortality assumption changes. The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $ 6,099 million and $ 6,632 million at year-end 2015 and 2014 , respectively. |
Fair value of pension plans' investments | FAIR VALUE OF PLAN ASSETS Principal pension plans (In millions) 2015 2014 Balance at January 1 $ 48,280 $ 48,297 Actual gain on plan assets 307 2,793 Employer contributions 233 236 Participant contributions 155 153 Benefits paid (3,255) (3,199) Balance at December 31 $ 45,720 $ 48,280 |
Amounts included in shareowners' equity | Principal pension plans December 31 (in millions) 2015 2014 Prior service cost $ 1,473 $ 881 Net actuarial loss 16,795 21,105 Total $ 18,268 $ 21,986 |
GE Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset allocation | Principal pension plans December 31 (in millions) 2015 2014 Equity securities U.S. equity securities(a) $ 12,447 $ 12,956 Non-U.S. equity securities(a) 9,088 9,153 Debt securities Fixed income and cash investment funds 3,252 4,500 U.S. corporate(b) 5,529 5,155 Other debt securities(c) 5,131 5,729 Private equities(a) 4,885 5,249 Real estate(a) 3,186 3,129 Other investments(d) 2,202 2,409 Total plan assets $ 45,720 $ 48,280 (a) Included direct investments and investment funds. (b) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (c) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. (d) Substantially all represented hedge fund inves tments. |
Other pension plans and principal retiree benefit plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Benefit Plans [Table Text Block] | COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2013 2015 2014 2013 Service cost for benefits earned $ 416 $ 403 $ 435 $ 145 $ 164 $ 229 Prior service cost (credit) amortization - 6 7 (8) 353 393 Expected return on plan assets (881) (789) (663) (48) (50) (60) Interest cost on benefit obligations 555 587 523 335 424 410 Net actuarial loss (gain) amortization 289 205 343 (25) (150) (45) Curtailment loss (gain) (6) - - (225) (a) 48 - Benefit plans cost $ 373 $ 412 $ 645 $ 174 $ 789 $ 927 (a) Gain principally resulting from life insurance amendment. |
Assumptions used to measure pension benefit obligations | ASSUMPTIONS USED TO MEASURE BENEFIT OBLIGATIONS Other pension plans (weighted average) Principal retiree benefit plans December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.33 % 3.53 % 4.39 % 3.93 % 3.89 % 4.61 % Compensation increases 3.32 3.60 3.76 3.80 4.10 4.00 Initial healthcare trend rate N/A N/A N/A 6.00 (a) 6.00 6.00 (a) For 2015, ultimately declining to 5 % for 2030 and thereafter . |
Assumptions used to measure pension costs | ASSUMPTIONS USED TO MEASURE BENEFIT COST Other pension plans (weighted average) Principal retiree benefit plans December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.53 % 4.39 % 3.92 % 3.89 % (a) 4.61 % (a) 3.74 % (a) Expected return on assets 6.95 6.92 6.82 7.00 7.00 7.00 (a) Weighted average discount rates of 3.92 %, 4.47 % and 3.77 % were used for determination of costs in 2015 , 2014 and 2013 , respectively. |
Funded status | FUNDED STATUS Principal retiree Other pension plans benefit plans (In millions) 2015 2014 2015 2014 Benefit obligations $ 21,618 $ 15,589 $ 6,757 $ 10,703 Fair value of plan assets 17,368 12,386 695 813 Underfunded $ 4,250 $ 3,203 $ 6,062 $ 9,890 |
Projected benefit obligations | BENEFIT OBLIGATIONS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2015 2014 Balance at January 1 $ 15,589 $ 13,535 $ 10,703 $ 9,913 Service cost for benefits earned 416 403 145 164 Interest cost on benefit obligations 555 587 335 424 Participant contributions 15 9 50 52 Plan amendments (12) (29) (3,291) (a) (586) Actuarial loss (gain) (406) (b) 2,170 (b) (444) (b) 1,440 (c) Benefits paid (576) (493) (691) (704) Acquisitions (dispositions)/ other - net 6,859 (d) 48 (50) - Exchange rate adjustments (822) (641) - - Balance at December 31(e) $ 21,618 $ 15,589 $ 6,757 $ 10,703 Principally related to plan amendments affecting post-65 retiree health and retiree life insurance for certain production participants. Primarily associated with discount rate changes. Principally associated with disco unt rate and mortality assumption changes. Substantially all related to Alstom acquisition. The benefit obligation for retiree health plans was $ 4,838 million and $ 8,445 million at December 31, 2015 and 2014, respectively. |
Fair value of pension plans' investments | Other pension plans Principal retiree benefit plans December 31 (in millions) 2015 2014 2015 2014 Equity securities U.S. equity securities $ 667 $ 635 $ 203 $ 205 Non-U.S. equity securities 6,323 5,285 162 125 Debt securities Fixed income and cash investment funds 6,258 4,071 84 133 U.S. corporate 242 222 52 47 Other debt securities 551 365 93 103 Private equities 703 262 75 94 Real estate 1,358 690 6 64 Other investments 1,266 856 20 42 Total plan assets $ 17,368 $ 12,386 $ 695 $ 813 |
Amounts included in shareowners' equity | Principal retiree Other pension plans benefit plans December 31 (In millions) 2015 2014 2015 2014 Prior service cost (credit) $ (29) $ (23) $ (3,132) $ (24) Net actuarial loss (gain) 3,080 3,533 (464) (71) Total $ 3,051 $ 3,510 $ (3,596) $ (95) |
Cost of Benefit Plans | COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2013 2015 2014 2013 Benefit plan cost $ 373 $ 412 $ 645 $ 174 $ 789 $ 927 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2015 2014 2013 GE Current tax expense $ 3,307 $ 2,110 $ 4,238 Deferred tax expense (benefit) from temporary differences (1,800) (476) (2,571) 1,506 1,634 1,667 GE Capital Current tax expense (benefit) 2,796 (455) 521 Deferred tax expense (benefit) from temporary differences 2,183 (406) (969) 4,979 (861) (448) Consolidated Current tax expense 6,103 1,655 4,759 Deferred tax expense (benefit) from temporary differences 383 (882) (3,540) Total $ 6,485 $ 773 $ 1,219 CONSOLIDATED EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) 2015 2014 2013 U.S. earnings $ (309) $ 3,176 $ 6,066 Non-U.S. earnings 8,495 7,087 3,034 Total $ 8,186 $ 10,263 $ 9,100 CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2015 2014 2013 U.S. Federal Current $ 1,549 $ (122) $ 2,005 Deferred 492 261 (2,571) Non - U.S. Current 4,867 2,035 2,703 Deferred (121) (982) (1,004) Other (302) (419) 86 Total $ 6,485 $ 773 $ 1,219 |
Reconciliation of Income Tax Rate | RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE Consolidated GE GE Capital 2015 2014 2013 2015 2014 2013 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase (reduction) in rate resulting from inclusion of after-tax earnings of GE Capital in before-tax earnings of GE - - - 82.4 (4.8) (2.6) - - - Tax on global activities including exports(a) 54.1 (17.7) (11.4) (52.8) (12.0) (7.4) (224.5) (72.0) (126.9) U.S. business credits(b) (4.7) (3.3) (4.9) (4.1) (1.0) (2.6) 9.2 (34.5) (74.3) All other – net(c) (5.2) (6.5) (5.3) (14.2) (2.5) (4.9) (1.5) (55.9) (1.0) 44.2 (27.5) (21.6) 11.3 (20.3) (17.5) (216.8) (162.4) (202.2) Actual income tax rate 79.2 % 7.5 % 13.4 % 46.3 % 14.7 % 17.5 % (181.8) % (127.4) % (167.2) % Included 2.9% and 2.7% in consolidated and GE, respectively, related to repatriation of prior year’s non-U.S. earnings in 2013. U.S. general business credits, primarily the credit for manufacture of energy efficient appliances, the credit for energy produced from renewable sources, the advanced energy project credit and the credit for research performed in the U.S . Included (4.2)% and (10.6)% in consolidated and GE, respectively, related to deductible stock losses in 2015. Also includes, for each period, the expense or (benefit) for “Other” taxes reported above in the consolidated (benefit) provision for income taxes, net of 35% federal effect. |
Unrecognized tax benefits | UNRECOGNIZED TAX BENEFITS December 31 (In millions) 2015 2014 Unrecognized tax benefits $ 6,778 $ 5,619 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,723 4,059 Accrued interest on unrecognized tax benefits 805 807 Accrued penalties on unrecognized tax benefits 98 103 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-700 0-900 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-200 0-300 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) 2015 2014 Balance at January 1 $ 5,619 $ 5,816 Additions for tax positions of the current year 720 234 Additions for tax positions of prior years 1,296 673 Reductions for tax positions of prior years (754) (761) Settlements with tax authorities (70) (305) Expiration of the statute of limitations (33) (38) Balance at December 31 $ 6,778 $ 5,619 |
Schedule of Deferred Tax Assets and Liabilities | December 31 (In millions) 2015 2014 Assets GE $ 20,539 $ 19,942 GE Capital 4,643 8,048 25,182 27,990 Liabilities GE (12,873) (11,170) GE Capital (9,204) (10,638) (22,077) (21,808) Net deferred income tax asset (liability) $ 3,105 $ 6,183 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 (In millions) 2015 2014 GE Principal pension plans $ 8,051 $ 7,859 Other non-current compensation and benefits 4,133 3,427 Provision for expenses 2,827 2,765 Retiree insurance plans 2,122 3,462 Non-U.S. loss carryforwards(a) 1,940 738 Contract assets (5,143) (4,539) Intangible assets (3,192) (2,364) Depreciation (1,688) (1,226) Investment in global subsidiaries (915) (979) Other – net (469) (371) 7,666 8,772 GE Capital Operating leases (3,863) (3,763) Financing leases (1,665) (1,899) Intangible assets (103) (53) Non-U.S. loss carryforwards(a) 2,262 2,974 Investment in global subsidiaries 5 2,060 Other – net (1,197) (1,909) (4,561) (2,590) Net deferred income tax asset (liability) $ 3,105 $ 6,183 (a) Net of valuation allowances of $ 2,184 million and $ 2,015 million for GE and $ 109 million and $ 19 million for GE Capital , for 2015 and 2014 , respectively. Of the net deferred tax asset as of December 31, 2015 , of $ 4,202 million, $ 10 million relates to net operating loss carryforwards that expire in various years ending from December 31, 201 6 through December 31, 201 8 ; $ 472 million relates to net operating losses that expire in various years ending from December 31, 201 9 through December 31, 203 5 and $ 3,720 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
Shareowners' Equity (Tables)
Shareowners' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' equity | (In millions) 2015 2014 2013 Preferred stock issued $ 6 $ - $ - Common stock issued $ 702 $ 702 $ 702 Accumulated other comprehensive income Balance at January 1 $ (18,172) $ (9,119) $ (20,229) Other comprehensive income before reclassifications (3,312) (12,088) 8,844 Reclassifications from other comprehensive income 4,956 3,035 2,265 Other comprehensive income, net, attributable to GE 1,644 (9,053) 11,109 Balance at December 31 $ (16,529) $ (18,172) $ (9,119) Other capital Balance at January 1 $ 32,889 $ 32,494 $ 33,070 Gains (losses) on treasury stock dispositions and other(a)(b) 4,724 396 (576) Balance at December 31 $ 37,613 $ 32,889 $ 32,494 Retained earnings Balance at January 1 $ 155,333 $ 149,051 $ 144,055 Net earnings (loss) attributable to the Company (6,126) 15,233 13,057 Dividends and other transactions with shareowners (9,161) (8,948) (8,060) Redemption value adjustment on redeemable noncontrolling interests (25) (2) (1) Balance at December 31 $ 140,020 $ 155,333 $ 149,051 Common stock held in treasury Balance at January 1 $ (42,593) $ (42,561) $ (34,571) Purchases(c) (23,762) (1,950) (10,466) Dispositions 2,816 1,917 2,477 Balance at December 31 $ (63,539) $ (42,593) $ (42,561) Total equity GE shareowners' equity balance at December 31 $ 98,274 $ 128,159 $ 130,566 Noncontrolling interests balance at December 31 1,864 8,674 6,217 Total equity balance at December 31 $ 100,138 $ 136,833 $ 136,783 2014 included $ 440 million related to the excess of the net proceeds from the Synchrony Financial IPO over the carrying value of the interest sold. 2015 included $ 4,949 million related to issuance of new preferred sto ck in exchange for existing GE Capital preferred stock. 2015 included $ (20,383) million related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial. |
Common Shares Issued And Outstanding | December 31 (In thousands) 2015 2014 2013 Issued 11,693,841 11,693,841 11,693,841 In treasury(a) (2,314,553) (1,636,461) (1,632,960) Outstanding 9,379,288 10,057,380 10,060,881 (a) 2015 included (671,366,809) shares related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial. |
Accumulated other comprehensive income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) 2015 2014 2013 Investment securities Balance at January 1 $ 1,013 $ 307 $ 677 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $(270), $352 and $(408)(a) (486) 562 (692) Reclassifications from OCI – net of deferred taxes of $(36), $85 and $223 (67) 146 318 Other comprehensive income (loss)(b) (553) 708 (374) Less OCI attributable to noncontrolling interests (1) 2 (4) Balance at December 31 $ 460 $ 1,013 $ 307 Currency translation adjustments (CTA) Balance at January 1(c) $ (2,428) $ 283 $ 413 OCI before reclassifications – net of deferred taxes (4,932) (2,600) 510 of $1,348, $(129) and $(613) Reclassifications from OCI – net of deferred taxes of $(1,489), $213 and $793 1,794 (129) (818) Other comprehensive income (loss)(b) (3,137) (2,730) (308) Less OCI attributable to noncontrolling interests (66) (19) (22) Balance at December 31 $ (5,499) $ (2,428) $ 126 Cash flow hedges Balance at January 1(c) $ (180) $ (414) $ (722) OCI before reclassifications – net of deferred taxes (732) (609) 737 of $(21), $22 and $251 Reclassifications from OCI – net of deferred taxes of $86, $34 and $(176) 831 844 (271) Other comprehensive income (loss)(b) 99 234 466 Less OCI attributable to noncontrolling interests - - 2 Balance at December 31 $ (80) $ (180) $ (257) Benefit plans Balance at January 1 $ (16,578) $ (9,296) $ (20,597) Prior service credit (costs) - net of deferred taxes of $859, $219 and $(5) 1,541 396 (6) Net actuarial gain (loss) – net of deferred taxes of $647, $(5,332) and $4,506 1,227 (9,849) 8,269 Net curtailment/settlement - net of deferred taxes of $(42), $41 and $0 (76) 72 - Prior service cost amortization – net of deferred taxes of $103, $241 and $267 100 349 397 Net actuarial loss amortization – net of deferred taxes of $1,199, $859 and $1,343 2,373 1,753 2,640 Other comprehensive income (loss)(b) 5,165 (7,278) 11,300 Less OCI attributable to noncontrolling interests (3) 3 (1) Balance at December 31 $ (11,410) $ (16,578) $ (9,296) Accumulated other comprehensive income (loss) at December 31 $ (16,529) $ (18,172) $ (9,119) (a) Included adjustments of $ (611) million, $ 960 million and $ (1,171) million in 2015 , 2014 and 2013 , respectively, to deferred acquisition costs, present value of future profits, and investment contracts, insurance liabilities and insurance annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. (b ) Total other comprehensive income (loss) was $ 1,575 million, $ (9,066) million and $ 11,084 million in 2015 , 2014 and 2013 , respectively. (c) Included a $ 157 million reclassification between 2014 opening balances in Currency Translation Adjustments and Cash Flow Hedges. |
Reclassification out of Accumulated Other Comprehensive Income | RECLASSIFICATION OUT OF AOCI (In millions) 2015 2014 2013 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ 103 $ (231) $ (541) Total revenue and other income (a) (36) 85 223 Benefit (provision) for income taxes (b) $ 67 $ (146) $ (318) Net of tax Currency translation adjustments Gains (losses) on dispositions $ (305) $ (85) $ 25 Total revenues and other income(c) (1,489) 213 793 Benefit (provision) for income taxes(d) $ (1,794) $ 129 $ 818 Net of tax Cash flow hedges Gains (losses) on interest rate derivatives $ (130) $ (234) $ (364) Interest and other financial charges Foreign exchange contracts (801) (666) 564 (e) Other 13 22 248 (f) (918) (878) 447 Total before tax 86 34 (176) Benefit (provision) for income taxes $ (831) $ (844) $ 271 Net of tax Benefit plan items Curtailment gain (loss) $ 118 $ (113) $ - (g) Amortization of prior service costs (203) (590) (664) (g) Amortization of actuarial gains (losses) (3,572) (2,612) (3,983) (g) (3,657) (3,315) (4,647) Total before tax 1,260 1,141 1,610 Benefit (provision) for income taxes $ (2,397) $ (2,174) $ (3,037) Net of tax Total reclassification adjustments $ (4,956) $ (3,035) $ (2,266) Net of tax Included $ 61 million, an insignificant amount and $ (497) million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (30) million, $ 3 million and $ 204 million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (224) million, $ (51) million and $ 62 million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (1,506) million, $ 213 million and $ 802 million in 2015 , 2014 and 2013 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $ (758) million, $ (607) million and $ 608 million in GE Capital revenues from services and $ (43) millio n, $ (59) million and $ (44) million in interest and other financial charges in 2015 , 2014 and 2013 , respectively. Primarily recorded in costs and expenses. Curtailment gain ( loss ) , amortization of prior service costs and actuarial gains and losses reclassified out of AOCI are included in the computation of net periodic pension costs. See Note s 12 and 27 for further information. |
Noncontrolling Interests | December 31 (In millions) 2015 2014 GECC preferred stock $ - $ 4,949 Synchrony Financial - 2,531 Other noncontrolling interests in consolidated affiliates(a) 1,864 1,194 Total $ 1,864 $ 8,674 (a) Consisted of a number of individually insignificant noncontrolling interests in partnerships and consolidated affiliates. 2015 included $ 695 million related to the Alstom acquisition. |
Changes to noncontrolling interests | CHANGES TO NONCONTROLLING INTERESTS (In millions) 2015 2014 2013 Beginning balance $ 8,674 $ 6,217 $ 5,444 Net earnings 377 183 312 GECC preferred stock(a) (4,949) - 990 GECC preferred stock dividend (311) (322) (298) Dividends (43) (74) (80) Dispositions 189 (81) (175) Synchrony Financial(b) (2,840) 2,393 - Other (including AOCI)(c)(d) 767 358 24 Ending balance $ 1,864 $ 8,674 $ 6,217 (a) 2015 included $ (4,949) million related to the issuance of GE preferred stock in exchange for existing GECC preferred stock. GE preferred st ock is reflected in shareowners’ equity in the consolidated Statement of Financial Position. ( b ) 2015 related to the split- off on Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial; 2014 related to the Synchrony Financial IPO. (c) Includes research & development partner funding arrangements, acquisitions and eliminations. (d) 2 015 included $ 695 million related to the Alstom acquisition. |
Redeemable Noncontrolling Interest | (In millions) 2015 2014 2013 Beginning balance $ 98 $ 178 $ 214 Net earnings (46) (71) (14) Dividends (11) (12) (14) Dispositions 1 - - Redemption value adjustment 25 2 1 Other(a) 2,905 1 (8) Ending balance $ 2,972 $ 98 $ 178 (a) 2015 included $ 2,875 million related to joint ventures formed by GE and Alstom as part of the Alstom acquisition. |
Other Stock-related Informati51
Other Stock-related Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Share Based Compensation [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | (In thousands) 2015 2014 2013 Restricted stock vested during the year ended 3,899 3,305 4,583 |
Schedule Of Other Share Based Compensation Activity [Table Text Block] | (In millions) 2015 2014 2013 Income tax benefit recognized in earnings $ 148 $ 147 $ 145 Excess of actual tax deductions over amounts assumed recognized in equity 167 86 86 Aggregate intrinsic As of December 31, 2015, unless otherwise stated (in millions) value Stock options outstanding $ 4,534 Stock options exercised in 2015 746 Non-vested restricted stock outstanding 434 Restricted stock vested in 2015 102 |
Stock Option [Member] | |
Schedule Of Share Based Compensation [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | (In millions, after tax) 2015 2014 2013 Compensation Expense $ 234 $ 215 $ 231 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Weighted average grant-date fair value of stock options $ 4.64 $ 5.26 $ 4.52 Stock Option Valuation Assumptions: Risk-free interest rate 2.0 % 2.3 % 2.5 % Dividend yield 3.4 % 3.1 % 4.0 % Expected volatility 25.0 % 26.0 % 28.0 % Expected option life (in years) 6.8 7.3 7.5 Other pricing model inputs: Weighted average grant-date market price of GE stock (strike price) $ 25.79 $ 26.11 $ 23.80 |
Schedule Of Share Based Compensation Stock Options Activity [Table Text Block] | As of December 31, 2015 unless, otherwise stated (in thousands, except per share data) Stock options granted during 2015 52,561 Weighted average strike price of awards granted in 2015 $ 25.79 Stock options outstanding 467,922 Weighted average strike price of stock options outstanding $ 21.72 Stock options exercisable 298,199 Weighted average strike price of stock options exercisable $ 20.14 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | 2015 2014 2013 Stock options exercised (in thousands) 65,764 30,433 36,191 Cash received from stock options exercised (in millions) $ 1,098 $ 439 $ 490 |
Restricted Stock [Member] | |
Schedule Of Share Based Compensation [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | (In millions, after tax) 2015 2014 2013 Compensation expense(a) $ 72 $ 56 $ 62 (a) Includes $5.7 million of compensation expense related to performance share units. |
Schedule Of Fair Value Of Restricted Stock Award At The Grant Date [Table Text Block] | 2015 2014 2013 Weighted average grant-date fair value of restricted stock awards $ 26.74 $ 26.08 $ 24.54 As of December 31, 2015, unless otherwise stated (in thousands, except per share data) Restricted stock granted during 2015 3,756 Non-vested restricted stock outstanding 13,941 Weighted average fair value at grant date of non-vested stock $ 25.05 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income [Abstract] | |
Schedule of Other Income | (In millions) 2015 2014 2013 GE Purchases and sales of business interests(a) $ 1,020 $ 188 $ 1,750 Licensing and royalty income 168 288 320 Associated companies 45 176 40 Net interest and investment income(b) 65 (77) 116 Other items(c) 868 132 660 2,165 707 2,886 Eliminations 62 71 221 Total $ 2,227 $ 778 $ 3,107 (a) Included a pre-tax gain of $623 million on the sale of our Signaling business in 2015 and a pre-tax gain of $ 1,096 million on the sale of our 49% com mon equity interest in NBCU LLC in 2013 . See Note 2. (b) Included other-than-temporary impairments on investment securities of $(217) million in 2014. (c) Included the $450 million NBCU tax settlement and the $175 million break-up fee from Electrolux in 2015. Included net gains on ass et sales of $ 90 million, $ 127 million and $ 357 million in 2015 , 2014 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per share | 2015 2014 2013 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations for per-share calculation(a) $ 1,680 $ 1,679 $ 9,523 $ 9,523 $ 7,596 $ 7,609 Preferred stock dividends declared (18) (18) - - - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 1,662 $ 1,661 $ 9,523 $ 9,523 $ 7,596 $ 7,609 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (7,795) (7,795) 5,691 5,691 5,420 5,432 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ (6,135) $ (6,135) $ 15,213 $ 15,212 $ 13,028 $ 13,040 Average equivalent shares Shares of GE common stock outstanding 9,944 9,944 10,045 10,045 10,222 10,222 Employee compensation-related shares (including stock options) and warrants 72 - 78 - 67 - Total average equivalent shares 10,016 9,944 10,123 10,045 10,289 10,222 Per-share amounts Earnings (loss) from continuing operations $ 0.17 $ 0.17 $ 0.94 $ 0.95 $ 0.74 $ 0.74 Earnings (loss) from discontinued operations (0.78) (0.78) 0.56 0.57 0.53 0.53 Net earnings (loss) (0.61) (0.62) 1.50 1.51 1.27 1.28 Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. A pplication of this treatment had an insignificant effect. Included an insignificant amount of dividend equivalents in each of the three years presented. Included in 2013 is a dilutive adjustment for the change in income for forward purchase contr acts that may be settled in stock. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Assets Investment securities Debt U.S. corporate $ - $ 19,351 $ 3,006 $ - $ 22,358 State and municipal - 4,215 30 - 4,245 Mortgage and asset-backed - 3,084 32 - 3,116 Corporate – non-U.S. 12 544 290 - 847 Government – non-U.S. 5 410 - - 415 U.S. government and federal agency 49 404 323 - 776 Equity 194 9 13 - 216 Derivatives(c) - 7,312 79 (6,110) 1,281 Other(d) - - 259 - 259 Total $ 260 $ 35,331 $ 4,033 $ (6,110) $ 33,512 Liabilities Derivatives $ - $ 5,677 $ 4 $ (4,968) $ 713 Other(e) - 1,182 - - 1,182 Total $ - $ 6,860 $ 4 $ (4,968) $ 1,895 December 31, 2014 Assets Investment securities Debt U.S. corporate $ - $ 20,651 $ 3,053 $ - $ 23,704 State and municipal - 4,560 58 - 4,618 Mortgage and asset-backed - 4,632 146 - 4,777 Corporate – non-U.S. - 615 337 - 953 Government – non-U.S. - 489 2 - 491 U.S. government and federal agency - 496 266 - 761 Equity 176 16 9 - 201 Derivatives(c) - 9,881 30 (7,570) 2,341 Other(d) - - 277 - 277 Total $ 176 $ 41,340 $ 4,177 $ (7,570) $ 38,122 Liabilities Derivatives $ - $ 4,840 $ 11 $ (4,337) $ 514 Other(e) - 1,179 - - 1,179 Total $ - $ 6,018 $ 11 $ (4,337) $ 1,692 (a) There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2015 and 2014 . ( b) The netting of derivative receivables and payables (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. At December 31, 2015 and 2014 , the cumulative adjustment for non-performance risk was insignificant and $ 16 mil lion, respectively . See Note s 20 and 27 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 YEARS ENDED DECEMBER 31 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) December 31 December 31(c) 2015 Investment securities Debt U.S. corporate $ 3,053 $ 3 $ (165) $ 362 $ (80) $ (137) $ - $ (30) $ 3,006 $ - State and municipal 58 - (2) - - (9) - (17) 30 - Mortgage and asset-backed 146 (19) (9) - (32) (4) - (49) 32 - Corporate – non-U.S. 337 - (6) 9 (49) (1) - - 290 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 266 - 58 - - (1) - - 323 - Equity 9 2 (5) - - (4) 10 - 13 - Derivatives(d)(e) 29 25 - - - (6) 40 - 88 22 Other 277 8 - - (26) - - - 259 5 Total $ 4,175 $ 19 $ (128) $ 370 $ (187) $ (161) $ 51 $ (98) $ 4,042 $ 27 2014 Investment securities Debt U.S. corporate $ 2,787 $ 18 $ 131 $ 541 $ (227) $ (212) $ 175 $ (159) $ 3,053 $ - State and municipal 50 - 6 3 - (1) - - 58 - Mortgage and asset-backed 238 3 6 - (16) (31) 2 (57) 146 - Corporate – non-U.S. 515 64 4 167 (248) (149) 1 (19) 337 - Government – non-U.S. 30 - - - - - 2 (30) 2 - U.S. government and federal agency 225 - 34 - - - 9 (2) 266 - Equity 11 - - 2 (2) - - (2) 9 - Derivatives(d)(e) 11 13 - (1) - 3 3 (1) 29 12 Other 201 85 - 33 (41) - - - 277 73 Total $ 4,068 $ 182 $ 181 $ 744 $ (534) $ (390) $ 192 $ (269) $ 4,175 $ 85 Earnings effects are primarily included in the “ GE Capital revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were primarily a result of increased use of quotes from independent pricing vendors based on recent trading activity. Represents the amount of unrealized gains or losses for the period included in earnings. Represents derivative a ssets net of derivative liabilities and included cash accruals of $ 13 million and $ 9 million not reflected in the fair value hierarchy table during 2015 and 2014 , respectively. Gains (losses) included in net realized/un realized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 20 and 27 . |
Non-recurring fair value amounts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis | Remeasured during the years ended December 31 2015 2014 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 154 $ 1 $ 8 Cost and equity method investments 1 436 - 346 Long-lived assets 2 882 102 689 Total $ 3 $ 1,471 $ 103 $ 1,044 |
Fair value adjustments to assets measured on a non-recurring basis | Years ended December 31 (In millions) 2015 2014 Financing receivables and financing receivables held for sale $ (69) $ (16) Cost and equity method investments (506) (286) Long-lived assets (1,603) (427) Total $ (2,177) $ (729) |
Significant Unobservable Inputs Used For Level Three Recurring And Nonrecurring Measurements [Table Text Block] | LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted average) December 31, 2015 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 834 Income approach Discount rate(a) 1.7%-14.1% (8.6%) Mortgage and asset-backed 31 Income approach Discount rate(a) 5.0%-12.0% (10.5%) Corporate – non-U.S. 236 Income approach Discount rate(a) 6.5%-14.0% (7.5%) Other financial assets 259 Income approach, EBITDA multiple 6.1X-15.0X (9.9X) Market comparables Capitalization rate 7.8%-7.8% (7.8%) Non-recurring fair value measurements Financing receivables and $ 146 Income approach Discount rate(a) 6.5%-30.0% (10.7%) financing receivables held for sale Cost and equity method investments 293 Income approach Discount rate(a) 9.5%-35.0% (14.4%) Long-lived assets 830 Income approach Discount rate(a) 1.8%-11.7% (10.5%) 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%) Mortgage and 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 664 Income approach Discount rate(a) 2.0%-10.8% (6.7%) (a) Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Derivative Instruments [Abstract] | |
Estimated fair value of assets and liabilities | 2015 2014 Assets (liabilities) Assets (liabilities) Carrying Carrying amount Estimated amount Estimated December 31 (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,104 $ 1,174 $ 502 $ 551 Liabilities Borrowings(a)(b) (18,455) (19,011) (16,340) (17,503) Borrowings (debt assumed)(a)(c) (85,114) (92,641) - - GE Capital Assets Loans 20,061 19,774 20,153 20,182 Time deposits(d) 10,386 10,386 - - Other commercial mortgages 1,381 1,447 1,427 1,508 Loans held for sale 342 342 419 419 Other financial instruments(e) 94 110 103 113 Liabilities Borrowings(a)(f)(g)(h) (95,681) (99,602) (245,993) (261,569) Investment contracts (2,955) (3,441) (3,970) (4,596) (a) See Note 10. (b) Included $ 116 million and $ 94 million of accrued interest in estimated fair value at December 31, 2015 and December 31, 2014 , respectively. (c) Included $ 1,006 million of accrued interest in estimated fair value at December 31, 2015 . (d) Balances at December 31, 2015 included $ 10,386 million of high quality interest bearing deposits with European branches of global banks, predominantly in the UK, that mature in April 2016. (e) Principally comprises cost method investments. (f) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at December 31, 2015 and 2014 would have been red uced by $ 3,001 million and $ 5,020 million, respectively. (g) Included $ 1,103 million and $ 2,888 million of accrued interest in estimated fair value at December 31, 2015 and 2014 , respectively. (h) Excluded $85,114 million of intercompany payable to GE related to the debt assumption at December 31, 2015 . |
Loan commitments | NOTIONAL AMOUNTS OF LOAN COMMITMENTS December 31 (In millions) 2015 2014 Ordinary course of business lending commitments(a) $ 531 $ 762 Unused revolving credit lines Commercial 279 282 (a) Excluded investment commitments of $ 782 million and $ 812 million at December 31, 2015 and 2014 , respectively. |
Financial statements effects of cash flow hedges | FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES (In millions) 2015 2014 Balance sheet changes Fair value of derivatives increase (decrease) $ (911) $ (546) Shareowners' equity (increase) decrease 913 546 Earnings (loss) related to ineffectiveness 2 1 Earnings (loss) effect of derivatives(a) (918) (878) (a) Offsets earnings effect of the hedged forecasted transaction Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay fixed rate/receive floating rate Fair value increases Fair value decreases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases |
Financial statements effects of fair value hedges | FINANCIAL STATEMENT EFFECTS - FAIR VALUE HEDGES (In millions) 2015 2014 Balance sheet changes Fair value of derivative increase (decrease) $ (151) $ 3,863 Adjustment to carrying amount of hedged debt (increase) decrease 75 (3,939) Earnings (loss) related to hedge ineffectiveness (75) (76) Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases |
Financial statements effects of net investment hedges | FINANCIAL STATEMENT EFFECTS - NET INVESTMENT HEDGES (In millions) 2015 2014 Balance sheet changes Fair value of derivatives increase (decrease) $ 4,871 $ 5,192 Fair value of non-derivatives (increase) decrease (849) - Shareowners' equity (increase) decrease (4,131) (5,741) Earnings (loss) related to spot-forward differences (109) (549) Earnings (loss) related to reclassification upon sale or liquidation(a) 4,547 88 Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases |
Financial statements effects of economic hedges | FINANCIAL STATEMENT EFFECTS - ECONOMIC HEDGES (In millions) 2015 2014 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ (2,720) $ (2,198) Change in carrying amount of item being hedged increase (decrease) 2,543 2,083 Earnings (loss) effect of economic hedges(a) (177) (116) Interest rate forwards/swaps interest rate Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases |
Carry amounts related to derivatives | CARRYING AMOUNTS RELATED TO DERIVATIVES December 31 (in millions) 2015 2014 Derivative assets $ 7,391 $ 9,911 Derivative liabilities (5,681) (4,851) Accrued interest 1,014 1,419 Cash collateral & credit valuation adjustment (1,141) (3,233) Net Derivatives 1,583 3,246 Securities held as collateral (1,277) (3,114) Net carrying amount $ 306 $ 132 |
Effects of derivatives on earnings | (In millions) Effect on hedging instrument Effect on underlying Effect on earnings 2015 Cash flow hedges $ (911) $ 913 $ 2 Fair value hedges (151) 75 (75) Net investment hedges(a) 4,022 (4,131) (109) Economic hedges(b) (2,720) 2,543 (177) Total $ (359) 2014 Cash flow hedges $ (546) $ 546 $ 1 Fair value hedges 3,863 (3,939) (76) Net investment hedges(a) 5,192 (5,741) (549) Economic hedges(b) (2,198) 2,083 (116) Total $ (740) (a) Both derivatives and non-derivatives hedging instruments are included. (b) Net effect is substantially offset by the change in fair value of the hedged item that will affect earnings in future periods. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Schedule of VIE | ASSETS AND LIABILITIES OF CONSOLIDATED VIEs Trade receivables (In millions) Trinity(a) securitization(b) Other Total December 31, 2015 Assets(c) Financing receivables, net $ - $ - $ 882 $ 882 Current receivables - 3,506 (d) 361 3,867 Investment securities 409 - 995 1,404 Other assets 46 24 2,934 3,004 Total $ 455 $ 3,530 $ 5,172 $ 9,157 Liabilities(c) Borrowings $ - $ - $ 1,297 $ 1,297 Non-recourse borrowings - 3,022 61 3,083 Other liabilities 184 34 1,654 1,872 Total $ 184 $ 3,056 $ 3,012 $ 6,252 December 31, 2014 Assets(c) Financing receivables, net $ - $ - $ 1,030 $ 1,030 Current receivables - 3,028 (d) 278 3,306 Investment securities 2,369 - 1,005 3,374 Other assets 17 2 2,259 2,278 Total $ 2,386 $ 3,030 $ 4,572 $ 9,988 Liabilities(c) Borrowings $ - $ - $ 517 $ 517 Non-recourse borrowings - 2,692 436 3,128 Other liabilities 1,022 26 1,325 2,373 Total $ 1,022 $ 2,718 $ 2,278 $ 6,018 Excluded intercompany advances from GE Capital to Trinity, which were elimin ated in consolidation of $ 30 million and $ 1,565 million at December 31, 2015 and 2014 , respectively. We provide servicing to the trade receivable securitization (TRS) and are contractually permitted to commingle cash collected from customers on f inancing receivables sold to the TRS investors with ou r own cash prior to payment to the TRS , provided our short-term credit rating does no t fall below A-1/ P-1. The TRS also owe s us amounts for purchased financial assets and scheduled interest and principal payments. At December 31, 2015 and 2014 , the amounts of commingled ca sh owed to the TRS were $ 1,093 million and $ 856 million, respectiv ely, and the amounts owed to us by the TRS were $ 7 million and $ 2 million, respectively. Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE Capital as servicer, which are eliminated i n consolidation. Such receivables provide the cash to repay 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 intercomp any balances that are eliminated in consolidation . Included $ 737 million and $686 million of receivabl es at December 31, 2015 and 2014 , respectively, origin ated by Appliances. We require third party debt holder consent to sell these assets. The receivab les will be included in assets of businesses held for sale when the consent is received. |
Unconsolidated VIE | INVESTMENTS IN UNCONSOLIDATED VIEs December 31 (In millions) 2015 2014 Other assets and investment securities $ 745 $ 704 Financing receivables – net 13 109 Total investments 758 813 Contractual obligations to fund investments, guarantees or revolving lines of credit 29 11 Total $ 787 $ 824 |
Commitments, Guarantees and P57
Commitments, Guarantees and Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments, Guarantees and Product Warranties [Abstract] | |
Schedule Of Product Warranty Liability [Table Text Block] | (In millions) 2015 2014 2013 Balance at January 1 $ 1,199 $ 1,370 $ 1,429 Current-year provisions 649 593 798 Expenditures (718) (714) (867) Other changes (a) 593 (50) 10 Balance at December 31 $ 1,723 $ 1,199 $ 1,370 (a) 2015 included $634 million relate d to Alstom acquisition. |
Intercompany Transactions (Tabl
Intercompany Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | (In millions) 2015 2014 2013 Cash from (used for) operating activities-continuing operations Combined $ 17,891 $ 21,434 $ 19,487 GE customer receivables sold to GE Capital (914) (1,918) 360 GE Capital dividends to GE (4,300) (3,000) (5,985) Other reclassifications and eliminations (821) (486) 537 $ 11,856 $ 16,033 $ 14,398 Cash from (used for) investing activities-continuing operations Combined $ 59,516 $ 17,252 $ 43,666 GE customer receivables sold to GE Capital 1,319 1,766 262 Other reclassifications and eliminations 778 212 230 $ 61,613 $ 19,229 $ 44,159 Cash from (used for) financing activities-continuing operations Combined $ (73,484) $ (44,340) $ (51,502) GE customer receivables sold to GE Capital (405) 152 (622) GE Capital dividends to GE 4,300 3,000 5,985 Other reclassifications and eliminations 42 274 (673) $ (69,547) $ (40,912) $ (46,813) |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Segments Reconciliation [Abstract] | |
Operating segments reconciliation | SUMMARY OF OPERATING SEGMENTS General Electric Company and consolidated affiliates (In millions) 2015 2014 2013 2012 2011 Revenues Power $ 21,490 $ 20,580 $ 19,315 $ 20,364 $ 20,335 Renewable Energy 6,273 6,399 4,824 7,373 4,924 Oil & Gas 16,450 19,085 17,341 15,539 13,874 Energy Management 7,600 7,319 7,569 7,412 6,422 Aviation 24,660 23,990 21,911 19,994 18,859 Healthcare 17,639 18,299 18,200 18,290 18,083 Transportation 5,933 5,650 5,885 5,608 4,885 Appliances & Lighting 8,751 8,404 8,338 7,967 7,692 Total industrial segment revenues 108,796 109,727 103,383 102,548 95,074 Capital 10,801 11,320 11,267 11,268 11,843 Total segment revenues 119,597 121,047 114,650 113,816 106,918 Corporate items and eliminations (2,211) (3,863) (1,405) (1,228) 3,145 Consolidated revenues $ 117,386 $ 117,184 $ 113,245 $ 112,588 $ 110,062 Segment profit Power $ 4,502 $ 4,486 $ 4,328 $ 4,368 $ 4,213 Renewable Energy 431 694 485 914 714 Oil & Gas 2,427 2,758 2,357 2,064 1,754 Energy Management 270 246 110 131 78 Aviation 5,507 4,973 4,345 3,747 3,512 Healthcare 2,882 3,047 3,048 2,920 2,803 Transportation 1,273 1,130 1,166 1,031 757 Appliances & Lighting 674 431 381 311 237 Total industrial segment profit 17,966 17,764 16,220 15,487 14,067 Capital (7,983) 1,209 401 1,245 1,469 Total segment profit 9,983 18,973 16,621 16,731 15,536 Corporate items and eliminations (5,108) (6,225) (6,002) (4,719) (1,317) GE interest and other financial charges (1,706) (1,579) (1,333) (1,353) (1,299) GE provision for income taxes (1,506) (1,634) (1,667) (2,013) (4,839) Earnings from continuing operations attributable to GE common shareowners 1,663 9,535 7,618 8,646 8,081 Earnings (loss) from discontinued operations, net of taxes (7,495) 5,855 5,475 5,047 5,143 Less net earnings (loss) attributable to noncontrolling interests, discontinued operations 312 157 36 53 104 Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (7,807) 5,698 5,439 4,995 5,039 Consolidated net earnings (loss) attributable to GE common shareowners $ (6,145) $ 15,233 $ 13,057 $ 13,641 $ 13,120 REVENUES Total revenues(a) Intersegment revenues(b) External revenues (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Power $ 21,490 $ 20,580 $ 19,315 $ 762 $ 778 $ 700 $ 20,728 $ 19,802 $ 18,615 Renewable Energy 6,273 6,399 4,824 12 14 17 6,261 6,386 4,807 Oil & Gas 16,450 19,085 17,341 387 402 371 16,063 18,683 16,970 Energy Management 7,600 7,319 7,569 1,000 890 848 6,600 6,429 6,720 Aviation 24,660 23,990 21,911 418 692 500 24,242 23,298 21,411 Healthcare 17,639 18,299 18,200 7 6 14 17,633 18,293 18,186 Transportation 5,933 5,650 5,885 1 (2) 12 5,932 5,652 5,874 Appliances & Lighting 8,751 8,404 8,338 22 22 25 8,729 8,383 8,313 Total industrial 108,796 109,727 103,383 2,608 2,801 2,486 106,188 106,926 100,896 Capital 10,801 11,320 11,267 1,151 1,037 841 9,650 10,283 10,427 Corporate items and eliminations(c) (2,211) (3,863) (1,405) (3,759) (3,838) (3,327) 1,548 (25) 1,922 Total $ 117,386 $ 117,184 $ 113,245 $ - $ - $ - $ 117,386 $ 117,184 $ 113,245 (a) Revenues of GE businesses include income from sales of goods and services to customers and other income. (b) Sales from one component to another generally are priced at equivalent commercial selling prices. (c) Includes the results of NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC. |
Disclosure Operating Segment Assets | Property, plant and Assets(a)(b) equipment additions(c) Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Power $ 51,674 $ 26,698 $ 26,168 $ 2,122 $ 578 $ 685 $ 712 $ 563 $ 593 Renewable Energy 8,726 3,572 3,269 999 41 23 116 113 73 Oil & Gas 26,126 27,329 26,250 422 656 1,191 596 585 481 Energy Management 16,808 10,976 10,305 1,073 176 137 322 313 323 Aviation 34,524 33,716 32,273 1,260 1,197 1,178 855 824 677 Healthcare 28,162 29,227 27,858 284 405 316 799 843 861 Transportation 4,368 4,449 4,418 202 128 282 179 169 166 Appliances & Lighting 4,702 4,560 4,306 275 359 405 103 235 300 Capital(d) 316,686 503,179 520,399 7,570 3,818 3,274 2,584 2,612 2,847 Corporate items and eliminations(e) 916 11,249 8,001 (297) (111) 194 231 164 258 Total $ 492,692 $ 654,954 $ 663,247 $ 13,911 $ 7,247 $ 7,685 $ 6,499 $ 6,421 $ 6,581 Assets of industrial discontinued operations, NBCU (our formerly consolidated subsidiary) and our former equity method investment in NBCUniversal LLC are included in Corporate items and eliminations for all periods presented. Total assets of Power, Renewable Energy, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances & Lighting and Capital operating segments at December 31, 2015, include investment in and advances to associated companies of $469 milli on, $36 million, $143 million, $743 million, $1,400 million, $571 million, $6 million, $59 million and $7,546 million, respectively. Investments in and advances to associated companies contributed approximately $31 million, $(1) million, $7 million, $17 mi llion, $88 million, $(43) million, $60 million and $347 million to segment pre-tax income of Power, Renewable Energy, Oil & Gas, Energy Management, Aviation, Healthcare, Appliances & Lighting and Capital operating segments, respectively, and Transportation an insignificant amount, for the year ended December 31, 2015. Additions to property, plant and equipment include amounts relating to principal businesses purchased. Includes Capital discontinued operations Includes deferred income taxes that are presente d as assets for purposes of our consolidating balance sheet presentation. |
Disclosure Operating Segment Interest And Financial Charges and Provision for Income Taxes | Interest and other financial charges Provision (benefit) for income taxes (In millions) 2015 2014 2013 2015 2014 2013 Capital $ 2,301 $ 1,638 $ 2,021 $ 4,979 $ (861) $ (448) Corporate items and eliminations(a) 1,162 1,085 849 1,506 1,634 1,667 Total $ 3,463 $ 2,723 $ 2,870 $ 6,485 $ 773 $ 1,219 (a) Included amounts for Power, Renewable Energy, Oil & Gas, Energy Management, Aviati on, Healthcare, Transportation and Appliances & Lighting, for which our measure of segment profit excludes interest and other financial charges and income taxes. |
Cash Flows Information (Tables)
Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flows Information [Abstract] | |
Cash Flows Information | For the years ended December 31 (In millions) 2015 2014 2013 GE Net dispositions (purchases) of GE shares for treasury Open market purchases under share repurchase program $ (2,709) $ (2,211) $ (10,225) Other purchases (58) (49) (91) Dispositions 1,668 1042 1,038 $ (1,099) $ (1,218) $ (9,278) GE Capital All other operating activities Cash collateral on derivative contracts (1,936) 738 (2,285) Increase (decrease) in other liabilities 4,860 (3,331) 1,886 Other 2,163 5,073 2,995 $ 5,087 $ 2,480 $ 2,596 Net decrease (increase) in GE Capital financing receivables Increase in loans to customers $ (65,306) $ (64,843) $ (58,535) Principal collections from customers - loans 60,292 60,764 58,667 Investment in equipment for financing leases (417) (535) (592) Principal collections from customers - financing leases 734 841 1,335 Sales of financing receivables 4,923 3,612 2,147 $ 226 $ (161) $ 3,022 All other investing activities Purchases of investment securities $ (7,790) $ (2,008) $ (3,293) Dispositions and maturities of investment securities 9,587 2,723 7,360 Decrease (increase) in other assets - investments (1,439) (287) 183 Other(a) (5,048) 24,146 31,506 $ (4,690) $ 24,574 $ 35,756 Repayments and other reductions (maturities longer than 90 days) Short-term (91 to 365 days) $ (42,110) $ (36,919) $ (44,296) Long-term (longer than one year) (2,455) (864) (3,862) Principal payments - non-recourse, leveraged leases (283) (304) (434) $ (44,848) $ (38,087) $ (48,592) All other financing activities Proceeds from sales of investment contracts $ 163 $ 322 $ 491 Redemption of investment contracts (1,235) (1,113) (980) Other (290) 112 (389) $ (1,362) $ (679) $ (878) (a) Other primarily included net activity related to settlements between our continuing operations (primarily our treasury operations) and businesses in discontinued operations. |
Cost Information (Tables)
Cost Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cost Information [Abstract] | |
Research And Development | (In millions) 2015 2014 2013 Total R&D $ 5,278 $ 5,273 $ 5,461 Less customer funded R&D (principally the U.S. Government) (803) (721) (711) Less partner funded R&D (226) (319) (107) GE funded R&D $ 4,249 $ 4,233 $ 4,643 |
Consolidated Other Cost and Expenses | NOTE 26. COST INFORMATION RESEARCH & DEVELOPMENT We conduct research and development (R&D) activities to continually enhance our existing products and services, develop new product and services to meet our customer’s changing needs and requirements, and address new market opportunities. Research and development expenses are classified in cos t of goods and services sold in the Statement of Earnings. In addition, research and development funding from customers, principally the U.S. government, is recorded as an offset to such costs. We also enter into research and development arrangements with unrelated investors, which are generally formed through partnerships and consolidated within GE’s financial statements. Research and development funded through consolidated partnerships is classified within net earnings/loss attributable to noncontrolling interests. (In millions) 2015 2014 2013 Total R&D $ 5,278 $ 5,273 $ 5,461 Less customer funded R&D (principally the U.S. Government) (803) (721) (711) Less partner funded R&D (226) (319) (107) GE funded R&D $ 4,249 $ 4,233 $ 4,643 COLLABORATIVE ARRANGEMENTS Our businesses enter into collaborative arrangements primarily with manufacturers and suppliers of components used to build and maintain certain engines, under which GE and these participants share in risks and rewards of these product programs. GE’s payments to participants are recorded as cost of services sold ($ 788 million, $ 873 million and $ 820 million for the years 2015 , 2014 and 2013 , respectively) or as cost of goods sold ($ 2,736 million, $ 2,660 million and $ 2,613 million for the years 2015 , 2014 and 2013 , respectively). RENTAL EXPENSE Rental expense under operating leases is shown below . (In millions) 2015 2014 2013 GE $ 1,258 $ 1,356 $ 1,380 GE Capital 107 123 124 1,365 1,479 1,504 Eliminations (169) (223) (198) Total $ 1,196 $ 1,256 $ 1,306 At December 31, 2015 , minimum rental commitments under noncancellable operating leases aggregated $ 4,946 million and $ 310 million for GE and GE Capital , respectively. Amounts payable over the next five years follow. (In millions) 2016 2017 2018 2019 2020 GE $ 909 $ 819 $ 699 $ 615 $ 547 GE Capital 29 24 20 19 18 938 843 719 634 565 Eliminations (144) (136) (128) (115) (109) Total $ 794 $ 707 $ 591 $ 519 $ 456 |
Rental Expense | (In millions) 2015 2014 2013 GE $ 1,258 $ 1,356 $ 1,380 GE Capital 107 123 124 1,365 1,479 1,504 Eliminations (169) (223) (198) Total $ 1,196 $ 1,256 $ 1,306 |
Rental Expenses for Next Five Years | (In millions) 2016 2017 2018 2019 2020 GE $ 909 $ 819 $ 699 $ 615 $ 547 GE Capital 29 24 20 19 18 938 843 719 634 565 Eliminations (144) (136) (128) (115) (109) Total $ 794 $ 707 $ 591 $ 519 $ 456 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in level 3 investments | (a) Substantially all related to Alstom acquisition. |
Asset allocation | ASSET ALLOCATION Other pension plans Principal retiree Principal pension plans (weighted average) benefit plans 2015 2015 2015 2015 2015 2015 Target Actual Target Actual Target Actual December 31 allocation allocation allocation allocation allocation allocation Equity securities 17 - 57 % 47 % 37 % 40 % 35 - 75 % 59 % Debt securities (including cash equivalents) 13 - 53 29 37 40 11 - 46 27 Private equities 8 - 18 11 5 4 0 - 25 11 Real estate 2 - 12 7 9 8 0 - 12 1 Other investments 3 - 13 6 12 8 0 - 10 2 |
Estimated future benefit payments | ESTIMATED FUTURE BENEFIT PAYMENTS 2021 - (In millions) 2016 2017 2018 2019 2020 2025 Principal pension plans $ 3,395 $ 3,485 $ 3,610 $ 3,705 $ 3,785 $ 20,145 Other pension plans 855 870 875 885 905 4,835 Principal retiree benefit plans 625 600 590 575 560 2,500 |
Cost of postretirement benefit plans and changes in other comprehensive income | 2015 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME Principal Total Principal Other retiree postretirement pension pension benefit (In millions) benefit plans plans plans plans Cost of postretirement benefit plans $ 5,045 $ 4,498 $ 373 $ 174 Changes in other comprehensive income Prior service cost (credit) – current year (2,401) 902 (12) (3,291) Net actuarial loss (gain) – current year (1,604) (1,022) (164) (418) Net curtailment/gain (loss) 76 (105) 6 175 Prior service credit (cost) amortization (197) (205) - 8 Net actuarial gain (loss) amortization (3,552) (3,288) (289) 25 Total changes in other comprehensive income (7,678) (3,718) (459) (3,501) Cost of postretirement benefit plans and changes in other comprehensive income $ (2,633) $ 780 $ (86) $ (3,327) |
Other pension plans and principal retiree benefit plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Benefit Plans [Table Text Block] | COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2013 2015 2014 2013 Service cost for benefits earned $ 416 $ 403 $ 435 $ 145 $ 164 $ 229 Prior service cost (credit) amortization - 6 7 (8) 353 393 Expected return on plan assets (881) (789) (663) (48) (50) (60) Interest cost on benefit obligations 555 587 523 335 424 410 Net actuarial loss (gain) amortization 289 205 343 (25) (150) (45) Curtailment loss (gain) (6) - - (225) (a) 48 - Benefit plans cost $ 373 $ 412 $ 645 $ 174 $ 789 $ 927 (a) Gain principally resulting from life insurance amendment. |
Assumptions used to measure pension benefit obligations | ASSUMPTIONS USED TO MEASURE BENEFIT OBLIGATIONS Other pension plans (weighted average) Principal retiree benefit plans December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.33 % 3.53 % 4.39 % 3.93 % 3.89 % 4.61 % Compensation increases 3.32 3.60 3.76 3.80 4.10 4.00 Initial healthcare trend rate N/A N/A N/A 6.00 (a) 6.00 6.00 (a) For 2015, ultimately declining to 5 % for 2030 and thereafter . |
Assumptions used to measure pension costs | ASSUMPTIONS USED TO MEASURE BENEFIT COST Other pension plans (weighted average) Principal retiree benefit plans December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.53 % 4.39 % 3.92 % 3.89 % (a) 4.61 % (a) 3.74 % (a) Expected return on assets 6.95 6.92 6.82 7.00 7.00 7.00 (a) Weighted average discount rates of 3.92 %, 4.47 % and 3.77 % were used for determination of costs in 2015 , 2014 and 2013 , respectively. |
Benefit obligations | BENEFIT OBLIGATIONS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2015 2014 Balance at January 1 $ 15,589 $ 13,535 $ 10,703 $ 9,913 Service cost for benefits earned 416 403 145 164 Interest cost on benefit obligations 555 587 335 424 Participant contributions 15 9 50 52 Plan amendments (12) (29) (3,291) (a) (586) Actuarial loss (gain) (406) (b) 2,170 (b) (444) (b) 1,440 (c) Benefits paid (576) (493) (691) (704) Acquisitions (dispositions)/ other - net 6,859 (d) 48 (50) - Exchange rate adjustments (822) (641) - - Balance at December 31(e) $ 21,618 $ 15,589 $ 6,757 $ 10,703 Principally related to plan amendments affecting post-65 retiree health and retiree life insurance for certain production participants. Primarily associated with discount rate changes. Principally associated with disco unt rate and mortality assumption changes. Substantially all related to Alstom acquisition. The benefit obligation for retiree health plans was $ 4,838 million and $ 8,445 million at December 31, 2015 and 2014, respectively. |
Fair value of pension plans' investments | Other pension plans Principal retiree benefit plans December 31 (in millions) 2015 2014 2015 2014 Equity securities U.S. equity securities $ 667 $ 635 $ 203 $ 205 Non-U.S. equity securities 6,323 5,285 162 125 Debt securities Fixed income and cash investment funds 6,258 4,071 84 133 U.S. corporate 242 222 52 47 Other debt securities 551 365 93 103 Private equities 703 262 75 94 Real estate 1,358 690 6 64 Other investments 1,266 856 20 42 Total plan assets $ 17,368 $ 12,386 $ 695 $ 813 |
Changes in level 3 investments | FAIR VALUE OF PLAN ASSETS Other pension plans Principal retiree benefit plans (In millions) 2015 2014 2015 2014 Balance at January 1 $ 12,386 $ 11,059 $ 813 $ 903 Actual gain on plan assets 381 1,537 22 44 Employer contributions 549 726 501 518 Participant contributions 15 9 50 52 Benefits paid (576) (493) (691) (704) Acquisitions (dispositions) / other - net 5,207 (a) - - - Exchange rate adjustments (594) (452) - - Balance at December 31 $ 17,368 $ 12,386 $ 695 $ 813 |
GE Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in level 3 investments | CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2015 gains (losses) gains (losses) settlements Level 3 2015 Debt securities $ 6 $ (3) $ 3 $ (3) $ (1) $ 2 Private equities 5,217 432 189 (968) - 4,870 Real estate 3,129 122 246 (360) 49 3,186 Other investments 2,248 22 (52) 71 6 2,295 $ 10,600 $ 573 $ 386 $ (1,260) $ 54 $ 10,353 CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 Purchases, Transfers issuances in and/or January 1, Net realized Net unrealized and out of December 31, (In millions) 2014 gains (losses) gains (losses) settlements Level 3 2014 Debt securities $ - $ (9) $ 11 $ 4 $ - $ 6 Private equities 6,269 592 (54) (1,565) (25) 5,217 Real estate 3,354 36 334 (595) - 3,129 Other investments 1,622 47 86 194 299 2,248 $ 11,245 $ 666 $ 377 $ (1,962) $ 274 $ 10,600 |
Asset allocation | Principal pension plans December 31 (in millions) 2015 2014 Equity securities U.S. equity securities(a) $ 12,447 $ 12,956 Non-U.S. equity securities(a) 9,088 9,153 Debt securities Fixed income and cash investment funds 3,252 4,500 U.S. corporate(b) 5,529 5,155 Other debt securities(c) 5,131 5,729 Private equities(a) 4,885 5,249 Real estate(a) 3,186 3,129 Other investments(d) 2,202 2,409 Total plan assets $ 45,720 $ 48,280 (a) Included direct investments and investment funds. (b) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (c) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. (d) Substantially all represented hedge fund inves tments. |
Supplemental Information (Deriv
Supplemental Information (Derivatives) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Derivative Instruments [Abstract] | |
Fair value of derivatives | FAIR VALUE OF DERIVATIVES 2015 2014 December 31 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 4,132 $ 158 $ 5,835 $ 461 Currency exchange contracts 1,109 1,383 2,579 884 Other contracts - - - 2 5,241 1,541 8,414 1,347 Derivatives not accounted for as hedges Interest rate contracts 119 44 79 24 Currency exchange contracts 1,715 4,048 1,182 3,439 Other contracts 315 49 237 40 2,149 4,141 1,498 3,503 Gross derivatives recognized in statement of financial position Gross derivatives 7,391 5,681 9,911 4,851 Gross accrued interest 1,001 (13) 1,389 (30) 8,392 5,668 11,300 4,821 Amounts offset in statement of financial position Netting adjustments(a) (4,326) (4,326) (3,875) (3,892) Cash collateral(b) (1,784) (642) (3,695) (445) (6,110) (4,968) (7,570) (4,337) Net derivatives recognized in statement of financial position Net derivatives 2,282 700 3,731 485 Amounts not offset in statement of financial position Securities held as collateral(c) (1,277) - (3,114) - Net amount $ 1,005 $ 700 $ 617 $ 485 (a) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amo unts include fair value adjustments related to our own and counterparty non-performance risk. At December 31, 2015 and 2014 , the cumulative adjustment for non-performance risk was insignificant and $ 16 million, respectively. (b) Excluded excess cash collateral received and posted of $ 48 million and $ 379 million at December 31, 2015 , respectively, and $ 63 million and $ 195 million at December 31, 2014 , respectively. (c) Excluded excess securities collateral received of $ 107 million and $ 471 million at December 31, 2015 and 2014 , respectively. |
Cash flow hedges | CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings (In millions) 2015 2014 2015 2014 Interest rate contracts $ (1) $ (1) $ (130) $ (234) Currency exchange contracts (907) (541) (784) (641) Commodity contracts (5) (4) (4) (3) Total(a) $ (913) $ (546) $ (918) $ (878) (a) Gain (loss) is recorded in GE Capital revenues from services, interest and other financial charges, and other costs and expenses when reclassified to earnings. |
Quarterly Information (unaudi64
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Quaterly Information | First quarter Second quarter Third quarter Fourth quarter (In millions; per-share amounts in dollars) 2015 2014 2015 2014 2015 2014 2015 2014 Consolidated operations Earnings (loss) from continuing operations $ (4,673) $ 1,491 $ 1,813 $ 2,180 $ 1,915 $ 2,130 $ 2,645 $ 3,690 Earnings (loss) from discontinued operations (8,936) 1,461 (2,947) 1,367 629 1,378 3,758 1,649 Net earnings (loss) (13,608) 2,952 (1,134) 3,546 2,545 3,508 6,403 5,339 Less net earnings (loss) attributable to noncontrolling interests (35) (47) 225 - 39 (29) 103 187 Net earnings (loss) attributable to the Company $ (13,573) $ 2,999 $ (1,360) $ 3,546 $ 2,506 $ 3,536 $ 6,301 $ 5,152 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ (0.45) $ 0.15 $ 0.17 $ 0.22 $ 0.19 $ 0.22 $ 0.26 $ 0.35 Basic earnings (loss) per share (0.45) 0.15 0.17 0.22 0.19 0.22 0.26 0.36 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share (0.90) 0.14 (0.30) 0.13 0.05 0.13 0.38 0.15 Basic earnings (loss) per share (0.90) 0.14 (0.30) 0.14 0.05 0.13 0.38 0.16 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share (1.35) 0.30 (0.13) 0.35 0.25 0.35 0.64 0.51 Basic earnings (loss) per share (1.35) 0.30 (0.13) 0.35 0.25 0.35 0.64 0.51 Selected data GE Sales of goods and services $ 23,839 $ 24,011 $ 26,141 $ 26,225 $ 25,612 $ 26,025 $ 30,614 $ 31,046 Gross profit from sales 5,514 5,327 6,033 6,089 6,275 6,146 7,556 7,870 GE Capital Total revenues 2,866 2,963 2,690 2,676 2,660 2,763 2,585 2,919 Earnings (loss) from continuing operations attributable to the Company (5,721) 489 (332) 468 (154) 226 (1,447) 348 |
Operating Segment Table - MDA (
Operating Segment Table - MDA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 117,386 | $ 117,184 | $ 113,245 | $ 112,588 | $ 110,062 | |||||||||
Interest and other financial charges | 3,463 | 2,723 | 2,870 | |||||||||||
Benefit (provision) for income taxes | (6,485) | (773) | (1,219) | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 1,663 | 9,535 | 7,618 | 8,646 | 8,081 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (7,495) | 5,855 | 5,475 | 5,047 | 5,143 | |||||||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 312 | 157 | 36 | 53 | 104 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 3,758 | $ 629 | $ (2,947) | $ (8,936) | $ 1,649 | $ 1,378 | $ 1,367 | $ 1,461 | (7,495) | 5,855 | 5,475 | |||
Net Income (Loss) Available to Common Stockholders, Basic | (6,145) | 15,233 | 13,057 | 13,641 | 13,120 | |||||||||
GE | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 100,700 | 109,546 | 104,599 | |||||||||||
Interest and other financial charges | 1,706 | 1,579 | 1,333 | 1,353 | 1,299 | |||||||||
Benefit (provision) for income taxes | (1,506) | (1,634) | (1,667) | (2,013) | (4,839) | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 1,663 | 9,535 | 7,618 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | [1] | (7,807) | 5,698 | 5,439 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,807) | 5,698 | 5,439 | 4,995 | 5,039 | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (6,145) | 15,233 | 13,057 | |||||||||||
GE Capital | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 2,585 | 2,660 | 2,690 | 2,866 | 2,919 | 2,763 | 2,676 | 2,963 | 10,801 | 11,320 | 11,267 | 11,268 | 11,843 | |
Interest and other financial charges | 2,301 | 1,638 | 2,021 | |||||||||||
Benefit (provision) for income taxes | (4,979) | 861 | 448 | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ (1,447) | $ (154) | $ (332) | $ (5,721) | $ 348 | $ 226 | $ 468 | $ 489 | (7,983) | 1,209 | 401 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (7,485) | 5,860 | 5,540 | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,485) | 5,860 | 5,540 | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (15,780) | 6,912 | 5,906 | |||||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 119,597 | 121,047 | 114,650 | 113,816 | 106,918 | |||||||||
Operating Income (Loss) | 9,983 | 18,973 | 16,621 | 16,731 | 15,536 | |||||||||
Interest and other financial charges | (1,706) | (1,579) | (1,333) | (1,353) | (1,299) | |||||||||
Benefit (provision) for income taxes | (1,506) | (1,634) | (1,667) | (2,013) | (4,839) | |||||||||
Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||
Power | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 20,728 | 19,802 | 18,615 | |||||||||||
Power | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 21,490 | 20,580 | 19,315 | 20,364 | 20,335 | |||||||||
Operating Income (Loss) | 4,502 | 4,486 | 4,328 | 4,368 | 4,213 | |||||||||
Power | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 762 | 778 | 700 | |||||||||||
Renewable Energy | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 6,261 | 6,386 | 4,807 | |||||||||||
Renewable Energy | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 6,273 | 6,399 | 4,824 | 7,373 | 4,924 | |||||||||
Operating Income (Loss) | 431 | 694 | 485 | 914 | 714 | |||||||||
Renewable Energy | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 12 | 14 | 17 | |||||||||||
Oil & Gas | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 16,063 | 18,683 | 16,970 | |||||||||||
Oil & Gas | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 16,450 | 19,085 | 17,341 | 15,539 | 13,874 | |||||||||
Operating Income (Loss) | 2,427 | 2,758 | 2,357 | 2,064 | 1,754 | |||||||||
Oil & Gas | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 387 | 402 | 371 | |||||||||||
Energy Management | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 6,600 | 6,429 | 6,720 | |||||||||||
Energy Management | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 7,600 | 7,319 | 7,569 | 7,412 | 6,422 | |||||||||
Operating Income (Loss) | 270 | 246 | 110 | 131 | 78 | |||||||||
Energy Management | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,000 | 890 | 848 | |||||||||||
Aviation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 24,242 | 23,298 | 21,411 | |||||||||||
Aviation | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 24,660 | 23,990 | 21,911 | 19,994 | 18,859 | |||||||||
Operating Income (Loss) | 5,507 | 4,973 | 4,345 | 3,747 | 3,512 | |||||||||
Aviation | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 418 | 692 | 500 | |||||||||||
Healthcare | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 17,633 | 18,293 | 18,186 | |||||||||||
Healthcare | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 17,639 | 18,299 | 18,200 | 18,290 | 18,083 | |||||||||
Operating Income (Loss) | 2,882 | 3,047 | 3,048 | 2,920 | 2,803 | |||||||||
Healthcare | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 7 | 6 | 14 | |||||||||||
Transporation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 5,932 | 5,652 | 5,874 | |||||||||||
Transporation | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 5,933 | 5,650 | 5,885 | 5,608 | 4,885 | |||||||||
Operating Income (Loss) | 1,273 | 1,130 | 1,166 | 1,031 | 757 | |||||||||
Transporation | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1 | (2) | 12 | |||||||||||
Appliances & Lighting | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 8,729 | 8,383 | 8,313 | |||||||||||
Appliances & Lighting | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 8,751 | 8,404 | 8,338 | 7,967 | 7,692 | |||||||||
Operating Income (Loss) | 674 | 431 | 381 | 311 | 237 | |||||||||
Appliances & Lighting | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 22 | 22 | 25 | |||||||||||
GE Industrial | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 106,188 | 106,926 | 100,896 | |||||||||||
GE Industrial | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 108,796 | 109,727 | 103,383 | 102,548 | 95,074 | |||||||||
Operating Income (Loss) | 17,966 | 17,764 | 16,220 | 15,487 | 14,067 | |||||||||
GE Industrial | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 2,608 | 2,801 | 2,486 | |||||||||||
Capital | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 9,650 | 10,283 | 10,427 | |||||||||||
Interest and other financial charges | 2,301 | 1,638 | 2,021 | |||||||||||
Benefit (provision) for income taxes | (4,979) | 861 | 448 | |||||||||||
Capital | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 10,801 | 11,320 | 11,267 | 11,268 | 11,843 | |||||||||
Operating Income (Loss) | (7,983) | 1,209 | 401 | 1,245 | 1,469 | |||||||||
Capital | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,151 | 1,037 | 841 | |||||||||||
Corporate | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,548 | (25) | 1,922 | |||||||||||
Interest and other financial charges | 1,162 | 1,085 | 849 | |||||||||||
Benefit (provision) for income taxes | (1,506) | (1,634) | (1,667) | |||||||||||
Corporate | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | (2,211) | (3,863) | (1,405) | (1,228) | 3,145 | |||||||||
Corporate | Intersegment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | (3,759) | (3,838) | (3,327) | |||||||||||
Operating Income (Loss) | $ (5,108) | $ (6,225) | $ (6,002) | $ (4,719) | $ (1,317) | |||||||||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Summary of Significant Accoun66
Summary of Significant Accounting Policies (Accounting Policies and GE Capital Exit Plan) (Details) - USD ($) $ in Millions | Apr. 10, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 10, 2017 | Jan. 01, 2014 |
Accounting Policies [Abstract] | ||||||||||||||
Percentage of LIFO Inventory | 34.00% | 40.00% | 34.00% | 40.00% | ||||||||||
Unrecognized Tax Benefits | $ 6,778 | $ 5,619 | $ 6,778 | $ 5,619 | $ 5,816 | $ 1,224 | ||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 3,758 | $ 629 | $ (2,947) | $ (8,936) | $ 1,649 | $ 1,378 | $ 1,367 | $ 1,461 | (7,495) | 5,855 | 5,475 | |||
Discontinued operations | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,495) | $ 5,855 | $ 5,475 | |||||||||||
Discontinued operations | CLL | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 0 | |||||||||||||
GE Capital Exit Plan | ||||||||||||||
Restructuring | ||||||||||||||
Restructuring and related activities initiation date | Apr. 10, 2015 | |||||||||||||
Restructuring and related activities completion date | Apr. 10, 2017 | |||||||||||||
Tax expense related to expected repatriation and write-offs | 6,467 | |||||||||||||
Total after-tax charges related to the GE Capital Exit Plan | 22,030 | |||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 14,343 | |||||||||||||
GE Capital Exit Plan | Estimate | ||||||||||||||
Restructuring | ||||||||||||||
Tax expense related to expected repatriation and write-offs | 7,000 | |||||||||||||
GE Capital Exit Plan | Consumer | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 140 | |||||||||||||
GE Capital Exit Plan | Real Estate, Consumer And CLL | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 9,517 | |||||||||||||
GE Capital Exit Plan | Continuing operations | ||||||||||||||
Restructuring | ||||||||||||||
Tax expense related to expected repatriation and write-offs | 6,327 | |||||||||||||
Total after-tax charges related to the GE Capital Exit Plan | 7,687 | |||||||||||||
GE Capital Exit Plan | After Tax Charges | ||||||||||||||
Restructuring | ||||||||||||||
Restructuring and other charges | 561 | |||||||||||||
Asset Impairment charges | 818 | |||||||||||||
GE Capital Exit Plan | After Tax Charges | Estimate | ||||||||||||||
Restructuring | ||||||||||||||
Expected restructuring charges | $ 23,000 | 23,000 | ||||||||||||
Expected future net cash expenditures | 6,000 | |||||||||||||
Goodwill allocation charges | 13,000 | |||||||||||||
Restructuring and other charges | 3,000 | |||||||||||||
GE Capital Exit Plan | After Tax Charges | Continuing operations | ||||||||||||||
Restructuring | ||||||||||||||
Restructuring and other charges | 541 | |||||||||||||
GE Capital Exit Plan | Restructuring and other charges | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 20 | |||||||||||||
GE Capital Exit Plan | Net Asset Impairement | Consumer | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 3,151 | |||||||||||||
GE Capital Exit Plan | Net Asset Impairement | Consumer And CLL | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 4,666 | |||||||||||||
GE Capital Exit Plan | Net Asset Impairement | CLL | ||||||||||||||
Restructuring | ||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 1,515 |
Summary of Significant Accoun67
Summary of Significant Accounting Policies (Reorganization and Exchange Offers) (Details) £ in Millions, $ in Millions | Oct. 26, 2015GBP (£) | Oct. 26, 2015USD ($) | Sep. 21, 2015USD ($) | Dec. 31, 2015USD ($) | Oct. 19, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Conversion [Abstract] | |||||||
Private offers to exchange certain outstanding debt for new notes | $ 30,000 | ||||||
Increase exchange offers of certain outstanding debt for new notes | $ 6,000 | ||||||
Outstanding notes being tendered for exchange and settled | $ 36,000 | ||||||
Outstanding principal | 31,000 | $ 36,000 | |||||
Premium | 5,000 | 4,500 | |||||
Short-term borrowings | 49,892 | $ 70,425 | |||||
0.964% six months notes due in 2016 | |||||||
Debt Conversion [Abstract] | |||||||
Outstanding notes being tendered for exchange and settled | $ 15,268 | ||||||
Debt conversion, converted instrument, rate | 0.964% | 0.964% | |||||
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | |||||
1.363% six months notes due in 2016 | |||||||
Debt Conversion [Abstract] | |||||||
Outstanding notes being tendered for exchange and settled | £ | £ 778 | ||||||
Debt conversion, converted instrument, rate | 1.363% | 1.363% | |||||
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | |||||
2.342% notes due in 2020 | |||||||
Debt Conversion [Abstract] | |||||||
Outstanding notes being tendered for exchange and settled | $ 6,107 | ||||||
Debt conversion, converted instrument, rate | 2.342% | 2.342% | |||||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,020 | 2,020 | |||||
3.373% notes due in 2025 | |||||||
Debt Conversion [Abstract] | |||||||
Outstanding notes being tendered for exchange and settled | $ 1,979 | ||||||
Debt conversion, converted instrument, rate | 3.373% | 3.373% | |||||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,025 | 2,025 | |||||
4.418% notes due in 2035 | |||||||
Debt Conversion [Abstract] | |||||||
Outstanding notes being tendered for exchange and settled | $ 11,465 | ||||||
Debt conversion, converted instrument, rate | 4.418% | 4.418% | |||||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,035 | 2,035 | |||||
Six Months Notes | |||||||
Debt Conversion [Abstract] | |||||||
Outstanding notes being tendered for exchange and settled | $ 16,160 | ||||||
Short-term borrowings | $ 1,297 | ||||||
GE Capital | |||||||
Debt Conversion [Abstract] | |||||||
Short-term borrowings | [1] | $ 48,650 | $ 67,416 | ||||
[1] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. At December 31, 2015, this amounted to $17,649 million in short-term borrowings and $67,465 million in long-term borrowings. See Note 10 for additional information. |
Summary of Significant Accoun68
Summary of Significant Accounting Policies (Guarantee) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Borrowings [Line Items] | ||
Short-term borrowings and long-term borrowings | $ 198,276 | $ 261,424 |
Borrowings Guaranteed By GE | ||
Borrowings [Line Items] | ||
Short-term borrowings and long-term borrowings | $ 85,829 |
Summary of Significant Accoun69
Summary of Significant Accounting Policies (Reorganization Preferred Stock Exchange) (Details) - USD ($) $ in Millions | Dec. 18, 2015 | Dec. 03, 2015 | Jan. 20, 2016 | Dec. 31, 2015 | Dec. 02, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 16, 2008 |
Preferred Stock [Abstract} | ||||||||
Preferred stock, shares issued | 5,944,250 | 30,000 | ||||||
Preferred stock, value, issued | $ 5,944 | $ 6 | $ 0 | $ 0 | ||||
Series A, B and C | Preferred stock | ||||||||
Preferred Stock [Abstract} | ||||||||
Aggregate liquidation value of preferred stocks | $ 5,950 | |||||||
Series A | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, shares issued | 2,777,625 | |||||||
Preferred stock, value, issued | $ 2,778 | $ 2,687 | ||||||
Preferred stock outstanding | 91 | |||||||
Initial fixed interest | 4.00% | |||||||
Floating Rate | 2.28% | |||||||
Callable date | Jun. 15, 2022 | |||||||
Series B | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, shares issued | 2,072,525 | |||||||
Preferred stock, value, issued | $ 2,073 | 2,008 | ||||||
Preferred stock outstanding | 64 | |||||||
Initial fixed interest | 4.10% | |||||||
Floating Rate | 2.32% | |||||||
Callable date | Dec. 15, 2022 | |||||||
Series C | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, shares issued | 1,094,100 | |||||||
Preferred stock, value, issued | $ 1,094 | 999 | ||||||
Preferred stock outstanding | 95 | |||||||
Initial fixed interest | 4.20% | |||||||
Floating Rate | 2.37% | |||||||
Callable date | Jun. 15, 2023 | |||||||
Series D | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | $ 5,694 | |||||||
Initial fixed interest | 5.00% | |||||||
Floating Rate | 3.33% | |||||||
Callable date | Jan. 21, 2021 | |||||||
GE Capital | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | $ 6 | $ 0 | ||||||
GE Capital | Series A, B and C | Preferred stock | ||||||||
Preferred Stock [Abstract} | ||||||||
Aggregate liquidation value of preferred stocks | $ 5,000 |
Summary of Significant Accoun70
Summary of Significant Accounting Policies (Synchrony Financial Exchange Offer) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 17, 2015 | Aug. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2016 |
Synchrony Exchange Offer | ||||||
Payments for repurchase of common stock | $ (2,709) | $ (2,211) | $ (10,225) | |||
Stock repurchased during period | 671,366,809 | 109,800,000 | 73,600,000 | 432,600,000 | ||
Issued | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 | |||
In treasury | (2,314,553,000) | (1,636,461,000) | (1,632,960,000) | |||
Common stock, shares | 9,379,288,000 | 10,057,380,000 | 10,060,881,000 | |||
Common stock, shares authorized | 13,200,000,000 | |||||
Common stock, par value per share | $ 0.06 | $ 0.06 | ||||
Gain (loss) on disposal of discontinued operations | $ (7,591) | $ 15 | $ (1,781) | |||
Synchrony Financial | ||||||
Synchrony Exchange Offer | ||||||
Issued | 705,270,833 | |||||
In treasury | (671,366,809) | |||||
Proceeds from IPO | $ 2,800 | |||||
Sale of stock, percentage of ownership after transaction | 84.60% | |||||
Gain (loss) on disposal of discontinued operations | $ 3,429 |
Businesses Held for Sale and 71
Businesses Held for Sale and Discontinued Operations (Assets and Liabilities of Businesses Held for Sale) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 03, 2015 | |
Assets | ||||
Current receivables(a) | $ 27,022 | $ 23,237 | ||
Assets of discontinued operations | 120,951 | 323,529 | ||
Liabilities | ||||
Liabilities of discontinued operations | 46,487 | 128,233 | ||
Additional disclosures | ||||
Proceeds from sale | 2,283 | 630 | $ 1,818 | |
Preferred stock, value, issued | 6 | 0 | $ 0 | $ 5,944 |
Electricity Meters - EM [Member] | ||||
Additional disclosures | ||||
Proceeds from sale | 220 | |||
Appliances | ||||
Additional disclosures | ||||
Gain (loss) on contract termination | 175 | |||
NBCU LLC | ||||
Additional disclosures | ||||
Pre tax income to extinguish obligation | 450 | |||
Held for sale | ||||
Assets | ||||
Current receivables(a) | 79 | 180 | ||
Inventories | 583 | 588 | ||
Property, plant and equipment - net | 1,208 | 979 | ||
Goodwill | 370 | 433 | ||
Intangible Assets - Net | 162 | 157 | ||
Other | 416 | 489 | ||
Assets of discontinued operations | 2,818 | 2,826 | ||
Liabilities | ||||
Accounts payable(a) | 503 | 506 | ||
Other current liabilities | 325 | 346 | ||
Other | 33 | 89 | ||
Liabilities of discontinued operations | 861 | 941 | ||
Held for sale | Clarient - Healthcare [Member] | ||||
Additional disclosures | ||||
Proceeds from sale | 255 | |||
Held for sale | IP | ||||
Assets | ||||
Assets of discontinued operations | 0 | |||
Liabilities | ||||
Liabilities of discontinued operations | 0 | |||
Additional disclosures | ||||
Proceeds from sale | 515 | |||
Held for sale | Signaling | ||||
Additional disclosures | ||||
Proceeds from sale | 800 | |||
Held for sale | Appliances | ||||
Additional disclosures | ||||
Consideration received for sale of business | 5,400 | $ 3,300 | ||
Gain (loss) on contract termination | 175 | |||
Held for sale | Financing Receivable | Appliances | ||||
Assets | ||||
Assets of discontinued operations | 2,818 | |||
Liabilities | ||||
Liabilities of discontinued operations | $ 1,409 |
Businesses Held for Sale and 72
Businesses Held for Sale and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||||||||||
Total revenues and other income (loss) | $ 23,003 | $ 31,136 | $ 32,987 | ||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 887 | 6,615 | 6,558 | ||||||||
Benefit (provision) for income taxes | (791) | (776) | 699 | ||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 96 | 5,839 | 7,257 | ||||||||
Total | |||||||||||
Gain (loss) on disposal before income taxes | (6,612) | 14 | (2,027) | ||||||||
Benefit (provision) for income taxes | (979) | 1 | 246 | ||||||||
Gain (loss) on disposal, net of taxes | (7,591) | 15 | (1,781) | ||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 3,758 | $ 629 | $ (2,947) | $ (8,936) | $ 1,649 | $ 1,378 | $ 1,367 | $ 1,461 | (7,495) | 5,855 | 5,475 |
Assets | |||||||||||
Cash and cash equivalents | 20,395 | 20,991 | 20,395 | 20,991 | |||||||
Financing receivables - net | 3,205 | 213,514 | 3,205 | 213,514 | |||||||
Assets of discontinued operations | 120,951 | 323,529 | 120,951 | 323,529 | |||||||
Liabilities | |||||||||||
Liabilities of discontinued operations | 46,487 | 128,233 | 46,487 | 128,233 | |||||||
Additional information abstract | |||||||||||
Other Liabilities | 22,558 | 16,511 | 22,558 | 16,511 | |||||||
GE Capital Exit Plan | |||||||||||
Total | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | 14,343 | ||||||||||
Transitional Service Agreements [Member] | |||||||||||
Additional information abstract | |||||||||||
Other Commitment | 1,543 | 1,543 | |||||||||
Other Liabilities | 62 | 62 | |||||||||
Credit support amount | 736 | 736 | |||||||||
Discontinued operations | |||||||||||
Operations | |||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (6,038) | 6,472 | 4,495 | ||||||||
Total | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,495) | 5,855 | $ 5,475 | ||||||||
Assets | |||||||||||
Cash and cash equivalents | 20,395 | 20,991 | 20,395 | 20,991 | |||||||
Investment securities | 8,478 | 13,349 | 8,478 | 13,349 | |||||||
Financing receivables - net | 3,205 | 213,514 | 3,205 | 213,514 | |||||||
Other receivables | 1,221 | 2,896 | 1,221 | 2,896 | |||||||
Property, plant and equipment - net | 7,537 | 18,354 | 7,537 | 18,354 | |||||||
Goodwill | 7,764 | 23,452 | 7,764 | 23,452 | |||||||
Intangible Assets - Net | 80 | 987 | 80 | 987 | |||||||
Deferred income taxes | 2,447 | 3,530 | 2,447 | 3,530 | |||||||
Financing receivables held for sale | 69,847 | 3,475 | 69,847 | 3,475 | |||||||
Valuation allowance on disposal group | (6,374) | 0 | (6,374) | 0 | |||||||
Other | 6,350 | 22,980 | 6,350 | 22,980 | |||||||
Assets of discontinued operations | 120,951 | 323,529 | 120,951 | 323,529 | |||||||
Liabilities | |||||||||||
Short-term borrowings | 739 | 3,780 | 739 | 3,780 | |||||||
Accounts payable | 2,870 | 4,280 | 2,870 | 4,280 | |||||||
Non-recourse borrowings | 3,994 | 25,536 | 3,994 | 25,536 | |||||||
Bank deposits | 25,613 | 62,839 | 25,613 | 62,839 | |||||||
Long-term borrowings | 730 | 13,767 | 730 | 13,767 | |||||||
All other liabilities | 11,053 | 11,046 | 11,053 | 11,046 | |||||||
Deferred income taxes | 1,437 | 6,810 | 1,437 | 6,810 | |||||||
Other | 52 | 174 | 52 | 174 | |||||||
Liabilities of discontinued operations | $ 46,487 | $ 128,233 | $ 46,487 | $ 128,233 |
Businesses Held for Sale and 73
Businesses Held for Sale and Discontinued Operations (Discontinued Operations by Business) (Details) - USD ($) $ in Millions | Nov. 17, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Operations | ||||||||||||
Revenues and other income (loss) | $ 23,003 | $ 31,136 | $ 32,987 | |||||||||
Provision for losses on financing receivables | (48) | (80) | (5) | |||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 2,605 | 2,530 | 2,661 | |||||||||
Other costs and expenses | 2,608 | 1,115 | 828 | |||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 887 | 6,615 | 6,558 | |||||||||
Benefit (provision) for income taxes | (791) | (776) | 699 | |||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 96 | 5,839 | 7,257 | |||||||||
Total | ||||||||||||
Gain (loss) on disposal before income taxes | (6,612) | 14 | (2,027) | |||||||||
Benefit (provision) for income taxes | (979) | 1 | 246 | |||||||||
Gain (loss) on disposal of discontinued operations | (7,591) | 15 | (1,781) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 3,758 | $ 629 | $ (2,947) | $ (8,936) | $ 1,649 | $ 1,378 | $ 1,367 | $ 1,461 | $ (7,495) | $ 5,855 | $ 5,475 | |
Additional disclosures | ||||||||||||
Stock repurchased during period | 671,366,809 | 109,800,000 | 73,600,000 | 432,600,000 | ||||||||
Shares issued | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 | |||||||
Proceeds from sale | $ 2,283 | $ 630 | $ 1,818 | |||||||||
GE Capital Exit Plan [Member] | ||||||||||||
Total | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 14,343 | |||||||||||
GE Capital Exit Plan [Member] | Consumer | ||||||||||||
Total | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 140 | |||||||||||
Discontinued operations | ||||||||||||
Operations | ||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (6,038) | 6,472 | 4,495 | |||||||||
Total | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,495) | 5,855 | 5,475 | |||||||||
Discontinued operations | CLL | ||||||||||||
Total | ||||||||||||
Gain (loss) on disposal before income taxes | 0 | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | 0 | |||||||||||
Discontinued operations | GE Capital Exit Plan [Member] | Consumer | ||||||||||||
Operations | ||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 2,670 | 3,752 | 4,312 | |||||||||
Discontinued operations | GE Capital Exit Plan [Member] | CLL | ||||||||||||
Operations | ||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (6,996) | 2,279 | 1,457 | |||||||||
Discontinued operations | GE Capital Exit Plan [Member] | Real Estate business | ||||||||||||
Operations | ||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (1,486) | 778 | 1,246 | |||||||||
GE Capital | ||||||||||||
Operations | ||||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 2,737 | 2,660 | 2,764 | |||||||||
Other costs and expenses | 2,647 | 1,159 | 856 | |||||||||
Total | ||||||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,485) | 5,860 | 5,540 | |||||||||
Additional disclosures | ||||||||||||
Proceeds from sale | 532 | 0 | 477 | |||||||||
GE Capital | Consumer | ||||||||||||
Additional disclosures | ||||||||||||
Proceeds from sale | 17,550 | |||||||||||
GE Capital | CLL | ||||||||||||
Additional disclosures | ||||||||||||
Proceeds from sale | 48,068 | |||||||||||
GE Capital | Real Estate business | ||||||||||||
Additional disclosures | ||||||||||||
Proceeds from sale | 31,601 | |||||||||||
GE Capital | Discontinued operations | Consumer | ||||||||||||
Operations | ||||||||||||
Revenues and other income (loss) | 11,690 | 15,023 | 15,741 | |||||||||
Interest expense | (2,081) | (2,611) | (2,669) | |||||||||
Selling, general and administrative expenses | (3,940) | (4,572) | (4,349) | |||||||||
Cost of services sold | (1) | 0 | (1) | |||||||||
Provision for losses on financing receivables | (5,029) | (3,544) | (4,048) | |||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | (12) | (18) | (15) | |||||||||
Other costs and expenses | (392) | (388) | (337) | |||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 236 | 3,891 | 4,324 | |||||||||
Benefit (provision) for income taxes | (878) | (736) | 7 | |||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | (642) | 3,155 | 4,330 | |||||||||
Total | ||||||||||||
Gain (loss) on disposal before income taxes | 2,739 | 0 | 0 | |||||||||
Benefit (provision) for income taxes | 363 | 0 | 0 | |||||||||
Gain (loss) on disposal of discontinued operations | 3,102 | 0 | 0 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | 2,460 | 3,155 | 4,330 | |||||||||
GE Capital | Discontinued operations | CLL | ||||||||||||
Operations | ||||||||||||
Revenues and other income (loss) | 10,580 | 13,413 | 13,144 | |||||||||
Interest expense | (2,365) | (3,069) | (3,300) | |||||||||
Selling, general and administrative expenses | (3,576) | (3,598) | (3,538) | |||||||||
Cost of services sold | (1,735) | (3,859) | (4,002) | |||||||||
Provision for losses on financing receivables | (1,753) | (456) | (736) | |||||||||
Other costs and expenses | (127) | (135) | (94) | |||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 1,024 | 2,296 | 1,474 | |||||||||
Benefit (provision) for income taxes | (186) | (487) | 65 | |||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 838 | 1,808 | 1,539 | |||||||||
Total | ||||||||||||
Gain (loss) on disposal before income taxes | (8,013) | 0 | 0 | |||||||||
Benefit (provision) for income taxes | (698) | 0 | 0 | |||||||||
Gain (loss) on disposal of discontinued operations | (8,711) | 0 | 0 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,873) | 1,808 | 1,539 | |||||||||
GE Capital | Discontinued operations | Real Estate business | ||||||||||||
Operations | ||||||||||||
Revenues and other income (loss) | 911 | 2,969 | 3,915 | |||||||||
Interest expense | (457) | (1,079) | (1,278) | |||||||||
Selling, general and administrative expenses | (444) | (484) | (568) | |||||||||
Cost of services sold | (5) | 0 | 0 | |||||||||
Provision for losses on financing receivables | 5 | 86 | (28) | |||||||||
Other costs and expenses | (158) | (712) | (788) | |||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (149) | 780 | 1,253 | |||||||||
Benefit (provision) for income taxes | 168 | 224 | 472 | |||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 19 | 1,003 | 1,725 | |||||||||
Total | ||||||||||||
Gain (loss) on disposal before income taxes | (1,338) | 0 | 0 | |||||||||
Benefit (provision) for income taxes | (639) | 0 | 0 | |||||||||
Gain (loss) on disposal of discontinued operations | (1,977) | 0 | 0 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (1,958) | $ 1,003 | $ 1,725 | |||||||||
Synchrony Financial | ||||||||||||
Total | ||||||||||||
Gain (loss) on disposal of discontinued operations | $ 3,429 | |||||||||||
Additional disclosures | ||||||||||||
Shares issued | 705,270,833 |
Businesses Held for Sale and 74
Businesses Held for Sale and Discontinued Operations (WMC) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Lawsuits | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | |
Financial Information For Businesses Held For Sale [Line Items] | |||||
Revenues from discontinued operations | $ 23,003 | $ 31,136 | $ 32,987 | ||
Earnings (loss) from discontinued operations, net of taxes | $ (7,495) | 5,855 | 5,475 | $ 5,047 | $ 5,143 |
WMC | |||||
Financial Information For Businesses Held For Sale [Line Items] | |||||
Adjustment For Pending Claims For Unmet Representations And Warranties | 66 | ||||
Lawsuit Relating To Representations And Warranties Amount Of Mortgages | 10,934 | ||||
Number Of Securitizations Related To Lawsuits Involving repurchase Claims On Loans In Which Adverse Parties Are Securitization Trustees | 13 | ||||
Revenues from discontinued operations | $ (184) | (291) | (346) | ||
Earnings (loss) from discontinued operations, net of taxes | $ (146) | (199) | $ (232) | ||
Number Of Lawsuits Involving Repurchase Claims On Loans | Lawsuits | 14 | ||||
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 |
Businesses Held for Sale and 75
Businesses Held for Sale and Discontinued Operations (Rollforward of the Reserve) (Details) - WMC - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Information For Discontinued Operations [Line Items] | ||
Reserve, beginning of period | $ 809 | $ 800 |
Provision | 212 | 365 |
Claim resolutions | (146) | (356) |
Reserve, end of period | 875 | 809 |
Pending claims, beginning of period | 3,694 | |
New claims | 8,047 | 9,225 |
Pending claims, end of period | 2,887 | $ 3,694 |
Claims Relating To Alleged Breaches Of Representations That Are Beyond Applicable Statute Of Llimitations | $ 112 |
Businesses Held for Sale and 76
Businesses Held for Sale and Discontinued Operations (Other Financial Services and Industrial) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Financial Information For Discontinued Operations | |||||||
Revenues and other income (loss) | $ 23,003 | $ 31,136 | $ 32,987 | ||||
Earnings (loss) from discontinued operations, net of taxes | (7,495) | 5,855 | 5,475 | $ 5,047 | $ 5,143 | ||
Gain (loss) on disposal of discontinued operations | (7,591) | 15 | (1,781) | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 79,615 | 232 | 528 | ||||
Benefit (provision) for income taxes | (6,485) | (773) | (1,219) | ||||
GE Industrial | |||||||
Financial Information For Discontinued Operations | |||||||
Earnings (loss) from discontinued operations, net of taxes | (10) | (5) | (66) | ||||
Consumer Russia | |||||||
Financial Information For Discontinued Operations | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 232 | ||||||
CLL Trailer Services | |||||||
Financial Information For Discontinued Operations | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 528 | ||||||
GE | |||||||
Financial Information For Discontinued Operations | |||||||
Earnings (loss) from discontinued operations, net of taxes | [1] | (7,807) | 5,698 | 5,439 | |||
Proceeds from Divestiture of Businesses, Net of Cash Divested | [1] | 0 | 0 | 0 | |||
Benefit (provision) for income taxes | (1,506) | (1,634) | (1,667) | $ (2,013) | $ (4,839) | ||
GE Capital | |||||||
Financial Information For Discontinued Operations | |||||||
Earnings (loss) from discontinued operations, net of taxes | (7,485) | 5,860 | 5,540 | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 79,615 | 232 | 528 | ||||
Benefit (provision) for income taxes | (4,979) | 861 | 448 | ||||
GE Capital | Other Financial Services [Member] | |||||||
Financial Information For Discontinued Operations | |||||||
Revenues and other income (loss) | 8 | 23 | 532 | ||||
Earnings (loss) from discontinued operations, net of taxes | 32 | 92 | (1,823) | ||||
Gain (loss) on disposal of discontinued operations | $ 0 | $ 15 | $ (1,781) | ||||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Investment Securities (Investme
Investment Securities (Investment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 28,783 | $ 30,496 | |
Gross unrealized gains | 3,599 | 5,164 | |
Gross unrealized losses | (409) | (155) | |
Investments | 31,973 | 35,505 | |
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 | 587 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 30 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 587 | ||
GE | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 139 | 82 | |
Gross unrealized gains | 14 | 4 | |
Gross unrealized losses | (2) | (2) | |
Investments | [1] | 151 | 84 |
GE | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 2 | 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 | 87 | 69 | |
Gross unrealized gains | 13 | 4 | |
Gross unrealized losses | (2) | (2) | |
Estimated fair value | 98 | 71 | |
GE Capital | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 28,648 | 30,417 | |
Gross unrealized gains | 3,585 | 5,160 | |
Gross unrealized losses | (407) | (153) | |
Investments | 31,827 | 35,425 | |
GE Capital | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 19,971 | 19,801 | |
Gross unrealized gains | 2,669 | 3,961 | |
Gross unrealized losses | (285) | (70) | |
Estimated fair value | 22,355 | 23,692 | |
GE Capital | State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,910 | 4,116 | |
Gross unrealized gains | 407 | 554 | |
Gross unrealized losses | (73) | (52) | |
Estimated fair value | 4,245 | 4,618 | |
GE Capital | Mortgage and asset-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 2,995 | 4,478 | |
Gross unrealized gains | 157 | 328 | |
Gross unrealized losses | (35) | (29) | |
Estimated fair value | 3,116 | 4,777 | |
GE Capital | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 759 | 844 | |
Gross unrealized gains | 96 | 109 | |
Gross unrealized losses | (9) | (1) | |
Estimated fair value | 846 | 952 | |
GE Capital | Government - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 279 | 362 | |
Gross unrealized gains | 136 | 129 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 415 | 491 | |
GE Capital | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 623 | 705 | |
Gross unrealized gains | 104 | 56 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | $ 727 | $ 761 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Investment Securities (Invest78
Investment Securities (Investments, by type and length in continuous loss position) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 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 | $ 4,273 | $ 846 | |
Gross unrealized losses, less than 12 months | (269) | 22 | |
Estimated fair value, 12 months or more | 686 | 1,417 | |
Gross unrealized losses, 12 months or more | $ (140) | 132 | |
Percent of Gross unrealized losses, 12 months or more, considered investment grade | 86.00% | ||
OTTI Previously Recognized Through OCI On Securities Held, Gross Unrealized Losses | $ (1) | ||
US Corporate | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 2,966 | 556 | |
Gross unrealized losses, less than 12 months | (218) | 17 | |
Estimated fair value, 12 months or more | 433 | 836 | |
Gross unrealized losses, 12 months or more | (67) | 53 | |
State and municipal | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 494 | 67 | |
Gross unrealized losses, less than 12 months | (20) | 1 | |
Estimated fair value, 12 months or more | 155 | 274 | |
Gross unrealized losses, 12 months or more | (53) | 51 | |
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 | 57 | ||
Mortgage and asset-backed | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 719 | 174 | |
Gross unrealized losses, less than 12 months | (20) | 1 | |
Estimated fair value, 12 months or more | 84 | 307 | |
Gross unrealized losses, 12 months or more | (16) | 28 | |
Corporate - non-U.S. | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 56 | 39 | |
Gross unrealized losses, less than 12 months | (4) | 1 | |
Estimated fair value, 12 months or more | 14 | 0 | |
Gross unrealized losses, 12 months or more | (4) | 0 | |
Equity Securities | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 36 | 10 | |
Gross unrealized losses, less than 12 months | (6) | 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 | 587 | ||
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 | 30 | ||
GE Capital | Equity Securities | |||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | |||
Estimated fair value, less than 12 months | 6 | $ 4 | |
Gross unrealized losses, less than 12 months | $ (2) | $ 2 |
Investment Securities (Impairme
Investment Securities (Impairments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pre-tax, Other-Than-Temporary Impairments on Investment Securities | |||
Total pre tax, OTTI recognized | $ 64 | $ 316 | $ 201 |
Less: pre-tax, OTTI recognized in AOCI | 0 | (4) | (31) |
Pre-tax, OTTI recognized in earnings | 64 | 312 | 170 |
Other Than Temporary Impairment Related To Equity Securities | $ 0 | $ 219 | $ 0 |
Investment Securities (Changes
Investment Securities (Changes in Cumulative Credit Loss Impairments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in Cumulative Credit Loss Impairments Recognized on Debt Securities | |||
Cumulative credit loss impairments recognized, beginning of period | $ 176 | $ 473 | $ 391 |
Credit loss impairments recognized on securities not previously impaired | 31 | 1 | 120 |
Incremental credit loss impairments recognized on securities previously impaired | 0 | 4 | 25 |
Less: credit loss impairments previously recognized on securities sold during the period | (3) | (301) | (63) |
Cumulative credit loss impairments recognized, end of period | $ 205 | $ 176 | $ 473 |
Investment Securities (Contract
Investment Securities (Contractual maturities) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Amortized cost | |
Within one year | $ 495 |
After one year through five years | 2,556 |
After five years through ten years | 4,846 |
After ten years | 17,648 |
Estimated fair value | |
Within one year | 501 |
After one year through five years | 2,745 |
After five years through ten years | 5,097 |
After ten years | $ 20,248 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gain Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total | $ 41 | $ (231) | $ (47) | |||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 0 | $ 0 | 5,746 | 1,898 | 0 | |
Net pre-tax gains (loss) on trading securities | $ 0 | |||||
GE | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Gains | 7 | 3 | 1 | |||
Losses, including impairments | (36) | (218) | (20) | |||
Total | (29) | (215) | (19) | |||
GE Capital | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Gains | 121 | 87 | 128 | |||
Losses, including impairments | (51) | (104) | (156) | |||
Total | $ 70 | $ (16) | $ (28) |
Current Receivables (Details)
Current Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | $ 27,538 | $ 23,732 | ||
Less allowance for losses | (515) | (495) | ||
Total | 27,022 | 23,237 | ||
Accounts receivable, related parties, current | 17 | 22 | ||
Power | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 6,675 | 4,071 | ||
Renewable Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 2,336 | 895 | ||
Oil & Gas | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 4,958 | 5,793 | ||
Energy Management | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 2,930 | 1,655 | ||
Aviation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 4,133 | 4,656 | ||
Healthcare | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 4,022 | 4,350 | ||
Transporation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 609 | 454 | ||
Appliances & Lighting | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,502 | 1,466 | ||
Corporate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 372 | 391 | ||
GE | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 15,209 | 11,998 | ||
Less allowance for losses | (502) | (485) | ||
Total | [1] | 14,707 | 11,513 | |
Current receivables from sale of goods and services to customers | 10,535 | 7,808 | ||
Current receivables from sale of goods and services to US government agencies | $ 251 | $ 254 | ||
Percentage of sales of goods and services to US government | 4.00% | 3.00% | 4.00% | |
Accounts receivable, related parties, current | $ 13,042 | $ 12,533 | ||
GE | Power | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 4,377 | 2,149 | ||
GE | Renewable Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,418 | 616 | ||
GE | Oil & Gas | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 2,764 | 3,233 | ||
GE | Energy Management | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,980 | 731 | ||
GE | Aviation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,876 | 1,997 | ||
GE | Healthcare | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,943 | 2,241 | ||
GE | Transporation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 193 | 351 | ||
GE | Appliances & Lighting | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 194 | 214 | ||
GE | Corporate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | $ 464 | $ 466 | ||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory | |||
Total | $ 22,515 | $ 17,689 | |
Percentage of LIFO Inventory | 34.00% | 40.00% | |
Year over year variance | $ 4,826 | ||
Acquisition Alstom | |||
Inventory | |||
Total | 4,298 | ||
GE | |||
Inventory | |||
Raw materials and work in process | 13,415 | $ 9,963 | |
Finished goods | 8,199 | 6,982 | |
Unbilled shipments | 628 | 755 | |
Inventory, Gross, Total | 22,243 | 17,701 | |
Less revaluation to LIFO | 207 | (62) | |
Total | [1] | $ 22,449 | $ 17,639 |
Percentage of LIFO Inventory | 34.00% | 40.00% | |
GE Capital | |||
Inventory | |||
Finished goods | $ 66 | $ 50 | |
Total | $ 66 | $ 50 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Financing Receivables and All85
Financing Receivables and Allowance for Losses on Financing Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivables, net | $ 12,052 | $ 12,052 | $ 13,445 | |||||
Assets | 492,692 | [1] | 492,692 | [1] | 654,954 | [1] | $ 663,247 | |
GE Capital | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivables, net of deferred income | 25,084 | 25,084 | 25,741 | |||||
Allowance for losses | (81) | (81) | (93) | $ (44) | $ (43) | |||
Financing receivables, net | 25,003 | 25,003 | 25,647 | |||||
Assets | 312,125 | 312,125 | 500,589 | |||||
Financing receivable held for sale | 0 | 29,016 | ||||||
GE Capital | Assets held for sale [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable held for sale | 0 | 5,508 | ||||||
GE Capital | Loans receivable | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivables, net of deferred income | 20,115 | 20,115 | 20,270 | |||||
GE Capital | Financing Receivable | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivables, net of deferred income | $ 4,969 | $ 4,969 | $ 5,471 | |||||
[1] | (a) Our consolidated assets at December 31, 2015 included total assets of $ 8,542 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 $ 4,387 million and investment securities of $ 1,404 million w ithin continuing operations and assets of discontinued operations of $ 1,798 million. Our consolidated liabilities at December 31, 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 $ 3,083 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 794 million. See Note 21 . |
Financing Receivables and All86
Financing Receivables and Allowance for Losses on Financing Receivables (Net Investment in Financing Leases) (Details) - GE Capital - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Leases [Abstract] | ||
Loans and leases receivable, Gross | $ 25,084 | $ 25,741 |
Direct Financing Leases [Abstract] | ||
Total minimum lease payments receivables | 3,251 | 3,669 |
Less Principal and interest on third-party nonrecourse debt | 0 | 0 |
Net rentals receivable | 3,251 | 3,669 |
Estimated unguaranteed residual value of leased assets | 928 | 1,138 |
Deferred income | (913) | (1,101) |
Investment in financing leases, net of deferred income | 3,266 | 3,706 |
Allowance for losses | (15) | (14) |
Deferred taxes | (593) | (697) |
Net investment in financing leases | 2,658 | 2,995 |
Leveraged Leases [Abstract] | ||
Total minimum lease payments receivables | 2,649 | 3,086 |
Less Principal and interest on third-party nonrecourse debt | (1,482) | (1,868) |
Net rentals receivable | 1,167 | 1,218 |
Estimated unguaranteed residual value of leased assets | 1,129 | 1,233 |
Deferred income | (593) | (686) |
Investment in financing leases, net of deferred income | 1,703 | 1,765 |
Allowance for losses | (13) | (15) |
Deferred taxes | (1,071) | (1,202) |
Net investment in financing leases | 619 | 548 |
Initial direct costs on direct financing leases | 24 | 33 |
Pre-tax income | 61 | 53 |
Income tax | 23 | 20 |
Financing Receivable | ||
Financing Leases [Abstract] | ||
Total minimum lease payments receivables | 5,901 | 6,755 |
Less Principal and interest on third-party nonrecourse debt | (1,482) | (1,868) |
Net rentals receivable | 4,419 | 4,887 |
Estimated unguaranteed residual value of leased assets | 2,057 | 2,371 |
Deferred income | (1,507) | (1,787) |
Loans and leases receivable, Gross | 4,969 | 5,471 |
Allowance for losses | (27) | (29) |
Deferred taxes | (1,665) | (1,899) |
Net investment in financing leases | $ 3,277 | $ 3,543 |
Financing Receivables and All87
Financing Receivables and Allowance for Losses on Financing Receivables (Contractual Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loans receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 13,937 | |
2,017 | 1,299 | |
2,018 | 769 | |
2,019 | 1,428 | |
2,020 | 722 | |
2021 and later | 1,959 | |
Net Rentals Receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
2,016 | 821 | |
2,017 | 719 | |
2,018 | 715 | |
2,019 | 564 | |
2,020 | 425 | |
2021 and later | 1,174 | |
Financing receivables, net of deferred income | 4,419 | |
GE Capital | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
Financing receivables, net of deferred income | 25,084 | $ 25,741 |
GE Capital | Loans receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
Financing receivables, net of deferred income | $ 20,115 | $ 20,270 |
Financing Receivables and All88
Financing Receivables and Allowance for Losses on Financing Receivables (Financing Receivables by Portfolio) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net | $ 12,052 | $ 13,445 | ||
GE Capital | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net of deferred income | 25,084 | 25,741 | ||
Allowance for losses | (81) | (93) | $ (44) | $ (43) |
Financing receivables, net | $ 25,003 | $ 25,647 |
Financing Receivables and All89
Financing Receivables and Allowance for Losses on Financing Receivables (Allowance for Losses on Financing Receivables) (Details) - GE Capital - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Balance | $ 93 | $ 44 | $ 43 |
Provision charged | 48 | 79 | 4 |
Net write-offs | (60) | (27) | (4) |
Other | (1) | (3) | 1 |
Ending Balance | $ 81 | $ 93 | $ 44 |
Financing Receivables and All90
Financing Receivables and Allowance for Losses on Financing Receivables (Credit Quality) (Details) - GE Capital - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired Loans [Abstract] | ||
Recorded investment in loans with a specific allowance | $ 2 | $ 20 |
Associated allowance with a specific allowance (specific reserves) | 1 | 16 |
Impaired loans classified as Troubled debt restructuring (TDR) | 116 | |
Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 201 | $ 131 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 90 Days | 0.80% | 0.50% |
Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 622 | $ 610 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 30 Days | 2.50% | 2.40% |
Nonaccrual Financing Receivables [Member] | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | $ 256 | $ 512 |
Percent Financing Receivable, Recorded Investment, Nonaccrual Status | 1.00% | 2.00% |
Property, Plant and Equipment91
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 90,022 | $ 83,191 | |
Property, Plant and Equipment, Net | 54,095 | 48,070 | |
Eliminations | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | (939) | (462) | |
Property, Plant and Equipment, Net | (831) | (390) | |
Equipment leased to others | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 1,024 | 731 | |
GE | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 39,812 | 36,551 | |
Property, Plant and Equipment, Net | 20,145 | 17,207 | [1] |
GE | Land and improvements | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 888 | 690 | |
Property, Plant and Equipment, Net | $ 870 | 698 | |
Depreciable lives-new (in years) | 8 years | ||
GE | Buildings, structures and related equipment | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 10,050 | 8,740 | |
Property, Plant and Equipment, Net | $ 5,440 | 4,131 | |
GE | Buildings, structures and related equipment | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 40 years | ||
GE | Buildings, structures and related equipment | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 8 years | ||
GE | Machinery and equipment | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 24,515 | 23,370 | |
Property, Plant and Equipment, Net | $ 9,986 | 9,040 | |
GE | Machinery and equipment | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 20 years | ||
GE | Machinery and equipment | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 4 years | ||
GE | Leasehold costs and manufacturing plant under construction | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 4,359 | 3,751 | |
Property, Plant and Equipment, Net | $ 3,849 | 3,338 | |
GE | Leasehold costs and manufacturing plant under construction | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 10 years | ||
GE | Leasehold costs and manufacturing plant under construction | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 1 year | ||
GE Capital | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 51,149 | 47,102 | |
Property, Plant and Equipment, Net | 34,781 | 31,253 | |
GE Capital | Equipment leased to others | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 267 | 318 | |
Property, Plant and Equipment, Net | 101 | 142 | |
GE Capital | Equipment leased to others | Aircraft | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 50,339 | 46,017 | |
Property, Plant and Equipment, Net | $ 34,316 | 30,573 | |
GE Capital | Equipment leased to others | Aircraft | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 20 years | ||
GE Capital | Equipment leased to others | Aircraft | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 15 years | ||
GE Capital | Equipment leased to others | All other | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 543 | 767 | |
Property, Plant and Equipment, Net | $ 364 | 539 | |
GE Capital | Equipment leased to others | All other | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 35 years | ||
GE Capital | Equipment leased to others | All other | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 3 years | ||
GE Capital | Land and improvements buildings structures and related equipment | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 267 | 318 | |
Property, Plant and Equipment, Net | $ 101 | $ 142 | |
GE Capital | Land and improvements buildings structures and related equipment | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 35 years | ||
GE Capital | Land and improvements buildings structures and related equipment | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 1 year | ||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Property, Plant and Equipment92
Property, Plant and Equipment (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment | |||||
Original cost | $ 90,022 | $ 83,191 | $ 90,022 | $ 83,191 | |
Depreciation and amortization | 1,293 | 1,187 | 4,847 | 4,953 | $ 5,202 |
Property, Plant and Equipment, Net | 54,095 | 48,070 | 54,095 | 48,070 | |
GE Capital | |||||
Property, Plant and Equipment | |||||
Original cost | 51,149 | 47,102 | 51,149 | 47,102 | |
Impairment of Long-Lived Assets Held-for-use | 168 | 445 | |||
Amortization of Leased Asset | 2,266 | 2,386 | $ 2,693 | ||
Property, Plant and Equipment, Net | 34,781 | 31,253 | 34,781 | 31,253 | |
Equipment leased to others | |||||
Property, Plant and Equipment | |||||
Original cost | 1,024 | 731 | 1,024 | 731 | |
Accumulated depreciation and amortization | (83) | (60) | (83) | (60) | |
Equipment leased to others | GE Capital | |||||
Property, Plant and Equipment | |||||
Original cost | 267 | 318 | 267 | 318 | |
Property, Plant and Equipment, Net | $ 101 | $ 142 | $ 101 | $ 142 |
Property, Plant and Equipment93
Property, Plant and Equipment (Noncanellable Future Rental Schedule) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating Leases Future Minimum Payments Receivable [Abstract] | |
2,016 | $ 4,162 |
2,017 | 3,876 |
2,018 | 3,378 |
2,019 | 2,920 |
2,020 | 2,455 |
2021 and later | 7,128 |
Total | $ 23,919 |
Acquisitions, Goodwill and Ot94
Acquisitions, Goodwill and Other Intangible Assets (Goodwill) (Details) € in Millions, $ in Millions | Nov. 02, 2015EUR (€) | Nov. 02, 2015USD ($) | Jun. 02, 2014USD ($) | Mar. 21, 2014USD ($) | Feb. 12, 2014USD ($) | Dec. 31, 2014EUR (€) | Jun. 30, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Sep. 30, 2015 | Jan. 30, 2015USD ($) |
Goodwill [Line Items] | ||||||||||||||
Goodwill (Note 8) | $ 53,207 | $ 53,137 | $ 65,526 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 12,027 | 2,091 | 8,026 | |||||||||||
Increase (Decrease) in Intangible Assets, Current | 5,764 | |||||||||||||
Intangible assets subject to amortization | 13,052 | 16,634 | ||||||||||||
Indefinite-lived intangible assets | 130 | 109 | ||||||||||||
Total | 13,182 | 16,744 | ||||||||||||
Dispositions, currency exchange and other | (1,968) | (1,264) | ||||||||||||
Implied Fair Value Of Goodwill Exceeding Carrying Value Of Goodwill | $ 13,700 | |||||||||||||
Goodwill, Acquired During Period | 14,287 | 1,334 | ||||||||||||
Goodwill, period increase (decrease) | $ 12,319 | $ 70 | ||||||||||||
Fair value in excess of carrying amount | 1000.00% | |||||||||||||
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 | 270 | |||||||||||||
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 | $ 695 | |||||||||||||
Acquisition Alstom | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill (Note 8) | 13,500 | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | € 9,200 | 10,135 | € (300) | |||||||||||
Cash acquired from acquisition | € 1,600 | $ 1,765 | ||||||||||||
Intangible assets subject to amortization | $ 4,065 | |||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | € | € 260 | |||||||||||||
Business Acquisition Date of Acquisition Agreement Approved | Sep. 8, 2015 | |||||||||||||
Acquisition agreement including sale of some assets after close | € | € 120 | |||||||||||||
Purchase Price Amendment | € | € 45 | |||||||||||||
Trademark licensing period of acquirers name (in years) | 25 | 5 | 5 | |||||||||||
Acquisition noncontrolling interest fair value | $ 3,600 | |||||||||||||
Redeemable noncontrolling interest in joint venture | $ 2,900 | |||||||||||||
Other Noncontrolling Interests Nonredeemable | 700 | |||||||||||||
Annual accretion expense | 0.03% | 0.03% | ||||||||||||
Acquisition Cameron's Reciprocating Compression Div | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 550 | |||||||||||||
Increase (Decrease) in Intangible Assets, Current | $ 95 | |||||||||||||
Goodwill, Acquired During Period | 280 | |||||||||||||
Energy Financial Services | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill (Note 8) | $ 1,386 | |||||||||||||
Percentage Ownership | 2.00% | 2.00% | ||||||||||||
Fair value in excess of carrying amount | 12.00% | 12.00% | 13.00% | |||||||||||
GE Capital | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill (Note 8) | 1,680 | $ 2,370 | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,677 | 0 | $ 0 | |||||||||||
Total | $ 202 | $ 435 | ||||||||||||
Goodwill, period increase (decrease) | $ 690 | |||||||||||||
GE Capital | Acquisition Milestone | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill (Note 8) | $ 730 | |||||||||||||
Intangible assets subject to amortization | 345 | |||||||||||||
Estimated Purchase Price to Aquire Business, Net of Cash Acquired | $ 1,750 | |||||||||||||
Grid Technology | Acquisition Alstom | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Annual accretion expense | 0.03% | 0.03% | ||||||||||||
Investment interest redemption period start date | Sep. 1, 2018 | Sep. 1, 2018 | ||||||||||||
Investment interest redemption period end date | Sep. 1, 2019 | Sep. 1, 2019 | ||||||||||||
Renewable Energy | Acquisition Alstom | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Investment interest redemption period start date | May 1, 2016 | May 1, 2016 | ||||||||||||
Investment interest redemption period end date | May 1, 2019 | May 1, 2019 | ||||||||||||
Global Nuclear | Acquisition Alstom | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Annual accretion expense | 0.02% | 0.02% |
Acquisitions, Goodwill and Ot95
Acquisitions, Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 53,207 | $ 53,137 |
Acquisitions | 14,287 | 1,334 |
Dispositions, currency exchange and other | (1,968) | (1,264) |
Goodwill, Ending Balance | 65,526 | 53,207 |
Power | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 7,769 | 7,852 |
Acquisitions | 9,582 | 21 |
Dispositions, currency exchange and other | (615) | (104) |
Goodwill, Ending Balance | 16,736 | 7,769 |
Renewable Energy | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 984 | 970 |
Acquisitions | 1,631 | 0 |
Dispositions, currency exchange and other | (35) | 14 |
Goodwill, Ending Balance | 2,580 | 984 |
Oil & Gas | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 10,572 | 10,516 |
Acquisitions | 22 | 276 |
Dispositions, currency exchange and other | 0 | (220) |
Goodwill, Ending Balance | 10,594 | 10,572 |
Energy Management | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 4,570 | 4,748 |
Acquisitions | 2,314 | 0 |
Dispositions, currency exchange and other | (657) | (178) |
Goodwill, Ending Balance | 6,227 | 4,570 |
Aviation | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 8,952 | 9,103 |
Acquisitions | 0 | 0 |
Dispositions, currency exchange and other | (385) | (151) |
Goodwill, Ending Balance | 8,567 | 8,952 |
Healthcare | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 17,532 | 16,643 |
Acquisitions | 11 | 1,004 |
Dispositions, currency exchange and other | (190) | (115) |
Goodwill, Ending Balance | 17,353 | 17,532 |
Transporation | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 887 | 1,012 |
Acquisitions | 0 | 2 |
Dispositions, currency exchange and other | (36) | (127) |
Goodwill, Ending Balance | 851 | 887 |
Appliances & Lighting | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 226 | 606 |
Acquisitions | 0 | 0 |
Dispositions, currency exchange and other | (12) | (380) |
Goodwill, Ending Balance | 214 | 226 |
Capital | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 1,680 | 1,684 |
Acquisitions | 728 | 0 |
Dispositions, currency exchange and other | (37) | (3) |
Goodwill, Ending Balance | 2,370 | 1,680 |
Corporate | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 34 | 3 |
Acquisitions | 0 | 31 |
Dispositions, currency exchange and other | 0 | 0 |
Goodwill, Ending Balance | $ 34 | $ 34 |
Acquisitions, Goodwill and Ot96
Acquisitions, Goodwill and Other Intangible Assets (Other Intangible Assets, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets subject to amortization | $ 16,634 | $ 13,052 |
Indefinite-lived intangible assets | 109 | 130 |
Total | $ 16,744 | $ 13,182 |
Acquisitions, Goodwill and Ot97
Acquisitions, Goodwill and Other Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 26,990 | $ 22,183 | |
Accumulated amortization | (10,354) | (9,131) | |
Net | 16,634 | 13,052 | |
Intangible Assets, Net (Excluding Goodwill) | 16,744 | 13,182 | |
Increase (Decrease) in Intangible Assets, Current | 5,764 | ||
Amortization expense | 1,505 | 1,386 | $ 1,286 |
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||
2,016 | 1,952 | ||
2,017 | 1,853 | ||
2,018 | 1,851 | ||
2,019 | 1,725 | ||
2,020 | 1,591 | ||
Adjustments related to Present Value of Future Profits | 266 | 293 | |
GE Capital | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 435 | 202 | |
Amortization expense | 148 | 84 | $ 93 |
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 | ||
Acquisition Alstom | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net | 4,065 | ||
Acquisition Cameron's Reciprocating Compression Div | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase (Decrease) in Intangible Assets, Current | 95 | ||
Customer-related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 8,650 | 7,139 | |
Accumulated amortization | (2,059) | (1,772) | |
Net | 6,591 | 5,367 | |
Finite-lived Intangible Assets Acquired | $ 1,737 | ||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||
Finite-Lived Intangible Assets, Useful Life Average | 8 years 6 months | ||
Patents and technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 8,543 | 6,685 | |
Accumulated amortization | (3,096) | (2,894) | |
Net | 5,447 | 3,791 | |
Finite-lived Intangible Assets Acquired | $ 2,213 | ||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||
Finite-Lived Intangible Assets, Useful Life Average | 10 years 2 months 12 days | ||
Capitalized software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 7,375 | 6,509 | |
Accumulated amortization | (4,136) | (3,547) | |
Net | 3,239 | 2,962 | |
Finite-lived Intangible Assets Acquired | $ 1,196 | ||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||
Finite-Lived Intangible Assets, Useful Life Average | 7 years | ||
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 1,337 | 1,129 | |
Accumulated amortization | (282) | (251) | |
Net | 1,055 | 878 | |
Finite-lived Intangible Assets Acquired | $ 223 | ||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||
Finite-Lived Intangible Assets, Useful Life Average | 6 years 3 months 20 days | ||
Lease valuations | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 167 | 0 | |
Accumulated amortization | (22) | 0 | |
Net | 145 | 0 | |
Finite-lived Intangible Assets Acquired | $ 167 | ||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||
Finite-Lived Intangible Assets, Useful Life Average | 4 years 8 months 10 days | ||
PVFP | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 651 | 614 | |
Accumulated amortization | (651) | (614) | |
Net | 0 | 0 | |
All other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 267 | 107 | |
Accumulated amortization | (108) | (53) | |
Net | 159 | $ 54 | |
Finite-lived Intangible Assets Acquired | $ 227 | ||
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||
Finite-Lived Intangible Assets, Useful Life Average | 9 years 6 months |
Contract Assets and All Other98
Contract Assets and All Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments [Abstract] | |||
Assets held for sale | $ 2,818 | $ 2,826 | |
All Other Assets | 37,471 | 24,836 | |
Eliminations | |||
Investments [Abstract] | |||
All Other Assets | (1,097) | (331) | |
Other Assets | |||
Investments [Abstract] | |||
Deferred acquistion costs | 6 | 7 | |
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 544 | 624 | |
GE | |||
Investments [Abstract] | |||
Assets held for sale | [1] | 2,818 | 2,805 |
All Other Assets | [1] | 13,281 | 7,722 |
GE | Other Assets | |||
Other Assets [Line Items] | |||
Contract asset | 21,156 | 16,960 | |
Investments [Abstract] | |||
Billings in excess of revenue | 2,602 | 2,329 | |
Long-term Investments and Receivables, Net | 2,310 | 766 | |
Derivative instruments | 733 | 783 | |
Other | 5,937 | 2,175 | |
GE | Other Assets | Acquisition Alstom | |||
Other Assets [Line Items] | |||
Contract asset | 1,979 | ||
GE | Other Assets | Investments [Member] | |||
Investments [Abstract] | |||
Associated companies - other assets | 3,582 | 3,384 | |
Other | 718 | 613 | |
All Other Assets | 4,300 | 3,997 | |
GE Capital | |||
Investments [Abstract] | |||
Assets held for sale | 0 | 0 | |
All Other Assets | 25,287 | 17,445 | |
GE Capital | Other Assets | |||
Investments [Abstract] | |||
Derivative instruments | 549 | 1,434 | |
Advances to suppliers | 1,809 | 1,372 | |
Deferred borrowing costs | 199 | 662 | |
Other | 2,571 | 3,774 | |
GE Capital | Other Assets | Investments [Member] | |||
Investments [Abstract] | |||
Associated companies - other assets | 8,373 | 8,651 | |
Assets held for sale | 857 | 1,414 | |
Time deposits | 10,386 | 0 | |
Other | 543 | 138 | |
All Other Assets | $ 20,159 | $ 10,203 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Borrowings Table (Details)
Borrowings Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Borrowings [Line Items] | |||
Short-term borrowings | $ 49,892 | $ 70,425 | |
Long-term borrowings | 145,301 | 186,596 | |
Short-term borrowings and long-term borrowings | 198,276 | 261,424 | |
Funding secured by real estate, aircraft and other collateral | 3,061 | ||
Debt excluding assumed debt | 18,455 | ||
Guaranteed investment contracts | |||
Borrowings [Line Items] | |||
Short-term borrowings and long-term borrowings | 160 | 439 | |
Intersegment | |||
Borrowings [Line Items] | |||
Short-term borrowings | (18,556) | (863) | |
Long-term borrowings | (67,531) | (46) | |
Consolidated Securitization Entities | |||
Borrowings [Line Items] | |||
Non-recourse borrowings (Note 8) | $ 3,083 | $ 4,403 | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2016 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2017 | ||
Non-recourse borrowings average rate | 1.00% | 0.97% | |
Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Funding secured by real estate, aircraft and other collateral | $ 2,721 | $ 3,830 | |
Subordinated Debentures | Consolidated Securitization Entities | |||
Borrowings [Line Items] | |||
Long-term borrowings | 918 | 773 | |
GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | [1],[2] | 19,799 | 3,872 |
Long-term borrowings | [1],[2] | 83,770 | 12,468 |
GE | Commercial Paper | |||
Borrowings [Line Items] | |||
Short-term borrowings | $ 500 | $ 500 | |
Short-term Debt, Weighted Average Interest Rate | 0.15% | 0.10% | |
GE | Current Portion Of Long Term Borrowings | |||
Borrowings [Line Items] | |||
Short-term borrowings | $ 17,777 | $ 2,068 | |
Short-term Debt, Weighted Average Interest Rate | 2.10% | 1.05% | |
GE | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | $ 1,522 | $ 1,304 | |
GE | Senior Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 72,840 | $ 11,945 | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2017 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2055 | ||
Long-term Debt, Weighted Average Interest Rate | 3.23% | 4.25% | |
GE | Subordinated Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 2,954 | $ 0 | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2021 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2037 | ||
Long-term Debt, Weighted Average Interest Rate | 3.68% | ||
GE | Subordinated Debentures | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 6,678 | 0 | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2066 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2067 | ||
Long-term Debt, Weighted Average Interest Rate | 6.14% | ||
GE | Other Long Term Borrowing | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 1,298 | 523 | |
GE Capital | |||
Borrowings [Line Items] | |||
Short-term borrowings | [2] | 48,650 | 67,416 |
Long-term borrowings | [2] | 129,062 | 174,174 |
Non-recourse borrowings (Note 8) | 1,537 | 1,183 | |
GE Capital | Commercial Paper | US | |||
Borrowings [Line Items] | |||
Short-term borrowings | $ 650 | $ 22,019 | |
Short-term Debt, Weighted Average Interest Rate | 0.46% | 0.19% | |
GE Capital | Commercial Paper | Non U.S. | |||
Borrowings [Line Items] | |||
Short-term borrowings | $ 4,351 | $ 2,993 | |
Short-term Debt, Weighted Average Interest Rate | 0.01% | 0.25% | |
GE Capital | Current Portion Of Long Term Borrowings | |||
Borrowings [Line Items] | |||
Short-term borrowings | $ 24,996 | $ 36,920 | |
Short-term Debt, Weighted Average Interest Rate | 4.28% | 2.15% | |
GE Capital | Intercompany Payable To GE | Intersegment | |||
Borrowings [Line Items] | |||
Short-term borrowings | $ 17,649 | $ 0 | |
Long-term borrowings | 67,465 | 0 | |
Short-term borrowings and long-term borrowings | 85,114 | ||
GE Capital | GE Interest Plus Notes | |||
Borrowings [Line Items] | |||
Short-term borrowings | 0 | $ 5,467 | |
Short-term Debt, Weighted Average Interest Rate | 1.01% | ||
GE Capital | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | 1,005 | $ 16 | |
GE Capital | Senior Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 59,254 | $ 158,600 | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2017 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2039 | ||
Long-term Debt, Weighted Average Interest Rate | 2.54% | 2.65% | |
GE Capital | Subordinated Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 249 | $ 4,804 | |
Long-term Debt, Weighted Average Interest Rate | 3.36% | ||
GE Capital | Subordinated Debentures | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | $ 7,085 | |
Long-term Debt, Weighted Average Interest Rate | 5.88% | ||
GE Capital | Subordinated Debentures | Trust Assets Unconditionally Guaranteed by GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 2,587 | ||
GE Capital | Other Long Term Borrowing | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 2,094 | $ 3,686 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. | ||
[2] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. At December 31, 2015, this amounted to $17,649 million in short-term borrowings and $67,465 million in long-term borrowings. See Note 10 for additional information. |
Borrowings (GE Capital Debt Exc
Borrowings (GE Capital Debt Exchange) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Borrowings [Line Items] | |||
Short-term borrowings | $ 49,892 | $ 70,425 | |
Long-term borrowings | 145,301 | 186,596 | |
Short-term borrowings and long-term borrowings | 198,276 | 261,424 | |
Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 16,219 | ||
Long-term borrowings | 16,756 | ||
Short-term borrowings and long-term borrowings | 32,975 | ||
Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 17,649 | ||
Long-term borrowings | 67,465 | ||
Short-term borrowings and long-term borrowings | 85,114 | ||
Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 29,474 | ||
Long-term borrowings | 56,355 | ||
Short-term borrowings and long-term borrowings | 85,829 | ||
GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | [1],[2] | 19,799 | 3,872 |
Long-term borrowings | [1],[2] | 83,770 | 12,468 |
GE | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings [Line Items] | |||
Short-term borrowings | 17,777 | 2,068 | |
GE | Current Portion Of Long Term Borrowings [Member] | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 0 | ||
GE | Current Portion Of Long Term Borrowings [Member] | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 17,649 | ||
GE | Current Portion Of Long Term Borrowings [Member] | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 0 | ||
GE | Commercial Paper [Member] | |||
Borrowings [Line Items] | |||
Short-term borrowings | 500 | 500 | |
GE | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | 1,522 | 1,304 | |
GE | Senior Unsecured Debt | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE | Senior Unsecured Debt | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 57,433 | ||
GE | Senior Unsecured Debt | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE | Subordinated Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | 2,954 | 0 | |
GE | Subordinated Notes | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE | Subordinated Notes | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 2,954 | ||
GE | Subordinated Notes | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE | Subordinated Debentures | |||
Borrowings [Line Items] | |||
Long-term borrowings | 6,678 | 0 | |
GE | Subordinated Debentures | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE | Subordinated Debentures | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 6,678 | ||
GE | Subordinated Debentures | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE | Other Long Term Borrowing [Member] | |||
Borrowings [Line Items] | |||
Long-term borrowings | 1,298 | 523 | |
GE | Other Long Term Borrowing [Member] | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE | Other Long Term Borrowing [Member] | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 400 | ||
GE | Other Long Term Borrowing [Member] | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE Capital | |||
Borrowings [Line Items] | |||
Short-term borrowings | [2] | 48,650 | 67,416 |
Long-term borrowings | [2] | 129,062 | 174,174 |
GE Capital | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings [Line Items] | |||
Short-term borrowings | 24,996 | 36,920 | |
GE Capital | Current Portion Of Long Term Borrowings [Member] | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 15,430 | ||
GE Capital | Current Portion Of Long Term Borrowings [Member] | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 0 | ||
GE Capital | Current Portion Of Long Term Borrowings [Member] | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 24,334 | ||
GE Capital | Commercial Paper [Member] | Non US | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 0 | ||
GE Capital | Commercial Paper [Member] | Non US | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 0 | ||
GE Capital | Commercial Paper [Member] | Non US | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 4,351 | ||
GE Capital | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | 1,005 | 16 | |
GE Capital | Other Short Term Borrowing | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 789 | ||
GE Capital | Other Short Term Borrowing | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 0 | ||
GE Capital | Other Short Term Borrowing | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 789 | ||
GE Capital | Senior Unsecured Debt | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Long-term borrowings | 16,756 | ||
GE Capital | Senior Unsecured Debt | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE Capital | Senior Unsecured Debt | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 56,355 | ||
GE Capital | Subordinated Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | 249 | 4,804 | |
GE Capital | Subordinated Debentures | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | 7,085 | |
GE Capital | Other Long Term Borrowing [Member] | |||
Borrowings [Line Items] | |||
Long-term borrowings | 2,094 | $ 3,686 | |
GE Capital | Other Long Term Borrowing [Member] | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE Capital | Other Long Term Borrowing [Member] | Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 0 | ||
GE Capital | Other Long Term Borrowing [Member] | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 0 | ||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. | ||
[2] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. At December 31, 2015, this amounted to $17,649 million in short-term borrowings and $67,465 million in long-term borrowings. See Note 10 for additional information. |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) € in Millions, £ in Millions, $ in Millions | Oct. 26, 2015GBP (£) | Oct. 26, 2015USD ($) | Sep. 21, 2015USD ($) | May. 28, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 02, 2015USD ($) | Oct. 19, 2015USD ($) | Oct. 09, 2015USD ($) | May. 28, 2015GBP (£) | Dec. 31, 2014USD ($) |
LongTermDebtOtherDisclosuresAbstract | ||||||||||
Unsecured Long-Term Debt, Noncurrent | € | € 3,150 | |||||||||
Debt Conversion [Abstract] | ||||||||||
Private offers to exchange certain outstanding debt for new notes | $ 30,000 | |||||||||
Increase Exchange Offers Of Certain Outstanding Debt For New Notes | $ 6,000 | |||||||||
Outstanding notes being tendered for exchange and settled | $ 36,000 | |||||||||
Outstanding principal | 31,000 | $ 36,000 | ||||||||
Premium | 5,000 | 4,500 | ||||||||
Short-term borrowings | $ 49,892 | $ 70,425 | ||||||||
0.964% six months notes due in 2016 | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Outstanding notes being tendered for exchange and settled | $ 15,268 | |||||||||
Debt Conversion Converted Instrument Rate | 0.964% | 0.964% | ||||||||
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | ||||||||
1.363% six months notes due in 2016 | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Outstanding notes being tendered for exchange and settled | £ | £ 778 | |||||||||
Debt Conversion Converted Instrument Rate | 1.363% | 1.363% | ||||||||
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | ||||||||
2.342% notes due in 2020 | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Outstanding notes being tendered for exchange and settled | $ 6,107 | |||||||||
Debt Conversion Converted Instrument Rate | 2.342% | 2.342% | ||||||||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,020 | 2,020 | ||||||||
3.373% notes due in 2025 | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Outstanding notes being tendered for exchange and settled | $ 1,979 | |||||||||
Debt Conversion Converted Instrument Rate | 3.373% | 3.373% | ||||||||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,025 | 2,025 | ||||||||
4.418% notes due in 2035 | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Outstanding notes being tendered for exchange and settled | $ 11,465 | |||||||||
Debt Conversion Converted Instrument Rate | 4.418% | 4.418% | ||||||||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,035 | 2,035 | ||||||||
Six Months Notes | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Outstanding notes being tendered for exchange and settled | $ 16,160 | |||||||||
Short-term borrowings | $ 1,297 | |||||||||
Senior Unsecured Debt | ||||||||||
LongTermDebtOtherDisclosuresAbstract | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 2,000 | |||||||||
Intercompany Payable To GE [Member] | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Long term debt securities and commercial paper | $ 92,600 | |||||||||
Intercompany Payable To GE [Member] | Six Months Notes | ||||||||||
Debt Conversion [Abstract] | ||||||||||
Long-term borrowings | $ 14,900 | |||||||||
Notes Due In 2020 | Senior Unsecured Debt | ||||||||||
LongTermDebtOtherDisclosuresAbstract | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | £ | £ 650 | |||||||||
Debt Instrument, Maturity Date | Dec. 31, 2020 | |||||||||
Notes Due in 2023 | Senior Unsecured Debt | ||||||||||
LongTermDebtOtherDisclosuresAbstract | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | € 1,250 | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.25% | 1.25% | ||||||||
Debt Instrument, Maturity Date | Dec. 31, 2023 | |||||||||
Notes Due in 2027 | Senior Unsecured Debt | ||||||||||
LongTermDebtOtherDisclosuresAbstract | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | € 1,250 | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.875% | 1.875% | ||||||||
Debt Instrument, Maturity Date | Dec. 31, 2027 |
Borrowings (Liquidity) (Details
Borrowings (Liquidity) (Details) $ in Millions | Dec. 31, 2015USD ($) |
GE | |
Long-term Debt, Fiscal Year Maturity | |
2,016 | $ 17,777 |
2,017 | 16,723 |
2,018 | 7,953 |
2,019 | 3,749 |
2,020 | $ 7,306 |
Banks Extending Committed Credit Lines | 48 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,600 |
GE | Revolving credit | |
Long-term Debt, Fiscal Year Maturity | |
Line of Credit Facility, Maximum Borrowing Capacity | 24,500 |
GE | Term-out feature | |
Long-term Debt, Fiscal Year Maturity | |
Line of Credit Facility, Maximum Borrowing Capacity | 20,900 |
GE Capital | |
Long-term Debt, Fiscal Year Maturity | |
2,016 | 24,996 |
2,017 | 8,520 |
2,018 | 7,681 |
2,019 | 5,714 |
2,020 | 11,419 |
Line of Credit Facility, Maximum Borrowing Capacity | 45,600 |
Fixed And Floating Rate Notes | 458,000 |
GE Capital | Borrowings Assumed By GE | |
Long-term Debt, Fiscal Year Maturity | |
2,016 | 17,649 |
2,017 | 12,454 |
2,018 | 7,898 |
2,019 | 3,707 |
2,020 | $ 6,548 |
Investment Contracts Insuran103
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total | $ 25,692 | $ 27,432 | ||
Reinsurance Recoverables Gross | $ 295 | $ 240 | $ 250 | |
Minimum [Member] | ||||
Life Insurance Benefits Net Level Premium Method Using Estimated Yields | 3.00% | 3.00% | ||
Maximum [Member] | ||||
Life Insurance Benefits Net Level Premium Method Using Estimated Yields | 8.50% | 8.50% | ||
Consolidation, Eliminations [Member] | ||||
Total | (463) | $ (449) | ||
Parent [Member] | ||||
Liability for Future Policy Benefits, Life | 19,978 | 20,688 | ||
Investment contracts | 2,955 | 3,970 | ||
Other Investment Contracts | 3,223 | 3,224 | ||
Total | $ 26,155 | 27,881 | ||
Reinsurance Recoverables Allowance | $ 1,880 | $ 1,742 |
Postretirement Benefit Plans (P
Postretirement Benefit Plans (Pension Benefits Narratives and Pension Plan Participants) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)NumberOfParticipants | |
GE Pension Plan | |
Postretirement Benefit Plan Participants [Abstract] | |
Active employees | 75,000 |
Vested former employees | 167,000 |
Retirees and beneficiaries | 231,000 |
Other pension plans | |
Postretirement Benefit Plan Participants [Abstract] | |
Active employees | 39,000 |
Vested former employees | 58,000 |
Retirees and beneficiaries | 60,000 |
Number of US and Non US Pension Plans | 53 |
Minimum US and non-US other pension plans with pension assets or obligations | $ | 50 |
Principal retiree benefit plans | |
Postretirement Benefit Plan Participants [Abstract] | |
Retirees and dependents | 189,000 |
Benefit obligation decrease due to the plan amendments | $ | $ 3,300 |
Postretirement Benefit Plans (C
Postretirement Benefit Plans (Cost of Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plans costs | $ 5,045 | ||
Principal pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 1,424 | $ 1,205 | $ 1,535 |
Prior service cost amortization | 205 | 214 | 246 |
Expected return on plan assets | (3,302) | (3,190) | (3,500) |
Interest cost on benefit obligation | 2,778 | 2,745 | 2,460 |
Net actuarial (gain) loss amortization | 3,288 | 2,565 | 3,664 |
Curtailment loss | 105 | 65 | 0 |
Pension plans costs | 4,498 | 3,604 | 4,405 |
Other pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 416 | 403 | 435 |
Prior service cost amortization | 0 | 6 | 7 |
Expected return on plan assets | (881) | (789) | (663) |
Interest cost on benefit obligation | 555 | 587 | 523 |
Net actuarial (gain) loss amortization | 289 | 205 | 343 |
Curtailment loss | (6) | 0 | 0 |
Pension plans costs | 373 | 412 | 645 |
Principal retiree benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 145 | 164 | 229 |
Prior service cost amortization | (8) | 353 | 393 |
Expected return on plan assets | (48) | (50) | (60) |
Interest cost on benefit obligation | 335 | 424 | 410 |
Net actuarial (gain) loss amortization | (25) | (150) | (45) |
Curtailment loss | (225) | 48 | 0 |
Pension plans costs | $ 174 | $ 789 | $ 927 |
Postretirement Benefit Plans (A
Postretirement Benefit Plans (Acturial Assumptions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Principal pension plans | |||
Actuarial Assumptions [Abstract] | |||
Discount rate - pension benefit obligation | 4.38% | 4.02% | 4.85% |
Compensation increases | 3.80% | 4.10% | 4.00% |
Discount rate - benefit cost | 4.02% | 4.85% | 3.96% |
Expected return on assets | 7.50% | 7.50% | 8.00% |
Benefit Obligation Increase | $ 3,953 | ||
Principal retiree benefit plans | |||
Actuarial Assumptions [Abstract] | |||
Discount rate - pension benefit obligation | 3.93% | 3.89% | 4.61% |
Compensation increases | 3.80% | 4.10% | 4.00% |
Discount rate - benefit cost | 3.89% | 4.61% | 3.74% |
Expected return on assets | 7.00% | 7.00% | 7.00% |
Benefit Obligation Increase | $ 612 |
Postretirement Benefit Plans (F
Postretirement Benefit Plans (Funding Policy Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other pension plans | ||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 930 | |
Employer contributions | 549 | $ 726 |
Principal retiree benefit plans | ||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 490 | |
Employer contributions | 501 | 518 |
Principal pension plans | ||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 250 | |
Employer contributions | $ 233 | $ 236 |
Postretirement Benefit Plans108
Postretirement Benefit Plans (Projected Benefit Obligation and Accumulated Postretirement Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Principal pension plans | ||||
Projected Benefit Obligation [Abstract] | ||||
Beginning balance | $ 68,722 | $ 70,735 | $ 58,113 | |
Service cost for benefits earned | 1,424 | 1,205 | $ 1,535 | |
Interest cost on benefit obligation | 2,778 | 2,745 | 2,460 | |
Participant contributions | 155 | 153 | ||
Plan amendments | 902 | 0 | ||
Actuarial loss (gain) | (4,017) | 11,718 | ||
Benefits paid | (3,255) | (3,199) | ||
Ending balance | 68,722 | 70,735 | 58,113 | |
Fair value of plan assets | 45,720 | 48,280 | 48,297 | |
Funded status of plan | 23,002 | 22,455 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | ||||
Estimated future amortization of net actuarial loss | 2,450 | 3,288 | ||
Future amortization of prior service cost (credit) | 300 | 205 | ||
Other pension plans | ||||
Projected Benefit Obligation [Abstract] | ||||
Beginning balance | 21,618 | 15,589 | 13,535 | |
Service cost for benefits earned | 416 | 403 | 435 | |
Interest cost on benefit obligation | 555 | 587 | 523 | |
Participant contributions | 15 | 9 | ||
Plan amendments | (12) | (29) | ||
Actuarial loss (gain) | (406) | 2,170 | ||
Benefits paid | (576) | (493) | ||
Ending balance | 21,618 | 15,589 | 13,535 | |
Fair value of plan assets | 17,368 | 12,386 | 11,059 | |
Funded status of plan | 4,250 | 3,203 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | ||||
Estimated future amortization of net actuarial loss | 275 | 289 | ||
Future amortization of prior service cost (credit) | 1 | |||
GE supplemental employee pension plan | ||||
Projected Benefit Obligation [Abstract] | ||||
Beginning balance | 6,099 | 6,632 | ||
Ending balance | 6,099 | 6,632 | ||
Principal retiree benefit plans | ||||
Projected Benefit Obligation [Abstract] | ||||
Beginning balance | 6,757 | 10,703 | 9,913 | |
Service cost for benefits earned | 145 | 164 | 229 | |
Interest cost on benefit obligation | 335 | 424 | 410 | |
Participant contributions | 50 | 52 | ||
Plan amendments | (3,291) | (586) | ||
Actuarial loss (gain) | (444) | 1,440 | ||
Benefits paid | (691) | (704) | ||
Ending balance | 6,757 | 10,703 | 9,913 | |
Fair value of plan assets | 695 | 813 | $ 903 | |
Funded status of plan | 6,062 | $ 9,890 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | ||||
Estimated future amortization of net actuarial loss | 55 | 25 | ||
Future amortization of prior service cost (credit) | $ 165 | $ 8 |
Postretirement Benefit Plans109
Postretirement Benefit Plans (Pension Plan Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | $ 31,973 | $ 35,505 |
Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Real estate | 3,186 | 3,129 |
Other investments | 2,202 | 2,409 |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 48,280 | 48,297 |
Actual gain (loss) on plan assets | 307 | 2,793 |
Employer contributions | 233 | 236 |
Participant contributions | 155 | 153 |
Benefits paid | 3,255 | 3,199 |
Ending balance | 45,720 | 48,280 |
Fixed Income And Cash Investment Funds | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 3,252 | 4,500 |
US Corporate | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 5,529 | 5,155 |
Other Debt Securities | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 5,131 | 5,729 |
Private equities | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | 4,885 | 5,249 |
US | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 12,447 | 12,956 |
Non US | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | $ 9,088 | $ 9,153 |
Postretirement Benefit Plans110
Postretirement Benefit Plans (Amounts Included in Shareowner's Equity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Principal pension plans | ||
Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease [Abstract] | ||
Prior service cost (credit) | $ 1,473 | $ 881 |
Net actuarial loss (gain) | 16,795 | 21,105 |
Total | 18,268 | 21,986 |
Other pension plans | ||
Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease [Abstract] | ||
Prior service cost (credit) | (29) | (23) |
Net actuarial loss (gain) | 3,080 | 3,533 |
Total | 3,051 | 3,510 |
Principal retiree benefit plans | ||
Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease [Abstract] | ||
Prior service cost (credit) | (3,132) | (24) |
Net actuarial loss (gain) | (464) | (71) |
Total | $ (3,596) | $ (95) |
All Other Liabilities (Details)
All Other Liabilities (Details) $ in Millions | Dec. 31, 2015USD ($) |
All Other Liabilities [Abstract] | |
Accrual for Environmental Loss Contingencies | $ 1,869 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
(Benefit) Provision For Income Taxes [Abstract] | ||||||
Current tax expense (benefit) | $ 6,103 | $ 1,655 | $ 4,759 | |||
Deferred Income Tax Expense (Benefit) | 383 | (882) | (3,540) | |||
Total | 6,485 | 773 | 1,219 | |||
GE | ||||||
(Benefit) Provision For Income Taxes [Abstract] | ||||||
Current tax expense (benefit) | 3,307 | 2,110 | 4,238 | |||
Deferred Income Tax Expense (Benefit) | [1] | (1,800) | (476) | (2,571) | ||
Total | 1,506 | 1,634 | 1,667 | $ 2,013 | $ 4,839 | |
GE Capital | ||||||
(Benefit) Provision For Income Taxes [Abstract] | ||||||
Current tax expense (benefit) | 2,796 | (455) | 521 | |||
Deferred Income Tax Expense (Benefit) | 2,183 | (406) | (969) | |||
Total | $ 4,979 | $ (861) | $ (448) | |||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Income Taxes (Earnings from Ope
Income Taxes (Earnings from Operations and Provision for Income Taxes) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S Earnings | $ (309) | $ 3,176 | $ 6,066 |
Non-U.S. earning | 8,495 | 7,087 | 3,034 |
Earnings from continuing operations | 8,186 | 10,263 | 9,100 |
Current And Deferred Income Tax Benefit Provision For Income Taxes [Abstract] | |||
U.S Federal Current | 1,549 | (122) | 2,005 |
U.S Federal Deferred | 492 | 261 | (2,571) |
Non- U.S Current | 4,867 | 2,035 | 2,703 |
Non- U.S Deferred | (121) | (982) | (1,004) |
Other | (302) | (419) | 86 |
Benefit (provision) for income taxes | 6,485 | 773 | 1,219 |
Cumulative earning of non-U.S affiliates reinvested indefinitely | $ 104 | $ 119 | $ 110 |
Number of income tax returns file annually | 5,500 | ||
Number of global taxing jurisdictions | 300 | ||
Percentage of change in effective tax rate | 4.40% | 1.90% | |
Percentage of change in effective tax rate due to GE Exit Plan charges | 77.30% |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GECC in before-tax earnings of GE | 0.00% | 0.00% | 0.00% |
Tax on global activities including exports | 54.10% | (17.70%) | (11.40%) |
U.S. business credits | (4.70%) | (3.30%) | (4.90%) |
All other - net | (5.20%) | (6.50%) | (5.30%) |
Total income tax reconciliation items | 44.20% | (27.50%) | (21.60%) |
Actual income tax rate | 79.20% | 7.50% | 13.40% |
Repatriation of foreign earnings | 2.90% | ||
Reconciliation change related to deductible stock losses | (4.20%) | ||
GE | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GECC in before-tax earnings of GE | 82.40% | (4.80%) | (2.60%) |
Tax on global activities including exports | (52.80%) | (12.00%) | (7.40%) |
U.S. business credits | (4.10%) | (1.00%) | (2.60%) |
All other - net | (14.20%) | (2.50%) | (4.90%) |
Total income tax reconciliation items | 11.30% | (20.30%) | (17.50%) |
Actual income tax rate | 46.30% | 14.70% | 17.50% |
Repatriation of foreign earnings | 2.70% | ||
Reconciliation change related to deductible stock losses | (10.60%) | ||
GE Capital | |||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GECC in before-tax earnings of GE | 0.00% | 0.00% | 0.00% |
Tax on global activities including exports | (224.50%) | (72.00%) | (126.90%) |
U.S. business credits | 9.20% | (34.50%) | (74.30%) |
All other - net | (1.50%) | (55.90%) | (1.00%) |
Total income tax reconciliation items | (216.80%) | (162.40%) | (202.20%) |
Actual income tax rate | (181.80%) | (127.40%) | (167.20%) |
Income Taxes (Balance of unreco
Income Taxes (Balance of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2014 | |
Income Tax Disclosure [Line Items] | ||||
Unrecognized tax benefits | $ 6,778 | $ 5,619 | $ 5,816 | $ 1,224 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 4,723 | 4,059 | ||
Accrued interest on unrecognized tax benefits | 805 | 807 | ||
Accrued penalties on unrecognized tax benefits | 98 | 103 | ||
Benefit (provision) for income taxes | (6,485) | (773) | $ (1,219) | |
GE Capital Exit Plan [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Benefit (provision) for income taxes | (6,327) | |||
Income tax reconciliation repatriation of foreign earnings | 3,548 | |||
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance | 2,779 | |||
Foreign Earnings Repatriated | 10,000 | |||
Lower Limit | ||||
Income Tax Disclosure [Line Items] | ||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 | ||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | 0 | 0 | ||
Upper Limit | ||||
Income Tax Disclosure [Line Items] | ||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 200 | 300 | ||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | $ 700 | $ 900 |
Income Taxes (Reconciliation116
Income Taxes (Reconciliation of the beginning and ending amounts of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Opening Balance | $ 5,619 | $ 5,816 | |
Additions for tax positions of current year | 720 | 234 | |
Additions for tax positions of prior years | 1,296 | 673 | |
Reductions for tax positions of prior years | (754) | (761) | |
Settlements with tax authorities | (70) | (305) | |
Expiration on the statute of limitations | (33) | (38) | |
Income tax penalties | (4) | (45) | |
Interest on tax deficiencies | 48 | (68) | $ 22 |
Closing Balance | 6,778 | $ 5,619 | $ 5,816 |
Acquisition Alstom [Member] | |||
Income Tax Disclosure [Line Items] | |||
Additions for tax positions of prior years | 1,054 | ||
Unrecognized tax benefits that would not affect effective tax rate | $ 445 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Line Items] | ||
Deferred tax assets | $ 25,182 | $ 27,990 |
Deferred tax liabilities | (22,077) | (21,808) |
Net deferred income assets (liability) | 3,105 | 6,183 |
GE | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax assets | 20,539 | 19,942 |
Deferred tax liabilities | (12,873) | (11,170) |
Net deferred income assets (liability) | 7,666 | 8,772 |
GE Capital | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax assets | 4,643 | 8,048 |
Deferred tax liabilities | (9,204) | (10,638) |
Net deferred income assets (liability) | $ (4,561) | $ (2,590) |
Income Taxes (Principal Compone
Income Taxes (Principal Components of Our Net Asset (Liability) Representing Deferred Income Tax Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | $ 4,202 | |
Net deferred income tax liability | 3,105 | $ 6,183 |
Expires within three years | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 10 | |
Expires after three years and before twenty years | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 472 | |
May be carried indefinitely | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 3,720 | |
GE | ||
Components of Deferred Tax Assets and Liabilities | ||
Principal pension plans | 8,051 | 7,859 |
Other noncurrent compensation and benefits | 4,133 | 3,427 |
Provision for expenses | 2,827 | 2,765 |
Retiree insurance plans | 2,122 | 3,462 |
Non-U.S. loss carryforwards | 1,940 | 738 |
Intangible assets | (3,192) | (2,364) |
Depreciation | (1,688) | (1,226) |
Contract assets | (5,143) | (4,539) |
Investment in global subsidiaries | (915) | (979) |
Other - net | (469) | (371) |
Net deferred income tax liability | 7,666 | 8,772 |
Valuation allowance | 2,184 | 2,015 |
GE Capital | ||
Components of Deferred Tax Assets and Liabilities | ||
Operating leases | (3,863) | (3,763) |
Financing leases | (1,665) | (1,899) |
Non-U.S. loss carryforwards | 2,262 | 2,974 |
Intangible assets | (103) | (53) |
Investment in global subsidiaries | 5 | 2,060 |
Other - net | (1,197) | (1,909) |
Net deferred income tax liability | (4,561) | (2,590) |
Valuation allowance | $ 109 | $ 19 |
Shareowners' Equity (Roll forwa
Shareowners' Equity (Roll forward schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 03, 2015 | Dec. 31, 2012 | |||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Preferred stock, value, issued | $ 6 | $ 0 | $ 6 | $ 0 | $ 0 | $ 5,944 | |||||||||||
Common Stock, Value, Issued | 702 | 702 | 702 | 702 | 702 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | $ (18,172) | $ (9,119) | (18,172) | (9,119) | (20,229) | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications | (3,312) | (12,088) | 8,844 | ||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 4,956 | 3,035 | 2,265 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,644 | (9,053) | 11,109 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) Ending balance | (16,529) | (18,172) | (16,529) | (18,172) | (9,119) | ||||||||||||
Other Capital [Abstract] | |||||||||||||||||
Additional Paid in Capital, Beginning Balance | 32,889 | 32,494 | 32,889 | 32,494 | 33,070 | ||||||||||||
Gains (losses) on treasury stock dispositions and other | (4,724) | (396) | 576 | ||||||||||||||
Additional Paid in Capital, Ending Balance | 37,613 | 32,889 | 37,613 | 32,889 | 32,494 | ||||||||||||
Retained Earnings [Abstract] | |||||||||||||||||
Retained Earnings (Accumulated Deficit), Beginning Balance | 155,333 | 149,051 | 155,333 | 149,051 | 144,055 | ||||||||||||
Net Income (Loss) Attributable to Parent | 6,301 | $ 2,506 | $ (1,360) | (13,573) | 5,152 | $ 3,536 | $ 3,546 | 2,999 | (6,126) | 15,233 | 13,057 | ||||||
Dividends | (9,161) | (8,948.4) | (8,060) | ||||||||||||||
Redemption value adjustment | (25) | (2) | (1) | ||||||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 140,020 | 155,333 | 140,020 | 155,333 | 149,051 | ||||||||||||
Common Stock Held In Treasury [Abstract] | |||||||||||||||||
Treasury Stock, Value, Beginning Balance | $ (42,593) | $ (42,561) | (42,593) | (42,561) | (34,571) | ||||||||||||
Purchases | (23,762) | (1,950) | (10,466) | ||||||||||||||
Dispositions | 2,816 | 1,917 | 2,477 | ||||||||||||||
Treasury Stock, Value, Ending Balance | (63,539) | (42,593) | (63,539) | (42,593) | (42,561) | ||||||||||||
Equity [Abstract] | |||||||||||||||||
Equity ending balance | 98,274 | 128,159 | 98,274 | 128,159 | 130,566 | $ 123,026 | |||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,864 | [1] | 8,674 | [1] | 1,864 | [1] | 8,674 | [1] | 6,217 | $ 5,444 | |||||||
Total equity balance | $ 100,138 | $ 136,833 | $ 100,138 | $ 136,833 | $ 136,783 | ||||||||||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (264) million and $ (194) million at December 31, 2015 and 2014 , respectively. |
Shareowners' Equity (Shares of
Shareowners' Equity (Shares of GE Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 17, 2008 | Jan. 20, 2016 | Dec. 31, 2015 | Dec. 03, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 17, 2013 | Dec. 31, 2012 | Oct. 16, 2008 | ||
Shares of Preferred Stock | |||||||||||
Preferred stock, shares issued | 5,944,250 | 30,000 | |||||||||
Preferred stock, value, issued | $ 6 | $ 5,944 | $ 0 | $ 0 | |||||||
Preferred Stock, Shares Outstanding | 5,944,250 | 0 | |||||||||
Number of Securities Called by Warrants | 10,700,000 | ||||||||||
Noncontrolling interests | $ 1,864 | [1] | $ 8,674 | [1] | $ 6,217 | $ 5,444 | |||||
Preferred stock | |||||||||||
Shares of Preferred Stock | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||||||||
Preferred Stock Shares Authorized | 50,000,000 | ||||||||||
Preferred Stock, Shares Outstanding | 5,944,250 | ||||||||||
Number Of Common Stock Shares Warrants Can Purchase | 134,831,460 | ||||||||||
Common stock | |||||||||||
Shares of Preferred Stock | |||||||||||
Cumulative Percentage Of Dividends On Preferred Stock | 10.00% | ||||||||||
Series A | |||||||||||
Shares of Preferred Stock | |||||||||||
Preferred stock, shares issued | 2,777,625 | ||||||||||
Preferred stock, value, issued | $ 2,687 | $ 2,778 | |||||||||
Series B | |||||||||||
Shares of Preferred Stock | |||||||||||
Preferred stock, shares issued | 2,072,525 | ||||||||||
Preferred stock, value, issued | 2,008 | $ 2,073 | |||||||||
Series C | |||||||||||
Shares of Preferred Stock | |||||||||||
Preferred stock, shares issued | 1,094,100 | ||||||||||
Preferred stock, value, issued | 999 | $ 1,094 | |||||||||
Series D | |||||||||||
Shares of Preferred Stock | |||||||||||
Preferred stock, value, issued | $ 5,694 | ||||||||||
GE Capital | |||||||||||
Shares of Preferred Stock | |||||||||||
Preferred stock, value, issued | $ 6 | 0 | |||||||||
Noncontrolling interests | $ 486 | $ 2,899 | |||||||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (264) million and $ (194) million at December 31, 2015 and 2014 , respectively. |
Shareowners' Equity (Other) (De
Shareowners' Equity (Other) (Details) - USD ($) $ in Millions | Dec. 18, 2015 | Dec. 03, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 20, 2016 | Oct. 16, 2008 |
Preferred Stock Number Of Shares Par Value And Other Disclosures [Abstract] | |||||||
Quarterly Dividends Paid by GECC to GE | $ 4,311 | $ 2,000 | $ 1,930 | ||||
Special Dividend Paid By Finance Subsidiary To Parent | 0 | $ 1,000 | 4,055 | ||||
Average dividend rate | 6.44% | ||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | $ 5,944 | $ 6 | $ 0 | $ 0 | |||
Preferred stock, shares issued | 5,944,250 | 30,000 | |||||
Series A | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | $ 2,778 | $ 2,687 | |||||
Preferred stock, shares issued | 2,777,625 | ||||||
Preferred stock outstanding | 91 | ||||||
Initial fixed interest | 4.00% | ||||||
Floating Rate | 2.28% | ||||||
Callable date | Jun. 15, 2022 | ||||||
Series B | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | $ 2,073 | 2,008 | |||||
Preferred stock, shares issued | 2,072,525 | ||||||
Preferred stock outstanding | 64 | ||||||
Initial fixed interest | 4.10% | ||||||
Floating Rate | 2.32% | ||||||
Callable date | Dec. 15, 2022 | ||||||
Series C | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | $ 1,094 | 999 | |||||
Preferred stock, shares issued | 1,094,100 | ||||||
Preferred stock outstanding | 95 | ||||||
Initial fixed interest | 4.20% | ||||||
Floating Rate | 2.37% | ||||||
Callable date | Jun. 15, 2023 | ||||||
Series D | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | $ 5,694 | ||||||
Initial fixed interest | 5.00% | ||||||
Floating Rate | 3.33% | ||||||
Callable date | Jan. 21, 2021 |
Shareowners' Equity (Shares 122
Shareowners' Equity (Shares of GE Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 17, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2016 |
Shares Of GE Common Stock | |||||
Payments for repurchase of common stock | $ (2,709) | $ (2,211) | $ (10,225) | ||
Stock repurchased during period | 671,366,809 | 109,800,000 | 73,600,000 | 432,600,000 | |
Value of stock repurchased during period | $ 3,320 | $ 1,901 | $ 10,375 | ||
Issued | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 | ||
In treasury | (2,314,553,000) | (1,636,461,000) | (1,632,960,000) | ||
Common Stock, Shares, Outstanding | 9,379,288,000 | 10,057,380,000 | 10,060,881,000 | ||
Common stock, shares authorized | 13,200,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.06 | $ 0.06 | |||
Synchrony Financial | |||||
Shares Of GE Common Stock | |||||
Issued | 705,270,833 | ||||
In treasury | (671,366,809) |
Shareowners' Equity (Changes In
Shareowners' Equity (Changes In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Capitalization Equity Line Items | |||
Adjustment To Reclass Unrealized Gains To Offset Deferred Acquisition Costs And Present Value Of Future Profits | $ (611) | $ 960 | $ (1,171) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (18,172) | (9,119) | (20,229) |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | 157 | ||
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (3,312) | (12,088) | 8,844 |
Benefit (provision) for income taxes | (6,485) | (773) | (1,219) |
Other comprehensive income, net of tax | 1,575 | (9,066) | 11,084 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 69 | 13 | 25 |
Accumulated Other Comprehensive Income (Loss) Ending balance | (16,529) | (18,172) | (9,119) |
Investment Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | 1,013 | 307 | 677 |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (486) | 562 | (692) |
OCI before reclassification tax | (270) | 352 | (408) |
Benefit (provision) for income taxes | (36) | (85) | (223) |
Reclassification from OCI net of deferred taxes | (67) | (146) | (318) |
Other comprehensive income, net of tax | (553) | 708 | (374) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 1 | (2) | 4 |
Accumulated Other Comprehensive Income (Loss) Ending balance | 460 | 1,013 | 307 |
Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (2,428) | 126 | 413 |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | 283 | ||
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (4,932) | (2,600) | 510 |
OCI before reclassification tax | 1,348 | (129) | (613) |
Benefit (provision) for income taxes | (1,489) | (213) | (793) |
Reclassification from OCI net of deferred taxes | 1,794 | 129 | 818 |
Other comprehensive income, net of tax | (3,137) | (2,730) | (308) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 66 | 19 | 22 |
Accumulated Other Comprehensive Income (Loss) Ending balance | (5,499) | (2,428) | 126 |
Cash Flow Hedge | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (180) | (257) | (722) |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | (414) | ||
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (732) | (609) | 737 |
OCI before reclassification tax | (21) | 22 | 251 |
Benefit (provision) for income taxes | 86 | (34) | 176 |
Reclassification from OCI net of deferred taxes | 831 | (844) | 271 |
Other comprehensive income, net of tax | 99 | 234 | 466 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | (2) |
Accumulated Other Comprehensive Income (Loss) Ending balance | (80) | (180) | (257) |
Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (16,578) | (9,296) | (20,597) |
Other comprehensive income, net of tax | 5,165 | (7,278) | 11,300 |
Prior Service credit (costs)- net of deferred taxes | 1,541 | (396) | 6 |
Net actuarial gain (loss), Tax | 647 | (5,332) | 4,506 |
Net actuarial gain (loss) - net of deferred taxes | 1,227 | (9,849) | 8,269 |
Prior service credit (costs), tax | 859 | 219 | (5) |
Net curtailment/settlement, tax | (42) | 41 | 0 |
Net curtailment/settlement - net of deferred taxes | (76) | 72 | 0 |
Prior service cost amortization, tax | 103 | 241 | 267 |
Prior service cost amortization - net of deferred taxes | 100 | 349 | 397 |
Net actuarial loss amortization, tax | 1,199 | 859 | 1,343 |
Net actuarial loss amortization - net of deferred taxes | 2,373 | 1,753 | 2,640 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 3 | (3) | 1 |
Accumulated Other Comprehensive Income (Loss) Ending balance | $ (11,410) | $ (16,578) | $ (9,296) |
Shareowners' Equity (Reclass Ou
Shareowners' Equity (Reclass Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Other Income | $ 2,227 | $ 778 | $ 3,107 | ||||||||||
Benefit (provision) for income taxes | (6,485) | (773) | (1,219) | ||||||||||
Net earnings (loss) | $ 6,403 | $ 2,545 | $ (1,134) | $ (13,608) | $ 5,339 | $ 3,508 | $ 3,546 | $ 2,952 | (5,795) | 15,345 | 13,355 | ||
Costs and Expenses | (109,200) | (106,921) | (104,145) | ||||||||||
Financial Services Revenue | 9,350 | 9,648 | 9,595 | ||||||||||
Interest and other financial charges | (3,463) | (2,723) | (2,870) | ||||||||||
Earnings (loss) from continuing operations before income taxes | 8,186 | 10,263 | 9,100 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (7,495) | 5,855 | 5,475 | $ 5,047 | $ 5,143 | ||||||||
Currency Translation Adjustment | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | (1,489) | (213) | (793) | ||||||||||
Cash Flow Hedge | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | 86 | (34) | 176 | ||||||||||
Reclassification out of AOCI | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Net earnings (loss) | (4,956) | (3,035) | (2,266) | ||||||||||
Reclassification out of AOCI | Currency Translation Adjustment | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | (1,489) | 213 | 793 | ||||||||||
Net earnings (loss) | (1,794) | 129 | 818 | ||||||||||
Costs and Expenses | (305) | (85) | 25 | ||||||||||
Reclassification out of AOCI | Currency Translation Adjustment | Discontinued Operations [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | 1,506 | (213) | (802) | ||||||||||
Costs and Expenses | 224 | 51 | (62) | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | 86 | 34 | (176) | ||||||||||
Net earnings (loss) | (831) | (844) | 271 | ||||||||||
Earnings (loss) from continuing operations before income taxes | (918) | (878) | 447 | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Discontinued Operations [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Financial Services Revenue | (758) | (607) | 608 | ||||||||||
Interest and other financial charges | 43 | 59 | 44 | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Interest Rate Contracts | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Interest and other financial charges | (130) | (234) | (364) | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Currency Exchange Contracts | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Interest and other financial charges | 801 | 666 | (564) | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Other Contract [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Interest and other financial charges | (13) | (22) | (248) | ||||||||||
Reclassification out of AOCI | Pension Plans | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Curtailment gain (loss) | 118 | (113) | 0 | ||||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | (3,572) | (2,612) | (3,983) | ||||||||||
Prior service cost amortization | 203 | 590 | 664 | ||||||||||
Earnings (loss) from continuing operations before income taxes | (3,657) | (3,315) | (4,647) | ||||||||||
Benefit (provision) for income taxes | 1,260 | 1,141 | 1,610 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (2,397) | (2,174) | (3,037) | ||||||||||
Reclassification out of AOCI | Available-for-sale Securities | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Other Income | 103 | (231) | (541) | ||||||||||
Benefit (provision) for income taxes | (36) | 85 | 223 | ||||||||||
Net earnings (loss) | 67 | (146) | (318) | ||||||||||
Reclassification out of AOCI | Available-for-sale Securities | Discontinued Operations [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Other Income | 61 | (497) | |||||||||||
Benefit (provision) for income taxes | $ 30 | $ (3) | $ (204) |
Shareowners' Equity (Summary of
Shareowners' Equity (Summary of Noncontrolling Interests) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 03, 2015 | Dec. 31, 2012 | |||
Noncontrolling Interest [Line Items] | |||||||
Preferred stock value (5,944,250 shares outstanding at year-end 2015 and no shares outstanding at year-end 2014) | $ 6 | $ 0 | $ 0 | $ 5,944 | |||
GECC preferred stock | 0 | 4,949 | |||||
Synchrony Financial | (2,840) | 2,393 | 0 | ||||
Other | 1,864 | 1,194 | |||||
Noncontrolling interests | 1,864 | [1] | $ 8,674 | [1] | $ 6,217 | $ 5,444 | |
Acquisition Alstom | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling interests | $ 695 | ||||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (264) million and $ (194) million at December 31, 2015 and 2014 , respectively. |
Shareowners' Equity (Changes of
Shareowners' Equity (Changes of Noncontrolling Interests) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Changes To Noncontrolling Interest | |||||
Beginning balance | $ 8,674 | [1] | $ 6,217 | $ 5,444 | |
Net earnings (loss) | 377 | 183 | 312 | ||
GECC preferred stock | (4,949) | 0 | 990 | ||
GECC preferred stock dividend | (311) | (322) | (298) | ||
Dividends | (43) | (74) | (80) | ||
Dispositions | 189 | (81) | (175) | ||
Synchrony Financial IPO | (2,840) | 2,393 | 0 | ||
AOCI and other | 767 | 358 | 24 | ||
Ending balance | $ 1,864 | [1] | $ 8,674 | [1] | $ 6,217 |
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (264) million and $ (194) million at December 31, 2015 and 2014 , respectively. |
Shareowners' Equity (Redeemable
Shareowners' Equity (Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest balance at January 1 | $ 98 | $ 178 | $ 214 |
Net earnings | (46) | (71) | (14) |
Dividends | (11) | (12) | (14) |
Dispositions | 1 | 0 | 0 |
Redemption value adjustment | (25) | (2) | (1) |
Other(a) | 2,905 | 1 | (8) |
Redeemable noncontrolling interest ending balance at December 31 | 2,972 | $ 98 | $ 178 |
Acquisition Alstom | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest in joint venture | $ 2,900 |
Other Stock-related Informat128
Other Stock-related Information (Share-Based Compensation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | |
Schedule Of Share Based Compensation [Line Items] | ||||
Unrecognized compensation expense nonvested awards | $ 628,000 | $ 159,000 | ||
Stock options outstanding - intrinsic | 4,534,000 | |||
Stock options exercisable | 746,000 | |||
Stock vested in 2015 - intrinsic value | 102,000 | |||
Non-vested stock outstanding - intrinsic | $ 434,000 | |||
Stock Options, Additional Disclosures [Abstract] | ||||
Expected option life (in years) | 6 years 9 months | |||
Weighted average of amortized over the remaining vested period of stock options | 2 years | |||
Restricted Stock, Additional Disclosures [Abstract] | ||||
Weighted average amortized over the remaining vesting period of unvested restricted stock | 2 years | |||
Other Information [Abstract] | ||||
Income Tax Benefit from Compensation Expense | $ 148,000 | $ 147,000 | $ 145,000 | |
Excess of actual tax deductions over amounts assumed recognized in shareowners equity | 167,000 | 86,000 | 86,000 | |
Stock Option | ||||
Schedule Of Share Based Compensation [Line Items] | ||||
Compensation expense | $ 234,000 | $ 215,000 | $ 231,000 | |
Weighted average grant date fair value | $ 4.64 | $ 5.26 | $ 4.52 | |
Stock options exercised | 65,764 | 30,433 | 36,191 | |
Stock options granted | 52,561 | |||
Stock options outstanding - intrinsic | $ 467,922 | |||
Stock options exercisable | $ 298,199 | |||
Stock Options, Additional Disclosures [Abstract] | ||||
Risk free interest rate | 2.00% | 2.30% | 2.50% | |
Dividend yield | 3.40% | 3.10% | 4.00% | |
Expected volatility rate | 25.00% | 26.00% | 28.00% | |
Expected option life (in years) | 7 years 4 months | 7 years 6 months | ||
Weighted average grant date market price of GE stock | $ 25.79 | $ 26.11 | $ 23.8 | |
Dilutive Effect Percentage On Earnings Per Share From Continuing Operations | 1.00% | |||
Weighted average strike price of awards granted in 2015 | $ 25.79 | |||
Weighted average strike price of stock options outstanding | 21.72 | |||
Weighted average strike price of stock options exercisable | $ 20.14 | |||
Cash received from stock options exercised | $ 1,098,000 | $ 439,000 | $ 490,000 | |
Restricted Stock Units | ||||
Schedule Of Share Based Compensation [Line Items] | ||||
Compensation expense | 72,000 | $ 56,000 | $ 62,000 | |
Unrecognized compensation expense nonvested awards | $ 221,000 | $ 55,000 | ||
Weighted average grant date fair value | $ 26.74 | $ 26.08 | $ 24.54 | |
Stock options granted | 3,756 | |||
Stock vested - fair value | $ 3,899 | $ 3,305 | $ 4,583 | |
Restricted Stock, Additional Disclosures [Abstract] | ||||
Non-vested restricted stock outstanding | 13,941 | |||
Weighed average grant date fair value of non-vested stock | $ 25.05 | |||
Performance Shares | ||||
Schedule Of Share Based Compensation [Line Items] | ||||
Compensation expense | $ 5,700 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 19, 2013 | |
Other Income | $ 2,227 | $ 778 | $ 3,107 | |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 90 | 127 | 357 | |
Appliances | ||||
Gain (loss) on contract termination | 175 | |||
NBCU LLC | ||||
Pre tax gain on sale of business | 1,096 | |||
Equity method investment, ownership percentage | 49.00% | |||
Pre tax income to extinguish obligation | 450 | |||
Signaling | ||||
Pre tax gain on sale of business | 623 | |||
Eliminations | ||||
Other Income | 62 | 71 | 221 | |
GE | ||||
Purchases and Sales of Business Interests | 1,020 | 188 | 1,750 | |
Licensing And Royalty Income | 168 | 288 | 320 | |
Associated Companies | 45 | 176 | 40 | |
Net Interest And Investment Income | 65 | (77) | 116 | |
Other items | 868 | 132 | 660 | |
Other Income | $ 2,165 | 707 | $ 2,886 | |
Net other-than-temporary impairments on investment securities | $ 217 |
Earnings Per Share Informati130
Earnings Per Share Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount attributable to the Company: | |||||||||||
Earnings (loss) from continuing operations for per-share calculation, Diluted | $ 1,680 | $ 9,523 | $ 7,596 | ||||||||
Preferred stock dividends declared, Diluted | (18) | 0 | 0 | ||||||||
Earnings from continuing operations attributable to common shareowners for per-share calculation, Diluted | 1,662 | 9,523 | 7,596 | ||||||||
Earnings (loss) from discontinued operations for per-share calculation, Diluted | (7,795) | 5,691 | 5,420 | ||||||||
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Diluted | (6,135) | 15,213 | 13,028 | ||||||||
Earnings (loss) from continuing operations for per-share calculation, basic | 1,679 | 9,523 | 7,609 | ||||||||
Preferred stock dividends declared | (18) | 0 | 0 | ||||||||
Earnings (loss) from discontinued operations for per-share calculation, basic | 1,661 | 9,523 | 7,609 | ||||||||
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Basic | $ (6,135) | $ 15,212 | $ 13,040 | ||||||||
Average equivalent shares | |||||||||||
Shares of GE common stock outstanding, Diluted | 9,944 | 10,045 | 10,222 | ||||||||
Employee compensation-related shares (including stock options) and warrants, Diluted | 72 | 78 | 67 | ||||||||
Total average equivalent shares, Diluted | 10,016 | 10,123 | 10,289 | ||||||||
Shares of GE common stock outstanding, Basic | 9,944 | 10,045 | 10,222 | ||||||||
Employee compensation-related shares (including stock options) and warrants, Basic | 0 | 0 | 0 | ||||||||
Total average equivalent shares, Basic | 9,944 | 10,045 | 10,222 | ||||||||
Per-share amounts | |||||||||||
Earnings (loss) from continuing operations-Diluted | $ 0.26 | $ 0.19 | $ 0.17 | $ (0.45) | $ 0.35 | $ 0.22 | $ 0.22 | $ 0.15 | $ 0.17 | $ 0.94 | $ 0.74 |
Earnings (loss) from discontinued operations-Diluted | 0.38 | 0.05 | (0.3) | (0.9) | 0.15 | 0.13 | 0.13 | 0.14 | (0.78) | 0.56 | 0.53 |
Net earnings (loss)-Diluted | 0.64 | 0.25 | (0.13) | (1.35) | 0.51 | 0.35 | 0.35 | 0.3 | (0.61) | 1.5 | 1.27 |
Earnings (loss) from continuing operations-Basic | 0.26 | 0.19 | 0.17 | (0.45) | 0.36 | 0.22 | 0.22 | 0.15 | 0.17 | 0.95 | 0.74 |
Earnings (loss) from discontinued operations-Basic | 0.38 | 0.05 | (0.3) | (0.9) | 0.16 | 0.13 | 0.14 | 0.14 | (0.78) | 0.57 | 0.53 |
Net earnings (loss)-Basic | $ 0.64 | $ 0.25 | $ (0.13) | $ (1.35) | $ 0.51 | $ 0.35 | $ 0.35 | $ 0.3 | $ (0.62) | $ 1.51 | $ 1.28 |
Outstanding anti-dilutive stock awards not included in computation of diluted earnings per share | 97 | 98 | 121 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cumulative Gain (Loss) Adjustment For Non Performance Risk | $ 16 | |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | $ 33,512 | 38,122 |
Liabilities | 1,895 | 1,692 |
Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 713 | 514 |
Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,182 | 1,179 |
Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,281 | 2,341 |
Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 259 | 277 |
US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 22,358 | 23,704 |
State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,245 | 4,618 |
Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,116 | 4,777 |
Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 847 | 953 |
Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 415 | 491 |
U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 776 | 761 |
Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 216 | 201 |
Level 1 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 260 | 176 |
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 | 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 | Mortgage and 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 | 12 | 0 |
Level 1 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 5 | 0 |
Level 1 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 49 | 0 |
Level 1 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 194 | 176 |
Level 2 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 35,331 | 41,340 |
Liabilities | 6,860 | 6,018 |
Level 2 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 5,677 | 4,840 |
Level 2 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,182 | 1,179 |
Level 2 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 7,312 | 9,881 |
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 | 19,351 | 20,651 |
Level 2 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,215 | 4,560 |
Level 2 | Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,084 | 4,632 |
Level 2 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 544 | 615 |
Level 2 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 410 | 489 |
Level 2 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 404 | 496 |
Level 2 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 9 | 16 |
Level 3 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,033 | 4,177 |
Liabilities | 4 | 11 |
Level 3 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 4 | 11 |
Level 3 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 79 | 30 |
Level 3 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 259 | 277 |
Level 3 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,006 | 3,053 |
Level 3 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 30 | 58 |
Level 3 | Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 32 | 146 |
Level 3 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 290 | 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 | 323 | 266 |
Level 3 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 13 | 9 |
Netting Adjustment | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (6,110) | (7,570) |
Liabilities | (4,968) | (4,337) |
Netting Adjustment | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | (4,968) | (4,337) |
Netting Adjustment | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Netting Adjustment | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (6,110) | (7,570) |
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 | Mortgage and 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 | Equity | 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 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 | $ 13 | $ 9 | $ 13 | $ 9 |
Level 3 | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 4,175 | 4,068 | ||
Net realized/unrealized gains (losses) included in earnings | 19 | 182 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (128) | 181 | ||
Purchases | 370 | 744 | ||
Sales | (187) | (534) | ||
Settlements | (161) | (390) | ||
Transfers into Level 3 | 51 | 192 | ||
Transfers out of Level 3 | (98) | (269) | ||
Changes in Level 3, ending balance | 4,042 | 4,175 | 4,042 | 4,175 |
Net change in unrealized gains (losses) relating to instruments still held | 27 | 85 | ||
Level 3 | Recurring | Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 29 | 11 | ||
Net realized/unrealized gains (losses) included in earnings | 25 | 13 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | ||
Purchases | 0 | (1) | ||
Sales | 0 | 0 | ||
Settlements | (6) | 3 | ||
Transfers into Level 3 | 40 | 3 | ||
Transfers out of Level 3 | 0 | (1) | ||
Changes in Level 3, ending balance | 88 | 29 | 88 | 29 |
Net change in unrealized gains (losses) relating to instruments still held | 22 | 12 | ||
Level 3 | Recurring | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 277 | 201 | ||
Net realized/unrealized gains (losses) included in earnings | 8 | 85 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | ||
Purchases | 0 | 33 | ||
Sales | (26) | (41) | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 259 | 277 | 259 | 277 |
Net change in unrealized gains (losses) relating to instruments still held | 5 | 73 | ||
Level 3 | US Corporate | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 3,053 | 2,787 | ||
Net realized/unrealized gains (losses) included in earnings | 3 | 18 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (165) | 131 | ||
Purchases | 362 | 541 | ||
Sales | (80) | (227) | ||
Settlements | (137) | (212) | ||
Transfers into Level 3 | 0 | 175 | ||
Transfers out of Level 3 | (30) | (159) | ||
Changes in Level 3, ending balance | 3,006 | 3,053 | 3,006 | 3,053 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | State and municipal | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 58 | 50 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (2) | 6 | ||
Purchases | 0 | 3 | ||
Sales | 0 | 0 | ||
Settlements | (9) | (1) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (17) | 0 | ||
Changes in Level 3, ending balance | 30 | 58 | 30 | 58 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Mortgage and asset-backed | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 146 | 238 | ||
Net realized/unrealized gains (losses) included in earnings | (19) | 3 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (9) | 6 | ||
Purchases | 0 | 0 | ||
Sales | 32 | 16 | ||
Settlements | 4 | 31 | ||
Transfers into Level 3 | 0 | 2 | ||
Transfers out of Level 3 | 49 | 57 | ||
Changes in Level 3, ending balance | 32 | 146 | 32 | 146 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Corporate - non-U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 337 | 515 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 64 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (6) | 4 | ||
Purchases | 9 | 167 | ||
Sales | (49) | (248) | ||
Settlements | (1) | (149) | ||
Transfers into Level 3 | 0 | 1 | ||
Transfers out of Level 3 | 0 | (19) | ||
Changes in Level 3, ending balance | 290 | 337 | 290 | 337 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Government - non-U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 2 | 30 | ||
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 | 0 | 0 | ||
Transfers into Level 3 | 0 | 2 | ||
Transfers out of Level 3 | (2) | (30) | ||
Changes in Level 3, ending balance | 0 | 2 | 0 | 2 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | U.S. Government and federal agency | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 266 | 225 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 58 | 34 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1) | 0 | ||
Transfers into Level 3 | 0 | 9 | ||
Transfers out of Level 3 | 0 | (2) | ||
Changes in Level 3, ending balance | 323 | 266 | 323 | 266 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Equity | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 9 | |||
Net realized/unrealized gains (losses) included in earnings | 2 | |||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (5) | |||
Purchases | 0 | |||
Sales | 0 | |||
Settlements | 4 | |||
Transfers into Level 3 | 10 | |||
Transfers out of Level 3 | 0 | |||
Changes in Level 3, ending balance | $ 13 | $ 9 | 13 | 9 |
Net change in unrealized gains (losses) relating to instruments still held | $ 0 | $ 0 |
Fair Value Measurements (Non-Re
Fair Value Measurements (Non-Recurring Fair Value Measurements) (Details) - Non-recurring - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | $ (2,177) | $ (729) |
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 | (69) | (16) |
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 | (506) | (286) |
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 | (1,603) | (427) |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing receivables and loans held for sale | 0 | 1 |
Cost and equity method investments | 1 | 0 |
Long-lived assets | 2 | 102 |
Assets Fair Value Disclosure | 3 | 103 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing receivables and loans held for sale | 154 | 8 |
Cost and equity method investments | 436 | 346 |
Long-lived assets | 882 | 689 |
Assets Fair Value Disclosure | $ 1,471 | $ 1,044 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 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 | $ 834 | $ 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 | Mortgage and 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 | 236 | 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 | 259 | 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 | 146 | ||
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 | 293 | ||
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 | 4,042 | 4,175 | $ 4,068 |
Level 3 | Recurring | US Corporate | Income Approach | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Investments, Fair Value Disclosure | $ 834 | $ 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 | 1.70% | 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 | 14.10% | 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 | 8.60% | 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 | Mortgage and asset-backed | Income Approach | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Investments, Fair Value Disclosure | $ 31 | $ 102 | |
Level 3 | Recurring | Mortgage and 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 | Mortgage and asset-backed | Income Approach | Upper Limit | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 12.00% | 9.00% | |
Level 3 | Recurring | Mortgage and asset-backed | Income Approach | Weighted average | |||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Discount Rate | 10.50% | 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 | $ 236 | $ 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 | 7.50% | 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 | $ 2,637 | $ 2,532 | |
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 | $ 259 | $ 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 | 9.9 | 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 | $ 436 | $ 346 | |
Assets Fair Value Disclosure Nonrecurring | $ 122 | 55 | |
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 | 6.50% | ||
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 | 30.00% | ||
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 | 10.70% | ||
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 | $ 146 | ||
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 | 9.50% | ||
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 | 35.00% | ||
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 | 14.40% | ||
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 | 8.00% | ||
EBITDA Multiple | 1.8 | ||
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 | 10.00% | ||
EBITDA Multiple | 5.2 | ||
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 | 9.40% | ||
EBITDA Multiple | 4.8 | ||
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 | $ 293 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | $ 198,276 | $ 261,424 |
GE | Carrying amount | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 1,104 | 502 |
Borrowings | (18,455) | (16,340) |
GE | Carrying amount | Intersegment [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | (85,114) | 0 |
GE | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 1,174 | 551 |
Borrowings | (19,011) | (17,503) |
Accrued interest | 116 | 94 |
GE | Estimated fair value | Intersegment [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | (92,641) | 0 |
Accrued interest | 1,006 | |
GE Capital | ||
Financial Instruments [Line Items] | ||
Effect of including interest rate and currency derivatives on borrowings and bank deposits | $ 3,001 | 5,020 |
Debt Instrument, Maturity Date | Apr. 30, 2016 | |
GE Capital | Intersegment [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | $ 85,114 | |
GE Capital | Carrying amount | ||
Financial Instruments [Line Items] | ||
Loans | 20,061 | 20,153 |
Time deposits | 10,386 | 0 |
Other commercial mortgages | 1,381 | 1,427 |
Loans held for sale | 342 | 419 |
Other financial instruments | 94 | 103 |
Borrowings | (95,681) | (245,993) |
Investment contracts | (2,955) | (3,970) |
GE Capital | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Loans | 19,774 | 20,182 |
Time deposits | 10,386 | 0 |
Other commercial mortgages | 1,447 | 1,508 |
Loans held for sale | 342 | 419 |
Other financial instruments | 110 | 113 |
Borrowings | (99,602) | (261,569) |
Investment contracts | (3,441) | (4,596) |
Accrued interest | $ 1,103 | $ 2,888 |
Financial Instruments (Notional
Financial Instruments (Notional Amount of Loan Commitments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Notional Disclosures [Abstract] | ||
Ordinary course of business lending commitments | $ 531 | $ 762 |
Unused revolving credit lines | 279 | 282 |
Excluded investment commitments | $ 782 | $ 812 |
Financial Instruments (Securiti
Financial Instruments (Securities Repurchase and Reverse Repurchase Arrangements) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative Instrument Detail [Abstract] | |
Reverse Repurchase Agreements Maturities | 90 days |
Securities for Reverse Repurchase Agreements | $ 11,300 |
Financial Instruments (Forms of
Financial Instruments (Forms of Hedging) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Shareowners' equity (increase) decrease | $ 913 | $ 546 |
Earnings (loss) effect of derivatives | (918) | (878) |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | (911) | (546) |
Shareowners' equity (increase) decrease | 913 | 546 |
Net effect on earnings (loss) (hedge ineffectiveness) | 2 | 1 |
Earnings (loss) effect of derivatives | (918) | (878) |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | (151) | 3,863 |
Adjustment to carrying amount of hedged debt increase (decrease) | 75 | (3,939) |
Earnings (loss) related to hedge ineffectiveness | (75) | (76) |
Net Investment Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | 4,871 | 5,192 |
Fair value of non-derivatives (increase) decrease | (849) | 0 |
Shareowners' equity (increase) decrease | (4,131) | (5,741) |
Earnings (loss) (spot-forward difference on derivatives) | (109) | (549) |
Earnings (loss) effect of derivatives | 4,547 | 88 |
Net Investment Hedges [Member] | Discontinued operations | ||
Derivative [Line Items] | ||
Earnings (loss) effect of derivatives | 4,549 | 88 |
Economic Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | (2,720) | (2,198) |
Change in carrying amount of item being hedged increase (decrease) | 2,543 | 2,083 |
Earnings (loss) effect of derivatives | $ (177) | $ (116) |
Financial Instruments (Notio139
Financial Instruments (Notional Amount of Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Notional Disclosures [Abstract] | ||
Derivative assets | $ 7,391 | $ 9,911 |
Derivative liabilities | (5,681) | (4,851) |
Accrued Interest | 1,014 | 1,419 |
Cash collateral assets | (1,141) | (3,233) |
Derivative Net | 1,583 | 3,246 |
Securities held as collateral | (1,277) | (3,114) |
Net carrying amount | 306 | $ 132 |
Derivative, Notional Amount | $ 245 |
Financial Instruments (Effects
Financial Instruments (Effects of Derivatives on Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on underlying | $ 913 | $ 546 |
Earnings (loss) effect of derivatives | (918) | (878) |
Total effect on earnings | (359) | (740) |
Cash Flow Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | (911) | (546) |
Effect on underlying | 913 | 546 |
Effect on earnings (Cash flow hedges) | 2 | 1 |
Earnings (loss) effect of derivatives | (918) | (878) |
Fair Value Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | (151) | 3,863 |
Effect on underlying (Fair value hedges) | 75 | (3,939) |
Effect on earnings (Fair value hedges) | (75) | (76) |
Net Investment Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | 4,871 | 5,192 |
Effect on hedging instrument (Net investment hedges) | 4,022 | 5,192 |
Effect on underlying | (4,131) | (5,741) |
Effect on earnings (Net investment hedges) | (109) | (549) |
Earnings (loss) effect of derivatives | 4,547 | 88 |
Economic Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | (2,720) | (2,198) |
Effect on underlying (Economic hedges) | 2,543 | 2,083 |
Earnings (loss) effect of derivatives | $ (177) | $ (116) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivables, net | $ 12,052 | $ 13,445 | $ 12,052 | $ 13,445 | |||||||||
Investment securities (Note 3) | 31,973 | 35,505 | 31,973 | 35,505 | |||||||||
Other Assets | 37,471 | 24,836 | 37,471 | 24,836 | |||||||||
Nonrecourse Borrowings | 3,083 | 4,403 | 3,083 | 4,403 | |||||||||
Other Liabilities | 22,558 | 16,511 | 22,558 | 16,511 | |||||||||
Total revenues of consolidated VIEs | 117,386 | 117,184 | $ 113,245 | $ 112,588 | $ 110,062 | ||||||||
Appliances | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Current Receivables | 737 | 686 | 737 | 686 | |||||||||
Consolidated VIE | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivables, net | 882 | 1,030 | 882 | 1,030 | |||||||||
Current Receivables | 3,867 | 3,306 | 3,867 | 3,306 | |||||||||
Investment securities (Note 3) | 1,404 | 3,374 | 1,404 | 3,374 | |||||||||
Other Assets | 3,004 | 2,278 | 3,004 | 2,278 | |||||||||
Assets VIE | 9,157 | 9,988 | 9,157 | 9,988 | |||||||||
Borrowings | 1,297 | 517 | 1,297 | 517 | |||||||||
Nonrecourse Borrowings | 3,083 | 3,128 | 3,083 | 3,128 | |||||||||
Other Liabilities | 1,872 | 2,373 | 1,872 | 2,373 | |||||||||
Liabilities VIE | 6,252 | 6,018 | 6,252 | 6,018 | |||||||||
Total revenues of consolidated VIEs | 0 | 0 | 1,638 | 1,457 | 994 | ||||||||
Cost of sales and services sold | 1,232 | 823 | 675 | ||||||||||
Acquisition Alstom | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Assets VIE | 13,235 | 13,235 | |||||||||||
Liabilities VIE | 9,293 | 9,293 | |||||||||||
Redeemable noncontrolling interest in joint venture | 2,859 | ||||||||||||
Other 1 [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivables, net | 882 | 1,030 | 882 | 1,030 | |||||||||
Current Receivables | 361 | 278 | 361 | 278 | |||||||||
Investment securities (Note 3) | 995 | 1,005 | 995 | 1,005 | |||||||||
Other Assets | 2,934 | 2,259 | 2,934 | 2,259 | |||||||||
Assets VIE | 5,172 | 4,572 | 5,172 | 4,572 | |||||||||
Borrowings | 1,297 | 517 | 1,297 | 517 | |||||||||
Nonrecourse Borrowings | 61 | 436 | 61 | 436 | |||||||||
Other Liabilities | 1,654 | 1,325 | 1,654 | 1,325 | |||||||||
Liabilities VIE | 3,012 | 2,278 | 3,012 | 2,278 | |||||||||
Consolidated Securitization Entities [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Investment securities (Note 3) | 1,404 | 1,404 | |||||||||||
Non-recourse borrowings | 3,083 | 3,083 | |||||||||||
Commingled cash amounts owed to CSEs | 1,093 | 856 | 1,093 | 856 | |||||||||
Commingled cash receivable from CSEs | 7 | 2 | 7 | 2 | |||||||||
Industrial Equipment Joint Venture [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Assets VIE | 821 | 821 | |||||||||||
Liabilities VIE | 818 | 818 | |||||||||||
Power Generating And Leasing [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Assets VIE | 1,151 | 1,151 | |||||||||||
Liabilities VIE | 1,079 | 1,079 | |||||||||||
Insurance Entities [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Assets VIE | 1,114 | 1,114 | |||||||||||
Liabilities VIE | 532 | 532 | |||||||||||
GE Capital | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivables, net | 25,003 | 25,647 | 25,003 | 25,647 | |||||||||
Investment securities (Note 3) | 31,827 | 35,425 | 31,827 | 35,425 | |||||||||
Other Assets | 25,287 | 17,445 | 25,287 | 17,445 | |||||||||
Non-recourse borrowings | 1,537 | 1,183 | 1,537 | 1,183 | |||||||||
Nonrecourse Borrowings | 3,083 | 4,403 | 3,083 | 4,403 | |||||||||
Other Liabilities | 9,351 | 5,583 | 9,351 | 5,583 | |||||||||
Total revenues of consolidated VIEs | 2,585 | $ 2,660 | $ 2,690 | $ 2,866 | 2,919 | $ 2,763 | $ 2,676 | $ 2,963 | 10,801 | 11,320 | $ 11,267 | $ 11,268 | $ 11,843 |
GE Capital | Trinity [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivables, net | 0 | 0 | 0 | 0 | |||||||||
Current Receivables | 0 | 0 | 0 | 0 | |||||||||
Investment securities (Note 3) | 409 | 2,369 | 409 | 2,369 | |||||||||
Other Assets | 46 | 17 | 46 | 17 | |||||||||
Assets VIE | 455 | 2,386 | 455 | 2,386 | |||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||
Nonrecourse Borrowings | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities | 184 | 1,022 | 184 | 1,022 | |||||||||
Liabilities VIE | 184 | 1,022 | 184 | 1,022 | |||||||||
Intercompany Advances Eliminated In Consolidation | 30 | 1,565 | 30 | 1,565 | |||||||||
GE Capital | Trade Receivable [Member] | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Financing receivables, net | 0 | 0 | 0 | 0 | |||||||||
Current Receivables | 3,506 | 3,028 | 3,506 | 3,028 | |||||||||
Investment securities (Note 3) | 0 | 0 | 0 | 0 | |||||||||
Other Assets | 24 | 2 | 24 | 2 | |||||||||
Assets VIE | 3,530 | 3,030 | 3,530 | 3,030 | |||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||
Nonrecourse Borrowings | 3,022 | 2,692 | 3,022 | 2,692 | |||||||||
Other Liabilities | 34 | 26 | 34 | 26 | |||||||||
Liabilities VIE | $ 3,056 | $ 2,718 | $ 3,056 | $ 2,718 |
Variable Interest Entities (Unc
Variable Interest Entities (Unconsolidated) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Financing receivables | $ 12,052 | $ 13,445 |
Investment in Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Other assets and investment securities | 745 | 704 |
Financing receivables | 13 | 109 |
Total investment | 758 | 813 |
Contractual obligations to fund new investments, guarantees or lines of credit | 29 | 11 |
Total | $ 787 | $ 824 |
Commitments, Guarantees and 143
Commitments, Guarantees and Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantees | |||
Liability for arrangements | $ 347 | ||
Product Warranties | |||
Beginning Balance | 1,199 | $ 1,370 | $ 1,429 |
Current-year provisions | 649 | 593 | 798 |
Expenditures | (718) | (714) | (867) |
Other Product Warranty Liability Changes | 593 | (50) | 10 |
Ending Balance | 1,723 | $ 1,199 | $ 1,370 |
Acquisition Alstom [Member] | |||
Product Warranties | |||
Other Product Warranty Liability Changes | 634 | ||
Aviation | |||
Commitments | |||
Financial assistance commitment | 2,565 | ||
Indemnification Agreement | |||
Guarantees | |||
Residual value guarantee | 23 | ||
Liability for arrangements | 10 | ||
Other Commitment | 449 | ||
Credit Support | |||
Commitments | |||
Financial assistance commitment | 816 | ||
Guarantees | |||
Liability for arrangements | 36 | ||
Aircraft with GE engines | GECAS | |||
Commitments | |||
Financial assistance commitment | 27,115 | ||
Used aircrafts | GECAS | |||
Commitments | |||
Financial assistance commitment | $ 766 |
Intercompany Transactions (Deta
Intercompany Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 11,856 | $ 16,033 | $ 14,398 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 61,613 | 19,229 | 44,159 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (69,547) | (40,912) | (46,813) |
Combined | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 17,891 | 21,434 | 19,487 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 59,516 | 17,252 | 43,666 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (73,484) | (44,340) | (51,502) |
GE Customer Receivables Sold To GECC | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (914) | (1,918) | 360 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 1,319 | 1,766 | 262 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (405) | 152 | (622) |
GECC Dividends To GE | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (4,300) | (3,000) | (5,985) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 4,300 | 3,000 | 5,985 |
Other Reclassifications and Eliminations | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (821) | (486) | 537 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 778 | 212 | 230 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 42 | 274 | (673) |
Effect of Elimination | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (6,035) | (5,404) | (5,088) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 2,097 | 1,978 | 492 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ 3,937 | $ 3,426 | $ 4,690 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | $ 117,386 | $ 117,184 | $ 113,245 | $ 112,588 | $ 110,062 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 8,186 | 10,263 | 9,100 | |||||||||||||||
Net earnings (loss) | $ 6,403 | $ 2,545 | $ (1,134) | $ (13,608) | $ 5,339 | $ 3,508 | $ 3,546 | $ 2,952 | (5,795) | 15,345 | 13,355 | |||||||
Benefit (provision) for income taxes | 6,485 | 773 | 1,219 | |||||||||||||||
Interest And Other Financial Charges | 3,463 | 2,723 | 2,870 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 492,692 | [1] | 654,954 | [1] | 492,692 | [1] | 654,954 | [1] | 663,247 | |||||||||
Financing receivables, net | 12,052 | 13,445 | 12,052 | 13,445 | ||||||||||||||
Depreciation and Amortization | 6,499 | 6,421 | 6,581 | |||||||||||||||
Property Plant and Equipment Additions | 13,911 | 7,247 | 7,685 | |||||||||||||||
Property, Plant and Equipment, Net | 54,095 | 48,070 | 54,095 | 48,070 | ||||||||||||||
Liabilities | [1] | 389,582 | 518,023 | 389,582 | 518,023 | |||||||||||||
Debt | 12,057 | 12,057 | ||||||||||||||||
US | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 53,238 | 51,147 | 49,356 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Property, Plant and Equipment, Net | 14,273 | 9,868 | 14,273 | 9,868 | 10,065 | |||||||||||||
Non U.S. | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 64,148 | 66,038 | 63,888 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Property, Plant and Equipment, Net | 39,822 | 38,202 | 39,822 | 38,202 | 40,165 | |||||||||||||
Power | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 20,728 | 19,802 | 18,615 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 51,674 | 26,698 | 51,674 | 26,698 | 26,168 | |||||||||||||
Depreciation and Amortization | 712 | 563 | 593 | |||||||||||||||
Property Plant and Equipment Additions | 2,122 | 578 | 685 | |||||||||||||||
Renewable Energy | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 6,261 | 6,386 | 4,807 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 8,726 | 3,572 | 8,726 | 3,572 | 3,269 | |||||||||||||
Depreciation and Amortization | 116 | 113 | 73 | |||||||||||||||
Property Plant and Equipment Additions | 999 | 41 | 23 | |||||||||||||||
Oil & Gas | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 16,063 | 18,683 | 16,970 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 26,126 | 27,329 | 26,126 | 27,329 | 26,250 | |||||||||||||
Depreciation and Amortization | 596 | 585 | 481 | |||||||||||||||
Property Plant and Equipment Additions | 422 | 656 | 1,191 | |||||||||||||||
Energy Management | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 6,600 | 6,429 | 6,720 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 16,808 | 10,976 | 16,808 | 10,976 | 10,305 | |||||||||||||
Depreciation and Amortization | 322 | 313 | 323 | |||||||||||||||
Property Plant and Equipment Additions | 1,073 | 176 | 137 | |||||||||||||||
Aviation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 24,242 | 23,298 | 21,411 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 34,524 | 33,716 | 34,524 | 33,716 | 32,273 | |||||||||||||
Depreciation and Amortization | 855 | 824 | 677 | |||||||||||||||
Property Plant and Equipment Additions | 1,260 | 1,197 | 1,178 | |||||||||||||||
Healthcare | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 17,633 | 18,293 | 18,186 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 28,162 | 29,227 | 28,162 | 29,227 | 27,858 | |||||||||||||
Depreciation and Amortization | 799 | 843 | 861 | |||||||||||||||
Property Plant and Equipment Additions | 284 | 405 | 316 | |||||||||||||||
Transporation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 5,932 | 5,652 | 5,874 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 4,368 | 4,449 | 4,368 | 4,449 | 4,418 | |||||||||||||
Depreciation and Amortization | 179 | 169 | 166 | |||||||||||||||
Property Plant and Equipment Additions | 202 | 128 | 282 | |||||||||||||||
Appliances & Lighting | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 8,729 | 8,383 | 8,313 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 4,702 | 4,560 | 4,702 | 4,560 | 4,306 | |||||||||||||
Depreciation and Amortization | 103 | 235 | 300 | |||||||||||||||
Property Plant and Equipment Additions | 275 | 359 | 405 | |||||||||||||||
GE Industrial | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 106,188 | 106,926 | 100,896 | |||||||||||||||
Capital | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 9,650 | 10,283 | 10,427 | |||||||||||||||
Benefit (provision) for income taxes | 4,979 | (861) | (448) | |||||||||||||||
Interest And Other Financial Charges | 2,301 | 1,638 | 2,021 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 316,686 | 503,179 | 316,686 | 503,179 | 520,399 | |||||||||||||
Depreciation and Amortization | 2,584 | 2,612 | 2,847 | |||||||||||||||
Property Plant and Equipment Additions | 7,570 | 3,818 | 3,274 | |||||||||||||||
Corporate | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 1,548 | (25) | 1,922 | |||||||||||||||
Benefit (provision) for income taxes | 1,506 | 1,634 | 1,667 | |||||||||||||||
Interest And Other Financial Charges | 1,162 | 1,085 | 849 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 916 | 11,249 | 916 | 11,249 | 8,001 | |||||||||||||
Depreciation and Amortization | 231 | 164 | 258 | |||||||||||||||
Property Plant and Equipment Additions | (297) | (111) | 194 | |||||||||||||||
Operating Segments [Member] | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 119,597 | 121,047 | 114,650 | 113,816 | 106,918 | |||||||||||||
Benefit (provision) for income taxes | 1,506 | 1,634 | 1,667 | 2,013 | 4,839 | |||||||||||||
Interest And Other Financial Charges | (1,706) | (1,579) | (1,333) | (1,353) | (1,299) | |||||||||||||
Operating Segments [Member] | Power | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 21,490 | 20,580 | 19,315 | 20,364 | 20,335 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 31 | |||||||||||||||||
Operating Segments [Member] | Renewable Energy | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 6,273 | 6,399 | 4,824 | 7,373 | 4,924 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1 | |||||||||||||||||
Operating Segments [Member] | Oil & Gas | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 16,450 | 19,085 | 17,341 | 15,539 | 13,874 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 7 | |||||||||||||||||
Operating Segments [Member] | Energy Management | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 7,600 | 7,319 | 7,569 | 7,412 | 6,422 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 17 | |||||||||||||||||
Operating Segments [Member] | Aviation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 24,660 | 23,990 | 21,911 | 19,994 | 18,859 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 88 | |||||||||||||||||
Operating Segments [Member] | Healthcare | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 17,639 | 18,299 | 18,200 | 18,290 | 18,083 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 43 | |||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 28,162 | $ 29,227 | 28,162 | 29,227 | 27,858 | |||||||||||||
Operating Segments [Member] | Transporation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 5,933 | 5,650 | 5,885 | 5,608 | 4,885 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | |||||||||||||||||
Operating Segments [Member] | Appliances & Lighting | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 8,751 | 8,404 | 8,338 | 7,967 | 7,692 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 60 | |||||||||||||||||
Operating Segments [Member] | GE Industrial | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 108,796 | 109,727 | 103,383 | 102,548 | 95,074 | |||||||||||||
Operating Segments [Member] | Capital | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 10,801 | 11,320 | 11,267 | 11,268 | 11,843 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 347 | |||||||||||||||||
Operating Segments [Member] | Corporate | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | (2,211) | (3,863) | (1,405) | $ (1,228) | $ 3,145 | |||||||||||||
Intersegment | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||
Intersegment | Power | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 762 | 778 | 700 | |||||||||||||||
Intersegment | Renewable Energy | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 12 | 14 | 17 | |||||||||||||||
Intersegment | Oil & Gas | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 387 | 402 | 371 | |||||||||||||||
Intersegment | Energy Management | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 1,000 | 890 | 848 | |||||||||||||||
Intersegment | Aviation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 418 | 692 | 500 | |||||||||||||||
Intersegment | Healthcare | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 7 | 6 | 14 | |||||||||||||||
Intersegment | Transporation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 1 | (2) | 12 | |||||||||||||||
Intersegment | Appliances & Lighting | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 22 | 22 | 25 | |||||||||||||||
Intersegment | GE Industrial | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 2,608 | 2,801 | 2,486 | |||||||||||||||
Intersegment | Capital | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | 1,151 | 1,037 | 841 | |||||||||||||||
Intersegment | Corporate | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Revenues | (3,759) | $ (3,838) | $ (3,327) | |||||||||||||||
Associated Companies | Operating Segments [Member] | Power | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 469 | 469 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Renewable Energy | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 36 | 36 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Oil & Gas | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 143 | 143 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Energy Management | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 743 | 743 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Aviation | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 1,400 | 1,400 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Healthcare | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 571 | 571 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Transporation | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 6 | 6 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Appliances & Lighting | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 59 | 59 | ||||||||||||||||
Associated Companies | Operating Segments [Member] | Capital | ||||||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | $ 7,546 | $ 7,546 | ||||||||||||||||
[1] | (a) Our consolidated assets at December 31, 2015 included total assets of $ 8,542 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 $ 4,387 million and investment securities of $ 1,404 million w ithin continuing operations and assets of discontinued operations of $ 1,798 million. Our consolidated liabilities at December 31, 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 $ 3,083 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 794 million. See Note 21 . |
Cash Flows Information (Details
Cash Flows Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net dispositions (purchases of GE shares for treasury | ||||
Open market purchases under share repurchase program | $ (2,709) | $ (2,211) | $ (10,225) | |
Other purchases | (58) | (49) | (91) | |
Dispositions | 1,668 | 1,042 | 1,038 | |
Net dispositions (purchases) of GE shares for treasury | (1,099) | (1,218) | (9,278) | |
All other operating activities | ||||
All other operating activities | 7,160 | 5,318 | 4,672 | |
Net decrease (increase) in GE Capital financing receivables | ||||
Net decrease (increase) in GE Capital financing receivables | 1,043 | 1,260 | 2,151 | |
All other investing activities | ||||
All other investing activities | (5,013) | 23,410 | 35,027 | |
Repayments and other reductions (maturities longer than 90 days) | ||||
Repayments and other debt reductions (maturities longer than 90 days) | 47,038 | 38,410 | 53,624 | |
All Other Financing Activities [Abstract] | ||||
All other financing activities | (1,605) | (652) | (1,388) | |
Supplemental Cash Flow Elements [Abstract] | ||||
Foreclosed Assets | 0 | 482 | $ 839 | |
GE Capital | ||||
Net dispositions (purchases of GE shares for treasury | ||||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | 0 | |
All other operating activities | ||||
Cash collateral on derivative contracts | (1,936) | 738 | (2,285) | |
Increase (decrease) in other liabilities | 4,860 | (3,331) | 1,886 | |
Other | 2,163 | 5,073 | 2,995 | |
All other operating activities | 5,087 | 2,480 | 2,596 | |
Net decrease (increase) in GE Capital financing receivables | ||||
Increase in loans to customers | 65,306 | 64,843 | 58,535 | |
Principal collections from customers - loans | 60,292 | 60,764 | 58,667 | |
Investment in equipment for financing leases | 417 | 535 | 592 | |
Principal collections from customers - financing leases | 734 | 841 | 1,335 | |
Sales of financing receivables | 4,923 | 3,612 | 2,147 | |
Net decrease (increase) in GE Capital financing receivables | 226 | (161) | 3,022 | |
All other investing activities | ||||
Purchases of investment securities | 7,790 | 2,008 | 3,293 | |
Dispositions and maturities of investment securities | 9,587 | 2,723 | 7,360 | |
Decrease (increase) in other assets - investments | (1,439) | (287) | 183 | |
Other(a) | (5,048) | 24,146 | 31,506 | |
All other investing activities | (4,690) | 24,574 | 35,756 | |
Repayments and other reductions (maturities longer than 90 days) | ||||
Repayments of short-term (91 to 365 days) | (42,110) | (36,919) | (44,296) | |
Repayments of long-term (longer than one year) | (2,455) | (864) | (3,862) | |
Principal payments - non-recourse, leveraged leases | (283) | (304) | (434) | |
Repayments and other debt reductions (maturities longer than 90 days) | 44,848 | 38,087 | 48,592 | |
All Other Financing Activities [Abstract] | ||||
Proceeds from sale of investment contracts | 163 | 322 | 491 | |
Redemption of investment contracts | (1,235) | (1,113) | (980) | |
Other | (290) | 112 | (389) | |
All other financing activities | $ (1,362) | $ (679) | $ (878) |
Cost Information (R&D) (Details
Cost Information (R&D) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Income Statement Elements [Line Items] | |||
R&D Expense | $ 5,278 | $ 5,273 | $ 5,461 |
Customer funded R&D | (803) | (721) | (711) |
Partner funded R&D | (226) | (319) | (107) |
GE | |||
Supplemental Income Statement Elements [Line Items] | |||
R&D Expense | $ 4,249 | $ 4,233 | $ 4,643 |
Cost Information (Collaborative
Cost Information (Collaborative Arrangements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Income Statement Elements [Line Items] | |||
Cost of Goods Sold | $ 59,905 | $ 61,257 | $ 57,867 |
Cost of Services | 22,788 | 22,447 | 21,974 |
Collaborative arrangement | |||
Supplemental Income Statement Elements [Line Items] | |||
Cost of Goods Sold | 2,736 | 2,660 | 2,613 |
Cost of Services | $ 788 | $ 873 | $ 820 |
Cost Information (Rental Expens
Cost Information (Rental Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases [Abstract] | |||
Rental expense | $ 1,196 | $ 1,256 | $ 1,306 |
Amounts payable over the next five years | |||
'2016 | 794 | ||
Year 2,017 | 707 | ||
2,018 | 591 | ||
2,019 | 519 | ||
2,020 | 456 | ||
Eliminations | |||
Operating Leases [Abstract] | |||
Rental expense | (169) | (223) | (198) |
Amounts payable over the next five years | |||
'2016 | (144) | ||
Year 2,017 | (136) | ||
2,018 | (128) | ||
2,019 | (115) | ||
2,020 | (109) | ||
Operating Segments | |||
Operating Leases [Abstract] | |||
Rental expense | 1,365 | 1,479 | 1,504 |
GE | |||
Operating Leases [Abstract] | |||
Minimum rental commitments under noncancellable operating leases | 4,071 | ||
Amounts payable over the next five years | |||
'2016 | 909 | ||
Year 2,017 | 819 | ||
2,018 | 699 | ||
2,019 | 615 | ||
2,020 | 547 | ||
GE | Operating Segments | |||
Operating Leases [Abstract] | |||
Rental expense | 1,258 | 1,356 | 1,380 |
GE Capital | |||
Operating Leases [Abstract] | |||
Minimum rental commitments under noncancellable operating leases | 310 | ||
Amounts payable over the next five years | |||
'2016 | 29 | ||
Year 2,017 | 24 | ||
2,018 | 20 | ||
2,019 | 19 | ||
2,020 | 18 | ||
GE Capital | Operating Segments | |||
Operating Leases [Abstract] | |||
Rental expense | $ 107 | $ 123 | $ 124 |
Supplemental Information (Postr
Supplemental Information (Postretirement Benefit Plans - Cost of Benefit Plans) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plans costs | $ 5,045 | ||
Principal retiree benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 145 | $ 164 | $ 229 |
Prior service cost amortization | (8) | 353 | 393 |
Expected return on plan assets | (48) | (50) | (60) |
Interest cost on benefit obligation | 335 | 424 | 410 |
Net actuarial (gain) loss amortization | (25) | (150) | (45) |
Curtailment loss | (225) | 48 | 0 |
Pension plans costs | 174 | 789 | 927 |
Other pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 416 | 403 | 435 |
Prior service cost amortization | 0 | 6 | 7 |
Expected return on plan assets | (881) | (789) | (663) |
Interest cost on benefit obligation | 555 | 587 | 523 |
Net actuarial (gain) loss amortization | 289 | 205 | 343 |
Curtailment loss | (6) | 0 | 0 |
Pension plans costs | $ 373 | $ 412 | $ 645 |
Number of US and Non US Pension Plans | 53 | ||
Minimum US and non-US other pension plans with pension assets or obligations | 50 |
Supplemental Information (Po151
Supplemental Information (Postretirement Benefit Plans - Assumption Used in Benefit Calculations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Principal retiree benefit plans [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate - pension benefit obligation | 3.93% | 3.89% | 4.61% |
Compensation increases | 3.80% | 4.10% | 4.00% |
Initial healthcare trend rate | 6.00% | 6.00% | 6.00% |
Ultimately healthcare trend rate for 2030 | 2,030 | ||
Ultimate Health Care Cost Trend Rate | 5.00% | ||
Discount rate - benefit cost | 3.89% | 4.61% | 3.74% |
Expected return on assets | 7.00% | 7.00% | 7.00% |
Benefit Obligation Increase | $ 612 | ||
Principal retiree benefit plans [Member] | Weighted Average [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate - benefit cost | 3.92% | 4.47% | 3.77% |
Other Pension Plans, Defined Benefit [Member] | Weighted Average [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate - pension benefit obligation | 3.33% | 3.53% | 4.39% |
Compensation increases | 3.32% | 3.60% | 3.76% |
Discount rate - benefit cost | 3.53% | 4.39% | 3.92% |
Expected return on assets | 6.95% | 6.92% | 6.82% |
Supplemental Information (Po152
Supplemental Information (Postretirement Benefit Plans - Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other pension plans | |||
Defined Benefit Plan, Benefit Obligations [Abstract] | |||
Beginning balance | $ 15,589 | $ 13,535 | |
Service cost for benefits earned | 416 | 403 | $ 435 |
Interest cost on benefit obligation | 555 | 587 | 523 |
Participant contributions | 15 | 9 | |
Plan amendments | (12) | (29) | |
Actuarial loss (gain) | (406) | 2,170 | |
Benefits paid | (576) | (493) | |
Acquisitions (dispositions)-net | 6,859 | 48 | |
Exchange rate adjustments | (822) | (641) | |
Ending balance | 21,618 | 15,589 | 13,535 |
Principal retiree benefit plans | |||
Defined Benefit Plan, Benefit Obligations [Abstract] | |||
Beginning balance | 10,703 | 9,913 | |
Service cost for benefits earned | 145 | 164 | 229 |
Interest cost on benefit obligation | 335 | 424 | 410 |
Participant contributions | 50 | 52 | |
Plan amendments | (3,291) | (586) | |
Actuarial loss (gain) | (444) | 1,440 | |
Benefits paid | (691) | (704) | |
Acquisitions (dispositions)-net | (50) | 0 | |
Exchange rate adjustments | 0 | 0 | |
Ending balance | 6,757 | 10,703 | $ 9,913 |
Retiree health plans | |||
Defined Benefit Plan, Benefit Obligations [Abstract] | |||
Beginning balance | 8,445 | ||
Ending balance | $ 4,838 | $ 8,445 |
Supplemental Information (Po153
Supplemental Information (Postretirement Benefit Plans - The Composition of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | $ 31,973 | $ 35,505 |
Other pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Real estate | 1,358 | 690 |
Other investments | 1,266 | 856 |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 12,386 | 11,059 |
Actual gain (loss) on plan assets | 381 | 1,537 |
Employer contributions | 549 | 726 |
Participant contributions | 15 | 9 |
Benefits paid | 576 | 493 |
Acquisitions (dispositions)/other-net | 5,207 | 0 |
Exchange rate adjustments | (594) | (452) |
Ending balance | 17,368 | 12,386 |
Other pension plans | Fixed Income And Cash Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 6,258 | 4,071 |
Other pension plans | US Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 242 | 222 |
Other pension plans | Other Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 551 | 365 |
Other pension plans | Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | 703 | 262 |
Other pension plans | Non US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 6,323 | 5,285 |
Other pension plans | US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 667 | 635 |
Principal retiree benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Real estate | 6 | 64 |
Other investments | 20 | 42 |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 813 | 903 |
Actual gain (loss) on plan assets | 22 | 44 |
Employer contributions | 501 | 518 |
Participant contributions | 50 | 52 |
Benefits paid | 691 | 704 |
Acquisitions (dispositions)/other-net | 0 | 0 |
Exchange rate adjustments | 0 | 0 |
Ending balance | 695 | 813 |
Principal retiree benefit plans | Fixed Income And Cash Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 84 | 133 |
Principal retiree benefit plans | US Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 52 | 47 |
Principal retiree benefit plans | Other Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 93 | 103 |
Principal retiree benefit plans | Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | 75 | 94 |
Principal retiree benefit plans | Non US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 162 | 125 |
Principal retiree benefit plans | US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | $ 203 | $ 205 |
Supplemental Information (Po154
Supplemental Information (Postretirement Benefit Plans - Asset Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Principal pension plans | Equity Securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 17.00% | |
Target plan asset allocations range maximum | 57.00% | |
Actual allocation | 47.00% | |
Principal pension plans | Debt securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 13.00% | |
Target plan asset allocations range maximum | 53.00% | |
Actual allocation | 29.00% | |
Principal pension plans | Private equities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 8.00% | |
Target plan asset allocations range maximum | 18.00% | |
Actual allocation | 11.00% | |
Principal pension plans | Real estate | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 2.00% | |
Target plan asset allocations range maximum | 12.00% | |
Actual allocation | 7.00% | |
Principal pension plans | Other investments | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 3.00% | |
Target plan asset allocations range maximum | 13.00% | |
Actual allocation | 6.00% | |
Other pension plans | Equity Securities | Weighted average | ||
Asset Allocation | ||
Target Allocations | 37.00% | |
Actual allocation | 40.00% | |
Other pension plans | Debt securities | Weighted average | ||
Asset Allocation | ||
Target Allocations | 37.00% | |
Actual allocation | 40.00% | |
Other pension plans | Private equities | Weighted average | ||
Asset Allocation | ||
Target Allocations | 5.00% | |
Actual allocation | 4.00% | |
Other pension plans | Real estate | Weighted average | ||
Asset Allocation | ||
Target Allocations | 9.00% | |
Actual allocation | 8.00% | |
Other pension plans | Other investments | Weighted average | ||
Asset Allocation | ||
Target Allocations | 12.00% | |
Actual allocation | 8.00% | |
Principal retiree benefit plans | Equity Securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 35.00% | |
Target plan asset allocations range maximum | 75.00% | |
Actual allocation | 59.00% | |
Principal retiree benefit plans | Debt securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 11.00% | |
Target plan asset allocations range maximum | 46.00% | |
Actual allocation | 27.00% | |
Principal retiree benefit plans | Private equities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 0.00% | |
Target plan asset allocations range maximum | 25.00% | |
Actual allocation | 11.00% | |
Principal retiree benefit plans | Real estate | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 0.00% | |
Target plan asset allocations range maximum | 12.00% | |
Actual allocation | 1.00% | |
Principal retiree benefit plans | Other investments | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 0.00% | |
Target plan asset allocations range maximum | 10.00% | |
Actual allocation | 2.00% | |
GE Pension Plan | ||
Asset Allocation | ||
Maximum Percentage Of Fair Value of Trust Assets That Can Be Qualifying Employer Securites and Qualifying Employe Real Property | 10.00% | |
Percentage Of GE Securities of GE Penion Trust Assets | 3.70% | 3.80% |
Maximum Percentage of Total GE Pension PLan assets that Can Be Sector Concentration of Assets | 15.00% |
Supplemental Information (Po155
Supplemental Information (Postretirement Benefit Plans - Changes in Level 3 Investments) (Details) - GE pension plan - Level 3 investments - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Level 3 Investments for the GE Pension Plan Roll Forward [Abstract] | ||
Beginning balance | $ 10,600 | $ 11,245 |
Net realized gains (losses) | 573 | 666 |
Net unrealized gains (losses) | 386 | 377 |
Purchases, issuances, and settlements | (1,260) | (1,962) |
Transfers in and/or out of Level 3 | 54 | 274 |
Ending balance | 10,353 | 10,600 |
Private equities | ||
Change in Level 3 Investments for the GE Pension Plan Roll Forward [Abstract] | ||
Beginning balance | 5,217 | 6,269 |
Net realized gains (losses) | 432 | 592 |
Net unrealized gains (losses) | 189 | (54) |
Purchases, issuances, and settlements | (968) | (1,565) |
Transfers in and/or out of Level 3 | 0 | (25) |
Ending balance | 4,870 | 5,217 |
Real estate | ||
Change in Level 3 Investments for the GE Pension Plan Roll Forward [Abstract] | ||
Beginning balance | 3,129 | 3,354 |
Net realized gains (losses) | 122 | 36 |
Net unrealized gains (losses) | 246 | 334 |
Purchases, issuances, and settlements | (360) | (595) |
Transfers in and/or out of Level 3 | 49 | 0 |
Ending balance | 3,186 | 3,129 |
Other investments | ||
Change in Level 3 Investments for the GE Pension Plan Roll Forward [Abstract] | ||
Beginning balance | 2,248 | 1,622 |
Net realized gains (losses) | 22 | 47 |
Net unrealized gains (losses) | (52) | 86 |
Purchases, issuances, and settlements | 71 | 194 |
Transfers in and/or out of Level 3 | 6 | 299 |
Ending balance | 2,295 | 2,248 |
Debt securities | ||
Change in Level 3 Investments for the GE Pension Plan Roll Forward [Abstract] | ||
Beginning balance | 6 | 0 |
Net realized gains (losses) | (3) | (9) |
Net unrealized gains (losses) | 3 | 11 |
Purchases, issuances, and settlements | (3) | 4 |
Transfers in and/or out of Level 3 | (1) | 0 |
Ending balance | $ 2 | $ 6 |
Supplemental Information (Po156
Supplemental Information (Postretirement Benefit Plans - Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Principal pension plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,016 | $ 3,395 |
2,017 | 3,485 |
2,018 | 3,610 |
2,019 | 3,705 |
2,020 | 3,785 |
2021-2025 | 20,145 |
Other pension plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,016 | 855 |
2,017 | 870 |
2,018 | 875 |
2,019 | 885 |
2,020 | 905 |
2021-2025 | 4,835 |
Principal retiree benefit plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,016 | 625 |
2,017 | 600 |
2,018 | 590 |
2,019 | 575 |
2,020 | 560 |
2021-2025 | $ 2,500 |
Supplemental Information (Po157
Supplemental Information (Postretirement Benefit Plans - Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | $ 5,045 | ||
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost - current year | (2,401) | ||
Net actuarial gain - current year (a) | (1,604) | ||
Net curtailment / settlement | 76 | ||
Prior service credit (cost) amortization | (197) | ||
Net actuarial gain (loss) amortization | (3,552) | ||
Total changes in other comprehensive income | (7,678) | ||
Cost of postretirement benefit plans and changes in other comprehensive income | (2,633) | ||
Principal pension plans | |||
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | 4,498 | $ 3,604 | $ 4,405 |
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost - current year | 902 | ||
Net actuarial gain - current year (a) | (1,022) | ||
Net curtailment / settlement | (105) | ||
Prior service credit (cost) amortization | (205) | ||
Net actuarial gain (loss) amortization | (3,288) | ||
Total changes in other comprehensive income | (3,718) | ||
Cost of postretirement benefit plans and changes in other comprehensive income | 780 | ||
Other pension plans | |||
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | 373 | $ 412 | $ 645 |
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost - current year | (12) | ||
Net actuarial gain - current year (a) | (164) | ||
Net curtailment / settlement | 6 | ||
Prior service credit (cost) amortization | 0 | ||
Net actuarial gain (loss) amortization | (289) | ||
Total changes in other comprehensive income | (459) | ||
Cost of postretirement benefit plans and changes in other comprehensive income | (86) | ||
Principal retiree benefit plans | |||
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | 174 | ||
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost - current year | (3,291) | ||
Net actuarial gain - current year (a) | (418) | ||
Net curtailment / settlement | 175 | ||
Prior service credit (cost) amortization | 8 | ||
Net actuarial gain (loss) amortization | 25 | ||
Total changes in other comprehensive income | (3,501) | ||
Cost of postretirement benefit plans and changes in other comprehensive income | $ (3,327) |
Supplemental Information (De158
Supplemental Information (Derivatives and Hedging) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 7,391 | $ 9,911 |
Derivative liabilities | 5,681 | 4,851 |
Netting adjustment of derivative gross asset | (4,326) | (3,875) |
Netting adjustment of derivative gross liability | (4,326) | (3,892) |
Cash collateral assets | (1,141) | (3,233) |
Net derivative assets | 2,282 | 3,731 |
Net derivative liabilities | 700 | 485 |
Cumulative gain (loss) adjustment for non performance risk | 16 | |
Excluded excess cash collateral received | 48 | 63 |
Excluded excess cash collateral posted | 379 | 195 |
Excluded excess securities collateral received | 107 | 471 |
Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5,241 | 8,414 |
Derivative liabilities | 1,541 | 1,347 |
Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2,149 | 1,498 |
Derivative liabilities | 4,141 | 3,503 |
Interest Rate Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 4,132 | 5,835 |
Derivative liabilities | 158 | 461 |
Interest Rate Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 119 | 79 |
Derivative liabilities | 44 | 24 |
Currency Exchange Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,109 | 2,579 |
Derivative liabilities | 1,383 | 884 |
Currency Exchange Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,715 | 1,182 |
Derivative liabilities | 4,048 | 3,439 |
Other Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 2 |
Other Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 315 | 237 |
Derivative liabilities | 49 | 40 |
Gross Accrued Interest [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,001 | 1,389 |
Derivative liabilities | (13) | (30) |
Gross Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 8,392 | 11,300 |
Derivative liabilities | 5,668 | 4,821 |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (6,110) | (7,570) |
Derivative liabilities | (4,968) | (4,337) |
Cash collateral assets | (1,784) | (3,695) |
Cash collateral liabilities | (642) | (445) |
Securities Pledged as Collateral [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (1,277) | (3,114) |
Derivative liabilities | 0 | 0 |
Net Derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,005 | 617 |
Derivative liabilities | $ 700 | $ 485 |
Supplemental Information (De159
Supplemental Information (Derivatives and Hedging - Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | $ (913) | $ (546) |
Gain (loss) reclassified from AOCI into earnings | (918) | $ (878) |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | 49 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 134 | |
Maximum term of hedged forecasted transactions | 17 years | 18 years |
Interest Rate Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | $ (1) | $ (1) |
Gain (loss) reclassified from AOCI into earnings | (130) | (234) |
Currency Exchange Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | (907) | (541) |
Gain (loss) reclassified from AOCI into earnings | (784) | (641) |
Commodity Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | (5) | (4) |
Gain (loss) reclassified from AOCI into earnings | $ (4) | $ (3) |
Supplemental Information (De160
Supplemental Information (Derivatives and Hedging - Counterparty Credit Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Securities held as collateral | $ 1,277 | $ 3,114 |
Cash collateral | 1,141 | 3,233 |
Total fair value of collateral | 3,061 | |
Collateral Already Posted, Aggregate Fair Value | 642 | |
Exposure to counterparties including interest net collateral excluding embedded derivatives | 836 | |
Derivative liability after collateral and outstanding interest payments excluding embedded derivatives | 690 | |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Cash collateral | $ 1,784 | $ 3,695 |
Quarterly Information (Unaud161
Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Earnings [Abstract] | ||||||||||||||
Earnings (loss) from continuing operations | $ 2,645 | $ 1,915 | $ 1,813 | $ (4,673) | $ 3,690 | $ 2,130 | $ 2,180 | $ 1,491 | $ 1,700 | $ 9,490 | $ 7,881 | |||
Losses from discontinued operations, net of tax | 3,758 | 629 | (2,947) | (8,936) | 1,649 | 1,378 | 1,367 | 1,461 | (7,495) | 5,855 | 5,475 | |||
Net earnings (loss) | 6,403 | 2,545 | (1,134) | (13,608) | 5,339 | 3,508 | 3,546 | 2,952 | (5,795) | 15,345 | 13,355 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 103 | 39 | 225 | (35) | 187 | (29) | 0 | (47) | 332 | 112 | 298 | |||
Net Income (Loss) Attributable to Parent | $ 6,301 | $ 2,506 | $ (1,360) | $ (13,573) | $ 5,152 | $ 3,536 | $ 3,546 | $ 2,999 | (6,126) | 15,233 | 13,057 | |||
Preferred stock dividends declared | 18 | 0 | 0 | |||||||||||
Net earnings (loss) attributable to GE common shareowners | $ (6,145) | $ 15,233 | $ 13,057 | $ 13,641 | $ 13,120 | |||||||||
Earnings From Continuing Operations Per Share [Abstract] | ||||||||||||||
Diluted earnings (loss) per share | $ 0.26 | $ 0.19 | $ 0.17 | $ (0.45) | $ 0.35 | $ 0.22 | $ 0.22 | $ 0.15 | $ 0.17 | $ 0.94 | $ 0.74 | |||
Basic earnings (loss) per share | 0.26 | 0.19 | 0.17 | (0.45) | 0.36 | 0.22 | 0.22 | 0.15 | 0.17 | 0.95 | 0.74 | |||
Earnings Per Share Discontinued Operations | ||||||||||||||
Earnings (loss) from discontinued operations-Diluted | 0.38 | 0.05 | (0.3) | (0.9) | 0.15 | 0.13 | 0.13 | 0.14 | (0.78) | 0.56 | 0.53 | |||
Earnings (loss) from discontinued operations-Basic | 0.38 | 0.05 | (0.3) | (0.9) | 0.16 | 0.13 | 0.14 | 0.14 | (0.78) | 0.57 | 0.53 | |||
Earnings Per Share [Abstract] | ||||||||||||||
Diluted earnings (loss) per share | 0.64 | 0.25 | (0.13) | (1.35) | 0.51 | 0.35 | 0.35 | 0.3 | (0.61) | 1.5 | 1.27 | |||
Basic earnings (loss) per share | $ 0.64 | $ 0.25 | $ (0.13) | $ (1.35) | $ 0.51 | $ 0.35 | $ 0.35 | $ 0.3 | $ (0.62) | $ 1.51 | $ 1.28 | |||
Revenues | $ 117,386 | $ 117,184 | $ 113,245 | 112,588 | 110,062 | |||||||||
Net earnings (loss) from continuing operations attributable to GE common shareowners | 1,663 | 9,535 | 7,618 | 8,646 | 8,081 | |||||||||
GE | ||||||||||||||
Earnings [Abstract] | ||||||||||||||
Earnings (loss) from continuing operations | 1,746 | 9,485 | 7,864 | |||||||||||
Losses from discontinued operations, net of tax | (7,807) | 5,698 | 5,439 | 4,995 | 5,039 | |||||||||
Net earnings (loss) | [1] | (6,061) | 15,182 | 13,303 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | [1] | 83 | (50) | 245 | ||||||||||
Net Income (Loss) Attributable to Parent | [1] | (6,145) | 15,233 | 13,057 | ||||||||||
Preferred stock dividends declared | 0 | 0 | 0 | |||||||||||
Net earnings (loss) attributable to GE common shareowners | (6,145) | 15,233 | 13,057 | |||||||||||
Earnings Per Share [Abstract] | ||||||||||||||
Sales of goods and services | $ 30,614 | $ 25,612 | $ 26,141 | $ 23,839 | $ 31,046 | $ 26,025 | $ 26,225 | $ 24,011 | ||||||
Gross profit from sales | 7,556 | 6,275 | 6,033 | 5,514 | 7,870 | 6,146 | 6,089 | 5,327 | ||||||
Revenues | 100,700 | 109,546 | 104,599 | |||||||||||
Net earnings (loss) from continuing operations attributable to GE common shareowners | 1,663 | 9,535 | 7,618 | |||||||||||
GE Capital | ||||||||||||||
Earnings [Abstract] | ||||||||||||||
Earnings (loss) from continuing operations | (7,718) | 1,537 | 716 | |||||||||||
Losses from discontinued operations, net of tax | (7,485) | 5,860 | 5,540 | |||||||||||
Net earnings (loss) | (15,202) | 7,397 | 6,256 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 248 | 162 | 53 | |||||||||||
Net Income (Loss) Attributable to Parent | (15,450) | 7,234 | 6,204 | |||||||||||
Preferred stock dividends declared | 330 | 322 | 298 | |||||||||||
Net earnings (loss) attributable to GE common shareowners | (15,780) | 6,912 | 5,906 | |||||||||||
Earnings Per Share [Abstract] | ||||||||||||||
Revenues | 2,585 | 2,660 | 2,690 | 2,866 | 2,919 | 2,763 | 2,676 | 2,963 | 10,801 | 11,320 | 11,267 | $ 11,268 | $ 11,843 | |
Net earnings (loss) from continuing operations attributable to GE common shareowners | $ (1,447) | $ (154) | $ (332) | $ (5,721) | $ 348 | $ 226 | $ 468 | $ 489 | $ (7,983) | $ 1,209 | $ 401 | |||
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |