Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Amendment Flag | false |
Entity Registrant Name | General Electric Company |
Trading Symbol | GE |
Entity Central Index Key | 40,545 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | shares | 9,195,657,000 |
Common stock, par value per share | $ / shares | $ 0.06 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2,016 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Statement of Earnings (Unaudite
Statement of Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Revenues and other income | |||
Sales of goods | $ 17,208 | $ 16,599 | |
Sales of services | 8,106 | 7,084 | |
Other income (Note 17) | 9 | 142 | |
GE Capital earnings from continuing operations | 0 | 0 | |
GE Capital revenues from services | 2,522 | 2,414 | |
Total revenues and other income | 27,845 | 26,239 | |
Costs and expenses | |||
Cost of goods sold | 14,588 | 13,520 | |
Cost of services sold | 5,773 | 5,162 | |
Selling, general and administrative expenses | 4,608 | 4,415 | |
Interest and other financial charges | 1,736 | 618 | |
Investment contracts, insurance losses and insurance annuity benefits | 642 | 613 | |
Other costs and expenses | 259 | 291 | |
Total costs and expenses | 27,606 | 24,619 | |
Earnings (loss) from continuing operations before income taxes | 238 | 1,621 | |
Benefit (provision) for income taxes | 139 | (6,294) | |
Earnings (loss) from continuing operations | 378 | (4,673) | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (308) | (8,936) | |
Net earnings (loss) | 69 | (13,608) | |
Less net earnings (loss) attributable to noncontrolling interests | (121) | (35) | |
Net earnings (loss) attributable to the Company | 191 | (13,573) | |
Preferred stock dividends | (289) | 0 | |
Net earnings (loss) attributable to GE common shareowners | (98) | (13,573) | |
Amounts attributable to GE common shareowners | |||
Earnings (loss) from continuing operations | 378 | (4,673) | |
Less net earnings (loss) attributable to noncontrolling interests from continuing operations | (121) | (124) | |
Earnings (loss) from continuing operations attributable to the Company | 499 | (4,548) | |
Preferred stock dividends | (289) | 0 | |
Earnings (loss) from continuing operations attributable to GE common shareowners | 210 | (4,548) | |
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,936) | |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 89 | |
Net earnings (loss) attributable to GE common shareowners | $ (98) | $ (13,573) | |
Earnings (loss) from continuing operations | |||
Diluted earnings (loss) per share | $ 0.02 | $ (0.45) | |
Basic earnings (loss) per share | 0.02 | (0.45) | |
Net earnings (loss) | |||
Diluted earnings (loss) per share | (0.01) | (1.35) | |
Basic earnings (loss) per share | (0.01) | (1.35) | |
Dividends declared per common share | $ 0.23 | $ 0.23 | |
GE | |||
Revenues and other income | |||
Sales of goods | $ 17,213 | $ 16,648 | |
Sales of services | 8,194 | 7,192 | |
Other income (Note 17) | 92 | 52 | |
GE Capital earnings from continuing operations | (893) | (5,721) | |
GE Capital revenues from services | 0 | 0 | |
Total revenues and other income | 24,606 | 18,171 | |
Costs and expenses | |||
Cost of goods sold | 14,597 | 13,571 | |
Cost of services sold | 5,293 | 4,754 | |
Selling, general and administrative expenses | 3,982 | 3,825 | |
Interest and other financial charges | 440 | 389 | |
Investment contracts, insurance losses and insurance annuity benefits | 0 | 0 | |
Other costs and expenses | 0 | 0 | |
Total costs and expenses | 24,313 | 22,540 | |
Earnings (loss) from continuing operations before income taxes | 294 | (4,369) | |
Benefit (provision) for income taxes | (201) | (306) | |
Earnings (loss) from continuing operations | 92 | (4,675) | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (308) | (9,025) | |
Net earnings (loss) | [1] | (216) | (13,700) |
Less net earnings (loss) attributable to noncontrolling interests | [1] | (117) | (127) |
Net earnings (loss) attributable to the Company | [1] | (98) | (13,573) |
Preferred stock dividends | 0 | 0 | |
Net earnings (loss) attributable to GE common shareowners | (98) | (13,573) | |
Amounts attributable to GE common shareowners | |||
Earnings (loss) from continuing operations | 92 | (4,675) | |
Less net earnings (loss) attributable to noncontrolling interests from continuing operations | (117) | (127) | |
Earnings (loss) from continuing operations attributable to the Company | 210 | (4,548) | |
Preferred stock dividends | 0 | 0 | |
Earnings (loss) from continuing operations attributable to GE common shareowners | 210 | (4,548) | |
Earnings (loss) from discontinued operations, net of taxes | [1] | (308) | (9,025) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | |
Net earnings (loss) attributable to GE common shareowners | (98) | (13,573) | |
GE Capital | |||
Revenues and other income | |||
Sales of goods | 25 | 21 | |
Sales of services | 0 | 0 | |
Other income (Note 17) | 0 | 0 | |
GE Capital earnings from continuing operations | 0 | 0 | |
GE Capital revenues from services | 2,860 | 2,845 | |
Total revenues and other income | 2,885 | 2,866 | |
Costs and expenses | |||
Cost of goods sold | 20 | 18 | |
Cost of services sold | 568 | 516 | |
Selling, general and administrative expenses | 874 | 792 | |
Interest and other financial charges | 1,430 | 339 | |
Investment contracts, insurance losses and insurance annuity benefits | 671 | 642 | |
Other costs and expenses | 268 | 290 | |
Total costs and expenses | 3,833 | 2,597 | |
Earnings (loss) from continuing operations before income taxes | (948) | 269 | |
Benefit (provision) for income taxes | 341 | (5,988) | |
Earnings (loss) from continuing operations | (608) | (5,719) | |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (308) | (8,935) | |
Net earnings (loss) | (916) | (14,654) | |
Less net earnings (loss) attributable to noncontrolling interests | (4) | 91 | |
Net earnings (loss) attributable to the Company | (912) | (14,745) | |
Preferred stock dividends | (289) | 0 | |
Net earnings (loss) attributable to GE common shareowners | (1,201) | (14,745) | |
Amounts attributable to GE common shareowners | |||
Earnings (loss) from continuing operations | (608) | (5,719) | |
Less net earnings (loss) attributable to noncontrolling interests from continuing operations | (4) | 2 | |
Earnings (loss) from continuing operations attributable to the Company | (604) | (5,721) | |
Preferred stock dividends | (289) | 0 | |
Earnings (loss) from continuing operations attributable to GE common shareowners | (893) | (5,721) | |
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,935) | |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 89 | |
Net earnings (loss) attributable to GE common shareowners | $ (1,201) | $ (14,745) | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Statement of Earnings (Parenthe
Statement of Earnings (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Statement of Earnings [Abstract] | |
Revised adjustment total cost | $ 259 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ 69 | $ (13,608) |
Less net earnings (loss) attributable to noncontrolling interests | (121) | (35) |
Net earnings (loss) attributable to the Company | 191 | (13,573) |
Other comprehensive income (loss) | ||
Investment securities | 220 | 233 |
Currency translation adjustments | 1 | (5,335) |
Cash flow hedges | 55 | (46) |
Benefit plans | 550 | 909 |
Other comprehensive income (loss) | 826 | (4,240) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 2 | (49) |
Other comprehensive income (loss) attributable to the Company | 824 | (4,191) |
Comprehensive income (loss) | 896 | (17,848) |
Less Comprehensive income (loss) attributable to noncontrolling interests | (119) | (85) |
Comprehensive income (loss) attributable to the Company | $ 1,015 | $ (17,764) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareowners' Equity (Unaudited) $ in Millions | USD ($) | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | $ 8,674 | |
GE shareowners' equity opening balance at Dec. 31, 2014 | 128,159 | |
Statement Of Stockholders Equity [Abstract] | ||
Net earnings (loss) attributable to the Company | (13,573) | |
Dividends and other transactions with shareowners | (2,319) | |
Redemption value adjustment | 0 | |
Other comprehensive income (loss) attributable to GE | (4,191) | |
Net sales (purchases) of shares for treasury(a) | 499 | |
Changes in other capital | (15) | |
Equity ending balance at Mar. 31, 2015 | 108,560 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,738 | [1] |
Total equity balance | 117,298 | |
Noncontrolling interests | 1,864 | [1] |
Total equity balance | 100,138 | |
GE shareowners' equity opening balance at Dec. 31, 2015 | 98,274 | |
Statement Of Stockholders Equity [Abstract] | ||
Net earnings (loss) attributable to the Company | 191 | |
Dividends and other transactions with shareowners | (2,429) | |
Redemption value adjustment | (32) | |
Other comprehensive income (loss) attributable to GE | 824 | |
Net sales (purchases) of shares for treasury(a) | (5,503) | |
Changes in other capital | (236) | |
Equity ending balance at Mar. 31, 2016 | 91,088 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 1,667 | [1] |
Total equity balance | $ 92,755 | |
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (262) mi llion and $ (264) million at March 31, 2016 and December 31, 2015 , respectively. |
Statement of Financial Position
Statement of Financial Position (Unaudited) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |||
Assets | ||||||
Cash and equivalents | $ 75,075 | $ 70,483 | ||||
Investment securities (Note 3) | 32,974 | 31,973 | ||||
Current receivables | 25,918 | 27,022 | ||||
Inventories (Note 4) | 23,907 | 22,515 | ||||
Financing receivables - net (Note 5) | 11,903 | 12,052 | ||||
Other GE Capital Receivables | 6,409 | 6,782 | ||||
Property, plant and equipment - net (Note 6) | 53,786 | 54,095 | ||||
Receivables from GE Capital (debt assumption) | 0 | 0 | $ 0 | |||
Investment in GE Capital | 0 | 0 | ||||
Goodwill (Note 7) | 66,212 | 65,526 | ||||
Other intangible assets - net (Note 7) | 16,890 | 17,798 | ||||
Contract Assets (Note 8) | 21,654 | 21,156 | ||||
All other assets | 39,625 | 36,797 | ||||
Deferred income taxes (Note 11) | 3,214 | 3,105 | ||||
Assets of businesses held for sale (Note 2) | 3,013 | 2,818 | ||||
Assets of discontinued operations (Note 2) | 81,615 | 120,951 | ||||
Total assets(a) | [1] | 462,193 | 493,072 | |||
Liabilities and equity | ||||||
Short-term borrowings (Note 9) | 51,082 | 49,860 | ||||
Accounts payable, principally trade accounts | 13,150 | 13,680 | ||||
Progress collections and price adjustments accrued | 16,342 | 15,776 | ||||
Dividends payable | 2,153 | 2,167 | ||||
Other GE current liabilities | 21,552 | 23,597 | ||||
Non-recourse borrowings of consolidated securitization entities (Note 9) | 2,780 | 3,083 | ||||
Long-term borrowings (Note 9) | 132,187 | 144,659 | ||||
Deferred tax liabilities | 0 | 0 | ||||
Investment contracts, insurance liabilities and insurance annuity benefits | 26,318 | 25,692 | ||||
Non-current compensation and benefits | 40,415 | 40,487 | ||||
All other liabilities | 22,459 | 23,612 | ||||
Liabilities of businesses held for sale (Note 2) | 1,020 | 861 | ||||
Liabilities of discontinued operations (Note 2) | 36,944 | 46,487 | ||||
Total liabilities(a) | [1] | 366,403 | 389,962 | |||
Redeemable noncontrolling interest (Note 12) | 3,036 | 2,972 | 73 | |||
Preferred stock value (5,944,250 shares outstanding at both March 31, 2016 and December 31, 2015) | 6 | 6 | ||||
Common stock (9,195,657,000 and 9,379,288,000 shares outstanding at March 31, 2016 and December 31, 2015, respectively) | 702 | 702 | ||||
Accumulated other comprehensive income (loss) - attributable to GE(b) | ||||||
Investment securities | [2] | 680 | 460 | |||
Currency translation adjustments | [2] | (5,500) | (5,499) | |||
Cash flow hedges | [2] | (26) | (80) | |||
Benefit plans | [2] | (10,859) | (11,410) | |||
Other capital | 37,377 | 37,613 | ||||
Retained earnings | 137,750 | 140,020 | ||||
Less common stock held in treasury | (69,042) | (63,539) | ||||
Total GE shareowners' equity | 91,088 | 98,274 | 108,560 | |||
Noncontrolling interests(c) (Note 12) | [3] | 1,667 | 1,864 | 8,738 | ||
Total equity | 92,755 | 100,138 | $ 117,298 | |||
Total liabilities, redeemable noncontrolling interests and equity | 462,193 | 493,072 | ||||
GE | ||||||
Assets | ||||||
Cash and equivalents | [4] | 9,297 | 10,372 | |||
Investment securities (Note 3) | [4] | 97 | 151 | |||
Current receivables | [4] | 14,420 | 14,707 | |||
Inventories (Note 4) | [4] | 23,839 | 22,449 | |||
Financing receivables - net (Note 5) | [4] | 0 | 0 | |||
Other GE Capital Receivables | [4] | 0 | 0 | |||
Property, plant and equipment - net (Note 6) | 19,659 | 20,145 | [4] | |||
Receivables from GE Capital (debt assumption) | [4] | 73,623 | 84,704 | |||
Investment in GE Capital | [4] | 38,213 | 46,227 | |||
Goodwill (Note 7) | [4] | 63,841 | 63,157 | |||
Other intangible assets - net (Note 7) | [4] | 16,493 | 17,366 | |||
Contract Assets (Note 8) | [4] | 21,654 | 21,156 | |||
All other assets | [4] | 12,537 | 12,813 | |||
Deferred income taxes (Note 11) | [4] | 7,467 | 7,666 | |||
Assets of businesses held for sale (Note 2) | [4] | 3,013 | 2,818 | |||
Assets of discontinued operations (Note 2) | [4] | 9 | 9 | |||
Total assets(a) | [4] | 304,163 | 323,738 | |||
Liabilities and equity | ||||||
Short-term borrowings (Note 9) | [4],[5] | 20,659 | 19,792 | |||
Accounts payable, principally trade accounts | [4] | 18,297 | 19,250 | |||
Progress collections and price adjustments accrued | [4] | 16,342 | 15,776 | |||
Dividends payable | [4] | 2,153 | 2,167 | |||
Other GE current liabilities | [4] | 21,549 | 23,595 | |||
Non-recourse borrowings of consolidated securitization entities (Note 9) | [4] | 0 | 0 | |||
Long-term borrowings (Note 9) | [4],[5] | 72,353 | 83,309 | |||
Investment contracts, insurance liabilities and insurance annuity benefits | [4] | 0 | 0 | |||
Non-current compensation and benefits | [4] | 39,588 | 39,472 | |||
All other liabilities | [4] | 16,239 | 16,217 | |||
Liabilities of businesses held for sale (Note 2) | [4] | 1,506 | 1,409 | |||
Liabilities of discontinued operations (Note 2) | [4] | 127 | 128 | |||
Total liabilities(a) | [4] | 208,813 | 221,115 | |||
Redeemable noncontrolling interest (Note 12) | [4] | 3,036 | 2,972 | |||
Preferred stock value (5,944,250 shares outstanding at both March 31, 2016 and December 31, 2015) | 6 | [4] | 6 | |||
Common stock (9,195,657,000 and 9,379,288,000 shares outstanding at March 31, 2016 and December 31, 2015, respectively) | [4] | 702 | 702 | |||
Accumulated other comprehensive income (loss) - attributable to GE(b) | ||||||
Investment securities | [4] | 680 | 460 | |||
Currency translation adjustments | [4] | (5,500) | (5,499) | |||
Cash flow hedges | [4] | (26) | (80) | |||
Benefit plans | [4] | (10,859) | (11,410) | |||
Other capital | [4] | 37,377 | 37,613 | |||
Retained earnings | [4] | 137,750 | 140,020 | |||
Less common stock held in treasury | [4] | (69,042) | (63,539) | |||
Total GE shareowners' equity | [4] | 91,088 | 98,274 | |||
Noncontrolling interests(c) (Note 12) | [4] | 1,226 | 1,378 | |||
Total equity | [4] | 92,314 | 99,651 | |||
Total liabilities, redeemable noncontrolling interests and equity | [4] | 304,163 | 323,738 | |||
GE Capital | ||||||
Assets | ||||||
Cash and equivalents | 65,778 | 60,111 | ||||
Investment securities (Note 3) | 32,882 | 31,827 | ||||
Current receivables | 0 | 0 | ||||
Inventories (Note 4) | 68 | 66 | ||||
Financing receivables - net (Note 5) | 23,715 | 25,003 | ||||
Other GE Capital Receivables | 15,109 | 15,455 | ||||
Property, plant and equipment - net (Note 6) | 34,892 | 34,781 | ||||
Receivables from GE Capital (debt assumption) | 0 | 0 | ||||
Investment in GE Capital | 0 | 0 | ||||
Goodwill (Note 7) | 2,370 | 2,370 | ||||
Other intangible assets - net (Note 7) | 399 | 435 | ||||
Contract Assets (Note 8) | 0 | 0 | ||||
All other assets | 28,607 | 25,081 | ||||
Deferred income taxes (Note 11) | (4,253) | (4,561) | ||||
Assets of businesses held for sale (Note 2) | 0 | 0 | ||||
Assets of discontinued operations (Note 2) | 81,606 | 120,942 | ||||
Total assets(a) | 281,172 | 311,508 | ||||
Liabilities and equity | ||||||
Short-term borrowings (Note 9) | [5] | 48,736 | 48,617 | |||
Accounts payable, principally trade accounts | 2,082 | 1,745 | ||||
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 9) | 2,780 | 3,083 | ||||
Long-term borrowings (Note 9) | [5] | 116,257 | 128,478 | |||
Investment contracts, insurance liabilities and insurance annuity benefits | 26,955 | 26,155 | ||||
Non-current compensation and benefits | 818 | 1,006 | ||||
All other liabilities | 8,073 | 9,351 | ||||
Liabilities of businesses held for sale (Note 2) | 0 | 0 | ||||
Liabilities of discontinued operations (Note 2) | 36,817 | 46,359 | ||||
Total liabilities(a) | 242,518 | 264,795 | ||||
Redeemable noncontrolling interest (Note 12) | 0 | 0 | ||||
Preferred stock value (5,944,250 shares outstanding at both March 31, 2016 and December 31, 2015) | 6 | 6 | ||||
Common stock (9,195,657,000 and 9,379,288,000 shares outstanding at March 31, 2016 and December 31, 2015, respectively) | 0 | 0 | ||||
Accumulated other comprehensive income (loss) - attributable to GE(b) | ||||||
Investment securities | 683 | 456 | ||||
Currency translation adjustments | (773) | (898) | ||||
Cash flow hedges | (24) | (112) | ||||
Benefit plans | (534) | (540) | ||||
Other capital | 12,570 | 12,326 | ||||
Retained earnings | 26,286 | 34,988 | ||||
Less common stock held in treasury | 0 | 0 | ||||
Total GE shareowners' equity | 38,213 | 46,227 | ||||
Noncontrolling interests(c) (Note 12) | 441 | 486 | ||||
Total equity | 38,655 | 46,713 | ||||
Total liabilities, redeemable noncontrolling interests and equity | $ 281,172 | $ 311,508 | ||||
[1] | (a) Our consolidated assets at March 31, 2016 included total assets of $ 7,295 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 $ 4,590 million and investment securities of $ 1,493 million w ithin continuing operations and assets of discontinued operations of $ 468 million. Our consolidated liabilities at March 31, 2016 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 $ 2,780 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 41 million. See Note 16. | |||||
[2] | (b) The sum of accu mulated other comprehensive income (loss) (AOCI) attributable to the Company was $ (15,705) million and $ (16,529) million at March 31, 2016 and December 31, 2015 , respectively. | |||||
[3] | (c) Included AOCI attributable to noncontrolling interests of $ (262) mi llion and $ (264) million at March 31, 2016 and December 31, 2015 , 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. The short-term borrowings were $17,268 million and $17,642 million and the long-term borrowings were $56,355 million and $67,062 million at March 31, 2016 and December 31, 2015, respectively. See Note 9 for addition al information. |
Statement of Financial Positio7
Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |||
Assets | [1] | $ 462,193 | $ 493,072 |
Investment securities (Note 3) | 32,974 | 31,973 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (15,705) | (16,529) | |
Accumulated Other Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interests | (262) | (264) | |
Debt Disclosure [Abstract] | |||
Short-term borrowings | 51,082 | 49,860 | |
Long-term borrowings | $ 132,187 | $ 144,659 | |
Preferred Stock, Shares Outstanding | 5,944,250 | 0 | |
Common Stock, Shares, Outstanding | 9,195,657,000 | 9,379,288,000 | |
Borrowings Assumed By GE | |||
Debt Disclosure [Abstract] | |||
Short-term borrowings | $ 17,268 | $ 17,642 | |
Long-term borrowings | 56,355 | 67,062 | |
GE Capital | |||
Variable Interest Entities [Abstract] | |||
Assets | 281,172 | 311,508 | |
Investment securities (Note 3) | 32,882 | 31,827 | |
Non-recourse borrowings | 1,471 | 1,534 | |
Debt Disclosure [Abstract] | |||
Short-term borrowings | [2] | 48,736 | 48,617 |
Long-term borrowings | [2] | 116,257 | 128,478 |
Discontinued operations | |||
Variable Interest Entities [Abstract] | |||
Investment securities (Note 3) | 468 | ||
Non-recourse borrowings | 41 | 3,994 | |
Consolidated Securitization Entities | |||
Variable Interest Entities [Abstract] | |||
Assets | 7,295 | ||
Current receivables and net financing receivables | 4,590 | ||
Investment securities (Note 3) | 1,493 | ||
Non-recourse borrowings | 2,780 | ||
Consolidated Securitization Entities | GE Capital | |||
Variable Interest Entities [Abstract] | |||
Investment securities (Note 3) | 0 | 0 | |
Non-recourse borrowings | 0 | $ 0 | |
Consolidated Securitization Entities | Discontinued operations | |||
Variable Interest Entities [Abstract] | |||
Non-recourse borrowings | $ 41 | ||
[1] | (a) Our consolidated assets at March 31, 2016 included total assets of $ 7,295 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 $ 4,590 million and investment securities of $ 1,493 million w ithin continuing operations and assets of discontinued operations of $ 468 million. Our consolidated liabilities at March 31, 2016 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 $ 2,780 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 41 million. See Note 16. | ||
[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. The short-term borrowings were $17,268 million and $17,642 million and the long-term borrowings were $56,355 million and $67,062 million at March 31, 2016 and December 31, 2015, respectively. See Note 9 for addition al information. |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash flows - operating activities | |||
Net earnings (loss) | $ 69 | $ (13,608) | |
Less net earnings (loss) attributable to noncontrolling interests | (121) | (35) | |
Net earnings (loss) attributable to the Company | 191 | (13,573) | |
(Earnings) loss from discontinued operations, net of taxes | 308 | 8,936 | |
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | |||
Depreciation and amortization of property, plant and equipment | 1,210 | 1,101 | |
Earnings from continuing operations retained by GE Capital(b) | 0 | 0 | |
Deferred income taxes | (165) | 2,264 | |
Decrease (increase) in GE current receivables | 1,013 | 2,601 | |
Decrease (increase) in inventories | (1,491) | (265) | |
Increase (decrease) in accounts payable | 258 | (271) | |
Increase (decrease) in GE progress collections | 632 | (1,000) | |
All other operating activities | (100) | 2,209 | |
Cash from (used for) operating activities - continuing operations | 1,852 | 2,002 | |
Cash from (used for) operating activities - discontinued operations | (1,252) | 4,088 | |
Cash from (used for) operating activities | 599 | 6,090 | |
Cash flows - investing activities | |||
Additions to property, plant and equipment | (1,556) | (1,496) | |
Dispositions of property, plant and equipment | 316 | 367 | |
Net decrease (increase) in GE Capital financing receivables | (11) | 194 | |
Proceeds from sales of discontinued operations | 36,478 | 1,289 | |
Proceeds from principal business dispositions | 39 | 22 | |
Net cash from (payments for) principal businesses purchased | 0 | (1,723) | |
All other investing activities | (10,594) | 8,240 | |
Cash from (used for) investing activities - continuing operations | 24,671 | 6,894 | |
Cash from (used for) investing activities - discontinued operations | 7,112 | (3,055) | |
Cash from (used for) investing activities | 31,783 | 3,839 | |
Cash flows - financing activities | |||
Net increase (decrease) in borrowings (maturities of 90 days or less) | 983 | 189 | |
Newly issued debt (maturities longer than 90 days) | 459 | 8,362 | |
Repayments and other reductions (maturities longer than 90 days) | (14,381) | (12,788) | |
Net dispositions (purchases) of GE shares for treasury | (6,326) | 239 | |
Dividends paid to shareowners | (2,234) | (2,319) | |
All other financing activities | (462) | (43) | |
Cash from (used for) financing activities - continuing operations | (21,961) | (6,361) | |
Cash from (used for) financing activities - discontinued operations | (112) | (1,886) | |
Cash from (used for) financing activities | (22,073) | (8,246) | |
Effect of currency exchange rate changes on cash and equivalents | 31 | (3,826) | |
Increase (decrease) in cash and equivalents | 10,340 | (2,143) | |
Cash and equivalents at beginning of year | 90,878 | 91,017 | |
Cash and equivalents at March 31 | 101,218 | 88,874 | |
Less cash and equivalents of discontinued operations at March 31 | 26,143 | 20,137 | |
Cash and equivalents of continuing operations at March 31 | 75,075 | 68,736 | |
GE | |||
Cash flows - operating activities | |||
Net earnings (loss) | [1] | (216) | (13,700) |
Less net earnings (loss) attributable to noncontrolling interests | [1] | (117) | (127) |
Net earnings (loss) attributable to the Company | [1] | (98) | (13,573) |
(Earnings) loss from discontinued operations, net of taxes | [1] | 308 | 9,025 |
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] | 626 | 554 |
Earnings from continuing operations retained by GE Capital(b) | [1],[2] | 8,393 | 6,260 |
Deferred income taxes | [1] | 223 | (129) |
Decrease (increase) in GE current receivables | [1] | (39) | 662 |
Decrease (increase) in inventories | [1] | (1,486) | (262) |
Increase (decrease) in accounts payable | [1] | (200) | (452) |
Increase (decrease) in GE progress collections | [1] | 632 | (1,013) |
All other operating activities | [1] | (499) | 269 |
Cash from (used for) operating activities - continuing operations | [1] | 7,856 | 1,340 |
Cash from (used for) operating activities - discontinued operations | [1] | 0 | (4) |
Cash from (used for) operating activities | [1] | 7,856 | 1,336 |
Cash flows - investing activities | |||
Additions to property, plant and equipment | [1] | (1,041) | (1,013) |
Dispositions of property, plant and equipment | [1] | 257 | 155 |
Net decrease (increase) in GE Capital financing receivables | [1] | 0 | 0 |
Proceeds from sales of discontinued operations | [1] | 0 | 0 |
Proceeds from principal business dispositions | [1] | 39 | 22 |
Net cash from (payments for) principal businesses purchased | [1] | 0 | (46) |
All other investing activities | [1] | (614) | (287) |
Cash from (used for) investing activities - continuing operations | [1] | (1,360) | (1,168) |
Cash from (used for) investing activities - discontinued operations | [1] | 0 | 4 |
Cash from (used for) investing activities | [1] | (1,359) | (1,164) |
Cash flows - financing activities | |||
Net increase (decrease) in borrowings (maturities of 90 days or less) | [1] | 1,289 | (232) |
Newly issued debt (maturities longer than 90 days) | [1] | 76 | 93 |
Repayments and other reductions (maturities longer than 90 days) | [1] | (150) | (94) |
Net dispositions (purchases) of GE shares for treasury | [1] | (6,326) | 239 |
Dividends paid to shareowners | [1] | (2,170) | (2,319) |
All other financing activities | [1] | (182) | 177 |
Cash from (used for) financing activities - continuing operations | [1] | (7,463) | (2,136) |
Cash from (used for) financing activities - discontinued operations | [1] | 0 | 0 |
Cash from (used for) financing activities | [1] | (7,463) | (2,136) |
Effect of currency exchange rate changes on cash and equivalents | [1] | (108) | (529) |
Increase (decrease) in cash and equivalents | [1] | (1,075) | (2,493) |
Cash and equivalents at beginning of year | 10,372 | 15,916 | |
Cash and equivalents at March 31 | 9,297 | 13,423 | |
Less cash and equivalents of discontinued operations at March 31 | 0 | 0 | |
Cash and equivalents of continuing operations at March 31 | 9,297 | 13,423 | |
GE Capital | |||
Cash flows - operating activities | |||
Net earnings (loss) | (916) | (14,654) | |
Less net earnings (loss) attributable to noncontrolling interests | (4) | 91 | |
Net earnings (loss) attributable to the Company | (912) | (14,745) | |
(Earnings) loss from discontinued operations, net of taxes | 308 | 8,935 | |
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | |||
Depreciation and amortization of property, plant and equipment | 602 | 552 | |
Earnings from continuing operations retained by GE Capital(b) | [2] | 0 | 0 |
Deferred income taxes | (387) | 2,393 | |
Decrease (increase) in GE current receivables | 0 | 0 | |
Decrease (increase) in inventories | 7 | 1 | |
Increase (decrease) in accounts payable | 207 | (21) | |
Increase (decrease) in GE progress collections | 0 | 0 | |
All other operating activities | (176) | 2,355 | |
Cash from (used for) operating activities - continuing operations | (351) | (530) | |
Cash from (used for) operating activities - discontinued operations | (1,252) | 4,093 | |
Cash from (used for) operating activities | (1,603) | 3,563 | |
Cash flows - investing activities | |||
Additions to property, plant and equipment | (647) | (687) | |
Dispositions of property, plant and equipment | 170 | 192 | |
Net decrease (increase) in GE Capital financing receivables | 1,466 | 1,945 | |
Proceeds from sales of discontinued operations | 36,478 | 1,289 | |
Proceeds from principal business dispositions | 0 | 0 | |
Net cash from (payments for) principal businesses purchased | 0 | (1,677) | |
All other investing activities | (9,592) | 8,825 | |
Cash from (used for) investing activities - continuing operations | 27,875 | 9,887 | |
Cash from (used for) investing activities - discontinued operations | 7,111 | (3,059) | |
Cash from (used for) investing activities | 34,987 | 6,828 | |
Cash flows - financing activities | |||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (169) | 238 | |
Newly issued debt (maturities longer than 90 days) | 384 | 8,269 | |
Repayments and other reductions (maturities longer than 90 days) | (14,231) | (12,694) | |
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | |
Dividends paid to shareowners | (7,565) | (450) | |
All other financing activities | (415) | (221) | |
Cash from (used for) financing activities - continuing operations | (21,996) | (4,858) | |
Cash from (used for) financing activities - discontinued operations | (112) | (1,886) | |
Cash from (used for) financing activities | (22,108) | (6,744) | |
Effect of currency exchange rate changes on cash and equivalents | 139 | (3,297) | |
Increase (decrease) in cash and equivalents | 11,415 | 350 | |
Cash and equivalents at beginning of year | 80,506 | 75,100 | |
Cash and equivalents at March 31 | 91,921 | 75,451 | |
Less cash and equivalents of discontinued operations at March 31 | 26,143 | 20,137 | |
Cash and equivalents of continuing operations at March 31 | $ 65,778 | $ 55,314 | |
[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 . |
Businesses Held For Sale and Di
Businesses Held For Sale and Discontinued Operations | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Of Business Held For Sale and Discontinued Operations | On January 15, 2016, we announced the signing of a definitive agreement to sell our Appliances business with assets of $ 2,956 million and liabilities of $ 1,431 million, to Qingdao Haier Co., Ltd. (Haier) for approximately $ 5,400 million . The transaction has been approved by our board of directors and Haier’s board of directors and shareholders and remains subject to customary closing conditions, including regulatory approvals . The transaction is targeted to close in the second q uarter of 2016 . On March 30, 2016, we announced an agreement to sell GE Asset Management (GEAM), GE’s asset management arm with assets under management of approximately $ 100 billion, to State Street Corporation, for up to $ 485 million, subject to adjustments. The transaction remains subject to customary closing conditions and regulatory approvals, and is targeted to close in mid-2016. FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE (In millions) March 31, 2016 December 31, 2015 Assets Current receivables(a) $ 86 $ 79 Inventories 711 583 Property, plant, and equipment – net 1,258 1,208 Goodwill 370 370 Other intangible assets – net 174 162 Other 414 416 Assets of businesses held for sale $ 3,013 $ 2,818 Liabilities Accounts payable(a) $ 615 $ 503 Other current liabilities 355 325 Other 50 33 Liabilities of businesses held for sale $ 1,020 $ 861 (a) Certain transactions at our Appliances business 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. In November 2015, in connection with the Alstom acquisition, we sold our Transportation Signaling business to Alstom for proceeds of $800 million and recognized a pre-tax gain of $623 million. The sale transaction is subject to certain post-closing adjustments related to working capital and net debt that we expect to be finalized in 2016, but which we do not expect to have a material effect on our consolidated financial results. Discontinued Operations Discontinued operations primarily relate to our financial services businesses as a result of the GE Capital Exit Plan and include our Consumer business, most of our CLL business, our Real Estate business and our U.S. mortgage business (WMC). All of these operations were previously reported in the Capital segment. Results of operations, financial position and cash flows for these businesses are separately reported as discontinued operations for all periods presented. We have en tered into Transitional Service Agreements (TSA) w ith and provided certain indemnifications to buyers of GE Capital’s assets. Under the TSAs, GE Capital provides various services for terms generally between 12 and 24 months and receives a level of cost rei mbursement from the buyer s. At March 31, 2016, indemnifications amounted to $1,473 million , for which we have recognized related liabili ties of $135 million. In addition, we provided $ 434 million of credit support, the vast majority on behalf of certain c ommercial customers aligned with signed disposal transactions scheduled to close in 2016, and recogni zed an insignificant liability at March 31, 2016 FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 1,292 $ 5,460 Earnings (loss) from discontinued operations before income taxes $ 80 $ (4,694) Benefit (provision) for income taxes 12 935 Earnings (loss) from discontinued operations, net of taxes $ 92 $ (3,759) Disposal Gain (loss) on disposal before income taxes $ (246) $ (3,652) Benefit (provision) for income taxes (155) (1,525) Gain (loss) on disposal, net of taxes $ (400) $ (5,177) Earnings (loss) from discontinued operations, net of taxes(a)(b) $ (308) $ (8,936) (a) 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). (b) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (166) million and $ (8,435) million for the three months ended March 31, 2016 and 2015, respectively. (In millions) March 31, 2016 December 31, 2015 Assets Cash and equivalents $ 26,143 $ 20,395 Investment securities 7,173 8,478 Financing receivables – net 3,168 3,205 Other receivables 1,187 1,221 Property, plant and equipment – net 1,043 7,537 Goodwill 2,712 7,764 Other intangible assets - net 62 80 Deferred income taxes 2,012 2,447 Financing receivables held for sale 38,125 69,847 Valuation allowance on disposal group classified as discontinued operations (3,837) (6,374) Other 3,828 6,350 Assets of discontinued operations $ 81,615 $ 120,951 Liabilities Short-term borrowings $ 722 $ 739 Accounts payable 1,107 2,870 Non-recourse borrowings 41 3,994 Bank deposits 25,958 25,613 Long-term borrowings 556 730 All other liabilities 8,128 11,053 Deferred income taxes 380 1,437 Other 52 52 Liabilities of discontinued operations $ 36,944 $ 46,487 Consumer In connection with the GE Capital Exit Plan , we announced the planned disposition of our Consumer business and classified the business as discontinued operations . We closed certain of our Consumer business dispositions (including the split-off of Synchrony Financial) in 2015 . We expect to dispose of substantially all of the remaining Consumer business in 2016. FINANCIAL INFORMATION FOR CONSUMER Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 427 $ 2,058 Interest $ (50) $ (611) Selling, general, and administrative expenses (177) (1,068) Cost of services sold - - Provision for losses on financing receivables - (3,108) Investment contracts, insurance losses and insurance annuity (1) (3) Other costs and expenses (2) (126) Earnings (loss) from discontinued operations, before income taxes 197 (2,857) Benefit (provision) for income taxes (101) 160 Earnings (loss) from discontinued operations, net of taxes $ 96 $ (2,697) Disposal Gain (loss) on disposal before income taxes $ (12) $ - Benefit (provision) for income taxes (76) - Gain (loss) on disposal, net of taxes $ (87) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 9 $ (2,697) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 186 million and $ (2,944) million for three months ended March 31, 2016 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 in 2015. We expect to dispose of substantially all of the remaining CLL business in 2016. FINANCIAL INFORMATION FOR COMMERICIAL LENDING AND LEASING Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 887 $ 2,903 Interest $ (277) $ (702) Selling, general and administrative expenses (625) (895) Cost of services sold - (1,332) Provision for losses on financing receivables (2) (1,744) Other costs and expenses 8 (98) Earnings (loss) from discontinued operations, before income taxes (9) (1,867) Benefit (provision) for income taxes 74 653 Earnings (loss) from discontinued operations, net of taxes $ 65 $ (1,214) Disposal Gain (loss) on disposal before income taxes $ (165) $ (1,845) Benefit (provision) for income taxes (144) (978) Gain (loss) on disposal, net of taxes $ (310) $ (2,823) Earnings (loss) from discontinued operations, net of taxes(a) $ (245) $ (4,037) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (175) million and $ (3,713) million for three months ended March 31, 2016 and 2015, 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 in 2015. We expect to dispose of substantially all of the remaining Real Estate business in 2016. FINANCIAL INFORMATION FOR REAL ESTATE Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 11 $ 499 Interest $ (22) $ (237) Selling, general and administrative (53) (93) Cost of services sold - (4) Provision for losses on financing receivables - 4 Other costs and expenses - (127) Earnings (loss) from discontinued operations, before income taxes (64) 42 Benefit (provision) for income taxes 20 30 Earnings (loss) from discontinued operations, net of taxes $ (45) $ 72 Disposal Gain (loss) on disposal before income taxes $ (69) $ (1,808) Benefit (provision) for income taxes 65 (547) Gain (loss) on disposal, net of taxes $ (3) $ (2,354) Earnings (loss) from discontinued operations, net of taxes(a) $ (48) $ (2,283) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (133) million and $ (1,767) million for the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 , such claims consisted of $ 2,688 million of individual claims generally submitted before the filing of a lawsuit (compared to $ 2,887 million at December 31, 2015 ) and $ 7,266 million of additional claims asserted against WMC in litigation without making a prior claim (Litigation Claims) (compared to $ 8,047 million at December 31, 2015 ). The total amount of these claims, $ 9,954 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 March 31, 2016 , 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 $ 833 million at March 31, 2016 , reflecting a net de crease to reserves in the three months ended March 31, 2016 of $ 42 million due to settlements net of incremental provisions . 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 Three months ended March 31 (In millions) 2016 2015 Balance, beginning of period $ 875 $ 809 Provision 57 7 Claim resolutions / rescissions (99) (2) Balance, end of period $ 833 $ 814 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 March 31, 2016 . 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 March 31, 2016 , 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 Three months ended March 31 (In millions) 2016 2015 Total revenues and other income (loss) $ (39) $ - Earnings (loss) from discontinued operations, net of taxes $ (32) $ (6) |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3 . INVESTMENT SECURITIES Subst antially all of our investment securities are classified as available-for-sale. These comprise mainly investment-grade debt securities supporting obligations to annuitants and policyholders in our run-off insurance operations . We do not have any securities classified as held-to-maturity. March 31, 2016 December 31, 2015 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 3 $ - $ - $ 3 $ 2 $ - $ - $ 3 Corporate – non-U.S. 1 - - 1 1 - - 1 U.S. government and federal agency 49 - - 49 49 - - 49 Equity 40 9 (4) 44 87 13 (2) 98 93 9 (4) 97 139 14 (2) 151 GE Capital Debt U.S. corporate 19,858 3,385 (156) 23,087 19,971 2,669 (285) 22,355 State and municipal 3,924 556 (53) 4,428 3,910 407 (73) 4,245 Mortgage and asset-backed(a) 3,020 169 (33) 3,156 2,995 157 (35) 3,116 Corporate – non-U.S. 782 102 (4) 880 759 96 (9) 846 Government – non-U.S. 294 141 - 435 279 136 - 415 U.S. government and federal agency 705 64 - 768 623 104 - 727 Equity 112 18 (2) 128 112 16 (4) 123 28,695 4,435 (248) 32,882 (b) 28,648 3,585 (407) 31,827 Eliminations (5) - - (5) (4) - - (4) Total $ 28,783 $ 4,444 $ (252) $ 32,974 $ 28,783 $ 3,599 $ (409) $ 31,973 Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. A t March 31, 2016 , $ 569 million related to securities issued by government-sponsored entities and $ 31 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. Primarily included investment securities of $ 31,765 million and $ 620 million related to our run-off insurance and energy activities , respectively. Substantially all investment securities are in the U.S. The fair value of investment securities increased to $ 32,974 million at March 31, 2016 , fro m $ 31,973 million at December 31, 2015 , primarily due to an increase in unrealized gains resulting from lower interest rates. 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) March 31, 2016 Debt U.S. corporate $ 1,317 $ (90) $ 890 $ (66) State and municipal 15 - 273 (52) Mortgage and asset-backed 506 (12) 148 (21) Corporate – non-U.S. 51 (2) 20 (3) Equity 35 (6) - - Total $ 1,924 $ (111) $ 1,331 $ (141) (c) 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 $ 4,271 $ (268) $ 686 $ (140) (a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. At March 31, 2016 , the estimated fair value of and gross unrealized losses on equity securities were $ 18 million and $ (4) million, respectively. At December 31, 2015 , the estimated fair value of and gross unrealized losses on equity securities were $ 6 million and $ (2) million, respectively. (b) Included gross unrealized losses of an insignificant amount related to sec urities that had other-than-temporary impairments previously recognized at March 31, 2016 . (c) Includes debt securities held to support obligations to holders of Guaranteed Investment Contracts (GICs) of which the majority are considered to be investment-gra de by the major rating agencies at March 31, 2016 . Unrealized losses are not indicative of the amount of credit loss that would be recognized and at March 31, 2016 are primarily due to increases in market yields subsequent to our purchase of the securities. W e presently do not intend to sell the vast majority of our debt securities that are in an unrealized loss position and believe that it is not more likely than not that we will be required to sell the vast majority of these securities before anticipated rec overy of our amortized cost. The methodologies and significant inputs used to measure the amount of credit loss for our investment securities during 2016 have not changed. Our corporate debt portfolio comprises securities issued by public and priv ate corporations in various industries, primarily in the U.S. Substantially all of our corporate debt securities are rated investment grade by the major rating agencies. Mortgage and asset-backed securities primarily comprise commercial and residential mo rtgage-backed securities. 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 propertie s (large loan CMBS), less than 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 prim arily 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 March 31, 2016 , $ 569 million and $ 31 million related to agency and non-agency securities, respectively. Additionally, $ 55 million was related to residential subprime credit securities, primarily supporting obligations to annuitants and polic yholders in our run-off insurance operations. Substantially all of the subprime exposure is related to securities backed by mortgage loans originated in 2005 and prior and are investment grade. PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES Three months ended March 31 (In millions) 2016 2015 Total pre-tax, OTTI recognized $ 16 $ 3 Pre-tax, OTTI recognized in AOCI - - Pre-tax, OTTI recognized in earnings(a) $ 16 $ 3 (a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $ 7 million and none in the three months ended March 31, 2016 and 2015 , respectively . CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD Three months ended March 31 (In millions) 2016 2015 Cumulative credit loss impairments recognized, beginning of period $ 205 $ 176 Credit loss impairments recognized on securities not previously impaired - - Incremental credit loss impairments recognized on securities previously impaired - - Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell - 2 Cumulative credit loss impairments recognized, end of period $ 205 $ 174 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 $ 544 $ 560 After one year through five years 2,880 3,110 After five years through ten years 4,835 5,249 After ten years 17,356 20,732 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES Three months ended March 31 (In millions) 2016 2015 GE Gains $ 5 $ - Losses, including impairments (9) - Net (5) - GE Capital Gains 2 92 Losses, including impairments (19) (14) Net (18) 78 Total $ (22) $ 78 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 $ 243 millio n p rimarily fr om sales of U.S. Corporate investment securities in the three months ended March 31, 2016 , and $ 2,057 millio n primarily from sales related to the Trinity portfolio in the three months ended March 31, 2015 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | NOTE 4 . INVENTORIES (In millions) March 31, 2016 December 31, 2015 Raw materials and work in process $ 14,344 $ 13,415 Finished goods 8,834 8,265 Unbilled shipments 508 628 23,685 22,308 Revaluation to LIFO 222 207 Total inventories $ 23,907 $ 22,515 |
Financing Receivables and Allow
Financing Receivables and Allowance for Losses on Financing Receivables | 3 Months Ended |
Mar. 31, 2016 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables And Allowance For Losses On Financing Receivables | NOTE 5 . FINANCING RECEIVABLES, NET (In millions) March 31, 2016 December 31, 2015 Loans, net of deferred income $ 18,757 $ 20,115 Investment in financing leases, net of deferred income 5,037 4,969 23,794 25,084 Allowance for losses (79) (81) Financing receivables – net $ 23,715 (a) $ 25,003 (a) Financing receivables, net primarily included $ 13,520 million, $ 7,099 million and $ 2,591 million related to industrial, aviation and energy financing , respectively , with approximately 49 % in the U.S. and 51 % outside the U.S. CONTRACTUAL MATURITIES(a) Total Net rentals (In millions) loans receivable Due Within one year $ 12,337 $ 911 After one year through two years 1,302 719 After two years through three years 763 671 After three years through four years 1,481 505 After four years through five years 861 349 After five years 2,013 1,294 Total $ 18,757 $ 4,449 (b) (a) We expect actual maturities to differ from contractual maturities. (b) Excluded estimated unguaranteed residual value of leased assets and deferred income on financing leases. ALLOWANCE FOR LOSSES (In millions) 2016 2015 Balance at January 1 $ 81 $ 93 Provision 18 23 Net write-offs(a) (20) (18) Other(b) - (4) Balance at March 31 $ 79 (c) $ 94 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 . Net write-offs for the three months ended March 31, 2016 primarily included $ 15 million and $ 5 million related to energy and industrial financing, respectively. Other primarily include s the effects of currency exchange. Allowance for losses primarily included $ 31 million, $ 28 million and $ 17 million related to industrial , aviation and energy financing, respectively, with approximately 59 % in the U.S. and 41 % outside the U.S. We manage our financing receivable portfolio using delinquency and nonaccrual data as key performance indicators. At March 31, 2016 , $ 840 million ( 3.5 %), $ 201 million ( 0.8 %) and $ 317 million ( 1.3 %) of financing receivables were over 30 days past due, over 90 days past due and on nonaccrual, respectively. Of the $ 201 million over 90 days past due at March 31, 2016 , $ 39 million was on nonaccrual, primarily related to energy financing. Of the $ 317 million of nonaccrual financing receivables at March 31, 2016 , primarily related to aviation financing, $101 million are currently paying in accordance with the contractual terms. 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. The recorded investment in impaired loans at March 31, 2016 was $ 226 milli on, primarily related to aviation financing, and included $ 1 million of impaired loans with specific allowances of $ 1 million, primarily related to industrial financing. The recorded investment in impaired loans at December 31, 2015 was $ 175 million, primarily related to aviation financing, and included $ 2 million of impaired loans with specific allowances of $ 1 million, primarily related to industrial financing. The method used to measure impairment for these loans is primarily based on collateral value and the majority of impaired loans are located in Non-U.S. regions. At March 31, 2016 , troubled debt restructurings included in impaired loans were $ 100 million, the vast majority related to aviation fin ancing. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 6 . PROPERTY, PLANT AND EQUIPMENT (In millions) March 31, 2016 December 31, 2015 Original cost $ 89,855 $ 90,022 Less accumulated depreciation and amortization (36,069) (35,927) Property, plant and equipment – net $ 53,786 $ 54,095 Consolidated depreciation and amortization was $ 1,210 million and $ 1,101 million in the three months ended March 31, 2016 and 2015 , respectively. |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangibles Assets | 3 Months Ended |
Mar. 31, 2016 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | NOTE 7 . 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). In order to obtain approval by the European Commission and the Department of Justice, GE pledged to sell certain of Alstom's gas-turbine 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. The transaction closed on February 25, 2016. As further discussed below and elsewhere in this report, the acquired Alstom businesses had a significant impact on our industrial busine sses, directly affecting accounting and reporting related to three of our operating segments, 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 fi nancial statements, including the allocation of the purchase price, is preliminary and likely 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 n oted above, we formed three consolidated joint ventures with Alstom in grid technology, renewable energy, and global nuclear and French steam power. In addition, GE contributed its Digital Energy business to the grid technology joint venture. Alstom hold s 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 acquisition date. The redemption price woul d 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 venture, 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 higher of fair value or Alstom's ini tial 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 a t 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 circumsta nces. 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 Connections and Rene wable Energy segments, and to a lesser extent our Oil & Gas segment. 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 syn ergies. In addition, due to the amount of time that elapsed between signing and closing, the commercial operations of the businesses were negatively affected primarily as a result of uncertainty among Alstom customers regarding the execution of the transac tion. This affected 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. In addition, the amount of goodwill recognized c ompared with identifiable intangible assets is affected by estimated GE-specific synergies, which are not permitted to be included in the measurement of identifiable intangibles. Such synergies include additional revenue from cross-selling complementary pr oduct lines. The fair value of the acquired businesses, including a preliminary valuation of noncontrolling interests, at the time of close was approximately $13,700 million, net of cash acquired. In the fourth quarter of 2015, the preliminary amount of goodwill, intangible assets and unfavorable customer contract liabilities, recognized was approximately $13,500 million, $5,200 million, and $1,100 million respectively. The preliminary fair value of the associated noncontrolling interests was approximate ly $3,600 million, which consists of approximately $2,900 million for Alstom's redeemable noncontrolling interests in the three joint ventures (presented separately from total equity in the consolidated balance sheet) and $700 million for all other noncont rolling interests. In the first quarter of 2016, the preliminary amount of goodwill, intangible assets, and unfavorable customer contract liabilities, recognized was adjusted to approximately $14,200 million, $4,500 million, and $1,100 million respectiv ely. The adjustments reflected refinements in estimates in the first quarter of 2016, primarily related to updated revenue and cost assumptions for customer contracts, and other fair value adjustments related to acquired assets and liabilities. In addition , the preliminary fair value of Alstom’s redeemable noncontrolling interests was adjusted to approximately $2,950 million and all other noncontrolling interests to approximately $650 million. As discussed previously, the size and complexity of this acqu isition will affect the timing of completing the purchase accounting work. As of the end of the first quarter of 2016, our review is continuing on a large number of customer contracts, valuation of acquired property, plant and equipment, and evaluation of litigation claims and legacy compliance actions related to Alstom, among other areas. We are seeking to ascertain and substantiate the nature of potential adjustments to the acquisition date balance sheet, which include, but are not limited to, differences between IFRS and US GAAP. We expect to record additional purchase accounting adjustments as this work progresses . CHANGES IN GOODWILL BALANCES Dispositions, currency Balance at exchange Balance at (In millions) January 1, 2016 Acquisitions (a) and other March 31, 2016 Power $ 16,736 $ 718 $ (11) $ 17,443 Renewable Energy 2,580 (87) (34) 2,459 Oil & Gas 10,594 - (28) 10,566 Energy Connections 6,227 63 1 6,291 Aviation 8,567 - 38 8,605 Healthcare 17,353 - (23) 17,330 Transportation 851 - 12 863 Appliances & Lighting 214 - 35 249 Capital 2,370 - - 2,370 Corporate 34 - 1 35 Total $ 65,526 $ 694 $ (9) $ 66,212 (a) Goodwill balances associated with Alstom and their allocations to segments are preliminary. Goodwill balances increased by $ 686 million in 2016 , primarily as a result of the Alstom acquisition purchase accounting adjustments . oTHER INTANGIBLE ASSETS OTHER INTANGIBLE ASSETS - NET (In millions) March 31, 2016 December 31, 2015 Intangible assets subject to amortization $ 16,790 $ 17,688 Indefinite-lived intangible assets(a) 100 109 Total $ 16,890 $ 17,798 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. INTANGIBLE ASSETS SUBJECT TO AMORTIZATION March 31, 2016 December 31, 2015 Gross Gross carrying Accumulated carrying Accumulated (In millions) amount amortization Net amount amortization Net Customer-related $ 9,319 $ (2,140) $ 7,179 $ 9,758 $ (2,113) $ 7,645 Patents and technology 8,320 (3,209) 5,111 8,543 (3,096) 5,447 Capitalized software 7,391 (4,156) 3,235 7,375 (4,136) 3,239 Trademarks 1,264 (297) 967 1,337 (282) 1,055 Lease valuations 125 (32) 93 167 (22) 145 Present value of future profits(a) 659 (659) - 651 (651) - All other 342 (137) 205 267 (108) 159 Total $ 27,420 $ (10,630) $ 16,790 $ 28,098 $ (10,408) $ 17,688 (a) Balances at March 31, 2016 and December 31, 2015 reflect adjustments of $ 260 million and $ 266 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. Intangible assets subject to amortization decreased by $ 898 million in the three months ended March 31, 2016 , primarily as a result of changes in the fair value of the acquired Alstom intangible assets and amortization. GE amortization expense related to intangible assets subject to amortization was $445 million and $337 million in the three months ended March 31, 2016 and 2015 , respectively. GE Capital amortization expense related to intangible assets subject to amortization was $ 33 million and $ 26 million in the three months ended March 31, 2016 and 2015 , respectively. |
Contract Assets and All Other A
Contract Assets and All Other Assets | 3 Months Ended |
Mar. 31, 2016 | |
Other Assets [Abstract] | |
Contract Assets | NOTE 8 . CONTRACT ASSETS (In millions) March 31, 2016 December 31, 2015 GE Contract assets $ 21,654 $ 21,156 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 de ferred contract related costs. Long-term product maintenance amounts are presented net of related billings i n excess of revenues of $ 2,675 million and $ 2,602 mil lion at March 31, 2016 and December 31, 2015 , respectively. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 9 . BORROWINGS (In millions) March 31, 2016 December 31, 2015 Short-term borrowings GE Commercial paper $ 1,500 $ 500 Current portion of long-term borrowings 17,383 17,770 Other 1,776 1,522 Total GE short-term borrowings(a) 20,659 19,792 GE Capital Commercial paper U.S. 2,994 650 Non-U.S. 2,003 4,351 Current portion of long-term borrowings 25,596 24,969 Intercompany payable to GE(b) 17,268 17,642 Other(c) 876 1,005 Total GE Capital short-term borrowings 48,736 48,617 Eliminations(b) (18,313) (18,549) Total short-term borrowings $ 51,082 $ 49,860 Long-term borrowings GE Senior notes $ 66,115 $ 72,471 Subordinated notes 2,902 2,940 Subordinated debentures(d) 2,334 6,600 Other 1,002 1,298 Total GE long-term borrowings(a) 72,353 83,309 GE Capital Senior notes 57,631 59,107 Subordinated notes 289 251 Intercompany payable to GE(b) 56,355 67,062 Other(c) 1,982 2,058 Total GE Capital long-term borrowings 116,257 128,478 Eliminations(b) (56,423) (67,128) Total long-term borrowings $ 132,187 $ 144,659 Non-recourse borrowings of consolidated securitization entities(e) $ 2,780 $ 3,083 Total borrowings $ 186,049 $ 197,602 Excluding assumed debt of GE Capital, GE total borrowings is $ 19.4 million. Included $ 73,623 million of GE Capital debt assumed by GE and mainta ined as intercompany payable to GE at March 31, 2016 . Included $ 2,580 million and $ 2,679 million of funding secured by aircraft and other collateral at March 31, 2016 and December 31, 2015 , respectively, of which $ 1,471 million and $ 1,534 million is non-recourse to GE Capital at March 31, 2016 and December 31, 2015 , respectively. Included $ 2,334 million of subordinated debentures, which constitute the sole as s ets of trusts that have issued trust pref 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 $ 1,450 million and $ 918 million of current portion of long-term borrowings at March 31, 2016 and December 31, 2015 , respectively. See Note 16 . As discussed in Note 1, the adoption of ASU 2015-03 resulted in the reclassification of $674 million of unamortized debt issuance costs related to the Company’s borrowings, of which $641 million was reclassified in long-term borrowings and $33 million was reclassified in short-term borrowings, within our consolidated balance sheet as of December 31, 2015. On April 10, 2015, GE provided a full and unconditional guarantee on the payment of the principal and interest on all tradable senior an d subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed 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. A t March 31, 2016, the intercompany payable to GE was $73.6 billion. Prior to the merger $ 36 billion (representing $31 billion of outstanding principal and $5 billion of premium) of GE Capital debt was exchanged into a new GE Capital international entity, i ncluding $16.4 billion , which matured on April 15, 2016. (in millions) March 31, 2016 Borrowings from debt exchange(a) Borrowings assumed by GE Borrowings guaranteed by GE Short-term borrowings GE Current portion of long-term borrowings $ - $ 17,268 $ - GE Capital Commercial paper-Non U.S. - - 2,003 Current portion of long-term borrowings 15,566 - 24,972 Other 769 - 769 Total short-term borrowings $ 16,335 $ 17,268 $ 27,744 Long-term borrowings GE Senior unsecured notes $ - $ 50,719 $ - Subordinated notes - 2,902 - Subordinated debentures - 2,334 - Other - 400 - GE Capital Senior unsecured notes 17,165 - 54,162 Other - - - Total long-term borrowings $ 17,165 $ 56,355 $ 54,162 Total borrowings $ 33,500 $ 73,623 $ 81,906 (a) Included $3.9 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 15 and 18 . |
Postretirement Benefit Plans
Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Postretirement Benefit Plans | NOTE 10. POSTRETIREMENT BENEFIT PLANS We sponsor a number of pension and retiree health and life insurance benefit plans. Principal pension plans are the GE Pension Plan and the GE Supplementary Pension Plan. Principal retiree benefit plans provide health and life insurance benefits to certain eligible participants and these participants share in the cost of the healthcare benefits. Other pension plans include the U.S. and non-U.S. pension plans with pension assets or obligations greater than $ 50 million. Smaller pension plans and other retiree benefit plans are not material individually or in the aggregate. EFFECT ON OPERATIONS OF PENSION PLANS Principal pension plans Three months ended March 31 (In millions) 2016 2015 Service cost for benefits earned $ 315 $ 361 Prior service cost amortization 76 52 Expected return on plan assets (834) (825) Interest cost on benefit obligations 734 695 Net actuarial loss amortization 612 825 Curtailment loss - 71 Pension plans cost $ 903 $ 1,179 Other pension plans Three months ended March 31 (In millions) 2016 2015 Service cost for benefits earned $ 113 $ 105 Prior service cost (credit) amortization (1) - Expected return on plan assets (263) (209) Interest cost on benefit obligations 172 133 Net actuarial loss amortization 64 74 Pension plans cost $ 85 $ 103 EFFECT ON OPERATIONS OF PRINCIPAL RETIREE BENEFIT PLANS Principal retiree benefit plans Three months ended March 31 (In millions) 2016 2015 Service cost for benefits earned $ 25 $ 41 Prior service cost (credit) amortization (41) 33 Expected return on plan assets (11) (12) Interest cost on benefit obligations 63 101 Net actuarial loss (gain) amortization (13) 1 Curtailment loss - 4 Retiree benefit plans cost $ 23 $ 168 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 . INC OME TAXES UNRECOGNIZED TAX BENEFITS (In millions) March 31, 2016 December 31, 2015 Unrecognized tax benefits $ 6,557 $ 6,778 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,406 4,723 Accrued interest on unrecognized tax benefits 890 805 Accrued penalties on unrecognized tax benefits 118 98 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-1,400 0-700 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-800 0-200 (a) Some portion of such reduction may be reported as discontinued operations. The Internal Revenue Service (IRS) is currently auditing our consolidated U.S. income tax returns for 201 2 -201 3 . In addition, certain other U.S. tax deficiency issues and refund claims for previous years are still unresolved. The IRS has disallowed the tax loss on our 2003 disposition of ERC Life Reinsurance Corporation. We have contested the disallowance of this loss. In April 2016, we reached a preliminary settlement of the case with the U.S. Department of Justice that is subject to further review and approval within the government. Consequently, i t is reasonably possible that the unresolved items could be resolved during the next 12 months, which could result in a decrease in our balance of unrecognized tax benefits – that is, the aggregate tax effect of differences between tax return positions and the benefits recognized in our financial statements. We believe that there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations , financial position or cash flows. We further believe that we have made adequate provision for all income tax uncertainties . |
Shareowners' Equity
Shareowners' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' Equity | NOTE 12 . SHAREOWNERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended March 31 (In millions) 2016 2015 Investment securities Beginning balance $ 460 $ 1,013 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $81 and $155 159 287 Reclassifications from OCI – net of deferred taxes of $40 and $(29) 60 (54) Other comprehensive income (loss)(a) 220 233 Less OCI attributable to noncontrolling interests - 1 Ending balance $ 680 $ 1,245 Currency translation adjustments (CTA) Beginning balance $ (5,499) $ (2,428) OCI before reclassifications – net of deferred taxes of $266 and $1,544 115 (5,338) Reclassifications from OCI – net of deferred taxes of $119 and $(1) (114) 3 Other comprehensive income (loss)(a) 1 (5,335) Less OCI attributable to noncontrolling interests 3 (48) Ending balance $ (5,500) $ (7,715) Cash flow hedges Beginning balance $ (80) $ (180) OCI before reclassifications – net of deferred taxes of $(8) and $(38) (25) (926) Reclassifications from OCI – net of deferred taxes of $5 and $117 79 880 Other comprehensive income (loss)(a) 55 (46) Less OCI attributable to noncontrolling interests - - Ending balance $ (26) $ (226) Benefit plans Beginning balance $ (11,410) $ (16,578) Prior service credit (costs) - net of deferred taxes of $5 and $0 23 - Net actuarial gain (loss) – net of deferred taxes of $22 and $65 68 210 Net curtailment/settlement - net of deferred taxes of $0 and $27 - 48 Prior service cost amortization – net of deferred taxes of $21 and $37 16 50 Net actuarial loss amortization – net of deferred taxes of $216 and $304 443 601 Other comprehensive income (loss)(a) 550 909 Less OCI attributable to noncontrolling interests (1) (2) Ending balance $ (10,859) $ (15,667) Accumulated other comprehensive income (loss) at March 31 $ (15,705) $ (22,363) (a) Total other comprehensive income (loss) was $ 826 million and $ (4,240) million in the three months ended March 31, 2016 and 2015 , respectively. RECLASSIFICATION OUT OF AOCI Three months ended March 31 (In millions) 2016 2015 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ (100) $ 83 Total revenue and other income(a) Income taxes 40 (29) Benefit (provision) for income taxes(b) Net of tax $ (60) $ 54 Currency translation adjustments Gains (losses) on dispositions $ (6) $ (1) Total revenue and other income(c) Income taxes 119 (1) Benefit (provision) for income taxes(d) Net of tax $ 114 $ (3) Cash flow hedges Gains (losses) on interest rate derivatives $ (30) $ (39) Interest and other financial charges Foreign exchange contracts (41) (957) (e) Other (13) - (f) (84) (997) Total before tax Income taxes 5 117 Benefit (provision) for income taxes Net of tax $ (79) $ (880) Benefit plan items Curtailment gain (loss) $ - $ (75) (g) Amortization of prior service costs (37) (87) (g) Amortization of actuarial gains (losses) (659) (905) (g) (696) (1,067) Total before tax Income taxes 237 368 Benefit (provision) for income taxes Net of tax $ (459) $ (699) Total reclassification adjustments (net of tax) $ (485) $ (1,528) Included $ (78) million and $ 5 million for the three months ended March 31, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Included $ 32 million and $ 1 million for the three months ended March 31, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Included $ (5) million and n one for the three months ended March 31, 2016 and 2015 , respectively in earni ngs (loss) from discontinued operations, net of taxes. Included $ 119 million and none for the three months ended March 31, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes . Included $ (22) mi llion and $ (944) million in GE Capital revenues from services and $ (19) million and $ (13) million in interest and other financia l charges in the three months ended March 31, 2016 and 2015 , respectively. Primarily recorded in costs an d expenses. Curtailment gain ( loss ) , amortization of prior service costs and actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs. See Note 10 for further information. SHARES OF GE PREFERRED STOCK At Decemb er 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 P lan, on December 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 million, respectively, for a cumulative face value of $ 5,944 million and an initial average fixed dividend rate of 4.07 %. The incremental shares were issued in order to compensate preferred holders for the lower dividend rat e. 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 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 million of Series B and $ 999 million of Series C were exchanged into $ 5,694 million Series D GE preferred stock. In addition to inter im dividends and accretion of $ 57 million, a deemed dividend of $ 232 million was recorded in the three months ended March 31, 2016, $ 195 million for the amount by which the fair value of the Series D GE preferred sto ck exceeded the fair value of the original GECC Series A, B and C preferred stock, and a cash payment of $ 37 million paid to the GE Series A and B preferred stockholders who exchanged into the 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 March 31, 2016 was $ 5,184 million and will in crease 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 and dividends and a ccretion are presented under the caption “Preferred stock dividends” in the Statement of Earnings (Loss). In conjunction with the exchange of the GE Capital Preferred stock into GE Preferred stock and the exchange of Series A, B and C preferred stock into Series D preferred stock, GE Capital issued preferred stock to GE for which the amount and terms mirror the GE preferred stock held by external investors ($ 5,184 million carrying value at March 31, 2016). Noncontrolling Interests Noncontrolling interests in equity of consolidated affiliates includes common shares in consolidated affiliates and preferred stock issued by our affiliates. CHANGES TO NONCONTROLLING INTERESTS Three months ended March 31 (In millions) 2016 2015 Beginning balance $ 1,864 $ 8,674 Net earnings (loss) (69) (31) Dividends (7) (2) Dispositions (42) - Other (including AOCI)(a)(b) (79) 97 Ending balance $ 1,667 $ 8,738 Includes research & development partner funding arrangements, acquisitions and eliminations. Includes $ (123) million for deconsolidation of investment funds managed by GE Asset Management (GEAM) upon the adoption of ASU 2015-02, Amendments to the Consolidation Analysis . See Note 1. The e nding balance for the period ended March 31, 2015 included $ 4,949 million related to GECC S eries A, B and C preferred stock. In connection with the reorganization of the GE Capital businesses, original G ECC preferred stock was converted to preferred stock issued by GE in the fourth quarter of 2015, and accordingly GE preferred stock is reflected in shareowners’ equity in the consolidated Statement of Financial Position. In addition, the ending balance for the period ended March 31, 2015 also included $ 2,617 million related to Synchrony Financial, which was eliminated as part of the split-off of Synchrony Financial from GE in the fourth quarter of 2015. Three months ended March 31 (In millions) 2016 2015 Beginning balance $ 2,972 $ 98 Net earnings (loss) (53) (4) Dividends (9) (10) Redemption value adjustment 32 - Other 94 (10) Ending balance $ 3,036 $ 73 Other During the first quarter of 2016, we repurchased $ 6,142 million of our common stock, including shares repurchased under an accelerated share repurchase (ASR) agreement. In March 2016, we entered into an ASR agreement with a financial institution which allowed us to repurchase our common stock at a price below its volume weighted-average price during a given perio d. During the quarter, we paid $ 2,000 million and received and classified as treasury shares an initial delivery of 54,732,775 shares based on then-current market prices. These shares represent 85 percent of the $ 2,000 million notional amount of the ASR agreement. The payment was recorded as a reduction to shareowners' equity, consisting of a $ 1,700 million increase in treasury stock, which reflects the value of the shares received upon initial delivery, and a $ 300 million decrease in other cap ital, which reflects the value of the stock held back pending final settlement of th e ASR agreement. During the second quarter of 2016, we received an additional 10,222,022 shares upon settlement of the ASR agreement based upon the average daily volume weighted-average price of our common stock during the term of the ASR agreement, less a negotiated discount. These shares will be recorded in treasury stock in the second quarter. We accounted for the ASR as two separate transactions: ( i ) 54,732,775 shares of common stock initially delivered to GE and $ 1,700 million was accounted for as a treasury stock transaction and (ii) the unsettled contract of $ 300 million was determined to be a forward contract indexed to GE’s own common stock. The i nitial delivery of 54,732,775 shares resulted in an immediate reduct ion of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. GE has determined that the forward contract, indexed to its own common stock, met all the criteria for equity classific ation . Common dividends from GE Capital totaled $ 7,500 million and $ 450 million to GE in the three months ended March 31, 2016 and 2015, respectively. Preferred stock dividends totaled $ 289 million, including cash dividends of $ 65 million in the three months ended March 31, 2016. There were no preferred stock dividends in the three months ended March 31, 2015. |
Earnings Per Share Information
Earnings Per Share Information | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information | NOTE 13 . EARNINGS PER SHARE INFORMATION Three months ended March 31 2016 2015 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings from continuing operations for per-share calculation(a)(b) $ 496 $ 495 $ (4,551) $ (4,551) Preferred stock dividends (289) (289) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 207 $ 206 $ (4,551) $ (4,551) Earnings (loss) from discontinued operations for per-share calculation(a)(b) (308) (308) (9,028) (9,028) Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ (102) $ (102) $ (13,576) $ (13,576) Average equivalent shares Shares of GE common stock outstanding 9,288 9,288 10,067 10,067 Employee compensation-related shares (including stock options) 84 - - - Total average equivalent shares 9,372 9,288 10,067 10,067 Per-share amounts Earnings (loss) from continuing operations $ 0.02 $ 0.02 $ (0.45) $ (0.45) Earnings (loss) from discontinued operations (0.03) (0.03) (0.90) (0.90) Net earnings (loss) (0.01) (0.01) (1.35) (1.35) Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities . For the periods ended March 31, 2016 and 2015, pursuant to the two-class method , as a result of the excess of dividends in respect to current period earnings, losses were not allocated to the participating securities . Included an insignificant amount of dividend equivalents in each of the periods presented. For the three months ende d March 31, 2016 , approximately 33 million of outstanding stock awards were not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. As a result of the loss from continuing operations for the three months ended March 31, 2015 , all of the outstanding stock awards, approximately 312 million, were not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. In March 2016, we entered int o an ASR agreement to repurchase shares of GE common stock. See Note 12 for additional information. The initi al delivery of approximately 54.7 million shares resulted in an immediate reduction of the outstanding shares used to calculate the w eighted-average common shares outstanding for basic and diluted earnings per share. GE has determined that the forward contract, indexed to its own common stock, met all the criteria for equity classification. There was no dilutive impact on earnings per s hare related to the forward contract, which subsequently settled in the second quarter. Earnings (loss) per share amounts are computed independently, as a result, the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per share amounts for net earnings (loss) . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 14 . FAIR VALUE ME ASUREMENTS Recurring Fair Value Measurements Our assets and liabilities measured at fair value on a recurring basis include investment securities primarily supporting obligations to annuitants and policyholders in our run-off insurance operations ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Netting (In millions) Level 1 (a) Level 2 (a) Level 3 adjustment (b) Net balance March 31, 2016 Assets Investment securities Debt U.S. corporate $ - $ 19,947 $ 3,143 $ - $ 23,090 State and municipal - 4,397 31 - 4,428 Mortgage and asset-backed - 3,133 23 - 3,156 Corporate – non-U.S. - 586 295 - 881 Government – non-U.S. - 435 - - 435 U.S. government and federal agency 49 491 277 - 817 Equity 144 14 9 - 167 Derivatives(c) - 8,761 97 (7,800) 1,058 Total $ 193 $ 37,765 $ 3,875 $ (7,800) $ 34,032 Liabilities Derivatives $ - $ 5,253 $ 29 $ (4,365) $ 917 Other(e) - 1,230 - - 1,230 Total $ - $ 6,483 $ 29 $ (4,365) $ 2,147 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 - 217 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 (a) There were $ 12 million of Corporate – non-U.S. securities transferred from Level 1 to Level 2 in the three months ended March 31, 2016 primarily attributable to changes in market observable data. There were no securities transferred between Level 1 and Level 2 in December 31, 2015 . ( 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 ag reement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. At March 31, 2016 and December 31, 2015 , the cumulative adjustment for non-performance risk was $ (14) million and insignificant , respectively . See Note s 15 and 18 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) Primarily represented the liability associated with certain of our deferred incentive compensation plans Level 3 Instruments The majority of our Level 3 balances consist of investment securities classified as available-for-sale with changes in fair value recorded in shareowners’ equity. CHANGES IN LEVEL 3 INSTRUMENTS FOR THE THREE MONTHS ENDED Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) January 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) March 31 March 31(c) 2016 Investment securities Debt U.S. corporate $ 3,006 $ 4 $ 100 $ 60 $ (5) $ (8) $ - $ (15) $ 3,143 $ - State and municipal 30 - 1 - - - - - 31 - Mortgage and asset-backed 32 (9) - - - - - - 23 - Corporate – non-U.S. 290 - 4 - - - - - 295 - U.S. government and federal agency 323 - (45) - - (1) - - 277 - Equity 13 (7) 2 - - - - - 9 - Derivatives(d)(e) 88 4 - - - 1 (11) (1) 82 4 Other 259 - - - - - - (259) - - Total $ 4,042 $ (8) $ 63 $ 60 $ (5) $ (8) $ (11) $ (275) $ 3,859 $ 4 2015 Investment securities Debt U.S. corporate $ 3,053 $ 4 $ 59 $ 94 $ (11) $ (36) $ - $ - $ 3,163 $ - State and municipal 58 - 1 - - - - - 58 - Mortgage and asset-backed 145 5 (1) - (32) (3) - - 114 - Corporate – non-U.S. 337 - 3 - (49) - - - 290 - Government – non-U.S. 2 - - - - - - - 2 - U.S. government and federal agency 266 - 26 - - (1) - - 291 - Equity 9 2 (2) - - (4) - - 6 - Derivatives(d)(e) 29 6 - 1 - (2) - - 33 6 Other 277 (38) - - (14) - - - 225 (38) Total $ 4,175 $ (21) $ 86 $ 95 $ (106) $ (46) $ - $ - $ 4,183 $ (32) 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 for the three months ended March 31, 2016 were primarily a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis . See Note 1. Represents the amount of unrealized gains or losses for the period included in earning s. Represents derivative assets net of derivative liabilities and included cash accruals of $ 14 million and $ 10 million not reflected in the fair value hierarchy table for the three months ended March 31, 2016 and 2015 , respectively. Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 15 and 18 . 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 March 31, 2016 and December 31, 2015 . Remeasured during Remeasured during the three months ended the three months ended March 31, 2016 December 31, 2015 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 119 $ - $ 154 Cost and equity method investments - 375 1 436 Long-lived assets - 62 2 882 Total $ - $ 555 $ 3 $ 1,471 The following table represents the fair value adjustments to assets measured at fair value on a non-recurring basis and still held at March 31, 2016 and 2015 . Three months ended March 31 (In millions) 2016 2015 Financing receivables and financing receivables held for sale $ (23) $ (4) Cost and equity method investments (115) (31) Long-lived assets (58) (38) Total $ (197) $ (72) LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted average) March 31, 2016 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 821 Income approach Discount rate(a) 1.4%-22.9% (10.1%) Mortgage and asset-backed 23 Income approach Discount rate(a) 2.4%-15.5% (11.9%) Corporate – non-U.S. 34 Income approach Discount rate(a) 6.5%-6.5% (6.5%) Non-recurring fair value measurements Financing receivables and $ 116 Income approach Discount rate(a) 9.0%-30.0% (14.2%) financing receivables held for sale Cost and equity method investments 122 Income approach Discount rate(a) 9.0%-20.0% (13.7%) Long-lived assets 15 Income approach Discount rate(a) 1.8%-10.0% (6.2%) 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%) (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 March 31, 2016 and December 31, 2015 , other Level 3 recurring fair value measurements of $2,953 million and $2,637 million, respectively, and non-recurring measurements of $156 million and $122 million, respectively, are valued using non-binding broker quotes or other third-party sources. At March 31, 2016 and December 31, 2015 , other recurring fair value measurements of $15 million and $32 million, respectively, and non-recurring fair value measurements of $146 million and $80 million, respe ctively, were individually insignificant and utilize a number of different unobservable inputs not subject to meaningful aggregation . |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | NOTE 15 . FINANCIAL INSTRUMENTS The following table provides information about assets and liabilities not carried at fair value. The table excludes finance leases and non-financial assets and liabilities. Substantially all of the assets discussed below are considered to be Level 3. The vast majority of our liabilities’ fair value can be determined based on significant observable inputs and thus considered Level 2. Few of the instruments are actively traded and their fair values must often be determined using financial models. Realization of the fair value of these instruments depends upon market forces beyond our control, including marketplace liquidity. March 31, 2016 December 31, 2015 Carrying Carrying amount Estimated amount Estimated (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,624 $ 1,700 $ 1,104 $ 1,174 Liabilities Borrowings(a)(b) 19,389 20,649 18,397 18,954 Borrowings (debt assumed)(a)(c) 73,623 82,083 84,704 92,231 GE Capital Assets Loans 18,701 18,466 20,061 19,774 Time deposits(d) 13,936 13,936 10,386 10,386 Other commercial mortgages 1,406 1,504 1,381 1,447 Loans held for sale 970 970 342 342 Other financial instruments(e) 96 115 94 110 Liabilities Borrowings(a)(f)(g)(h) 94,150 97,544 95,474 99,396 Investment contracts 2,917 3,481 2,955 3,441 (a) See Note 9 . (b) Included $ 153 million and $ 116 million of accrued interest in estimated fair value at March 31, 2016 and December 31, 2015 , respectively. (c) Included $ 760 million and $ 1,006 million of accrued interest in estimated fair value at March 31, 2016 and December 31, 2015 , respectively . (d) Balances at March 31, 2016 and December 31, 2015 included $ 13,936 million and $ 10,386 million, respectively, of high quality interest bearing deposits wi th European and domestic branches of global banks, predominantly in the UK, that mature in April and July 2016. (e) Principally comprises cost method investments. (f) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been in cluded, the fair value of borrow ings at March 31, 2016 and December 31, 2015 would have been reduced by $ 5,118 million and $ 3,001 million, respectively. (g) Included $ 991 million and $ 1,103 million of accrued interest in estimated fa ir value at March 31, 2016 and December 31, 2015 , respectively. (h) Excluded $ 73,623 million and $ 84,704 million of intercompany payable to GE related to the debt assumption at March 31, 2016 and December 31, 2015 , respect ively . NOTIONAL AMOUNTS OF LOAN COMMITMENTS (In millions) March 31, 2016 December 31, 2015 Ordinary course of business lending commitments(a) $ 270 $ 531 Unused revolving credit lines Commercial 265 279 (a) Excluded investment commitments of $ 400 million and $ 782 million at March 31, 2016 and December 31, 2015 , 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 March 31, 2016 , 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 March 31, 2016 , we were party to reverse repurchase agreements totaling $ 13.1 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 principally 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 March 31, 2016 . As a result of these actions, the significance of financial services hedging activity will dim inish significantly in the future. Risk management strategy In our industrial businesses, we buy, manufacture and sell components and products across global markets. These activities expose us to changes in foreign currency exchange rates and commodity p rices, 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 th e 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 currencies, 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 exposures. With respect to our ongoing financial services activities, our key ex posures 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 deb t 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 financial 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 issued in our financial services business back to our functional currency. Acc ordingly, 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 lo ng-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 com pletely, 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 th e 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 effect of the hedge d forecasted transaction is not presented in this table but offsets the earnings effect of the derivative. FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ (56) $ (1,083) Shareowners' equity (increase) decrease 57 1,083 Earnings (loss) related to ineffectiveness 1 - Earnings (loss) effect of derivatives(a) (84) (997) (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 Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Fair value of derivative increase (decrease) $ 1,723 $ 1,051 Adjustment to carrying amount of hedged debt (increase) decrease (1,754) (1,083) Earnings (loss) related to hedge ineffectiveness (32) (32) 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 Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ 329 $ 4,945 Fair value of non-derivatives (increase) decrease 198 - Shareowners' equity (increase) decrease (569) (4,989) Earnings (loss) related to spot-forward differences and ineffectiveness (42) (44) Earnings (loss) related to reclassification upon sale or liquidation(a) 693 785 Included $ 693 million gain and $ 788 million gain recorded in discontinued operations in the three months ended March 31, 2016 and 2015 , 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 Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ (302) $ (3,118) Change in carrying amount of item being hedged increase (decrease) 111 3,129 Earnings (loss) effect of economic hedges(a) (191) 11 (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 eco nomic 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 $ 211 billion at March 31, 2016 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 recorde d 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 counterparti es as security for amounts they owe us (derivatives that are in an asset position). CARRYING AMOUNTS RELATED TO DERIVATIVES (In millions) March 31, 2016 December 31, 2015 Derivative assets $ 8,859 $ 7,391 Derivative liabilities (5,282) (5,681) Accrued interest 693 1,014 Cash collateral & credit valuation adjustment (3,435) (1,141) Net Derivatives 834 1,583 Securities held as collateral (388) (1,277) Net amount $ 445 $ 306 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. Three months ended March 31 (In millions) Effect on hedging instrument Effect on underlying Effect on earnings 2016 Cash flow hedges $ (56) $ 57 $ 1 Fair value hedges 1,723 (1,754) (32) Net investment hedges(a) 527 (569) (42) Economic hedges(b) (302) 111 (191) Total $ (264) 2015 Cash flow hedges $ (1,083) $ 1,083 $ - Fair value hedges 1,051 (1,083) (32) Net investment hedges(a) 4,945 (4,989) (44) Economic hedges(b) (3,118) 3,129 11 Total $ (65) 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 11 provides additional information about changes in shareowners’ equity related to hedging and amounts released to earnings. Other supplemental information ab out derivatives and hedging can be found in Note 20 . |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | NOTE 16 . VARIABLE INTEREST ENTITIES We use variable interest entities in the ordinary course of business to operate joint ventures to provide goods and services to our customers and to arrange asset backed financing, including securitizations. 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 2016 or 2015 . Consolidated Variable Interest Entities Our most significant consolidated VIEs are the three joint ventures we formed with Alstom to facilitate the Alstom acquisition. These joint ventures include grid technology, renewable energy, and global nuclear and French steam power. The combined assets, liabilities and redeemable non-controlling interest in the joint ventures as of March 31, 2016 was $14,123 million, $9,898 million and $2,928 million, respectively. Further information about the formation of the Alstom joint ventures is provided in Note 7 . These joint ventures are VIEs due to the nature of the exit mechanisms held by Alstom and are consolidated by GE because we control all significant activities of the joint ventures. As these joint ventures are businesses, would otherwise be consolidated 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 con tinuing disclosure requirements fall into two 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: GE Capital Consolidated Securitization Entities (CSEs) were created to facilitate securitization of financial assets and other forms of asset-backed financing that serve as an alternative funding source by providin g access to variable funding notes and term markets. The securitization transactions executed with these entities are similar to those used by many financial institutions and all are non-recourse. We provide servicing for substantially all of the assets in these entities. The financing receivables in these entities have similar risks and characteristics to our other financing receivables and were underwritten to the same standard. Accordingly, the performance of these assets has been similar to our other fi nancing receivables; however, the blended performance of the pools of receivables in these entities reflects the eligibility criteria that we apply to determine which receivables are selected for transfer. Contractually the cash flows from these financing 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 and GE Capital . The creditors of these entities have no claim on other assets of GE or GE Capital . Other remaining assets and liabilities of consolidated VIEs within GE and GE Capital relate primarily to three categories of entities: (1) joint ventures that lease equipment with $ 774 million of assets and $ 772 million of liabilities; (2) other entitie s that are involved in power generating and leasing activities with $ 324 mill ion of assets and $ 167 million of liabilities; and (3) insurance entities that, among other lines of business, provide property and casualty and workers’ compen sation coverage for GE with $ 1,763 million of assets and $ 1,177 million of liabilities. ASSETS AND LIABILITIES OF CONSOLIDATED VIEs GE Capital Trade receivables Other (In millions) GE securitization(a) securitization(a) Other Total March 31, 2016 Assets Financing receivables, net $ - $ - $ 375 $ 774 $ 1,149 Current receivables 164 3,441 (b) - - 3,605 Investment securities - - - 1,493 1,493 Other assets 1,118 - 14 1,168 2,300 Total $ 1,282 $ 3,441 $ 389 $ 3,435 $ 8,547 Liabilities Borrowings $ 48 $ - $ 360 $ 899 $ 1,307 Non-recourse borrowings - 2,780 - - 2,780 Other liabilities 1,132 24 28 1,406 2,590 Total $ 1,180 $ 2,804 $ 388 $ 2,305 $ 6,677 December 31, 2015 Assets Financing receivables, net $ - $ - $ - $ 882 $ 882 Current receivables 385 3,506 (b) - - 3,891 Investment securities - - - 1,404 1,404 Other assets 2,482 24 - 1,068 3,574 Total $ 2,867 $ 3,530 $ - $ 3,354 $ 9,751 Liabilities Borrowings $ 221 $ - $ - $ 960 $ 1,181 Non-recourse borrowings - 3,022 - 61 3,083 Other liabilities 2,289 34 - 1,234 3,557 Total $ 2,510 $ 3,056 $ - $ 2,255 $ 7,821 We provide servicing to the Conso lidated Securitization Entities (CSEs) and are contractually permitted to commingle cash collected from customers on f inancing receivables sold to the CSEs investors with ou r own cash prior to payment to the CSEs , provided our short-term credit rating does no t fall below A-1/P-1. The CSEs also owe us amounts for purchased financial assets and scheduled interest and principal payments. At March 31, 2016 and December 31, 2015 , the amounts of commingled ca sh owed to the CSE s were $ 994 million and $ 1,093 million, respectively, and the amounts owed to us by the CSEs were $ 11 million and $ 7 million, respectively. Included $ 734 million and $ 737 million of receivabl es at March 31, 2016 and December 31, 2015 , respectively, origin ated by Appliances. We require third party debt holder consent to sell these assets. The receivables will be included in assets of businesses held for sale when the consent is received. Total revenues from our consolidated V I Es were $ 355 million and $ 502 million in the three months ended March 31, 2016 and 2015 , respectively. Related expenses consisted primarily of cost of goods and services of $ 344 million and $ 337 mi llion in the three months ended March 31, 2016 and 2015 , respectively. Investments in Unconsolidated Variable Interest Entities Our involvement with unconsolidated VIEs consists of the following activities: assisting in the formati on and financing of the entity and providing re course and/or liquidity support . 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. Our largest exposure to unconsolidated VIEs consists of investments in long-lived, capital intensive energy projects and companies ($6,297 million). The classification of our variable interests in these entities in our financial statements is based on the na ture of the entity and the characteristics of the investment we hold. INVESTMENTS IN UNCONSOLIDATED VIEs (In millions) March 31, 2016 December 31, 2015 Other assets and investment securities $ 6,033 $ 745 Financing receivables – net 13 13 Total investments 6,046 758 Contractual obligations to fund investments, guarantees or revolving lines of credit 825 29 Total exposure(a) $ 6,871 $ 787 (a) The increase in the unconsolidated VIE disclosure above is a result of adoption of ASU 2015-02 on January 1, 2016. These investments, prior to the adoption of ASU 2015-02, were not considered VIEs. Further information is provided in Note 1. 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 . |
Intercompany Transactions
Intercompany Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | NOTE 17 . INTERCOMPANY TRANSACTIONS Transactions between related companies are made on an arms-length basis, are eliminated and consist primarily of 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 manufactu red by GE that are installed 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 in tercompany transactions are 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, investin g and financing activities are $ (5,653) million, $ (1,844) million and $ 7,498 million in the three months ended March 31 , 2016 , and $ 1,192 million, $ (1,825) million and $ 633 million in the three months ended March 31 , 2015 , respectively. Details of these eliminations are shown below . Three months ended March 31 (In millions) 2016 2015 Cash from (used for) operating activities-continuing operations Combined $ 7,505 $ 810 GE customer receivables sold to GE Capital 1,466 1,308 GE Capital dividends to GE (7,500) (450) Other reclassifications and eliminations 381 334 $ 1,852 $ 2,002 Cash from (used for) investing activities-continuing operations Combined $ 26,515 $ 8,719 GE customer receivables sold to GE Capital (1,331) (1,274) Other reclassifications and eliminations (513) (551) $ 24,671 $ 6,894 Cash from (used for) financing activities-continuing operations Combined $ (29,459) $ (6,994) GE customer receivables sold to GE Capital (135) (34) GE Capital dividends to GE 7,500 450 Other reclassifications and eliminations 133 217 $ (21,961) $ (6,361) |
Supplemental Information
Supplemental Information | 3 Months Ended |
Mar. 31, 2016 | |
Summary Of Derivative Instruments [Abstract] | |
Derivatives And Fair Value [Text Block] | NOTE 18 . SUPPLEMENTAL INFORMATION DERIVATIVES AND HEDGING Note 15 provides the primary information related to our derivatives and hedging activity. This section provides certain supplemental information about this topic. C hanges 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 below summarizes this activity by hedging instrument. FAIR VALUE OF DERIVATIVES March 31, 2016 December 31, 2015 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,619 $ 23 $ 4,132 $ 158 Currency exchange contracts 897 1,000 1,109 1,383 Other contracts - - - - 6,516 1,024 5,241 1,541 Derivatives not accounted for as hedges Interest rate contracts 106 55 119 44 Currency exchange contracts 1,907 4,168 1,715 4,048 Other contracts 330 36 315 49 2,343 4,259 2,149 4,141 Gross derivatives recognized in statement of financial position Gross derivatives 8,859 5,282 7,391 5,681 Gross accrued interest 703 10 1,001 (13) 9,562 5,292 8,392 5,668 Amounts offset in statement of financial position Netting adjustments(a) (3,677) (3,662) (4,326) (4,326) Cash collateral(b) (4,124) (703) (1,784) (642) (7,800) (4,365) (6,110) (4,968) Net derivatives recognized in statement of financial position Net derivatives 1,761 927 2,282 700 Amounts not offset in statement of financial position Securities held as collateral(c) (388) - (1,277) - Net amount $ 1,372 $ 927 $ 1,005 $ 700 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 r isk. At March 31, 2016 and December 31, 2015 , the cumulati ve adjustment for non-performance risk was $ (14) million and insignificant , respectively. (b) Excluded excess cash collateral received and posted of $ 259 million and $ 101 million at March 31, 2016 , respective ly , and $ 48 million and $ 379 million at December 31, 2015 , respectively. (c) Excluded excess securities c ollateral received of $ 13 million and $ 107 million at March 31, 2016 and December 31, 2015 , respectively. CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the three months ended March 31 for the three months ended March 31 (In millions) 2016 2015 2016 2015 Interest rate contracts $ 19 $ (3) $ (30) $ (39) Currency exchange contracts (77) (1,077) (53) (957) Commodity contracts 1 (3) (2) (1) Total(a) $ (57) $ (1,083) $ (84) $ (997) (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 $ 3 million gain at March 31, 2016 . We expect to transfer $ 94 million loss to earnings as an expense in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. In both the three months ended 2016 and 2015 , 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 March 31, 2016 and 2015 , the maximum term of deri vative instruments that hedge forecasted transactions was 17 years and 18 years, respectively. See Note12 for additional information about reclassifications out of AOCI. For cash flow hedges, the amount of ineffectiveness in the hedging relationship 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 collateral was $ 4,512 million at March 31, 2016 , of which $ 4,124 million was cash and $ 388 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 $ 703 million at March 31, 2016 . At March 31, 2016 , our exposure to counterparties (including accrued interest), net of collateral we hold, was $ 1,206 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 te rmination 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 $ 902 million a t March 31, 2016 . This excludes embedded derivatives. |
Businesses Held For Sale and 26
Businesses Held For Sale and Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Financial Information For Businesses Held For Sale [Line Items] | |
Businesses held for sale | FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE (In millions) March 31, 2016 December 31, 2015 Assets Current receivables(a) $ 86 $ 79 Inventories 711 583 Property, plant, and equipment – net 1,258 1,208 Goodwill 370 370 Other intangible assets – net 174 162 Other 414 416 Assets of businesses held for sale $ 3,013 $ 2,818 Liabilities Accounts payable(a) $ 615 $ 503 Other current liabilities 355 325 Other 50 33 Liabilities of businesses held for sale $ 1,020 $ 861 (a) Certain transactions at our Appliances business 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. |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 1,292 $ 5,460 Earnings (loss) from discontinued operations before income taxes $ 80 $ (4,694) Benefit (provision) for income taxes 12 935 Earnings (loss) from discontinued operations, net of taxes $ 92 $ (3,759) Disposal Gain (loss) on disposal before income taxes $ (246) $ (3,652) Benefit (provision) for income taxes (155) (1,525) Gain (loss) on disposal, net of taxes $ (400) $ (5,177) Earnings (loss) from discontinued operations, net of taxes(a)(b) $ (308) $ (8,936) (a) 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). (b) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (166) million and $ (8,435) million for the three months ended March 31, 2016 and 2015, respectively. (In millions) March 31, 2016 December 31, 2015 Assets Cash and equivalents $ 26,143 $ 20,395 Investment securities 7,173 8,478 Financing receivables – net 3,168 3,205 Other receivables 1,187 1,221 Property, plant and equipment – net 1,043 7,537 Goodwill 2,712 7,764 Other intangible assets - net 62 80 Deferred income taxes 2,012 2,447 Financing receivables held for sale 38,125 69,847 Valuation allowance on disposal group classified as discontinued operations (3,837) (6,374) Other 3,828 6,350 Assets of discontinued operations $ 81,615 $ 120,951 Liabilities Short-term borrowings $ 722 $ 739 Accounts payable 1,107 2,870 Non-recourse borrowings 41 3,994 Bank deposits 25,958 25,613 Long-term borrowings 556 730 All other liabilities 8,128 11,053 Deferred income taxes 380 1,437 Other 52 52 Liabilities of discontinued operations $ 36,944 $ 46,487 |
CLL | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR COMMERICIAL LENDING AND LEASING Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 887 $ 2,903 Interest $ (277) $ (702) Selling, general and administrative expenses (625) (895) Cost of services sold - (1,332) Provision for losses on financing receivables (2) (1,744) Other costs and expenses 8 (98) Earnings (loss) from discontinued operations, before income taxes (9) (1,867) Benefit (provision) for income taxes 74 653 Earnings (loss) from discontinued operations, net of taxes $ 65 $ (1,214) Disposal Gain (loss) on disposal before income taxes $ (165) $ (1,845) Benefit (provision) for income taxes (144) (978) Gain (loss) on disposal, net of taxes $ (310) $ (2,823) Earnings (loss) from discontinued operations, net of taxes(a) $ (245) $ (4,037) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (175) million and $ (3,713) million for three months ended March 31, 2016 and 2015, respectively. |
Real Estate | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR REAL ESTATE Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 11 $ 499 Interest $ (22) $ (237) Selling, general and administrative (53) (93) Cost of services sold - (4) Provision for losses on financing receivables - 4 Other costs and expenses - (127) Earnings (loss) from discontinued operations, before income taxes (64) 42 Benefit (provision) for income taxes 20 30 Earnings (loss) from discontinued operations, net of taxes $ (45) $ 72 Disposal Gain (loss) on disposal before income taxes $ (69) $ (1,808) Benefit (provision) for income taxes 65 (547) Gain (loss) on disposal, net of taxes $ (3) $ (2,354) Earnings (loss) from discontinued operations, net of taxes(a) $ (48) $ (2,283) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (133) million and $ (1,767) million for the three months ended March 31, 2016 and 2015 , respectively. |
WMC | |
Financial Information For Businesses Held For Sale [Line Items] | |
Rollfoward of WMC's reserve and pending claims for WMC representation and warranty obligations | ROLLFORWARD OF THE RESERVE Three months ended March 31 (In millions) 2016 2015 Balance, beginning of period $ 875 $ 809 Provision 57 7 Claim resolutions / rescissions (99) (2) Balance, end of period $ 833 $ 814 |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR WMC Three months ended March 31 (In millions) 2016 2015 Total revenues and other income (loss) $ (39) $ - Earnings (loss) from discontinued operations, net of taxes $ (32) $ (6) |
Consumer | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR CONSUMER Three months ended March 31 (In millions) 2016 2015 Operations Total revenues and other income (loss) $ 427 $ 2,058 Interest $ (50) $ (611) Selling, general, and administrative expenses (177) (1,068) Cost of services sold - - Provision for losses on financing receivables - (3,108) Investment contracts, insurance losses and insurance annuity (1) (3) Other costs and expenses (2) (126) Earnings (loss) from discontinued operations, before income taxes 197 (2,857) Benefit (provision) for income taxes (101) 160 Earnings (loss) from discontinued operations, net of taxes $ 96 $ (2,697) Disposal Gain (loss) on disposal before income taxes $ (12) $ - Benefit (provision) for income taxes (76) - Gain (loss) on disposal, net of taxes $ (87) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 9 $ (2,697) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 186 million and $ (2,944) million for three months ended March 31, 2016 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | March 31, 2016 December 31, 2015 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 3 $ - $ - $ 3 $ 2 $ - $ - $ 3 Corporate – non-U.S. 1 - - 1 1 - - 1 U.S. government and federal agency 49 - - 49 49 - - 49 Equity 40 9 (4) 44 87 13 (2) 98 93 9 (4) 97 139 14 (2) 151 GE Capital Debt U.S. corporate 19,858 3,385 (156) 23,087 19,971 2,669 (285) 22,355 State and municipal 3,924 556 (53) 4,428 3,910 407 (73) 4,245 Mortgage and asset-backed(a) 3,020 169 (33) 3,156 2,995 157 (35) 3,116 Corporate – non-U.S. 782 102 (4) 880 759 96 (9) 846 Government – non-U.S. 294 141 - 435 279 136 - 415 U.S. government and federal agency 705 64 - 768 623 104 - 727 Equity 112 18 (2) 128 112 16 (4) 123 28,695 4,435 (248) 32,882 (b) 28,648 3,585 (407) 31,827 Eliminations (5) - - (5) (4) - - (4) Total $ 28,783 $ 4,444 $ (252) $ 32,974 $ 28,783 $ 3,599 $ (409) $ 31,973 Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. A t March 31, 2016 , $ 569 million related to securities issued by government-sponsored entities and $ 31 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. Primarily included investment securities of $ 31,765 million and $ 620 million related to our run-off insurance and energy activities , respectively. Substantially all investment securities are in the U.S. |
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) March 31, 2016 Debt U.S. corporate $ 1,317 $ (90) $ 890 $ (66) State and municipal 15 - 273 (52) Mortgage and asset-backed 506 (12) 148 (21) Corporate – non-U.S. 51 (2) 20 (3) Equity 35 (6) - - Total $ 1,924 $ (111) $ 1,331 $ (141) (c) 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 $ 4,271 $ (268) $ 686 $ (140) (a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. At March 31, 2016 , the estimated fair value of and gross unrealized losses on equity securities were $ 18 million and $ (4) million, respectively. At December 31, 2015 , the estimated fair value of and gross unrealized losses on equity securities were $ 6 million and $ (2) million, respectively. (b) Included gross unrealized losses of an insignificant amount related to sec urities that had other-than-temporary impairments previously recognized at March 31, 2016 . (c) Includes debt securities held to support obligations to holders of Guaranteed Investment Contracts (GICs) of which the majority are considered to be investment-gra de by the major rating agencies at March 31, 2016 . |
Pre Tax Other Than Temporary Impairments On Investment Securities [TableTextBlock] | PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES Three months ended March 31 (In millions) 2016 2015 Total pre-tax, OTTI recognized $ 16 $ 3 Pre-tax, OTTI recognized in AOCI - - Pre-tax, OTTI recognized in earnings(a) $ 16 $ 3 (a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $ 7 million and none in the three months ended March 31, 2016 and 2015 , respectively . |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD Three months ended March 31 (In millions) 2016 2015 Cumulative credit loss impairments recognized, beginning of period $ 205 $ 176 Credit loss impairments recognized on securities not previously impaired - - Incremental credit loss impairments recognized on securities previously impaired - - Less credit loss impairments previously recognized on securities sold during the period or that we intend to sell - 2 Cumulative credit loss impairments recognized, end of period $ 205 $ 174 |
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 $ 544 $ 560 After one year through five years 2,880 3,110 After five years through ten years 4,835 5,249 After ten years 17,356 20,732 |
Supplemental gross realized gains losses on available-for-sale investment securities | GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES Three months ended March 31 (In millions) 2016 2015 GE Gains $ 5 $ - Losses, including impairments (9) - Net (5) - GE Capital Gains 2 92 Losses, including impairments (19) (14) Net (18) 78 Total $ (22) $ 78 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | (In millions) March 31, 2016 December 31, 2015 Raw materials and work in process $ 14,344 $ 13,415 Finished goods 8,834 8,265 Unbilled shipments 508 628 23,685 22,308 Revaluation to LIFO 222 207 Total inventories $ 23,907 $ 22,515 |
Financing Receivables and All29
Financing Receivables and Allowance for Losses on Financing Receivables (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables - Net | FINANCING RECEIVABLES, NET (In millions) March 31, 2016 December 31, 2015 Loans, net of deferred income $ 18,757 $ 20,115 Investment in financing leases, net of deferred income 5,037 4,969 23,794 25,084 Allowance for losses (79) (81) Financing receivables – net $ 23,715 (a) $ 25,003 (a) Financing receivables, net primarily included $ 13,520 million, $ 7,099 million and $ 2,591 million related to industrial, aviation and energy financing , respectively , with approximately 49 % in the U.S. and 51 % outside the U.S. |
Contractual Maturities | CONTRACTUAL MATURITIES(a) Total Net rentals (In millions) loans receivable Due Within one year $ 12,337 $ 911 After one year through two years 1,302 719 After two years through three years 763 671 After three years through four years 1,481 505 After four years through five years 861 349 After five years 2,013 1,294 Total $ 18,757 $ 4,449 (b) (a) We expect actual maturities to differ from contractual maturities. (b) Excluded estimated unguaranteed residual value of leased assets and deferred income on financing leases. |
Allowance For Losses | ALLOWANCE FOR LOSSES (In millions) 2016 2015 Balance at January 1 $ 81 $ 93 Provision 18 23 Net write-offs(a) (20) (18) Other(b) - (4) Balance at March 31 $ 79 (c) $ 94 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 . Net write-offs for the three months ended March 31, 2016 primarily included $ 15 million and $ 5 million related to energy and industrial financing, respectively. Other primarily include s the effects of currency exchange. Allowance for losses primarily included $ 31 million, $ 28 million and $ 17 million related to industrial , aviation and energy financing, respectively, with approximately 59 % in the U.S. and 41 % outside the U.S. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (In millions) March 31, 2016 December 31, 2015 Original cost $ 89,855 $ 90,022 Less accumulated depreciation and amortization (36,069) (35,927) Property, plant and equipment – net $ 53,786 $ 54,095 |
Acquisitions, Goodwill and Ot31
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill balance | CHANGES IN GOODWILL BALANCES Dispositions, currency Balance at exchange Balance at (In millions) January 1, 2016 Acquisitions (a) and other March 31, 2016 Power $ 16,736 $ 718 $ (11) $ 17,443 Renewable Energy 2,580 (87) (34) 2,459 Oil & Gas 10,594 - (28) 10,566 Energy Connections 6,227 63 1 6,291 Aviation 8,567 - 38 8,605 Healthcare 17,353 - (23) 17,330 Transportation 851 - 12 863 Appliances & Lighting 214 - 35 249 Capital 2,370 - - 2,370 Corporate 34 - 1 35 Total $ 65,526 $ 694 $ (9) $ 66,212 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Goodwill and other intangible assets | OTHER INTANGIBLE ASSETS - NET (In millions) March 31, 2016 December 31, 2015 Intangible assets subject to amortization $ 16,790 $ 17,688 Indefinite-lived intangible assets(a) 100 109 Total $ 16,890 $ 17,798 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Intangible assets subject to amortization | INTANGIBLE ASSETS SUBJECT TO AMORTIZATION March 31, 2016 December 31, 2015 Gross Gross carrying Accumulated carrying Accumulated (In millions) amount amortization Net amount amortization Net Customer-related $ 9,319 $ (2,140) $ 7,179 $ 9,758 $ (2,113) $ 7,645 Patents and technology 8,320 (3,209) 5,111 8,543 (3,096) 5,447 Capitalized software 7,391 (4,156) 3,235 7,375 (4,136) 3,239 Trademarks 1,264 (297) 967 1,337 (282) 1,055 Lease valuations 125 (32) 93 167 (22) 145 Present value of future profits(a) 659 (659) - 651 (651) - All other 342 (137) 205 267 (108) 159 Total $ 27,420 $ (10,630) $ 16,790 $ 28,098 $ (10,408) $ 17,688 (a) Balances at March 31, 2016 and December 31, 2015 reflect adjustments of $ 260 million and $ 266 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. |
Contract Assets and All Other32
Contract Assets and All Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Assets [Abstract] | |
Contract Assets | (In millions) March 31, 2016 December 31, 2015 GE Contract assets $ 21,654 $ 21,156 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | (In millions) March 31, 2016 December 31, 2015 Short-term borrowings GE Commercial paper $ 1,500 $ 500 Current portion of long-term borrowings 17,383 17,770 Other 1,776 1,522 Total GE short-term borrowings(a) 20,659 19,792 GE Capital Commercial paper U.S. 2,994 650 Non-U.S. 2,003 4,351 Current portion of long-term borrowings 25,596 24,969 Intercompany payable to GE(b) 17,268 17,642 Other(c) 876 1,005 Total GE Capital short-term borrowings 48,736 48,617 Eliminations(b) (18,313) (18,549) Total short-term borrowings $ 51,082 $ 49,860 Long-term borrowings GE Senior notes $ 66,115 $ 72,471 Subordinated notes 2,902 2,940 Subordinated debentures(d) 2,334 6,600 Other 1,002 1,298 Total GE long-term borrowings(a) 72,353 83,309 GE Capital Senior notes 57,631 59,107 Subordinated notes 289 251 Intercompany payable to GE(b) 56,355 67,062 Other(c) 1,982 2,058 Total GE Capital long-term borrowings 116,257 128,478 Eliminations(b) (56,423) (67,128) Total long-term borrowings $ 132,187 $ 144,659 Non-recourse borrowings of consolidated securitization entities(e) $ 2,780 $ 3,083 Total borrowings $ 186,049 $ 197,602 Excluding assumed debt of GE Capital, GE total borrowings is $ 19.4 million. Included $ 73,623 million of GE Capital debt assumed by GE and mainta ined as intercompany payable to GE at March 31, 2016 . Included $ 2,580 million and $ 2,679 million of funding secured by aircraft and other collateral at March 31, 2016 and December 31, 2015 , respectively, of which $ 1,471 million and $ 1,534 million is non-recourse to GE Capital at March 31, 2016 and December 31, 2015 , respectively. Included $ 2,334 million of subordinated debentures, which constitute the sole as s ets of trusts that have issued trust pref 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 $ 1,450 million and $ 918 million of current portion of long-term borrowings at March 31, 2016 and December 31, 2015 , respectively. See Note 16 . (a) Included $3.9 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 15 and 18 . |
Schedule Of Debt Conversions | (in millions) March 31, 2016 Borrowings from debt exchange(a) Borrowings assumed by GE Borrowings guaranteed by GE Short-term borrowings GE Current portion of long-term borrowings $ - $ 17,268 $ - GE Capital Commercial paper-Non U.S. - - 2,003 Current portion of long-term borrowings 15,566 - 24,972 Other 769 - 769 Total short-term borrowings $ 16,335 $ 17,268 $ 27,744 Long-term borrowings GE Senior unsecured notes $ - $ 50,719 $ - Subordinated notes - 2,902 - Subordinated debentures - 2,334 - Other - 400 - GE Capital Senior unsecured notes 17,165 - 54,162 Other - - - Total long-term borrowings $ 17,165 $ 56,355 $ 54,162 Total borrowings $ 33,500 $ 73,623 $ 81,906 |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Principal pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Benefit Plans [Table Text Block] | EFFECT ON OPERATIONS OF PENSION PLANS Principal pension plans Three months ended March 31 (In millions) 2016 2015 Service cost for benefits earned $ 315 $ 361 Prior service cost amortization 76 52 Expected return on plan assets (834) (825) Interest cost on benefit obligations 734 695 Net actuarial loss amortization 612 825 Curtailment loss - 71 Pension plans cost $ 903 $ 1,179 |
Other pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Benefit Plans [Table Text Block] | Other pension plans Three months ended March 31 (In millions) 2016 2015 Service cost for benefits earned $ 113 $ 105 Prior service cost (credit) amortization (1) - Expected return on plan assets (263) (209) Interest cost on benefit obligations 172 133 Net actuarial loss amortization 64 74 Pension plans cost $ 85 $ 103 |
Principal retiree benefit plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Benefit Plans [Table Text Block] | EFFECT ON OPERATIONS OF PRINCIPAL RETIREE BENEFIT PLANS Principal retiree benefit plans Three months ended March 31 (In millions) 2016 2015 Service cost for benefits earned $ 25 $ 41 Prior service cost (credit) amortization (41) 33 Expected return on plan assets (11) (12) Interest cost on benefit obligations 63 101 Net actuarial loss (gain) amortization (13) 1 Curtailment loss - 4 Retiree benefit plans cost $ 23 $ 168 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | UNRECOGNIZED TAX BENEFITS (In millions) March 31, 2016 December 31, 2015 Unrecognized tax benefits $ 6,557 $ 6,778 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,406 4,723 Accrued interest on unrecognized tax benefits 890 805 Accrued penalties on unrecognized tax benefits 118 98 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-1,400 0-700 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-800 0-200 (a) Some portion of such reduction may be reported as discontinued operations. |
Shareowners' Equity (Tables)
Shareowners' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Accumulated other comprehensive income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended March 31 (In millions) 2016 2015 Investment securities Beginning balance $ 460 $ 1,013 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $81 and $155 159 287 Reclassifications from OCI – net of deferred taxes of $40 and $(29) 60 (54) Other comprehensive income (loss)(a) 220 233 Less OCI attributable to noncontrolling interests - 1 Ending balance $ 680 $ 1,245 Currency translation adjustments (CTA) Beginning balance $ (5,499) $ (2,428) OCI before reclassifications – net of deferred taxes of $266 and $1,544 115 (5,338) Reclassifications from OCI – net of deferred taxes of $119 and $(1) (114) 3 Other comprehensive income (loss)(a) 1 (5,335) Less OCI attributable to noncontrolling interests 3 (48) Ending balance $ (5,500) $ (7,715) Cash flow hedges Beginning balance $ (80) $ (180) OCI before reclassifications – net of deferred taxes of $(8) and $(38) (25) (926) Reclassifications from OCI – net of deferred taxes of $5 and $117 79 880 Other comprehensive income (loss)(a) 55 (46) Less OCI attributable to noncontrolling interests - - Ending balance $ (26) $ (226) Benefit plans Beginning balance $ (11,410) $ (16,578) Prior service credit (costs) - net of deferred taxes of $5 and $0 23 - Net actuarial gain (loss) – net of deferred taxes of $22 and $65 68 210 Net curtailment/settlement - net of deferred taxes of $0 and $27 - 48 Prior service cost amortization – net of deferred taxes of $21 and $37 16 50 Net actuarial loss amortization – net of deferred taxes of $216 and $304 443 601 Other comprehensive income (loss)(a) 550 909 Less OCI attributable to noncontrolling interests (1) (2) Ending balance $ (10,859) $ (15,667) Accumulated other comprehensive income (loss) at March 31 $ (15,705) $ (22,363) (a) Total other comprehensive income (loss) was $ 826 million and $ (4,240) million in the three months ended March 31, 2016 and 2015 , respectively. |
Reclassification out of accumulated other comprehensive income | RECLASSIFICATION OUT OF AOCI Three months ended March 31 (In millions) 2016 2015 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ (100) $ 83 Total revenue and other income(a) Income taxes 40 (29) Benefit (provision) for income taxes(b) Net of tax $ (60) $ 54 Currency translation adjustments Gains (losses) on dispositions $ (6) $ (1) Total revenue and other income(c) Income taxes 119 (1) Benefit (provision) for income taxes(d) Net of tax $ 114 $ (3) Cash flow hedges Gains (losses) on interest rate derivatives $ (30) $ (39) Interest and other financial charges Foreign exchange contracts (41) (957) (e) Other (13) - (f) (84) (997) Total before tax Income taxes 5 117 Benefit (provision) for income taxes Net of tax $ (79) $ (880) Benefit plan items Curtailment gain (loss) $ - $ (75) (g) Amortization of prior service costs (37) (87) (g) Amortization of actuarial gains (losses) (659) (905) (g) (696) (1,067) Total before tax Income taxes 237 368 Benefit (provision) for income taxes Net of tax $ (459) $ (699) Total reclassification adjustments (net of tax) $ (485) $ (1,528) Included $ (78) million and $ 5 million for the three months ended March 31, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Included $ 32 million and $ 1 million for the three months ended March 31, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Included $ (5) million and n one for the three months ended March 31, 2016 and 2015 , respectively in earni ngs (loss) from discontinued operations, net of taxes. Included $ 119 million and none for the three months ended March 31, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes . Included $ (22) mi llion and $ (944) million in GE Capital revenues from services and $ (19) million and $ (13) million in interest and other financia l charges in the three months ended March 31, 2016 and 2015 , respectively. Primarily recorded in costs an d expenses. Curtailment gain ( loss ) , amortization of prior service costs and actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs. See Note 10 for further information. |
Changes to noncontrolling interests | CHANGES TO NONCONTROLLING INTERESTS Three months ended March 31 (In millions) 2016 2015 Beginning balance $ 1,864 $ 8,674 Net earnings (loss) (69) (31) Dividends (7) (2) Dispositions (42) - Other (including AOCI)(a)(b) (79) 97 Ending balance $ 1,667 $ 8,738 Includes research & development partner funding arrangements, acquisitions and eliminations. Includes $ (123) million for deconsolidation of investment funds managed by GE Asset Management (GEAM) upon the adoption of ASU 2015-02, Amendments to the Consolidation Analysis . See Note 1. |
Redeemable noncontrolling interest | Three months ended March 31 (In millions) 2016 2015 Beginning balance $ 2,972 $ 98 Net earnings (loss) (53) (4) Dividends (9) (10) Redemption value adjustment 32 - Other 94 (10) Ending balance $ 3,036 $ 73 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per share | Three months ended March 31 2016 2015 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings from continuing operations for per-share calculation(a)(b) $ 496 $ 495 $ (4,551) $ (4,551) Preferred stock dividends (289) (289) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 207 $ 206 $ (4,551) $ (4,551) Earnings (loss) from discontinued operations for per-share calculation(a)(b) (308) (308) (9,028) (9,028) Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ (102) $ (102) $ (13,576) $ (13,576) Average equivalent shares Shares of GE common stock outstanding 9,288 9,288 10,067 10,067 Employee compensation-related shares (including stock options) 84 - - - Total average equivalent shares 9,372 9,288 10,067 10,067 Per-share amounts Earnings (loss) from continuing operations $ 0.02 $ 0.02 $ (0.45) $ (0.45) Earnings (loss) from discontinued operations (0.03) (0.03) (0.90) (0.90) Net earnings (loss) (0.01) (0.01) (1.35) (1.35) Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities . For the periods ended March 31, 2016 and 2015, pursuant to the two-class method , as a result of the excess of dividends in respect to current period earnings, losses were not allocated to the participating securities . Included an insignificant amount of dividend equivalents in each of the periods presented. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Assets Investment securities Debt U.S. corporate $ - $ 19,947 $ 3,143 $ - $ 23,090 State and municipal - 4,397 31 - 4,428 Mortgage and asset-backed - 3,133 23 - 3,156 Corporate – non-U.S. - 586 295 - 881 Government – non-U.S. - 435 - - 435 U.S. government and federal agency 49 491 277 - 817 Equity 144 14 9 - 167 Derivatives(c) - 8,761 97 (7,800) 1,058 Total $ 193 $ 37,765 $ 3,875 $ (7,800) $ 34,032 Liabilities Derivatives $ - $ 5,253 $ 29 $ (4,365) $ 917 Other(e) - 1,230 - - 1,230 Total $ - $ 6,483 $ 29 $ (4,365) $ 2,147 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 - 217 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 (a) There were $ 12 million of Corporate – non-U.S. securities transferred from Level 1 to Level 2 in the three months ended March 31, 2016 primarily attributable to changes in market observable data. There were no securities transferred between Level 1 and Level 2 in December 31, 2015 . ( 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 ag reement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. At March 31, 2016 and December 31, 2015 , the cumulative adjustment for non-performance risk was $ (14) million and insignificant , respectively . See Note s 15 and 18 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) Primarily represented the liability associated with certain of our deferred incentive compensation plans |
Changes in level 3 instruments | CHANGES IN LEVEL 3 INSTRUMENTS FOR THE THREE MONTHS ENDED Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) January 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) March 31 March 31(c) 2016 Investment securities Debt U.S. corporate $ 3,006 $ 4 $ 100 $ 60 $ (5) $ (8) $ - $ (15) $ 3,143 $ - State and municipal 30 - 1 - - - - - 31 - Mortgage and asset-backed 32 (9) - - - - - - 23 - Corporate – non-U.S. 290 - 4 - - - - - 295 - U.S. government and federal agency 323 - (45) - - (1) - - 277 - Equity 13 (7) 2 - - - - - 9 - Derivatives(d)(e) 88 4 - - - 1 (11) (1) 82 4 Other 259 - - - - - - (259) - - Total $ 4,042 $ (8) $ 63 $ 60 $ (5) $ (8) $ (11) $ (275) $ 3,859 $ 4 2015 Investment securities Debt U.S. corporate $ 3,053 $ 4 $ 59 $ 94 $ (11) $ (36) $ - $ - $ 3,163 $ - State and municipal 58 - 1 - - - - - 58 - Mortgage and asset-backed 145 5 (1) - (32) (3) - - 114 - Corporate – non-U.S. 337 - 3 - (49) - - - 290 - Government – non-U.S. 2 - - - - - - - 2 - U.S. government and federal agency 266 - 26 - - (1) - - 291 - Equity 9 2 (2) - - (4) - - 6 - Derivatives(d)(e) 29 6 - 1 - (2) - - 33 6 Other 277 (38) - - (14) - - - 225 (38) Total $ 4,175 $ (21) $ 86 $ 95 $ (106) $ (46) $ - $ - $ 4,183 $ (32) 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 for the three months ended March 31, 2016 were primarily a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis . See Note 1. Represents the amount of unrealized gains or losses for the period included in earning s. Represents derivative assets net of derivative liabilities and included cash accruals of $ 14 million and $ 10 million not reflected in the fair value hierarchy table for the three months ended March 31, 2016 and 2015 , respectively. Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 15 and 18 . |
Non-recurring fair value amounts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis | Remeasured during Remeasured during the three months ended the three months ended March 31, 2016 December 31, 2015 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 119 $ - $ 154 Cost and equity method investments - 375 1 436 Long-lived assets - 62 2 882 Total $ - $ 555 $ 3 $ 1,471 |
Fair value adjustments to assets measured on a non-recurring basis | Three months ended March 31 (In millions) 2016 2015 Financing receivables and financing receivables held for sale $ (23) $ (4) Cost and equity method investments (115) (31) Long-lived assets (58) (38) Total $ (197) $ (72) |
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) March 31, 2016 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 821 Income approach Discount rate(a) 1.4%-22.9% (10.1%) Mortgage and asset-backed 23 Income approach Discount rate(a) 2.4%-15.5% (11.9%) Corporate – non-U.S. 34 Income approach Discount rate(a) 6.5%-6.5% (6.5%) Non-recurring fair value measurements Financing receivables and $ 116 Income approach Discount rate(a) 9.0%-30.0% (14.2%) financing receivables held for sale Cost and equity method investments 122 Income approach Discount rate(a) 9.0%-20.0% (13.7%) Long-lived assets 15 Income approach Discount rate(a) 1.8%-10.0% (6.2%) 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%) (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) | 3 Months Ended |
Mar. 31, 2016 | |
Summary Of Derivative Instruments [Abstract] | |
Estimated fair value of assets and liabilities | March 31, 2016 December 31, 2015 Carrying Carrying amount Estimated amount Estimated (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,624 $ 1,700 $ 1,104 $ 1,174 Liabilities Borrowings(a)(b) 19,389 20,649 18,397 18,954 Borrowings (debt assumed)(a)(c) 73,623 82,083 84,704 92,231 GE Capital Assets Loans 18,701 18,466 20,061 19,774 Time deposits(d) 13,936 13,936 10,386 10,386 Other commercial mortgages 1,406 1,504 1,381 1,447 Loans held for sale 970 970 342 342 Other financial instruments(e) 96 115 94 110 Liabilities Borrowings(a)(f)(g)(h) 94,150 97,544 95,474 99,396 Investment contracts 2,917 3,481 2,955 3,441 (a) See Note 9 . (b) Included $ 153 million and $ 116 million of accrued interest in estimated fair value at March 31, 2016 and December 31, 2015 , respectively. (c) Included $ 760 million and $ 1,006 million of accrued interest in estimated fair value at March 31, 2016 and December 31, 2015 , respectively . (d) Balances at March 31, 2016 and December 31, 2015 included $ 13,936 million and $ 10,386 million, respectively, of high quality interest bearing deposits wi th European and domestic branches of global banks, predominantly in the UK, that mature in April and July 2016. (e) Principally comprises cost method investments. (f) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been in cluded, the fair value of borrow ings at March 31, 2016 and December 31, 2015 would have been reduced by $ 5,118 million and $ 3,001 million, respectively. (g) Included $ 991 million and $ 1,103 million of accrued interest in estimated fa ir value at March 31, 2016 and December 31, 2015 , respectively. (h) Excluded $ 73,623 million and $ 84,704 million of intercompany payable to GE related to the debt assumption at March 31, 2016 and December 31, 2015 , respect ively . |
Loan commitments | NOTIONAL AMOUNTS OF LOAN COMMITMENTS (In millions) March 31, 2016 December 31, 2015 Ordinary course of business lending commitments(a) $ 270 $ 531 Unused revolving credit lines Commercial 265 279 (a) Excluded investment commitments of $ 400 million and $ 782 million at March 31, 2016 and December 31, 2015 , respectively. |
Financial statements effects of cash flow hedges | FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ (56) $ (1,083) Shareowners' equity (increase) decrease 57 1,083 Earnings (loss) related to ineffectiveness 1 - Earnings (loss) effect of derivatives(a) (84) (997) (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 Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Fair value of derivative increase (decrease) $ 1,723 $ 1,051 Adjustment to carrying amount of hedged debt (increase) decrease (1,754) (1,083) Earnings (loss) related to hedge ineffectiveness (32) (32) 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 Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ 329 $ 4,945 Fair value of non-derivatives (increase) decrease 198 - Shareowners' equity (increase) decrease (569) (4,989) Earnings (loss) related to spot-forward differences and ineffectiveness (42) (44) Earnings (loss) related to reclassification upon sale or liquidation(a) 693 785 Included $ 693 million gain and $ 788 million gain recorded in discontinued operations in the three months ended March 31, 2016 and 2015 , respectively. 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 Three months ended March 31 (In millions) 2016 2015 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ (302) $ (3,118) Change in carrying amount of item being hedged increase (decrease) 111 3,129 Earnings (loss) effect of economic hedges(a) (191) 11 (a) Offset by the future earnings effects of economic ally hedge d item . 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 (In millions) March 31, 2016 December 31, 2015 Derivative assets $ 8,859 $ 7,391 Derivative liabilities (5,282) (5,681) Accrued interest 693 1,014 Cash collateral & credit valuation adjustment (3,435) (1,141) Net Derivatives 834 1,583 Securities held as collateral (388) (1,277) Net amount $ 445 $ 306 |
Effects of derivatives on earnings | Three months ended March 31 (In millions) Effect on hedging instrument Effect on underlying Effect on earnings 2016 Cash flow hedges $ (56) $ 57 $ 1 Fair value hedges 1,723 (1,754) (32) Net investment hedges(a) 527 (569) (42) Economic hedges(b) (302) 111 (191) Total $ (264) 2015 Cash flow hedges $ (1,083) $ 1,083 $ - Fair value hedges 1,051 (1,083) (32) Net investment hedges(a) 4,945 (4,989) (44) Economic hedges(b) (3,118) 3,129 11 Total $ (65) (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) | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Schedule of VIE | ASSETS AND LIABILITIES OF CONSOLIDATED VIEs GE Capital Trade receivables Other (In millions) GE securitization(a) securitization(a) Other Total March 31, 2016 Assets Financing receivables, net $ - $ - $ 375 $ 774 $ 1,149 Current receivables 164 3,441 (b) - - 3,605 Investment securities - - - 1,493 1,493 Other assets 1,118 - 14 1,168 2,300 Total $ 1,282 $ 3,441 $ 389 $ 3,435 $ 8,547 Liabilities Borrowings $ 48 $ - $ 360 $ 899 $ 1,307 Non-recourse borrowings - 2,780 - - 2,780 Other liabilities 1,132 24 28 1,406 2,590 Total $ 1,180 $ 2,804 $ 388 $ 2,305 $ 6,677 December 31, 2015 Assets Financing receivables, net $ - $ - $ - $ 882 $ 882 Current receivables 385 3,506 (b) - - 3,891 Investment securities - - - 1,404 1,404 Other assets 2,482 24 - 1,068 3,574 Total $ 2,867 $ 3,530 $ - $ 3,354 $ 9,751 Liabilities Borrowings $ 221 $ - $ - $ 960 $ 1,181 Non-recourse borrowings - 3,022 - 61 3,083 Other liabilities 2,289 34 - 1,234 3,557 Total $ 2,510 $ 3,056 $ - $ 2,255 $ 7,821 We provide servicing to the Conso lidated Securitization Entities (CSEs) and are contractually permitted to commingle cash collected from customers on f inancing receivables sold to the CSEs investors with ou r own cash prior to payment to the CSEs , provided our short-term credit rating does no t fall below A-1/P-1. The CSEs also owe us amounts for purchased financial assets and scheduled interest and principal payments. At March 31, 2016 and December 31, 2015 , the amounts of commingled ca sh owed to the CSE s were $ 994 million and $ 1,093 million, respectively, and the amounts owed to us by the CSEs were $ 11 million and $ 7 million, respectively. Included $ 734 million and $ 737 million of receivabl es at March 31, 2016 and December 31, 2015 , respectively, origin ated by Appliances. We require third party debt holder consent to sell these assets. The receivables will be included in assets of businesses held for sale when the consent is received. |
Unconsolidated VIE | INVESTMENTS IN UNCONSOLIDATED VIEs (In millions) March 31, 2016 December 31, 2015 Other assets and investment securities $ 6,033 $ 745 Financing receivables – net 13 13 Total investments 6,046 758 Contractual obligations to fund investments, guarantees or revolving lines of credit 825 29 Total exposure(a) $ 6,871 $ 787 (a) The increase in the unconsolidated VIE disclosure above is a result of adoption of ASU 2015-02 on January 1, 2016. These investments, prior to the adoption of ASU 2015-02, were not considered VIEs. Further information is provided in Note 1. |
Intercompany Transactions (Tabl
Intercompany Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | Three months ended March 31 (In millions) 2016 2015 Cash from (used for) operating activities-continuing operations Combined $ 7,505 $ 810 GE customer receivables sold to GE Capital 1,466 1,308 GE Capital dividends to GE (7,500) (450) Other reclassifications and eliminations 381 334 $ 1,852 $ 2,002 Cash from (used for) investing activities-continuing operations Combined $ 26,515 $ 8,719 GE customer receivables sold to GE Capital (1,331) (1,274) Other reclassifications and eliminations (513) (551) $ 24,671 $ 6,894 Cash from (used for) financing activities-continuing operations Combined $ (29,459) $ (6,994) GE customer receivables sold to GE Capital (135) (34) GE Capital dividends to GE 7,500 450 Other reclassifications and eliminations 133 217 $ (21,961) $ (6,361) |
Supplemental Information (Deriv
Supplemental Information (Derivatives) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summary Of Derivative Instruments [Abstract] | |
Fair value of derivatives | FAIR VALUE OF DERIVATIVES March 31, 2016 December 31, 2015 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,619 $ 23 $ 4,132 $ 158 Currency exchange contracts 897 1,000 1,109 1,383 Other contracts - - - - 6,516 1,024 5,241 1,541 Derivatives not accounted for as hedges Interest rate contracts 106 55 119 44 Currency exchange contracts 1,907 4,168 1,715 4,048 Other contracts 330 36 315 49 2,343 4,259 2,149 4,141 Gross derivatives recognized in statement of financial position Gross derivatives 8,859 5,282 7,391 5,681 Gross accrued interest 703 10 1,001 (13) 9,562 5,292 8,392 5,668 Amounts offset in statement of financial position Netting adjustments(a) (3,677) (3,662) (4,326) (4,326) Cash collateral(b) (4,124) (703) (1,784) (642) (7,800) (4,365) (6,110) (4,968) Net derivatives recognized in statement of financial position Net derivatives 1,761 927 2,282 700 Amounts not offset in statement of financial position Securities held as collateral(c) (388) - (1,277) - Net amount $ 1,372 $ 927 $ 1,005 $ 700 (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 r isk. At March 31, 2016 and December 31, 2015 , the cumulati ve adjustment for non-performance risk was $ (14) million and insignificant , respectively. (b) Excluded excess cash collateral received and posted of $ 259 million and $ 101 million at March 31, 2016 , respective ly , and $ 48 million and $ 379 million at December 31, 2015 , respectively. (c) Excluded excess securities c ollateral received of $ 13 million and $ 107 million at March 31, 2016 and December 31, 2015 , respectively. |
Cash flow hedges | CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the three months ended March 31 for the three months ended March 31 (In millions) 2016 2015 2016 2015 Interest rate contracts $ 19 $ (3) $ (30) $ (39) Currency exchange contracts (77) (1,077) (53) (957) Commodity contracts 1 (3) (2) (1) Total(a) $ (57) $ (1,083) $ (84) $ (997) (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. |
Operating Segment Table - MDA (
Operating Segment Table - MDA (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 27,845 | $ 26,239 | |
Interest and other financial charges | 1,736 | 618 | |
Benefit (provision) for income taxes | 139 | (6,294) | |
Income (Loss) from Continuing Operations Attributable to Parent | 210 | (4,548) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (308) | (8,936) | |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 89 | |
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,936) | |
Net Income (Loss) Available to Common Stockholders, Basic | $ (98) | (13,573) | |
Variance in revenues | 6.00% | ||
Variance earnings loss continued operations fav unfav | F | ||
Variance earnings (loss) from discontinued operations net of taxes | 97.00% | ||
Variance net earnings loss attributable to company | 99.00% | ||
Variance in earnings from discontinued operations net of tax and noncontrolling interest | 97.00% | ||
Variance net earnings (loss) attributable to noncontrolling interest fav/unfav | U | ||
GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 24,606 | 18,171 | |
Interest and other financial charges | 440 | 389 | |
Benefit (provision) for income taxes | (201) | (306) | |
Income (Loss) from Continuing Operations Attributable to Parent | 210 | (4,548) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | [1] | (308) | (9,025) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | |
Earnings (loss) from discontinued operations, net of taxes | (308) | (9,025) | |
Net Income (Loss) Available to Common Stockholders, Basic | (98) | (13,573) | |
GE Capital | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,885 | 2,866 | |
Interest and other financial charges | 1,430 | 339 | |
Benefit (provision) for income taxes | 341 | (5,988) | |
Income (Loss) from Continuing Operations Attributable to Parent | (893) | (5,721) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (308) | (8,935) | |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 89 | |
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,935) | |
Net Income (Loss) Available to Common Stockholders, Basic | $ (1,201) | (14,745) | |
Variance in segment profit | 84.00% | ||
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 27,845 | 26,239 | |
Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | 28,754 | 27,228 | |
Operating Income (Loss) | 2,421 | (2,162) | |
Interest and other financial charges | (440) | (389) | |
Benefit (provision) for income taxes | 201 | 306 | |
Income (Loss) from Continuing Operations Attributable to Parent | 210 | (4,548) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (308) | (8,936) | |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 89 | |
Earnings (loss) from discontinued operations, net of taxes | (308) | (9,025) | |
Net Income (Loss) Available to Common Stockholders, Basic | $ (98) | (13,573) | |
Variance in revenues | 6.00% | ||
Variance segment profit favorable unfavorable | F | ||
Power | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 5,204 | 4,612 | |
Operating Income (Loss) | $ 573 | 757 | |
Variance in revenues | 13.00% | ||
Variance in segment profit | (24.00%) | ||
Renewable Energy | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,669 | 1,028 | |
Operating Income (Loss) | $ 83 | 57 | |
Variance in revenues | 62.00% | ||
Variance in segment profit | 46.00% | ||
Oil & Gas | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,314 | 4,040 | |
Operating Income (Loss) | $ 308 | 489 | |
Variance in revenues | (18.00%) | ||
Variance in segment profit | (37.00%) | ||
Energy Connections | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,260 | 1,685 | |
Operating Income (Loss) | $ (85) | 28 | |
Variance in revenues | 34.00% | ||
Variance segment profit favorable unfavorable | U | ||
Aviation | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 6,262 | 5,674 | |
Operating Income (Loss) | $ 1,524 | 1,314 | |
Variance in revenues | 10.00% | ||
Variance in segment profit | 16.00% | ||
Healthcare | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 4,183 | 4,075 | |
Operating Income (Loss) | $ 631 | 587 | |
Variance in revenues | 3.00% | ||
Variance in segment profit | 7.00% | ||
Transporation | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 981 | 1,308 | |
Operating Income (Loss) | $ 164 | 225 | |
Variance in revenues | (25.00%) | ||
Variance in segment profit | (27.00%) | ||
Appliances & Lighting | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,996 | 1,940 | |
Operating Income (Loss) | $ 115 | 102 | |
Variance in revenues | 3.00% | ||
Variance in segment profit | 13.00% | ||
GE Industrial | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 25,869 | 24,362 | |
Operating Income (Loss) | $ 3,314 | 3,560 | |
Variance in revenues | 6.00% | ||
Variance in segment profit | (7.00%) | ||
Capital | Operating Segments [Member] | GE | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,885 | 2,866 | |
Operating Income (Loss) | $ (893) | (5,721) | |
Variance in revenues | 1.00% | ||
Corporate | Intersegment | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ (909) | (988) | |
Operating Income (Loss) | $ (1,571) | $ (1,691) | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Accounting Policies and GE Capital Exit Plan) (Details) - USD ($) $ in Millions | Apr. 10, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Apr. 10, 2017 |
Accounting Policies [Abstract] | |||||
Percentage of LIFO Inventory | 34.00% | 40.00% | |||
Unrecognized Tax Benefits | $ 6,557 | $ 6,778 | |||
Debt Issuance Costs | 674 | ||||
Restructuring | |||||
Earnings (loss) from discontinued operations, net of taxes | (308) | $ (8,936) | |||
Dividends preferred stock total | 289 | ||||
Deconsolidation, Gain (Loss), Amount | 123 | ||||
Increase in exposure to nonconsolidated VIE | 6,110 | ||||
Discontinued operations | |||||
Restructuring | |||||
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,936) | |||
Discontinued operations | Consumer | |||||
Restructuring | |||||
Earnings (loss) from discontinued operations, net of taxes | 9 | (2,697) | |||
Discontinued operations | Real Estate business | |||||
Restructuring | |||||
Earnings (loss) from discontinued operations, net of taxes | (48) | (2,283) | |||
Discontinued operations | CLL | |||||
Restructuring | |||||
Earnings (loss) from discontinued operations, net of taxes | (245) | $ (4,037) | |||
GE Capital Exit Plan | |||||
Restructuring | |||||
Restructuring and related activities initiation date | Apr. 10, 2015 | ||||
Restructuring and related activities completion date | Apr. 10, 2017 | ||||
Total after-tax charges related to the GE Capital Exit Plan | 22,630 | ||||
GE Capital Exit Plan | Discontinued operations | CLL | |||||
Restructuring | |||||
Earnings (loss) from discontinued operations, net of taxes | 255 | ||||
GE Capital Exit Plan | After Tax Charges | |||||
Restructuring | |||||
Restructuring and other charges | 600 | 56 | |||
GE Capital Exit Plan | After Tax Charges | Discontinued operations | |||||
Restructuring | |||||
Restructuring and other charges | 258 | 4 | |||
GE Capital Exit Plan | After Tax Charges | Continuing operations | |||||
Restructuring | |||||
Restructuring and other charges | $ 342 | $ 52 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Reorganization and Exchange Offers) (Details) £ in Millions, $ in Millions | Oct. 26, 2015GBP (£) | Oct. 26, 2015USD ($) | Sep. 21, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 19, 2015USD ($) | |
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 | 3,900 | |||||
Short-term borrowings | 51,082 | $ 49,860 | |||||
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] | $ 48,736 | $ 48,617 | ||||
[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. The short-term borrowings were $17,268 million and $17,642 million and the long-term borrowings were $56,355 million and $67,062 million at March 31, 2016 and December 31, 2015, respectively. See Note 9 for addition al information. |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Guarantee) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Borrowings Guaranteed By GE | |
Borrowings [Line Items] | |
Short-term borrowings and long-term borrowings | $ 81,906 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Reorganization Preferred Stock Exchange) (Details) - USD ($) $ in Millions | Dec. 18, 2015 | Mar. 31, 2016 | Jan. 20, 2016 | Dec. 31, 2015 | Dec. 03, 2015 | Dec. 02, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | $ 6 | $ 6 | $ 5,944 | $ 5,000 | ||||
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, value, issued | 91 | $ 2,687 | 2,778 | |||||
Series B | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | 64 | 2,008 | 2,073 | |||||
Series C | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | 95 | 999 | $ 1,094 | |||||
Initial fixed interest | 5.00% | |||||||
Series D | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | $ 195 | $ 5,184 | $ 5,694 | |||||
Initial fixed interest | 5.00% | |||||||
Floating Rate | 3.33% | |||||||
GE Capital | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | $ 6 | $ 6 | ||||||
GE Capital | Preferred stock | ||||||||
Preferred Stock [Abstract} | ||||||||
Preferred stock, value, issued | $ 4,949 | |||||||
GE Capital | Series A, B and C | Preferred stock | ||||||||
Preferred Stock [Abstract} | ||||||||
Aggregate liquidation value of preferred stocks | $ 5,000 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Synchrony Financial Exchange Offer) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 05, 2014 | Mar. 31, 2016 | Dec. 31, 2015 |
Synchrony Exchange Offer | |||
Common stock, shares | 9,195,657,000 | 9,379,288,000 | |
Common stock, shares authorized | 13,200,000,000 | ||
Common stock, par value per share | $ 0.06 | ||
Synchrony Financial | |||
Synchrony Exchange Offer | |||
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 49
Businesses Held for Sale and Discontinued Operations (Assets and Liabilities of Businesses Held for Sale) (Details) - USD ($) $ in Millions | Mar. 30, 2016 | Nov. 02, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 03, 2015 | Dec. 31, 2014 |
Assets | |||||||
Current receivables(a) | $ 25,918 | $ 27,022 | |||||
Assets of businesses held for sale | 81,615 | 120,951 | |||||
Liabilities | |||||||
Liabilities of businesses held for sale | 36,944 | 46,487 | |||||
Additional disclosures | |||||||
Proceeds from sale | 39 | $ 22 | |||||
Preferred stock, value, issued | 6 | 6 | $ 5,944 | $ 5,000 | |||
GEAM | |||||||
Additional disclosures | |||||||
Proceeds from sale | $ 485 | ||||||
Assets under management | 100,000 | ||||||
Signaling | |||||||
Additional disclosures | |||||||
Proceeds from sale | $ 800 | ||||||
Pre tax gain on sale of business | $ 623 | ||||||
Held for sale | |||||||
Assets | |||||||
Current receivables(a) | 86 | 79 | |||||
Inventories | 711 | 583 | |||||
Property, plant and equipment - net | 1,258 | 1,208 | |||||
Goodwill | 370 | 370 | |||||
Intangible Assets - Net | 174 | 162 | |||||
Other | 414 | 416 | |||||
Assets of businesses held for sale | 3,013 | 2,818 | |||||
Liabilities | |||||||
Accounts payable(a) | 615 | 503 | |||||
Other current liabilities | 355 | 325 | |||||
Other | 50 | 33 | |||||
Liabilities of businesses held for sale | 1,020 | $ 861 | |||||
Held for sale | IP | |||||||
Assets | |||||||
Assets of businesses held for sale | 0 | ||||||
Liabilities | |||||||
Liabilities of businesses held for sale | 0 | ||||||
Held for sale | Appliances | |||||||
Assets | |||||||
Assets of businesses held for sale | 2,956 | ||||||
Liabilities | |||||||
Liabilities of businesses held for sale | 1,431 | ||||||
Additional disclosures | |||||||
Consideration received for sale of business | $ 5,400 |
Businesses Held for Sale and 50
Businesses Held for Sale and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | |
Total | ||||
Earnings (loss) from discontinued operations, net of taxes | $ (308) | $ (8,936) | ||
Assets | ||||
Cash and cash equivalents | 26,143 | $ 20,395 | ||
Financing receivables - net | 3,168 | 3,205 | ||
Assets of discontinued operations | 81,615 | 120,951 | ||
Liabilities | ||||
Liabilities of discontinued operations | 36,944 | 46,487 | ||
Additional information abstract | ||||
Other Liabilities | 22,459 | 23,612 | ||
Transitional Service Agreements [Member] | ||||
Additional information abstract | ||||
Other Commitment | 1,473 | |||
Other Liabilities | 135 | |||
Credit support amount | 434 | |||
Discontinued operations | ||||
Operations | ||||
Total revenues and other income (loss) | 1,292 | 5,460 | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 80 | (4,694) | $ 0 | |
Benefit (provision) for income taxes | 12 | 935 | ||
Income (Loss) from Discontinued Operations, Net of Taxes | 92 | (3,759) | ||
Total | ||||
Gain (loss) on disposal before income taxes | (246) | (3,652) | ||
Benefit (provision) for income taxes | (155) | (1,525) | ||
Gain (loss) on disposal, net of taxes | (400) | (5,177) | ||
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,936) | ||
Assets | ||||
Cash and cash equivalents | 26,143 | 20,395 | ||
Investment securities | 7,173 | 8,478 | ||
Financing receivables - net | 3,168 | 3,205 | ||
Other receivables | 1,187 | 1,221 | ||
Property, plant and equipment - net | 1,043 | 7,537 | ||
Goodwill | 2,712 | 7,764 | ||
Intangible Assets - Net | 62 | 80 | ||
Deferred income taxes | 2,012 | 2,447 | ||
Financing receivables held for sale | 38,125 | 69,847 | ||
Valuation allowance on disposal group | (3,837) | (6,374) | ||
Other | 3,828 | 6,350 | ||
Assets of discontinued operations | 81,615 | 120,951 | ||
Liabilities | ||||
Short-term borrowings | 722 | 739 | ||
Accounts payable | 1,107 | 2,870 | ||
Non-recourse borrowings | 41 | 3,994 | ||
Bank deposits | 25,958 | 25,613 | ||
Long-term borrowings | 556 | 730 | ||
All other liabilities | 8,128 | 11,053 | ||
Deferred income taxes | 380 | 1,437 | ||
Other | 52 | 52 | ||
Liabilities of discontinued operations | 36,944 | $ 46,487 | ||
Discontinued operations | GE Capital Exit Plan | ||||
Operations | ||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | $ (166) | $ (8,435) |
Businesses Held for Sale and 51
Businesses Held for Sale and Discontinued Operations (Discontinued Operations by Business) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | ||
Operations | ||||
Provision for losses on financing receivables | $ (632) | $ 1,000 | ||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 642 | 613 | ||
Other costs and expenses | 259 | 291 | ||
Total | ||||
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,936) | ||
Additional disclosures | ||||
Proceeds from sale | 39 | 22 | ||
Discontinued operations | ||||
Operations | ||||
Revenues and other income (loss) | 1,292 | 5,460 | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 80 | (4,694) | $ 0 | |
Benefit (provision) for income taxes | 12 | 935 | ||
Earnings (loss) from discontinued operations, net of taxes | 92 | (3,759) | ||
Total | ||||
Gain (loss) on disposal before income taxes | (246) | (3,652) | ||
Benefit (provision) for income taxes | (155) | (1,525) | ||
Gain (loss) on disposal of discontinued operations | (400) | (5,177) | ||
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,936) | ||
Discontinued operations | Consumer | ||||
Operations | ||||
Revenues and other income (loss) | 427 | 2,058 | ||
Interest expense | (50) | (611) | ||
Selling, general and administrative expenses | (177) | (1,068) | ||
Cost of services sold | 0 | 0 | ||
Provision for losses on financing receivables | 0 | (3,108) | ||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | (1) | (3) | ||
Other costs and expenses | (2) | (126) | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 197 | (2,857) | ||
Benefit (provision) for income taxes | (101) | 160 | ||
Earnings (loss) from discontinued operations, net of taxes | 96 | (2,697) | ||
Total | ||||
Gain (loss) on disposal before income taxes | (12) | 0 | ||
Benefit (provision) for income taxes | (76) | 0 | ||
Gain (loss) on disposal of discontinued operations | (87) | 0 | ||
Earnings (loss) from discontinued operations, net of taxes | 9 | (2,697) | ||
Discontinued operations | CLL | ||||
Operations | ||||
Revenues and other income (loss) | 887 | 2,903 | ||
Interest expense | (277) | (702) | ||
Selling, general and administrative expenses | (625) | (895) | ||
Cost of services sold | 0 | (1,332) | ||
Provision for losses on financing receivables | (2) | (1,744) | ||
Other costs and expenses | 8 | (98) | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (9) | (1,867) | ||
Benefit (provision) for income taxes | 74 | 653 | ||
Earnings (loss) from discontinued operations, net of taxes | 65 | (1,214) | ||
Total | ||||
Gain (loss) on disposal before income taxes | (165) | (1,845) | ||
Benefit (provision) for income taxes | (144) | (978) | ||
Gain (loss) on disposal of discontinued operations | (310) | (2,823) | ||
Earnings (loss) from discontinued operations, net of taxes | (245) | (4,037) | ||
Discontinued operations | Real Estate business | ||||
Operations | ||||
Revenues and other income (loss) | 11 | 499 | ||
Interest expense | (22) | (237) | ||
Selling, general and administrative expenses | (53) | (93) | ||
Cost of services sold | 0 | (4) | ||
Provision for losses on financing receivables | 0 | 4 | ||
Other costs and expenses | 0 | (127) | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (64) | 42 | ||
Benefit (provision) for income taxes | 20 | 30 | ||
Earnings (loss) from discontinued operations, net of taxes | (45) | 72 | ||
Total | ||||
Gain (loss) on disposal before income taxes | (69) | (1,808) | ||
Benefit (provision) for income taxes | 65 | (547) | ||
Gain (loss) on disposal of discontinued operations | (3) | (2,354) | ||
Earnings (loss) from discontinued operations, net of taxes | (48) | (2,283) | ||
Discontinued operations | GE Capital Exit Plan [Member] | ||||
Operations | ||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (166) | (8,435) | ||
Discontinued operations | GE Capital Exit Plan [Member] | Consumer | ||||
Operations | ||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 186 | (2,944) | ||
Discontinued operations | GE Capital Exit Plan [Member] | CLL | ||||
Operations | ||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (175) | (3,713) | ||
Total | ||||
Earnings (loss) from discontinued operations, net of taxes | 255 | |||
Discontinued operations | GE Capital Exit Plan [Member] | Real Estate business | ||||
Operations | ||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (133) | (1,767) | $ 0 | |
GE | ||||
Operations | ||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 0 | 0 | ||
Other costs and expenses | 0 | 0 | ||
Total | ||||
Earnings (loss) from discontinued operations, net of taxes | (308) | (9,025) | ||
Additional disclosures | ||||
Proceeds from sale | [1] | $ 39 | $ 22 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Businesses Held for Sale and 52
Businesses Held for Sale and Discontinued Operations (WMC) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)Lawsuits | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Financial Information For Businesses Held For Sale [Line Items] | |||
Earnings (loss) from discontinued operations, net of taxes | $ (308) | $ (8,936) | |
WMC | |||
Financial Information For Businesses Held For Sale [Line Items] | |||
Adjustment For Pending Claims For Unmet Representations And Warranties | $ 42 | ||
Lawsuit Relating To Representations And Warranties Amount Of Mortgages | $ 9,954 | ||
Number Of Securitizations Related To Lawsuits Involving repurchase Claims On Loans In Which Adverse Parties Are Securitization Trustees | 13 | ||
Revenues and other income (loss) | $ (39) | 0 | |
Earnings (loss) from discontinued operations, net of taxes | $ (32) | $ (6) | |
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 53
Businesses Held for Sale and Discontinued Operations (Rollforward of the Reserve) (Details) - WMC - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financial Information For Discontinued Operations [Line Items] | |||
Reserve, beginning of period | $ 875 | $ 809 | $ 809 |
Provision | 57 | 7 | |
Claim resolutions | (99) | (2) | |
Reserve, end of period | 833 | $ 814 | 875 |
Pending claims, beginning of period | 2,887 | ||
New claims | 7,266 | 8,047 | |
Pending claims, end of period | 2,688 | $ 2,887 | |
Claims Relating To Alleged Breaches Of Representations That Are Beyond Applicable Statute Of Llimitations | $ 112 |
Investment Securities (Investme
Investment Securities (Investment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 28,783 | $ 28,783 | |
Gross unrealized gains | 4,444 | 3,599 | |
Gross unrealized losses | (252) | (409) | |
Estimated fair value | 32,974 | 31,973 | |
Investments | 32,974 | 31,973 | |
Eliminations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | (5) | (4) | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | (5) | (4) | |
U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 569 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 31 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 569 | ||
GE | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 93 | 139 | |
Gross unrealized gains | 9 | 14 | |
Gross unrealized losses | (4) | (2) | |
Estimated fair value | 97 | 151 | |
Investments | [1] | 97 | 151 |
GE | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3 | 2 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 3 | 3 | |
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 | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 49 | 49 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 49 | 49 | |
GE | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 40 | 87 | |
Gross unrealized gains | 9 | 13 | |
Gross unrealized losses | (4) | (2) | |
Estimated fair value | 44 | 98 | |
GE Capital | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 28,695 | 28,648 | |
Gross unrealized gains | 4,435 | 3,585 | |
Gross unrealized losses | (248) | (407) | |
Estimated fair value | 32,882 | 31,827 | |
Investments | 32,882 | 31,827 | |
GE Capital | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 19,858 | 19,971 | |
Gross unrealized gains | 3,385 | 2,669 | |
Gross unrealized losses | (156) | (285) | |
Estimated fair value | 23,087 | 22,355 | |
GE Capital | State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,924 | 3,910 | |
Gross unrealized gains | 556 | 407 | |
Gross unrealized losses | (53) | (73) | |
Estimated fair value | 4,428 | 4,245 | |
GE Capital | Mortgage and asset-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,020 | 2,995 | |
Gross unrealized gains | 169 | 157 | |
Gross unrealized losses | (33) | (35) | |
Estimated fair value | 3,156 | 3,116 | |
GE Capital | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 782 | 759 | |
Gross unrealized gains | 102 | 96 | |
Gross unrealized losses | (4) | (9) | |
Estimated fair value | 880 | 846 | |
GE Capital | Government - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 294 | 279 | |
Gross unrealized gains | 141 | 136 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 435 | 415 | |
GE Capital | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 705 | 623 | |
Gross unrealized gains | 64 | 104 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 768 | 727 | |
GE Capital | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 112 | 112 | |
Gross unrealized gains | 18 | 16 | |
Gross unrealized losses | (2) | (4) | |
Estimated fair value | $ 128 | $ 123 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Investment Securities (Invest55
Investment Securities (Investments, by type and length in continuous loss position) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | |
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||||
Estimated fair value, less than 12 months | $ 1,924 | $ 4,271 | ||
Gross unrealized losses, less than 12 months | (111) | $ (268) | ||
Estimated fair value, 12 months or more | 1,331 | 686 | ||
Gross unrealized losses, 12 months or more | $ (141) | (140) | ||
Percent of Gross unrealized losses, 12 months or more, considered investment grade | 0.00% | |||
US Corporate | ||||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||||
Estimated fair value, less than 12 months | $ 1,317 | 2,966 | ||
Gross unrealized losses, less than 12 months | (90) | (218) | ||
Estimated fair value, 12 months or more | 890 | 433 | ||
Gross unrealized losses, 12 months or more | (66) | (67) | ||
State and municipal | ||||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||||
Estimated fair value, less than 12 months | 15 | 494 | ||
Gross unrealized losses, less than 12 months | 0 | (20) | ||
Estimated fair value, 12 months or more | 273 | 155 | ||
Gross unrealized losses, 12 months or more | (52) | (53) | ||
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 | 55 | |||
Mortgage and asset-backed | ||||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||||
Estimated fair value, less than 12 months | 506 | 719 | ||
Gross unrealized losses, less than 12 months | (12) | (20) | ||
Estimated fair value, 12 months or more | 148 | 84 | ||
Gross unrealized losses, 12 months or more | (21) | (16) | ||
Equity Securities | ||||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||||
Estimated fair value, less than 12 months | 35 | 36 | ||
Gross unrealized losses, less than 12 months | (6) | (6) | ||
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 | 569 | |||
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 | 31 | |||
GE Capital | Equity Securities | ||||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||||
Estimated fair value, less than 12 months | 18 | $ 6 | ||
Gross unrealized losses, less than 12 months | $ (4) | $ (2) |
Investment Securities (Impairme
Investment Securities (Impairments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pre-tax, Other-Than-Temporary Impairments on Investment Securities | ||
Total pre tax, OTTI recognized | $ 16 | $ 3 |
Less: pre-tax, OTTI recognized in AOCI | 0 | 0 |
Pre-tax, OTTI recognized in earnings | 16 | $ 3 |
Other Than Temporary Impairment Related To Equity Securities | $ 7 |
Investment Securities (Changes
Investment Securities (Changes in Cumulative Credit Loss Impairments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Changes in Cumulative Credit Loss Impairments Recognized on Debt Securities | ||
Cumulative credit loss impairments recognized, beginning of period | $ 205 | $ 176 |
Credit loss impairments recognized on securities not previously impaired | 0 | 0 |
Incremental credit loss impairments recognized on securities previously impaired | 0 | 0 |
Less: credit loss impairments previously recognized on securities sold during the period | 0 | (2) |
Cumulative credit loss impairments recognized, end of period | $ 205 | $ 174 |
Investment Securities (Contract
Investment Securities (Contractual maturities) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Amortized cost | |
Within one year | $ 544 |
After one year through five years | 2,880 |
After five years through ten years | 4,835 |
After ten years | 17,356 |
Estimated fair value | |
Within one year | 560 |
After one year through five years | 3,110 |
After five years through ten years | 5,249 |
After ten years | $ 20,732 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gain Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total | $ (22) | $ 78 | ||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 243 | 0 | $ 2,057 | $ 0 | ||
Net pre-tax gains (loss) on trading securities | $ 0 | |||||
GE | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Gains | 5 | 0 | ||||
Losses, including impairments | (9) | 0 | ||||
Total | (5) | 0 | ||||
GE Capital | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Gains | 2 | 92 | ||||
Losses, including impairments | (19) | (14) | ||||
Total | $ (18) | $ 78 |
Current Receivables (Details)
Current Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 25,918 | $ 27,022 | |
GE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | [1] | $ 14,420 | $ 14,707 |
[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 | Mar. 31, 2016 | Dec. 31, 2015 | |
Inventory | |||
Raw materials and work in process | $ 14,344 | $ 13,415 | |
Finished goods | 8,834 | 8,265 | |
Unbilled shipments | 508 | 628 | |
Inventory, Gross, Total | 23,685 | 22,308 | |
Less revaluation to LIFO | 222 | 207 | |
Total | $ 23,907 | $ 22,515 | |
Percentage of LIFO Inventory | 34.00% | 40.00% | |
GE | |||
Inventory | |||
Total | [1] | $ 23,839 | $ 22,449 |
GE Capital | |||
Inventory | |||
Finished goods | 68 | 66 | |
Total | $ 68 | $ 66 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Financing Receivables and All62
Financing Receivables and Allowance for Losses on Financing Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net | $ 11,903 | $ 12,052 | |||
Assets | [1] | 462,193 | 493,072 | ||
GE Capital | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 23,794 | 25,084 | |||
Allowance for losses | (79) | (81) | $ (94) | $ (93) | |
Financing receivables, net | 23,715 | 25,003 | |||
Assets | 281,172 | 311,508 | |||
GE Capital | Loans receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 18,757 | 20,115 | |||
GE Capital | Financing Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | $ 5,037 | $ 4,969 | |||
[1] | (a) Our consolidated assets at March 31, 2016 included total assets of $ 7,295 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 $ 4,590 million and investment securities of $ 1,493 million w ithin continuing operations and assets of discontinued operations of $ 468 million. Our consolidated liabilities at March 31, 2016 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 $ 2,780 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 41 million. See Note 16. |
Financing Receivables and All63
Financing Receivables and Allowance for Losses on Financing Receivables (Net Investment in Financing Leases) (Details) - GE Capital - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Leases [Abstract] | ||
Loans and leases receivable, Gross | $ 23,794 | $ 25,084 |
Financing Receivable | ||
Financing Leases [Abstract] | ||
Loans and leases receivable, Gross | $ 5,037 | $ 4,969 |
Financing Receivables and All64
Financing Receivables and Allowance for Losses on Financing Receivables (Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Loans receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 12,337 | |
2,017 | 1,302 | |
2,018 | 763 | |
2,019 | 1,481 | |
2,020 | 861 | |
2021 and later | 2,013 | |
Net Rentals Receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
2,016 | 911 | |
2,017 | 719 | |
2,018 | 671 | |
2,019 | 505 | |
2,020 | 349 | |
2021 and later | 1,294 | |
Financing receivables, net of deferred income | 4,449 | |
GE Capital | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
Financing receivables, net of deferred income | 23,794 | $ 25,084 |
GE Capital | Loans receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
Financing receivables, net of deferred income | $ 18,757 | $ 20,115 |
Financing Receivables and All65
Financing Receivables and Allowance for Losses on Financing Receivables (Financing Receivables by Portfolio) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net | $ 11,903 | $ 12,052 | ||
US | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable net percent | 49.00% | |||
Non US | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable net percent | 51.00% | |||
Industrial Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for losses | $ 31 | |||
Financing receivables, net | 13,520 | |||
Energy Financial Services | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for losses | 17 | |||
Financing receivables, net | 2,591 | |||
GECAS | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for losses | 28 | |||
Financing receivables, net | 7,099 | |||
GE Capital | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net of deferred income | 23,794 | 25,084 | ||
Allowance for losses | (79) | (81) | $ (94) | $ (93) |
Financing receivables, net | $ 23,715 | $ 25,003 |
Financing Receivables and All66
Financing Receivables and Allowance for Losses on Financing Receivables (Allowance for Losses on Financing Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Industrial Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Balance | $ (31) | |
Energy Financial Services | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Balance | (17) | |
GECAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Balance | (28) | |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 81 | $ 93 |
Provision charged | 18 | 23 |
Net write-offs | (20) | (18) |
Other | 0 | 4 |
Ending Balance | 79 | $ 94 |
GE Capital | Industrial Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net write-offs | 5 | |
GE Capital | Energy Financial Services | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net write-offs | $ 15 |
Financing Receivables and All67
Financing Receivables and Allowance for Losses on Financing Receivables (Credit Quality) (Details) - GE Capital - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired Loans [Abstract] | ||
Recorded investment in loans with a specific allowance | $ 226 | $ 175 |
Associated allowance with a specific allowance (specific reserves) | 2 | 1 |
Impaired loans classified as Troubled debt restructuring (TDR) | 100 | |
Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 201 | $ 201 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 90 Days | 0.80% | 0.80% |
Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 840 | $ 622 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 30 Days | 3.50% | 2.50% |
Nonaccrual Financing Receivables [Member] | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | $ 317 | $ 256 |
Percent Financing Receivable, Recorded Investment, Nonaccrual Status | 1.30% | 1.00% |
Amount of nonaccrual loans currently paying in accordance with contractual terms | $ 101 | |
Industrial Finance | ||
Impaired Loans [Abstract] | ||
Recorded investment in loans with a specific allowance | 1 | |
Energy Financial Services | Nonaccrual Financing Receivables [Member] | Greater than 90 days past due [Member] | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | 39 | |
GECAS | ||
Impaired Loans [Abstract] | ||
Recorded investment in loans with a specific allowance | $ 1 |
Property, Plant and Equipment68
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 89,855 | $ 90,022 | |
Property, Plant and Equipment, Net | 53,786 | 54,095 | |
Equipment leased to others | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 0 | 0 | |
GE | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Net | 19,659 | 20,145 | [1] |
GE Capital | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Net | $ 34,892 | $ 34,781 | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Property, Plant and Equipment69
Property, Plant and Equipment (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment | |||||
Original cost | $ 89,855 | $ 90,022 | |||
Accumulated depreciation and amortization | (36,069) | (35,927) | |||
Depreciation and amortization | 1,210 | 1,210 | $ 1,101 | $ 1,101 | $ 1,196 |
Property, Plant and Equipment, Net | 53,786 | 54,095 | |||
GE Capital | |||||
Property, Plant and Equipment | |||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | |||
Amortization of Leased Asset | 567 | $ 513 | $ 522 | ||
Property, Plant and Equipment, Net | 34,892 | 34,781 | |||
Equipment leased to others | |||||
Property, Plant and Equipment | |||||
Original cost | 0 | 0 | |||
Accumulated depreciation and amortization | $ 0 | $ 0 |
Acquisitions, Goodwill and Ot70
Acquisitions, Goodwill and Other Intangible Assets (Goodwill) (Details) € in Millions, $ in Millions | Nov. 02, 2015EUR (€) | Nov. 02, 2015USD ($) | Mar. 21, 2014USD ($) | Feb. 12, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014EUR (€) | Jun. 30, 2015EUR (€) | Dec. 31, 2015USD ($) | Mar. 31, 2016EUR (€) | Mar. 31, 2016USD ($) |
Goodwill [Line Items] | |||||||||||
Goodwill (Note 7) | $ 65,526 | $ 66,212 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 1,723 | |||||||||
Increase (Decrease) in Intangible Assets, Current | 898 | ||||||||||
Intangible assets subject to amortization | 17,688 | 16,790 | |||||||||
Indefinite-lived intangible assets | 109 | 100 | |||||||||
Total | 17,798 | 16,890 | |||||||||
Dispositions, currency exchange and other | (9) | ||||||||||
Implied Fair Value Of Goodwill Exceeding Carrying Value Of Goodwill | 13,700 | ||||||||||
Goodwill, Acquired During Period | 694 | ||||||||||
Goodwill, period increase (decrease) | $ 686 | 70 | |||||||||
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 7) | 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 | 5,200 | 4,500 | |||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | € | € 260 | ||||||||||
Business Acquisition Date of Acquisition Agreement Approved | Sep. 8, 2015 | ||||||||||
Preliminary unfavorable contract liabilities | $ 1,100 | $ 1,100 | |||||||||
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 | $ 2,950 | 2,900 | |||||||||
Other Noncontrolling Interests Nonredeemable | 650 | 700 | |||||||||
Annual accretion expense | 0.03% | 0.03% | |||||||||
GE Capital | |||||||||||
Goodwill [Line Items] | |||||||||||
Goodwill (Note 7) | 2,370 | $ 2,370 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | $ 1,677 | |||||||||
Total | $ 435 | $ 399 | |||||||||
Goodwill, period increase (decrease) | $ 0 | ||||||||||
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 Ot71
Acquisitions, Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 65,526 |
Acquisitions | 694 |
Dispositions, currency exchange and other | (9) |
Goodwill, Ending Balance | 66,212 |
Power | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 16,736 |
Acquisitions | 718 |
Dispositions, currency exchange and other | (11) |
Goodwill, Ending Balance | 17,443 |
Renewable Energy | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 2,580 |
Acquisitions | (87) |
Dispositions, currency exchange and other | (34) |
Goodwill, Ending Balance | 2,459 |
Oil & Gas | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 10,594 |
Acquisitions | 0 |
Dispositions, currency exchange and other | (28) |
Goodwill, Ending Balance | 10,566 |
Energy Connections | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 6,227 |
Acquisitions | 63 |
Dispositions, currency exchange and other | 1 |
Goodwill, Ending Balance | 6,291 |
Aviation | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 8,567 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 38 |
Goodwill, Ending Balance | 8,605 |
Healthcare | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 17,353 |
Acquisitions | 0 |
Dispositions, currency exchange and other | (23) |
Goodwill, Ending Balance | 17,330 |
Transporation | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 851 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 12 |
Goodwill, Ending Balance | 863 |
Appliances & Lighting | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 214 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 35 |
Goodwill, Ending Balance | 249 |
Capital | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 2,370 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 0 |
Goodwill, Ending Balance | 2,370 |
Corporate | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 34 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 1 |
Goodwill, Ending Balance | $ 35 |
Acquisitions, Goodwill and Ot72
Acquisitions, Goodwill and Other Intangible Assets (Other Intangible Assets, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets subject to amortization | $ 16,790 | $ 17,688 |
Indefinite-lived intangible assets | 100 | 109 |
Total | $ 16,890 | $ 17,798 |
Acquisitions, Goodwill and Ot73
Acquisitions, Goodwill and Other Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 27,420 | $ 28,098 | ||
Accumulated amortization | (10,630) | (10,408) | ||
Net | 16,790 | 17,688 | ||
Intangible Assets, Net (Excluding Goodwill) | 16,890 | 17,798 | ||
Increase (Decrease) in Intangible Assets, Current | 898 | |||
Amortization expense | 445 | $ 337 | $ 0 | |
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | ||||
Adjustments related to Present Value of Future Profits | 260 | 266 | ||
GE Capital | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Net (Excluding Goodwill) | 399 | 435 | ||
Amortization expense | 33 | 26 | $ 0 | |
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 | 4,500 | 5,200 | ||
Customer-related | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 9,319 | 9,758 | ||
Accumulated amortization | (2,140) | (2,113) | ||
Net | 7,179 | 7,645 | ||
Patents and technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 8,320 | 8,543 | ||
Accumulated amortization | (3,209) | (3,096) | ||
Net | 5,111 | 5,447 | ||
Capitalized software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 7,391 | 7,375 | ||
Accumulated amortization | (4,156) | (4,136) | ||
Net | 3,235 | 3,239 | ||
Trademarks | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 1,264 | 1,337 | ||
Accumulated amortization | (297) | (282) | ||
Net | 967 | 1,055 | ||
Lease valuations | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 125 | 167 | ||
Accumulated amortization | (32) | (22) | ||
Net | 93 | 145 | ||
PVFP | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 659 | 651 | ||
Accumulated amortization | (659) | (651) | ||
Net | 0 | 0 | ||
All other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 342 | 267 | ||
Accumulated amortization | (137) | (108) | ||
Net | $ 205 | $ 159 |
Contract Assets and All Other74
Contract Assets and All Other Assets (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Investments [Abstract] | |||
Assets held for sale | $ 3,013 | $ 2,818 | |
All Other Assets | 39,625 | 36,797 | |
GE | |||
Investments [Abstract] | |||
Assets held for sale | [1] | 3,013 | 2,818 |
All Other Assets | [1] | 12,537 | 12,813 |
GE | Other Assets | |||
Contract Assets [Line Items] | |||
Contract asset | 21,654 | 21,156 | |
Investments [Abstract] | |||
Billings in excess of revenue | 2,675 | 2,602 | |
GE Capital | |||
Investments [Abstract] | |||
Assets held for sale | 0 | 0 | |
All Other Assets | $ 28,607 | $ 25,081 | |
[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 | Mar. 31, 2016 | Dec. 31, 2015 | |
Borrowings [Line Items] | |||
Short-term borrowings | $ 51,082 | $ 49,860 | |
Long-term borrowings | 132,187 | 144,659 | |
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 | (18,549) | ||
Long-term borrowings | (67,128) | ||
Commercial Paper | US | |||
Borrowings [Line Items] | |||
Short-term borrowings | 650 | ||
Commercial Paper | Non U.S. | |||
Borrowings [Line Items] | |||
Short-term borrowings | 4,351 | ||
Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Funding secured by real estate, aircraft and other collateral | 2,580 | 2,679 | |
Subordinated Debentures | Consolidated Securitization Entities | |||
Borrowings [Line Items] | |||
Long-term borrowings | 918 | 773 | |
GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | [1],[2] | 20,659 | 19,792 |
Long-term borrowings | [1],[2] | 72,353 | 83,309 |
GE | Commercial Paper | |||
Borrowings [Line Items] | |||
Short-term borrowings | 500 | ||
GE | Current Portion Of Long Term Borrowings | |||
Borrowings [Line Items] | |||
Short-term borrowings | 17,770 | ||
GE | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | 1,522 | ||
GE | Senior Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | 72,471 | ||
GE | Other Long Term Borrowing | |||
Borrowings [Line Items] | |||
Long-term borrowings | 1,298 | ||
GE Capital | |||
Borrowings [Line Items] | |||
Short-term borrowings | [2] | 48,736 | 48,617 |
Long-term borrowings | [2] | 116,257 | 128,478 |
Non-recourse borrowings (Note 8) | 1,471 | 1,534 | |
GE Capital | Current Portion Of Long Term Borrowings | |||
Borrowings [Line Items] | |||
Short-term borrowings | 24,969 | ||
GE Capital | Intercompany Payable To GE | Intersegment | |||
Borrowings [Line Items] | |||
Short-term borrowings and long-term borrowings | 85,114 | ||
GE Capital | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | 1,005 | ||
GE Capital | Subordinated Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | 251 | ||
GE Capital | Subordinated Debentures | Trust Assets Unconditionally Guaranteed by GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 2,334 | ||
GE Capital | Other Long Term Borrowing | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 2,058 | ||
[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. The short-term borrowings were $17,268 million and $17,642 million and the long-term borrowings were $56,355 million and $67,062 million at March 31, 2016 and December 31, 2015, respectively. See Note 9 for addition al information. |
Borrowings (GE Capital Debt Exc
Borrowings (GE Capital Debt Exchange) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Borrowings [Line Items] | |||
Short-term borrowings | $ 51,082 | $ 49,860 | |
Long-term borrowings | 132,187 | 144,659 | |
Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 16,335 | ||
Long-term borrowings | 17,165 | ||
Short-term borrowings and long-term borrowings | 33,500 | ||
Borrowings Assumed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 17,268 | 17,642 | |
Long-term borrowings | 56,355 | 67,062 | |
Short-term borrowings and long-term borrowings | 73,623 | ||
Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | 27,744 | ||
Long-term borrowings | 54,162 | ||
Short-term borrowings and long-term borrowings | 81,906 | ||
GE | |||
Borrowings [Line Items] | |||
Short-term borrowings | [1],[2] | 20,659 | 19,792 |
Long-term borrowings | [1],[2] | 72,353 | 83,309 |
GE | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings [Line Items] | |||
Short-term borrowings | 17,770 | ||
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 | 17,268 | ||
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 | ||
GE | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | 1,522 | ||
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 | 50,719 | ||
GE | Senior Unsecured Debt | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 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 | 2,902 | ||
GE | Subordinated Notes | Borrowings Guaranteed By GE | |||
Borrowings [Line Items] | |||
Long-term borrowings | 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 | 2,334 | ||
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 | ||
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] | 48,736 | 48,617 |
Long-term borrowings | [2] | 116,257 | 128,478 |
GE Capital | Current Portion Of Long Term Borrowings [Member] | |||
Borrowings [Line Items] | |||
Short-term borrowings | 24,969 | ||
GE Capital | Current Portion Of Long Term Borrowings [Member] | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 15,566 | ||
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 | 24,972 | ||
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 | 2,003 | ||
GE Capital | Other Short Term Borrowing | |||
Borrowings [Line Items] | |||
Short-term borrowings | 1,005 | ||
GE Capital | Other Short Term Borrowing | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Short-term borrowings | 769 | ||
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 | 769 | ||
GE Capital | Senior Unsecured Debt | Borrowings From Debt Exchange | |||
Borrowings [Line Items] | |||
Long-term borrowings | 17,165 | ||
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 | 54,162 | ||
GE Capital | Subordinated Notes | |||
Borrowings [Line Items] | |||
Long-term borrowings | 251 | ||
GE Capital | Other Long Term Borrowing [Member] | |||
Borrowings [Line Items] | |||
Long-term borrowings | $ 2,058 | ||
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. The short-term borrowings were $17,268 million and $17,642 million and the long-term borrowings were $56,355 million and $67,062 million at March 31, 2016 and December 31, 2015, respectively. See Note 9 for addition al 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 (€) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 02, 2015USD ($) | Oct. 19, 2015USD ($) | Oct. 09, 2015USD ($) | May. 28, 2015GBP (£) |
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 | 3,900 | ||||||||
Short-term borrowings | $ 51,082 | $ 49,860 | ||||||||
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 | $ 73,600 | |||||||||
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 | Mar. 31, 2016USD ($) |
GE | |
Long-term Debt, Fiscal Year Maturity | |
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 | |
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 |
Postretirement Benefit Plans (C
Postretirement Benefit Plans (Cost of Pension Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost for benefits earned | $ 315 | $ 361 |
Prior service cost amortization | 76 | 52 |
Expected return on plan assets | (834) | (825) |
Interest cost on benefit obligation | 734 | 695 |
Net actuarial gain (loss) amortization | 612 | 825 |
Curtailment loss | 0 | 71 |
Pension plans costs | 903 | 1,179 |
Other pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost for benefits earned | 113 | 105 |
Prior service cost amortization | (1) | 0 |
Expected return on plan assets | (263) | (209) |
Interest cost on benefit obligation | 172 | 133 |
Net actuarial gain (loss) amortization | 64 | 74 |
Pension plans costs | 85 | 103 |
Principal retiree benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost for benefits earned | 25 | 41 |
Prior service cost amortization | (41) | 33 |
Expected return on plan assets | (11) | (12) |
Interest cost on benefit obligation | 63 | 101 |
Net actuarial gain (loss) amortization | (13) | 1 |
Curtailment loss | 0 | 4 |
Pension plans costs | $ 23 | $ 168 |
Income Taxes (Balance of unreco
Income Taxes (Balance of unrecognized tax benefits) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Line Items] | ||
Unrecognized tax benefits | $ 6,557 | $ 6,778 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 4,406 | 4,723 |
Accrued interest on unrecognized tax benefits | 890 | 805 |
Accrued penalties on unrecognized tax benefits | 118 | 98 |
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 | 800 | 200 |
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | $ 1,400 | $ 700 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the beginning and ending amounts of unrecognized tax benefits) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Income Tax Disclosure [Line Items] | |
Opening Balance | $ 6,778 |
Closing Balance | $ 6,557 |
Shareowners' Equity (Shares of
Shareowners' Equity (Shares of GE Preferred Stock) (Details) - USD ($) $ in Millions | 3 Months Ended | |||||||||
Mar. 31, 2016 | Jan. 20, 2016 | Dec. 31, 2015 | Dec. 18, 2015 | Dec. 03, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | $ 6 | $ 6 | $ 5,944 | $ 5,000 | ||||||
Preferred Stock, Shares Outstanding | 5,944,250 | 0 | ||||||||
Deconsolidation, Gain (Loss), Amount | $ 123 | |||||||||
Noncontrolling interests | 1,667 | [1] | $ 1,864 | [1] | $ 8,738 | [1] | $ 8,674 | |||
Preferred stock | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred Stock, Shares Outstanding | 50,000 | |||||||||
Series A | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | 91 | $ 2,687 | 2,778 | |||||||
Series B | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | 64 | 2,008 | 2,073 | |||||||
Series C | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | 95 | 999 | $ 1,094 | |||||||
Series D | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | 5,184 | $ 5,694 | $ 195 | |||||||
GE Capital | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | 6 | 6 | ||||||||
Noncontrolling interests | $ 441 | $ 486 | ||||||||
GE Capital | Preferred stock | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | 4,949 | |||||||||
Preferred Stock, Shares Outstanding | 50,000 | |||||||||
Synchrony Financial | ||||||||||
Shares of Preferred Stock | ||||||||||
Preferred stock, value, issued | $ 2,617 | |||||||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (262) mi llion and $ (264) million at March 31, 2016 and December 31, 2015 , respectively. |
Shareowners' Equity (Shares o83
Shareowners' Equity (Shares of GE Preferred Stock - Other) (Details) - USD ($) $ in Millions | Dec. 18, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 20, 2016 | Dec. 31, 2015 | Dec. 03, 2015 |
Class Of Stock [Line Items] | |||||||
Preferred stock value | $ 6 | $ 5,000 | $ 6 | $ 5,944 | |||
Average dividend rate | 4.07% | 6.44% | |||||
Quarterly dividends paid by GECC to GE | $ 7,500 | $ 450 | |||||
Dividends preferred stock cash | 65 | ||||||
Dividends preferred stock total | 289 | ||||||
Series A | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value | 91 | $ 2,687 | 2,778 | ||||
Series B | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value | 64 | 2,008 | 2,073 | ||||
Series C | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value | 95 | 999 | $ 1,094 | ||||
Initial fixed interest | 5.00% | ||||||
Series D | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock value | $ 195 | $ 5,184 | $ 5,694 | ||||
Initial fixed interest | 5.00% | ||||||
Floating Rate | 3.33% | ||||||
Dividends preferred stock cash | $ 37 | ||||||
Dividend and accretion | 57 | ||||||
Dividends preferred stock total | $ 232 |
Shareowners' Equity (Changes In
Shareowners' Equity (Changes In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss) Beginning balance | $ (16,529) | |
Benefit (provision) for income taxes | 139 | $ (6,294) |
Other comprehensive income, net of tax | 826 | (4,240) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (2) | 49 |
Accumulated Other Comprehensive Income (Loss) Ending balance | (15,705) | (22,363) |
Investment Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss) Beginning balance | 460 | 1,013 |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | 159 | 287 |
OCI before reclassification tax | 81 | 155 |
Benefit (provision) for income taxes | 40 | (29) |
Reclassification from OCI net of deferred taxes | 60 | (54) |
Other comprehensive income, net of tax | 220 | 233 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 1 |
Accumulated Other Comprehensive Income (Loss) Ending balance | 680 | 1,245 |
Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (5,499) | (2,428) |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | 115 | (5,338) |
OCI before reclassification tax | 266 | 1,544 |
Benefit (provision) for income taxes | 119 | (1) |
Reclassification from OCI net of deferred taxes | (114) | 3 |
Other comprehensive income, net of tax | 1 | (5,335) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 3 | (48) |
Accumulated Other Comprehensive Income (Loss) Ending balance | (5,500) | (7,715) |
Cash Flow Hedge | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (80) | (180) |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (25) | (926) |
OCI before reclassification tax | (8) | (38) |
Benefit (provision) for income taxes | 5 | 117 |
Reclassification from OCI net of deferred taxes | 79 | 880 |
Other comprehensive income, net of tax | 55 | (46) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) Ending balance | (26) | (226) |
Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (11,410) | (16,578) |
Other comprehensive income, net of tax | 550 | 909 |
Prior Service credit (costs)- net of deferred taxes | 23 | 0 |
Net actuarial gain (loss), Tax | 22 | 65 |
Net actuarial gain (loss) - net of deferred taxes | 68 | 210 |
Prior service credit (costs), tax | 5 | 0 |
Net curtailment/settlement, tax | 0 | 27 |
Net curtailment/settlement - net of deferred taxes | 0 | 48 |
Prior service cost amortization, tax | 21 | 37 |
Prior service cost amortization - net of deferred taxes | 16 | 50 |
Net actuarial loss amortization, tax | 216 | 304 |
Net actuarial loss amortization - net of deferred taxes | 443 | 601 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (1) | (2) |
Accumulated Other Comprehensive Income (Loss) Ending balance | $ (10,859) | $ (15,667) |
Shareowners' Equity (Reclass Ou
Shareowners' Equity (Reclass Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Benefit (provision) for income taxes | $ 139 | $ (6,294) |
Net earnings (loss) | 69 | (13,608) |
Costs and Expenses | (27,606) | (24,619) |
Financial Services Revenue | 2,522 | 2,414 |
Interest and other financial charges | (1,736) | (618) |
Earnings (loss) from continuing operations before income taxes | 238 | 1,621 |
Earnings (loss) from discontinued operations, net of taxes | (308) | (8,936) |
Currency Translation Adjustment | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Benefit (provision) for income taxes | 119 | (1) |
Currency Translation Adjustment | Discontinued Operations [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Income | (5) | |
Benefit (provision) for income taxes | (119) | |
Costs and Expenses | 0 | |
Cash Flow Hedge | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Benefit (provision) for income taxes | 5 | 117 |
Cash Flow Hedge | Currency Exchange Contracts | Discontinued Operations [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest Income (Expense), Net | (19) | (13) |
Financial Services Revenue | (22) | (944) |
Reclassification out of AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net earnings (loss) | (485) | (1,528) |
Reclassification out of AOCI | Currency Translation Adjustment | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Income | (6) | (1) |
Benefit (provision) for income taxes | 119 | (1) |
Net earnings (loss) | 114 | (3) |
Reclassification out of AOCI | Cash Flow Hedge | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Benefit (provision) for income taxes | 5 | 117 |
Net earnings (loss) | (79) | (880) |
Financial Services Revenue | (41) | (957) |
Interest and other financial charges | (30) | (39) |
Earnings (loss) from continuing operations before income taxes | (84) | (997) |
Reclassification out of AOCI | Cash Flow Hedge | Other Contract [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Financial Services Revenue | (13) | 0 |
Reclassification out of AOCI | Pension Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Curtailment gain (loss) | 0 | (75) |
Defined Benefit Plan, Amortization of Gains (Losses) | 659 | 905 |
Prior service cost amortization | (37) | (87) |
Earnings (loss) from continuing operations before income taxes | (696) | (1,067) |
Benefit (provision) for income taxes | 237 | 368 |
Earnings (loss) from discontinued operations, net of taxes | (459) | (699) |
Reclassification out of AOCI | Available-for-sale Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Income | (100) | 83 |
Benefit (provision) for income taxes | 40 | (29) |
Net earnings (loss) | (60) | 54 |
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 | (78) | 5 |
Benefit (provision) for income taxes | $ 32 | $ 1 |
Shareowners' Equity (Changes of
Shareowners' Equity (Changes of Noncontrolling Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Changes To Noncontrolling Interest | ||||
Beginning balance | $ 1,864 | [1] | $ 8,674 | |
Net earnings (loss) | (69) | (31) | ||
Dividends | 7 | 2 | ||
Dispositions | 42 | 0 | ||
AOCI and other | (79) | 97 | ||
Ending balance | [1] | 1,667 | $ 8,738 | |
GEAM | ||||
Changes To Noncontrolling Interest | ||||
AOCI and other | $ (123) | |||
[1] | (c) Included AOCI attributable to noncontrolling interests of $ (262) mi llion and $ (264) million at March 31, 2016 and December 31, 2015 , respectively. |
Shareowners' Equity (Redeemable
Shareowners' Equity (Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest balance at January 1 | $ 2,972 | $ 98 | $ 98 |
Net earnings | (53) | (4) | |
Dividends | 9 | 10 | |
Dispositions | 0 | 0 | |
Redemption value adjustment | (32) | 0 | |
Other(a) | 94 | (10) | |
Redeemable noncontrolling interest ending balance at March 31 | 3,036 | $ 73 | 2,972 |
Acquisition Alstom | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest in joint venture | $ 2,950 | $ 2,900 |
Shareowners' Equity (Other) (De
Shareowners' Equity (Other) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accelerated Share Repurchases [Line Items] | ||||
Treasury stock value | $ 69,042 | $ 63,539 | ||
Changes in other capital | (236) | $ (15) | ||
Future | ||||
Accelerated Share Repurchases [Line Items] | ||||
Accelerated share repurchases settlement payment or receipt | 6,142 | |||
Stock repurchased during period | 10,222,022 | |||
March 2016 with Deutsche Bank | ||||
Accelerated Share Repurchases [Line Items] | ||||
Repurchase program authorized amount | 2,000 | |||
Accelerated share repurchases initial price paid | $ 2,000 | |||
Accelerated share repurchases initial percentage of total | 85.00% | |||
Common stock shares issued | 54,732,775 | |||
Treasury stock value | $ 1,700 | |||
Changes in other capital | $ 300 |
Earnings Per Share Informatio89
Earnings Per Share Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amount attributable to the Company: | ||
Earnings (loss) from continuing operations for per-share calculation, Diluted | $ 207 | $ (4,551) |
Preferred stock dividends declared, Diluted | (289) | 0 |
Earnings from continuing operations attributable to common shareowners for per-share calculation, Diluted | 496 | (4,551) |
Earnings (loss) from discontinued operations for per-share calculation, Diluted | (308) | (9,028) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Diluted | (102) | (13,576) |
Earnings (loss) from continuing operations for per-share calculation, basic | 206 | (4,551) |
Preferred stock dividends | (289) | 0 |
Earnings (loss) from discontinued operations for per-share calculation, basic | (308) | (9,028) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Basic | $ (102) | $ (13,576) |
Average equivalent shares | ||
Shares of GE common stock outstanding, Diluted | 9,288 | 10,067 |
Employee compensation-related shares (including stock options) and warrants, Diluted | 84 | 0 |
Total average equivalent shares, Diluted | 9,372 | 10,067 |
Shares of GE common stock outstanding, Basic | 9,288 | 10,067 |
Employee compensation-related shares (including stock options) and warrants, Basic | 0 | 0 |
Total average equivalent shares, Basic | 9,288 | 10,067 |
Per-share amounts | ||
Earnings (loss) from continuing operations-Diluted | $ 0.02 | $ (0.45) |
Earnings (loss) from discontinued operations-Diluted | (0.03) | (0.9) |
Net earnings (loss)-Diluted | (0.01) | (1.35) |
Earnings (loss) from continuing operations-Basic | 0.02 | (0.45) |
Earnings (loss) from discontinued operations-Basic | (0.03) | (0.9) |
Net earnings (loss)-Basic | $ (0.01) | $ (1.35) |
Outstanding anti-dilutive stock awards not included in computation of diluted earnings per share | 33 | 312 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | $ 34,032 | $ 33,512 |
Liabilities | 2,147 | 1,895 |
Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 917 | 713 |
Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,230 | 1,182 |
Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,058 | 1,281 |
Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 259 |
US Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 23,090 | 22,358 |
State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,428 | 4,245 |
Mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,156 | 3,116 |
Corporate - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 881 | 847 |
Government - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 435 | 415 |
U.S. Government and federal agency | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 817 | 776 |
Equity | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 167 | 217 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 193 | 260 |
Liabilities | 0 | 0 |
Level 1 | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | US Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Corporate - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 12 |
Level 1 | Government - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 5 |
Level 1 | U.S. Government and federal agency | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 49 | 49 |
Level 1 | Equity | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 144 | 194 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 37,765 | 35,331 |
Liabilities | 6,483 | 6,860 |
Level 2 | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 5,253 | 5,677 |
Level 2 | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,230 | 1,182 |
Level 2 | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 8,761 | 7,312 |
Level 2 | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | US Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 19,947 | 19,351 |
Level 2 | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,397 | 4,215 |
Level 2 | Mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,133 | 3,084 |
Level 2 | Corporate - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 586 | 544 |
Level 2 | Government - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 435 | 410 |
Level 2 | U.S. Government and federal agency | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 491 | 404 |
Level 2 | Equity | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 14 | 9 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,875 | 4,033 |
Liabilities | 29 | 4 |
Level 3 | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 29 | 4 |
Level 3 | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 97 | 79 |
Level 3 | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 259 |
Level 3 | US Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,143 | 3,006 |
Level 3 | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 31 | 30 |
Level 3 | Mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 23 | 32 |
Level 3 | Corporate - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 295 | 290 |
Level 3 | Government - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | U.S. Government and federal agency | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 277 | 323 |
Level 3 | Equity | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 9 | 13 |
Netting Adjustment | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (7,800) | (6,110) |
Liabilities | (4,365) | (4,968) |
Netting Adjustment | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | (4,365) | (4,968) |
Netting Adjustment | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Netting Adjustment | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (7,800) | (6,110) |
Netting Adjustment | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | US Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Corporate - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Government - non-U.S. | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | U.S. Government and federal agency | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Equity | ||
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 | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 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 | $ 14 | $ 14 | $ 10 | $ 10 |
Level 3 | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 4,042 | 4,175 | ||
Net realized/unrealized gains (losses) included in earnings | (8) | (21) | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 63 | 86 | ||
Purchases | 60 | 95 | ||
Sales | (5) | (106) | ||
Settlements | (8) | (46) | ||
Transfers into Level 3 | (11) | 0 | ||
Transfers out of Level 3 | (275) | 0 | ||
Changes in Level 3, ending balance | 3,859 | 4,042 | 4,183 | 4,175 |
Net change in unrealized gains (losses) relating to instruments still held | 4 | (32) | ||
Level 3 | Recurring | Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 88 | 29 | ||
Net realized/unrealized gains (losses) included in earnings | 4 | 6 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | ||
Purchases | 0 | 1 | ||
Sales | 0 | 0 | ||
Settlements | 1 | (2) | ||
Transfers into Level 3 | (11) | 0 | ||
Transfers out of Level 3 | (1) | 0 | ||
Changes in Level 3, ending balance | 82 | 88 | 33 | 29 |
Net change in unrealized gains (losses) relating to instruments still held | 4 | 6 | ||
Level 3 | Recurring | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 259 | 277 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | (38) | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | (14) | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (259) | 0 | ||
Changes in Level 3, ending balance | 0 | 259 | 277 | |
Net change in unrealized gains (losses) relating to instruments still held | 0 | (38) | ||
Level 3 | US Corporate | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 3,006 | 3,053 | ||
Net realized/unrealized gains (losses) included in earnings | 4 | 4 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 100 | 59 | ||
Purchases | 60 | 94 | ||
Sales | (5) | (11) | ||
Settlements | (8) | (36) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (15) | 0 | ||
Changes in Level 3, ending balance | 3,143 | 3,006 | 3,163 | 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 | 30 | 58 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 1 | 1 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 31 | 30 | 58 | 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 | 32 | 145 | ||
Net realized/unrealized gains (losses) included in earnings | (9) | 5 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | (1) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 32 | ||
Settlements | 0 | 3 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 23 | 32 | 145 | |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Corporate - non-U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 290 | 337 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 4 | 3 | ||
Purchases | 0 | 0 | ||
Sales | 0 | (49) | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 295 | 290 | 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 | 0 | 2 | ||
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 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 0 | 0 | 2 | 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 | 323 | 266 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (45) | 26 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1) | (1) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 277 | $ 323 | 291 | $ 266 |
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | $ (197) | $ (72) |
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 | (23) | (4) |
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 | (115) | (31) |
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 | (58) | (38) |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing receivables and loans held for sale | 0 | 0 |
Cost and equity method investments | 0 | 1 |
Long-lived assets | 0 | 2 |
Assets Fair Value Disclosure | 0 | 3 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing receivables and loans held for sale | 119 | 154 |
Cost and equity method investments | 375 | 436 |
Long-lived assets | 62 | 882 |
Assets Fair Value Disclosure | $ 555 | $ 1,471 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Recurring | US Corporate | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 821 | $ 834 | ||
Recurring | Mortgage and asset-backed | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | 31 | |||
Recurring | Corporate - non-U.S. | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | 34 | 236 | ||
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 | |||
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 | 116 | |||
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 | 122 | |||
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 | 3,859 | $ 4,183 | 4,042 | $ 4,175 |
Level 3 | Recurring | US Corporate | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 821 | 834 | ||
Level 3 | Recurring | US Corporate | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 1.40% | 1.70% | ||
Level 3 | Recurring | US Corporate | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 22.90% | 14.10% | ||
Level 3 | Recurring | US Corporate | Income Approach | Weighted average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 10.10% | 8.60% | ||
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 | $ 23 | 31 | ||
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 | 2.40% | 5.00% | ||
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 | 15.50% | 12.00% | ||
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 | 11.90% | 10.50% | ||
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 | $ 34 | 236 | ||
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% | 6.50% | ||
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 | 6.50% | 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 | 6.50% | 7.50% | ||
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 | $ 2,953 | 2,637 | ||
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 | |||
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 | |||
Capitalization Rate | 7.80% | |||
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 | |||
Capitalization Rate | 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 | |||
Capitalization Rate | 7.80% | |||
Level 3 | Non-recurring | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | 375 | $ 436 | ||
Assets Fair Value Disclosure Nonrecurring | $ 156 | 122 | ||
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 | 9.00% | |||
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 | 14.20% | |||
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 | $ 116 | |||
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 | 9.00% | |||
Level 3 | Non-recurring | Cost and equity method investments | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 20.00% | |||
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 | 13.70% | |||
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 | $ 293 | |||
Level 3 | Non-recurring | Cost and equity method investments | Income Approach, Market Comparables | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 9.50% | |||
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 | 35.00% | |||
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 | 14.40% | |||
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 | $ 122 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Instruments [Line Items] | ||
Borrowings | $ (186,049) | $ (197,602) |
GE | Carrying amount | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 1,624 | 1,104 |
Borrowings | 19,389 | 18,397 |
GE | Carrying amount | Intersegment [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | 73,623 | 84,704 |
GE | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 1,700 | 1,174 |
Borrowings | 20,649 | 18,954 |
Accrued interest | 5,118 | 3,001 |
GE | Estimated fair value | Intersegment [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | 82,083 | 92,231 |
Accrued interest | 153 | |
GE Capital | ||
Financial Instruments [Line Items] | ||
Effect of including interest rate and currency derivatives on borrowings and bank deposits | 991 | 1,103 |
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 | 18,701 | 20,061 |
Time deposits | 13,936 | 10,386 |
Other commercial mortgages | 1,406 | 1,381 |
Loans held for sale | 970 | 342 |
Other financial instruments | 96 | 94 |
Borrowings | 94,150 | 95,474 |
Investment contracts | 2,917 | 2,955 |
GE Capital | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Loans | 18,466 | 19,774 |
Time deposits | 13,936 | 10,386 |
Other commercial mortgages | 1,504 | 1,447 |
Loans held for sale | 970 | 342 |
Other financial instruments | 115 | 110 |
Borrowings | 97,544 | 99,396 |
Investment contracts | 3,481 | 3,441 |
Accrued interest | $ 760 | $ 1,006 |
Financial Instruments (Notional
Financial Instruments (Notional Amount of Loan Commitments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Notional Disclosures [Abstract] | ||
Ordinary course of business lending commitments | $ 270 | $ 531 |
Unused revolving credit lines | 265 | 279 |
Excluded investment commitments | $ 400 | $ 782 |
Financial Instruments (Securiti
Financial Instruments (Securities Repurchase and Reverse Repurchase Arrangements) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Shareowners' equity (increase) decrease | $ 57 | $ 1,083 |
Earnings (loss) effect of derivatives | (84) | (997) |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | (56) | (1,083) |
Shareowners' equity (increase) decrease | 57 | 1,083 |
Net effect on earnings (loss) (hedge ineffectiveness) | 1 | 0 |
Earnings (loss) effect of derivatives | (84) | (997) |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | 1,723 | 1,051 |
Adjustment to carrying amount of hedged debt increase (decrease) | (1,754) | (1,083) |
Earnings (loss) related to hedge ineffectiveness | (32) | (32) |
Net Investment Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | 329 | 4,945 |
Fair value of non-derivatives (increase) decrease | 198 | 0 |
Shareowners' equity (increase) decrease | 569 | 4,989 |
Earnings (loss) (spot-forward difference on derivatives) | (42) | (44) |
Net Investment Hedges [Member] | Discontinued operations | ||
Derivative [Line Items] | ||
Earnings (loss) effect of derivatives | 693 | 788 |
Economic Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives increase (decrease) | (302) | (3,118) |
Change in carrying amount of item being hedged increase (decrease) | 111 | 3,129 |
Earnings (loss) effect of derivatives | $ (191) | $ 11 |
Financial Instruments (Notion98
Financial Instruments (Notional Amount of Derivatives) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Notional Disclosures [Abstract] | ||
Derivative assets | $ 8,859 | $ 7,391 |
Derivative liabilities | (5,282) | (5,681) |
Accrued Interest | 693 | 1,014 |
Cash collateral assets | 3,435 | 1,141 |
Derivative Net | 834 | 1,583 |
Securities held as collateral | (388) | (1,277) |
Net carrying amount | 445 | $ 306 |
Derivative, Notional Amount | $ 211 |
Financial Instruments (Effects
Financial Instruments (Effects of Derivatives on Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on underlying | $ 57 | $ 1,083 |
Earnings (loss) effect of derivatives | (84) | (997) |
Total effect on earnings | (264) | (65) |
Cash Flow Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | (56) | (1,083) |
Effect on underlying | 57 | 1,083 |
Effect on earnings (Cash flow hedges) | 1 | 0 |
Earnings (loss) effect of derivatives | (84) | (997) |
Total effect on earnings | 1 | 0 |
Fair Value Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | 1,723 | 1,051 |
Effect on underlying (Fair value hedges) | (1,754) | (1,083) |
Effect on earnings (Fair value hedges) | (32) | (32) |
Total effect on earnings | (32) | (32) |
Net Investment Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | 329 | 4,945 |
Effect on underlying | 569 | 4,989 |
Effect on earnings (Net investment hedges) | (42) | (44) |
Total effect on earnings | (42) | (44) |
Economic Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | (302) | (3,118) |
Effect on underlying (Economic hedges) | 111 | 3,129 |
Earnings (loss) effect of derivatives | (191) | 11 |
Total effect on earnings | $ (191) | $ 11 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||
Financing receivables, net | $ 11,903 | $ 12,052 | |
Investment securities (Note 3) | 32,974 | 31,973 | |
Other Assets | 39,625 | 36,797 | |
Borrowings | 186,049 | 197,602 | |
Nonrecourse Borrowings | 2,780 | 3,083 | |
Other Liabilities | 22,459 | 23,612 | |
Total revenues of consolidated VIEs | 27,845 | $ 26,239 | |
Appliances | |||
Variable Interest Entity [Line Items] | |||
Current Receivables | 734 | 737 | |
Consolidated VIE | |||
Variable Interest Entity [Line Items] | |||
Financing receivables, net | 1,149 | 882 | |
Current Receivables | 3,605 | 3,891 | |
Investment securities (Note 3) | 1,493 | 1,404 | |
Other Assets | 2,300 | 3,574 | |
Assets VIE | 8,547 | 9,751 | |
Borrowings | 1,307 | 1,181 | |
Nonrecourse Borrowings | 2,780 | 3,083 | |
Other Liabilities | 2,590 | 3,557 | |
Liabilities VIE | 6,677 | 7,821 | |
Cost of sales and services sold | 344 | 337 | |
Acquisition Alstom | |||
Variable Interest Entity [Line Items] | |||
Assets VIE | 14,123 | ||
Liabilities VIE | 9,898 | ||
Redeemable noncontrolling interest in joint venture | 2,928 | ||
Other 1 [Member] | |||
Variable Interest Entity [Line Items] | |||
Financing receivables, net | 0 | 0 | |
Current Receivables | 164 | 385 | |
Investment securities (Note 3) | 0 | 0 | |
Other Assets | 1,118 | 2,482 | |
Assets VIE | 1,282 | 2,867 | |
Borrowings | 48 | 221 | |
Non-recourse borrowings | 0 | 0 | |
Other Liabilities | 1,132 | 2,289 | |
Liabilities VIE | 1,180 | 2,510 | |
Consolidated Securitization Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment securities (Note 3) | 1,493 | ||
Non-recourse borrowings | 2,780 | ||
Commingled cash amounts owed to CSEs | 994 | 1,093 | |
Commingled cash receivable from CSEs | 11 | 7 | |
Industrial Equipment Joint Venture [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets VIE | 774 | ||
Liabilities VIE | 772 | ||
Power Generating And Leasing [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets VIE | 324 | ||
Liabilities VIE | 167 | ||
Insurance Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets VIE | 1,763 | ||
Liabilities VIE | 1,177 | ||
GE Capital | |||
Variable Interest Entity [Line Items] | |||
Financing receivables, net | 23,715 | 25,003 | |
Investment securities (Note 3) | 32,882 | 31,827 | |
Other Assets | 28,607 | 25,081 | |
Non-recourse borrowings | 1,471 | 1,534 | |
Nonrecourse Borrowings | 2,780 | 3,083 | |
Other Liabilities | 8,073 | 9,351 | |
Total revenues of consolidated VIEs | 2,885 | $ 2,866 | |
GE Capital | Consolidated VIE | |||
Variable Interest Entity [Line Items] | |||
Financing receivables, net | 0 | ||
Current Receivables | 0 | ||
Investment securities (Note 3) | 0 | ||
Other Assets | 0 | ||
Assets VIE | 0 | ||
Borrowings | 0 | ||
Non-recourse borrowings | 0 | ||
Other Liabilities | 0 | ||
Liabilities VIE | 0 | ||
GE Capital | Other 1 [Member] | |||
Variable Interest Entity [Line Items] | |||
Financing receivables, net | 774 | 882 | |
Current Receivables | 0 | 0 | |
Investment securities (Note 3) | 1,493 | 1,404 | |
Other Assets | 1,168 | 1,068 | |
Assets VIE | 3,435 | 3,354 | |
Borrowings | 899 | 960 | |
Non-recourse borrowings | 0 | 61 | |
Other Liabilities | 1,406 | 1,234 | |
Liabilities VIE | 2,305 | 2,255 | |
GE Capital | Consolidated Securitization Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Financing receivables, net | 375 | 0 | |
Current Receivables | 0 | 0 | |
Investment securities (Note 3) | 0 | 0 | |
Other Assets | 14 | 0 | |
Assets VIE | 389 | 0 | |
Borrowings | 360 | 0 | |
Non-recourse borrowings | 0 | 0 | |
Other Liabilities | 28 | 0 | |
Liabilities VIE | 388 | 0 | |
GE Capital | Trade Receivable [Member] | |||
Variable Interest Entity [Line Items] | |||
Financing receivables, net | 0 | 0 | |
Current Receivables | 3,441 | 3,506 | |
Investment securities (Note 3) | 0 | 0 | |
Other Assets | 0 | 24 | |
Assets VIE | 3,441 | 3,530 | |
Borrowings | 0 | 0 | |
Non-recourse borrowings | 2,780 | 3,022 | |
Other Liabilities | 24 | 34 | |
Liabilities VIE | $ 2,804 | $ 3,056 |
Variable Interest Entities (Unc
Variable Interest Entities (Unconsolidated) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Financing receivables | $ 11,903 | $ 12,052 |
Exposure to nonconsolidated VIEs that invest in long-lived capital intensive energy products | 6,386 | |
Investment in Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Other assets and investment securities | 6,033 | 745 |
Financing receivables | 13 | 13 |
Total investment | 6,046 | 758 |
Contractual obligations to fund new investments, guarantees or lines of credit | 825 | 29 |
Total | $ 6,871 | $ 787 |
Intercompany Transactions (Deta
Intercompany Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 1,852 | $ 2,002 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 24,671 | 6,894 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (21,961) | (6,361) |
Combined | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 7,505 | 810 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 26,515 | 8,719 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (29,459) | (6,994) |
GE Customer Receivables Sold To GECC | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 1,466 | 1,308 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,331) | (1,274) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (135) | (34) |
GECC Dividends To GE | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (7,500) | (450) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 7,500 | 450 |
Other Reclassifications and Eliminations | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 381 | 334 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (513) | (551) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 133 | 217 |
Effect of Elimination | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (5,653) | 1,192 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,844) | (1,825) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ 7,498 | $ 633 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Earnings [Abstract] | ||||
Revenues | $ 27,845 | $ 26,239 | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 238 | 1,621 | ||
Net earnings (loss) | 69 | (13,608) | ||
Benefit (provision) for income taxes | (139) | 6,294 | ||
Interest And Other Financial Charges | 1,736 | 618 | ||
Statement of Financial Position [Abstract] | ||||
Assets | [1] | 462,193 | $ 493,072 | |
Financing receivables, net | 11,903 | 12,052 | ||
Property, Plant and Equipment, Net | 53,786 | 54,095 | ||
Liabilities | [1] | 366,403 | $ 389,962 | |
Operating Segments [Member] | ||||
Earnings [Abstract] | ||||
Revenues | 27,845 | 26,239 | ||
Intersegment | Corporate | ||||
Earnings [Abstract] | ||||
Revenues | $ (909) | $ (988) | ||
[1] | (a) Our consolidated assets at March 31, 2016 included total assets of $ 7,295 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 $ 4,590 million and investment securities of $ 1,493 million w ithin continuing operations and assets of discontinued operations of $ 468 million. Our consolidated liabilities at March 31, 2016 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 $ 2,780 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $ 41 million. See Note 16. |
Cash Flows Information (Details
Cash Flows Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net dispositions (purchases of GE shares for treasury | ||
Net dispositions (purchases) of GE shares for treasury | $ (6,326) | $ 239 |
All other operating activities | ||
All other operating activities | (100) | 2,209 |
Net decrease (increase) in GE Capital financing receivables | ||
Net decrease (increase) in GE Capital financing receivables | (11) | 194 |
All other investing activities | ||
All other investing activities | (10,594) | 8,240 |
Repayments and other reductions (maturities longer than 90 days) | ||
Repayments and other debt reductions (maturities longer than 90 days) | 14,381 | 12,788 |
All Other Financing Activities [Abstract] | ||
All other financing activities | (462) | (43) |
GE Capital | ||
Net dispositions (purchases of GE shares for treasury | ||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 |
All other operating activities | ||
All other operating activities | (176) | 2,355 |
Net decrease (increase) in GE Capital financing receivables | ||
Net decrease (increase) in GE Capital financing receivables | 1,466 | 1,945 |
All other investing activities | ||
All other investing activities | (9,592) | 8,825 |
Repayments and other reductions (maturities longer than 90 days) | ||
Repayments and other debt reductions (maturities longer than 90 days) | 14,231 | 12,694 |
All Other Financing Activities [Abstract] | ||
All other financing activities | $ (415) | $ (221) |
Cost Information (Collaborative
Cost Information (Collaborative Arrangements) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Income Statement Elements [Line Items] | ||
Cost of Goods Sold | $ 14,588 | $ 13,520 |
Cost of Services | $ 5,773 | $ 5,162 |
Supplemental Information (De106
Supplemental Information (Derivatives and Hedging) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 8,859 | $ 7,391 |
Derivative liabilities | 5,282 | 5,681 |
Netting adjustment of derivative gross asset | (3,677) | (4,326) |
Netting adjustment of derivative gross liability | (3,662) | (4,326) |
Cash collateral assets | 3,435 | 1,141 |
Net derivative assets | 1,761 | 2,282 |
Net derivative liabilities | 927 | 700 |
Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 6,516 | 5,241 |
Derivative liabilities | 1,024 | 1,541 |
Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2,343 | 2,149 |
Derivative liabilities | 4,259 | 4,141 |
Interest Rate Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5,619 | 4,132 |
Derivative liabilities | 23 | 158 |
Interest Rate Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 106 | 119 |
Derivative liabilities | 55 | 44 |
Currency Exchange Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 897 | 1,109 |
Derivative liabilities | 1,000 | 1,383 |
Currency Exchange Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,907 | 1,715 |
Derivative liabilities | 4,168 | 4,048 |
Other Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 330 | 315 |
Derivative liabilities | 36 | 49 |
Gross Accrued Interest [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 703 | 1,001 |
Derivative liabilities | 10 | (13) |
Gross Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 9,562 | 8,392 |
Derivative liabilities | 5,292 | 5,668 |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (7,800) | (6,110) |
Derivative liabilities | (4,365) | (4,968) |
Cash collateral assets | 4,124 | 1,784 |
Cash collateral liabilities | 703 | 642 |
Securities Pledged as Collateral [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (388) | (1,277) |
Derivative liabilities | 0 | 0 |
Net Derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,372 | 1,005 |
Derivative liabilities | $ 927 | $ 700 |
Supplemental Information (De107
Supplemental Information (Derivatives and Hedging - Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | $ (57) | $ (1,083) |
Gain (loss) reclassified from AOCI into earnings | (84) | (997) |
Interest Rate Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | 19 | (3) |
Gain (loss) reclassified from AOCI into earnings | (30) | (39) |
Currency Exchange Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | (77) | (1,077) |
Gain (loss) reclassified from AOCI into earnings | (53) | (957) |
Commodity Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | 1 | (3) |
Gain (loss) reclassified from AOCI into earnings | $ (2) | $ (1) |
Supplemental Information (De108
Supplemental Information (Derivatives and Hedging - Counterparty Credit Risk) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Securities held as collateral | $ 388 | $ 1,277 |
Cash collateral | (3,435) | (1,141) |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Cash collateral | $ (4,124) | $ (1,784) |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings [Abstract] | |||
Earnings (loss) from continuing operations | $ 378 | $ (4,673) | |
Losses from discontinued operations, net of tax | (308) | (8,936) | |
Net earnings (loss) | 69 | (13,608) | |
Net Income (Loss) Attributable to Noncontrolling Interest | (121) | (35) | |
Net Income (Loss) Attributable to Parent | 191 | (13,573) | |
Preferred stock dividends declared | 289 | 0 | |
Net earnings (loss) attributable to GE common shareowners | $ (98) | $ (13,573) | |
Earnings From Continuing Operations Per Share [Abstract] | |||
Diluted earnings (loss) per share | $ 0.02 | $ (0.45) | |
Basic earnings (loss) per share | 0.02 | (0.45) | |
Earnings Per Share Discontinued Operations | |||
Earnings (loss) from discontinued operations-Diluted | (0.03) | (0.9) | |
Earnings (loss) from discontinued operations-Basic | (0.03) | (0.9) | |
Earnings Per Share [Abstract] | |||
Diluted earnings (loss) per share | (0.01) | (1.35) | |
Basic earnings (loss) per share | $ (0.01) | $ (1.35) | |
Revenues | $ 27,845 | $ 26,239 | |
Earnings (loss) from continuing operations attributable to GE common shareowners | 210 | (4,548) | |
GE | |||
Earnings [Abstract] | |||
Earnings (loss) from continuing operations | 92 | (4,675) | |
Losses from discontinued operations, net of tax | (308) | (9,025) | |
Net earnings (loss) | [1] | (216) | (13,700) |
Net Income (Loss) Attributable to Noncontrolling Interest | [1] | (117) | (127) |
Net Income (Loss) Attributable to Parent | [1] | (98) | (13,573) |
Preferred stock dividends declared | 0 | 0 | |
Net earnings (loss) attributable to GE common shareowners | (98) | (13,573) | |
Earnings Per Share [Abstract] | |||
Revenues | 24,606 | 18,171 | |
Earnings (loss) from continuing operations attributable to GE common shareowners | 210 | (4,548) | |
GE Capital | |||
Earnings [Abstract] | |||
Earnings (loss) from continuing operations | (608) | (5,719) | |
Losses from discontinued operations, net of tax | (308) | (8,935) | |
Net earnings (loss) | (916) | (14,654) | |
Net Income (Loss) Attributable to Noncontrolling Interest | (4) | 91 | |
Net Income (Loss) Attributable to Parent | (912) | (14,745) | |
Preferred stock dividends declared | 289 | 0 | |
Net earnings (loss) attributable to GE common shareowners | (1,201) | (14,745) | |
Earnings Per Share [Abstract] | |||
Revenues | 2,885 | 2,866 | |
Earnings (loss) from continuing operations attributable to GE common shareowners | $ (893) | $ (5,721) | |
[1] | (a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Guarantor Statement of Earnings
Guarantor Statement of Earnings (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues and other income | ||
Other income | $ 9 | $ 142 |
GE Capital earnings from continuing operations | 2,522 | 2,414 |
Total revenues and other income | 27,845 | 26,239 |
Costs and Expenses [Abstract] | ||
Selling, general and administrative expenses | 4,608 | 4,415 |
Interest and other financial charges | 1,736 | 618 |
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 642 | 613 |
Other costs and expenses | $ 259 | $ 291 |