Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 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 | 8,961,233,000 |
Common stock, par value per share | $ / shares | $ 0.06 |
Document Fiscal Period Focus | Q2 |
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 | 6 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||||
Revenues and other income | |||||||||
Sales of goods | $ 18,865 | $ 18,543 | $ 36,073 | $ 35,143 | |||||
Sales of services | 9,163 | 7,513 | 17,269 | 14,596 | |||||
Other income | 3,150 | 780 | 3,158 | 922 | |||||
GE Capital earnings (loss) from continuing operations | 0 | 0 | 0 | 0 | |||||
GE Capital revenues from services | 2,316 | 2,390 | 4,838 | 4,804 | |||||
Total revenues and other income | 33,494 | 29,226 | 61,339 | 55,466 | |||||
Costs and expenses | |||||||||
Cost of goods sold | 15,690 | 15,029 | 30,278 | 28,550 | |||||
Cost of services sold | 6,693 | 5,543 | 12,466 | 10,705 | |||||
Selling, general and administrative expenses | 4,883 | 4,385 | 9,491 | 8,800 | |||||
Interest and other financial charges | 1,326 | 713 | 3,062 | 1,331 | |||||
Investment contracts, insurance losses and insurance annuity benefits | 776 | 657 | 1,417 | 1,270 | |||||
Other costs and expenses | 303 | 287 | 562 | 578 | |||||
Total costs and expenses | 29,670 | 26,614 | 57,276 | 51,233 | |||||
Earnings (loss) from continuing operations before income taxes | 3,824 | 2,612 | 4,063 | 4,233 | |||||
Benefit (provision) for income taxes | (479) | (799) | (340) | (7,093) | |||||
Earnings (loss) from continuing operations | 3,345 | 1,813 | 3,723 | (2,860) | |||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (541) | 2,947 | (849) | (11,883) | |||||
Net earnings (loss) | 2,804 | (1,134) | 2,874 | (14,743) | |||||
Less net earnings (loss) attributable to noncontrolling interests | (86) | 225 | (207) | 190 | |||||
Net earnings (loss) attributable to the Company | 2,890 | (1,360) | 3,081 | (14,933) | |||||
Preferred stock dividends | (152) | 0 | (441) | 0 | |||||
Net earnings (loss) attributable to GE common shareowners | 2,738 | (1,360) | 2,639 | (14,933) | |||||
Amounts attributable to GE common shareowners | |||||||||
Earnings (loss) from continuing operations | 3,345 | 1,813 | 3,723 | (2,860) | |||||
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | (89) | 133 | (210) | 9 | |||||
Earnings (loss) from continuing operations attributable to the Company | 3,433 | 1,679 | 3,933 | (2,869) | |||||
Preferred stock dividends | (152) | 0 | (441) | 0 | |||||
Net earnings (loss) from continuing operations attributable to GE common shareowners | 3,281 | 1,679 | 3,492 | (2,869) | |||||
Earnings (loss) from discontinued operations, net of taxes | (541) | (2,947) | (849) | (11,883) | |||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 3 | 92 | 3 | 181 | |||||
Net earnings (loss) attributable to GE common shareowners | $ 2,738 | $ (1,360) | $ 2,639 | $ (14,933) | |||||
Earnings (loss) from continuing operations | |||||||||
Diluted earnings (loss) per share | $ 0.36 | $ 0.17 | $ 0.38 | $ (0.29) | |||||
Basic earnings (loss) per share | 0.36 | 0.17 | 0.38 | (0.29) | |||||
Net earnings | |||||||||
Diluted earnings (loss) per share | 0.3 | (0.13) | 0.28 | (1.48) | |||||
Basic earnings (loss) per share | 0.3 | (0.13) | 0.29 | (1.48) | |||||
Dividends declared per common share | $ 0.23 | $ 0.23 | $ 0.46 | $ 0.46 | |||||
GE | |||||||||
Revenues and other income | |||||||||
Sales of goods | [1] | $ 18,912 | $ 18,549 | $ 36,124 | $ 35,197 | ||||
Sales of services | [1] | 9,238 | 7,592 | 17,432 | 14,784 | ||||
Other income | [1] | 3,054 | 769 | 3,146 | 822 | ||||
GE Capital earnings (loss) from continuing operations | [1] | (600) | (332) | (1,492) | (6,053) | ||||
GE Capital revenues from services | [1] | 0 | 0 | 0 | 0 | ||||
Total revenues and other income | [1] | 30,604 | 26,578 | 55,210 | 44,748 | ||||
Costs and expenses | |||||||||
Cost of goods sold | [1],[2] | 15,742 | 15,035 | 30,339 | 28,606 | ||||
Cost of services sold | [1],[2] | 6,216 | 5,073 | 11,509 | 9,827 | ||||
Selling, general and administrative expenses | [1] | 4,231 | 3,661 | 8,214 | 7,486 | ||||
Interest and other financial charges | [1] | 567 | 414 | 1,007 | 803 | ||||
Investment contracts, insurance losses and insurance annuity benefits | [1] | 0 | 0 | 0 | 0 | ||||
Other costs and expenses | [1] | 0 | 0 | 0 | 0 | ||||
Total costs and expenses | [1] | 26,756 | 24,183 | 51,069 | 46,722 | ||||
Earnings (loss) from continuing operations before income taxes | [1] | 3,847 | 2,395 | 4,141 | (1,974) | ||||
Benefit (provision) for income taxes | [1] | (648) | (583) | (849) | (890) | ||||
Earnings (loss) from continuing operations | [1] | 3,200 | 1,811 | 3,292 | (2,864) | ||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | [1] | (544) | (3,039) | (852) | (12,064) | ||||
Net earnings (loss) | 2,656 | (1,227) | 2,440 | [3] | (14,927) | [3] | |||
Less net earnings (loss) attributable to noncontrolling interests | (82) | 132 | (199) | [3] | 6 | [3] | |||
Net earnings (loss) attributable to the Company | 2,738 | (1,360) | 2,639 | [3] | (14,933) | [3] | |||
Preferred stock dividends | [1] | 0 | 0 | 0 | 0 | ||||
Net earnings (loss) attributable to GE common shareowners | [1] | 2,738 | (1,360) | 2,639 | (14,933) | ||||
Amounts attributable to GE common shareowners | |||||||||
Earnings (loss) from continuing operations | [1] | 3,200 | 1,811 | 3,292 | (2,864) | ||||
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | [1] | (82) | 132 | (199) | 6 | ||||
Earnings (loss) from continuing operations attributable to the Company | [1] | 3,281 | 1,679 | 3,492 | (2,869) | ||||
Preferred stock dividends | [1] | 0 | 0 | 0 | 0 | ||||
Net earnings (loss) from continuing operations attributable to GE common shareowners | [1] | 3,281 | 1,679 | 3,492 | (2,869) | ||||
Earnings (loss) from discontinued operations, net of taxes | (544) | (3,039) | (852) | [3] | (12,064) | [3] | |||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | [1] | 0 | [1] | 0 | 0 | |||
Net earnings (loss) attributable to GE common shareowners | [1] | 2,738 | (1,360) | 2,639 | (14,933) | ||||
GE Capital | |||||||||
Revenues and other income | |||||||||
Sales of goods | 29 | 22 | 54 | 43 | |||||
Sales of services | 0 | 0 | 0 | 0 | |||||
Other income | 0 | 0 | 0 | 0 | |||||
GE Capital earnings (loss) from continuing operations | 0 | 0 | 0 | 0 | |||||
GE Capital revenues from services | 2,742 | 2,668 | 5,602 | 5,513 | |||||
Total revenues and other income | 2,771 | 2,690 | 5,656 | 5,556 | |||||
Costs and expenses | |||||||||
Cost of goods sold | [2] | 24 | 22 | 44 | 40 | ||||
Cost of services sold | [2] | 552 | 550 | 1,120 | 1,066 | ||||
Selling, general and administrative expenses | 733 | 806 | 1,607 | 1,597 | |||||
Interest and other financial charges | 958 | 423 | 2,389 | 762 | |||||
Investment contracts, insurance losses and insurance annuity benefits | 815 | 706 | 1,486 | 1,347 | |||||
Other costs and expenses | 313 | 300 | 581 | 590 | |||||
Total costs and expenses | 3,394 | 2,805 | 7,227 | 5,402 | |||||
Earnings (loss) from continuing operations before income taxes | (623) | (115) | (1,571) | 153 | |||||
Benefit (provision) for income taxes | 168 | (216) | 509 | (6,203) | |||||
Earnings (loss) from continuing operations | (454) | (331) | (1,062) | (6,050) | |||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (541) | (2,944) | (849) | (11,879) | |||||
Net earnings (loss) | (995) | (3,275) | (1,911) | (17,929) | |||||
Less net earnings (loss) attributable to noncontrolling interests | (4) | 93 | (8) | 184 | |||||
Net earnings (loss) attributable to the Company | (991) | (3,368) | (1,903) | (18,113) | |||||
Preferred stock dividends | (152) | (161) | (441) | (161) | |||||
Net earnings (loss) attributable to GE common shareowners | (1,143) | (3,529) | (2,344) | (18,274) | |||||
Amounts attributable to GE common shareowners | |||||||||
Earnings (loss) from continuing operations | (454) | (331) | (1,062) | (6,050) | |||||
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | (7) | 1 | (11) | 3 | |||||
Earnings (loss) from continuing operations attributable to the Company | (448) | (332) | (1,051) | (6,053) | |||||
Preferred stock dividends | (152) | (161) | (441) | (161) | |||||
Net earnings (loss) from continuing operations attributable to GE common shareowners | (600) | (493) | (1,492) | (6,215) | |||||
Earnings (loss) from discontinued operations, net of taxes | (541) | (2,944) | (849) | (11,879) | |||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 3 | 92 | 3 | 181 | |||||
Net earnings (loss) attributable to GE common shareowners | $ (1,143) | $ (3,529) | $ (2,344) | $ (18,274) | |||||
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. | ||||||||
[2] | Includes revisions to previously reported amounts, which increased GE cost of goods sold and decreased GE cost of services sold by $728 million and $1,129 million for the three and six months ended June 30, 2015, respectively. | ||||||||
[3] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 2,804 | $ (1,134) | $ 2,874 | $ (14,743) |
Less net earnings (loss) attributable to noncontrolling interests | (86) | 225 | (207) | 190 |
Net earnings (loss) attributable to the Company | 2,890 | (1,360) | 3,081 | (14,933) |
Other comprehensive income (loss) | ||||
Investment securities | 397 | (682) | 617 | (449) |
Currency translation adjustments | 55 | 1,815 | 57 | (3,521) |
Cash flow hedges | (25) | 86 | 30 | 40 |
Benefit plans | 382 | 2,951 | 933 | 3,860 |
Other comprehensive income (loss) | 810 | 4,170 | 1,636 | (70) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (3) | (12) | (6) | 36 |
Other comprehensive income (loss) attributable to the Company | 807 | 4,158 | 1,631 | (34) |
Comprehensive income (loss) | 3,614 | 3,035 | 4,510 | (14,813) |
Less Comprehensive income (loss) attributable to noncontrolling interests | (82) | 237 | (201) | 154 |
Comprehensive income (loss) attributable to the Company | $ 3,696 | $ 2,798 | $ 4,711 | $ (14,967) |
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 | (14,933) | |
Dividends and other transactions with shareowners | (4,644) | |
Redemption value adjustment | (1) | |
Other comprehensive income (loss) attributable to GE | (34) | |
Net sales (purchases) of shares for treasury(a) | 1,042 | |
Changes in other capital | (86) | |
Equity ending balance at Jun. 30, 2015 | 109,503 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,738 | [1] |
Net earnings (loss) attributable to the Company | (1,360) | |
Redemption value adjustment | 1 | |
Other comprehensive income (loss) attributable to GE | 4,158 | |
Equity ending balance at Jun. 30, 2015 | 109,503 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,776 | [1] |
Total equity balance | 118,279 | |
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 | 3,081 | |
Dividends and other transactions with shareowners | (4,680) | |
Redemption value adjustment | (110) | |
Other comprehensive income (loss) attributable to GE | 1,631 | |
Net sales (purchases) of shares for treasury(a) | (12,585) | |
Changes in other capital | (618) | |
Equity ending balance at Jun. 30, 2016 | 84,991 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 1,667 | [1] |
Net earnings (loss) attributable to the Company | 2,890 | |
Redemption value adjustment | 79 | |
Other comprehensive income (loss) attributable to GE | 807 | |
Equity ending balance at Jun. 30, 2016 | 84,991 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 1,693 | [1] |
Total equity balance | $ 86,684 | |
[1] | (c) Included AOCI attributable to noncontrolling interests of $(259) mi llion and $(264) million at June 30, 2016 and December 31, 2015 , respectively. |
Statement of Financial Position
Statement of Financial Position (Unaudited) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and equivalents | $ 52,123 | $ 70,483 | |
Investment securities (Note 3) | 39,720 | 31,973 | |
Current receivables | 25,128 | 27,022 | |
Inventories (Note 4) | 24,723 | 22,515 | |
Financing receivables - net (Note 5) | 12,001 | 12,052 | |
Other GE Capital Receivables | 6,684 | 6,782 | |
Property, plant and equipment - net (Note 6) | 50,436 | 54,095 | |
Receivables from GE Capital (debt assumption) | 0 | 0 | |
Investment in GE Capital | 0 | 0 | |
Goodwill (Note 7) | 67,097 | 65,526 | |
Other intangible assets - net (Note 7) | 16,650 | 17,797 | |
Contract Assets (Note 8) | 23,458 | 21,156 | |
All other assets | 31,274 | 36,797 | |
Deferred income taxes (Note 11) | 2,242 | 3,105 | |
Assets of businesses held for sale (Note 2) | 59 | 2,818 | |
Assets of discontinued operations (Note 2) | 49,865 | 120,951 | |
Total assets | [1] | 401,461 | 493,071 |
Liabilities and equity | |||
Short-term borrowings (Note 9) | 31,927 | 49,860 | |
Accounts payable, principally trade accounts | 13,115 | 13,680 | |
Progress collections and price adjustments accrued | 16,218 | 15,776 | |
Dividends payable | 2,105 | 2,167 | |
Other GE current liabilities | 20,420 | 23,597 | |
Non-recourse borrowings of consolidated securitization entities (Note 9) | 2,005 | 3,083 | |
Long-term borrowings (Note 9) | 122,504 | 144,659 | |
Investment contracts, insurance liabilities and insurance annuity benefits | 27,056 | 25,692 | |
Non-current compensation and benefits | 40,445 | 40,487 | |
All other liabilities | 21,475 | 23,611 | |
Liabilities of businesses held for sale (Note 2) | 56 | 861 | |
Liabilities of discontinued operations (Note 2) | 14,384 | 46,487 | |
Total liabilities(a) | [1] | 311,708 | 389,961 |
Redeemable noncontrolling interest (Note 12) | 3,070 | 2,972 | |
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | 6 | 6 | |
Common stock (8,961,233,000 and 9,279,288,000 shares outstanding at June 30, 2016 and December 31, 2015, respectively) | 702 | 702 | |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [2] | 1,077 | 460 |
Currency translation adjustments | [2] | (5,448) | (5,499) |
Cash flow hedges | [2] | (51) | (80) |
Benefit plans | [2] | (10,476) | (11,410) |
Other capital | 36,995 | 37,613 | |
Retained earnings | 138,310 | 140,020 | |
Less common stock held in treasury | (76,124) | (63,539) | |
Total GE shareowners' equity | 84,991 | 98,274 | |
Noncontrolling interests(c) (Note 12) | [3] | 1,693 | 1,864 |
Total equity (Note 12) | 86,684 | 100,138 | |
Total liabilities, redeemable noncontrolling interests and equity | 401,461 | 493,071 | |
GE | |||
Assets | |||
Cash and equivalents | [4] | 9,931 | 10,372 |
Investment securities (Note 3) | [4] | 110 | 151 |
Current receivables | [4] | 13,992 | 14,707 |
Inventories (Note 4) | [4] | 24,652 | 22,449 |
Financing receivables - net (Note 5) | [4] | 0 | 0 |
Other GE Capital Receivables | [4] | 0 | 0 |
Property, plant and equipment - net (Note 6) | [4] | 19,540 | 20,145 |
Receivables from GE Capital (debt assumption) | [4] | 65,186 | 84,704 |
Investment in GE Capital | [4] | 33,837 | 46,227 |
Goodwill (Note 7) | [4] | 64,727 | 63,157 |
Other intangible assets - net (Note 7) | [4] | 16,294 | 17,365 |
Contract Assets (Note 8) | [4] | 23,458 | 21,156 |
All other assets | [4] | 12,569 | 12,813 |
Deferred income taxes (Note 11) | [4] | 7,451 | 7,666 |
Assets of businesses held for sale (Note 2) | [4] | 59 | 2,818 |
Assets of discontinued operations (Note 2) | [4] | 9 | 9 |
Total assets | [4] | 291,814 | 323,737 |
Liabilities and equity | |||
Short-term borrowings (Note 9) | [4],[5] | 19,384 | 19,792 |
Accounts payable, principally trade accounts | [4] | 18,103 | 19,250 |
Progress collections and price adjustments accrued | [4] | 16,218 | 15,776 |
Dividends payable | [4] | 2,105 | 2,167 |
Other GE current liabilities | [4] | 20,420 | 23,595 |
Non-recourse borrowings of consolidated securitization entities (Note 9) | [4] | 0 | 0 |
Long-term borrowings (Note 9) | [4],[5] | 70,134 | 83,309 |
Investment contracts, insurance liabilities and insurance annuity benefits | [4] | 0 | 0 |
Non-current compensation and benefits | [4] | 39,450 | 39,472 |
All other liabilities | [4] | 16,514 | 16,217 |
Liabilities of businesses held for sale (Note 2) | [4] | 56 | 1,409 |
Liabilities of discontinued operations (Note 2) | [4] | 129 | 128 |
Total liabilities(a) | [4] | 202,511 | 221,115 |
Redeemable noncontrolling interest (Note 12) | [4] | 3,070 | 2,972 |
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | [4] | 6 | 6 |
Common stock (8,961,233,000 and 9,279,288,000 shares outstanding at June 30, 2016 and December 31, 2015, respectively) | [4] | 702 | 702 |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [4] | 1,077 | 460 |
Currency translation adjustments | [4] | (5,448) | (5,499) |
Cash flow hedges | [4] | (51) | (80) |
Benefit plans | [4] | (10,476) | (11,410) |
Other capital | [4] | 36,995 | 37,613 |
Retained earnings | [4] | 138,310 | 140,020 |
Less common stock held in treasury | [4] | (76,124) | (63,539) |
Total GE shareowners' equity | [4] | 84,991 | 98,274 |
Noncontrolling interests(c) (Note 12) | [4] | 1,242 | 1,378 |
Total equity (Note 12) | [4] | 86,233 | 99,651 |
Total liabilities, redeemable noncontrolling interests and equity | [4] | 291,814 | 323,737 |
GE Capital | |||
Assets | |||
Cash and equivalents | 42,192 | 60,111 | |
Investment securities (Note 3) | 39,615 | 31,827 | |
Current receivables | 0 | 0 | |
Inventories (Note 4) | 71 | 66 | |
Financing receivables - net (Note 5) | 23,998 | 25,003 | |
Other GE Capital Receivables | 14,544 | 15,455 | |
Property, plant and equipment - net (Note 6) | 31,628 | 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) | 356 | 435 | |
Contract Assets (Note 8) | 0 | 0 | |
All other assets | 19,930 | 25,081 | |
Deferred income taxes (Note 11) | (5,208) | (4,561) | |
Assets of businesses held for sale (Note 2) | 0 | 0 | |
Assets of discontinued operations (Note 2) | 49,856 | 120,942 | |
Total assets | 219,352 | 311,508 | |
Liabilities and equity | |||
Short-term borrowings (Note 9) | [5] | 24,683 | 48,617 |
Accounts payable, principally trade accounts | 1,853 | 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) | 2,005 | 3,083 | |
Long-term borrowings (Note 9) | [5] | 106,636 | 128,478 |
Investment contracts, insurance liabilities and insurance annuity benefits | 27,619 | 26,155 | |
Non-current compensation and benefits | 985 | 1,006 | |
All other liabilities | 7,028 | 9,351 | |
Liabilities of businesses held for sale (Note 2) | 0 | 0 | |
Liabilities of discontinued operations (Note 2) | 14,255 | 46,359 | |
Total liabilities(a) | 185,064 | 264,795 | |
Redeemable noncontrolling interest (Note 12) | 0 | 0 | |
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | 6 | 6 | |
Common stock (8,961,233,000 and 9,279,288,000 shares outstanding at June 30, 2016 and December 31, 2015, respectively) | 0 | 0 | |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | 1,077 | 456 | |
Currency translation adjustments | (923) | (898) | |
Cash flow hedges | (37) | (112) | |
Benefit plans | (530) | (540) | |
Other capital | 12,602 | 12,326 | |
Retained earnings | 21,642 | 34,988 | |
Less common stock held in treasury | 0 | 0 | |
Total GE shareowners' equity | 33,837 | 46,227 | |
Noncontrolling interests(c) (Note 12) | 451 | 486 | |
Total equity (Note 12) | 34,288 | 46,713 | |
Total liabilities, redeemable noncontrolling interests and equity | $ 219,352 | $ 311,508 | |
[1] | (a) O ur consolidated assets at June 30, 2016 included total assets of $7,651 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 $4,368 million and investment securities of $1,516 million w ithin continuing operations and assets of discontinued operations of $464 million. Our consolidated liabilities at June 30, 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 $2,005 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $40 million. See Note 16. | ||
[2] | (b) The sum of accu mulated other comprehensive income (loss) (AOCI) attributable to the Company was $(14,898) million and $(16,529) million at June 30, 2016 and December 31, 2015 , respectively. | ||
[3] | (c) Included AOCI attributable to noncontrolling interests of $(259) mi llion and $(264) million at June 30, 2016 and December 31, 2015 , respectively. | ||
[4] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. | ||
[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 $ 11,040 million (which includes an offset of $5,002 million short-term loan from GE Capital to GE ) and $17,642 million and t he long-term borrowings were $54,146 million and $67,062 million at June 30 , 2016 and December 31, 2015, respectively. See Note 9 for additional information. |
Statement of Financial Positio6
Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |||
Assets | [1] | $ 401,461 | $ 493,071 |
Investment securities (Note 3) | 39,720 | 31,973 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14,898) | ||
Accumulated Other Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interests | (259) | (264) | |
Debt Disclosure [Abstract] | |||
Short-term borrowings | 31,927 | 49,860 | |
Long-term borrowings | $ 122,504 | $ 144,659 | |
Preferred Stock, Shares Outstanding | 5,944,250 | 0 | |
Common Stock, Shares, Outstanding | 8,961,233,000 | 9,379,288,000 | |
GE Capital | |||
Variable Interest Entities [Abstract] | |||
Assets | $ 219,352 | $ 311,508 | |
Investment securities (Note 3) | 39,615 | 31,827 | |
Non-recourse borrowings | 1,475 | 1,534 | |
Debt Disclosure [Abstract] | |||
Short-term borrowings | [2] | 24,683 | 48,617 |
Long-term borrowings | [2] | 106,636 | 128,478 |
Discontinued Operations [Member] | |||
Variable Interest Entities [Abstract] | |||
Investment securities (Note 3) | 464 | ||
Non-recourse borrowings | 40 | 3,994 | |
Consolidated Securitization Entities [Member] | |||
Variable Interest Entities [Abstract] | |||
Assets | 7,651 | ||
Current receivables and net financing receivables | 4,368 | ||
Investment securities (Note 3) | 1,516 | ||
Non-recourse borrowings | 2,005 | ||
Consolidated Securitization Entities [Member] | GE Capital | |||
Variable Interest Entities [Abstract] | |||
Investment securities (Note 3) | 0 | 0 | |
Non-recourse borrowings | 100 | $ 0 | |
Consolidated Securitization Entities [Member] | Discontinued Operations [Member] | |||
Variable Interest Entities [Abstract] | |||
Non-recourse borrowings | $ 40 | ||
[1] | (a) O ur consolidated assets at June 30, 2016 included total assets of $7,651 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 $4,368 million and investment securities of $1,516 million w ithin continuing operations and assets of discontinued operations of $464 million. Our consolidated liabilities at June 30, 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 $2,005 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $40 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 $ 11,040 million (which includes an offset of $5,002 million short-term loan from GE Capital to GE ) and $17,642 million and t he long-term borrowings were $54,146 million and $67,062 million at June 30 , 2016 and December 31, 2015, respectively. See Note 9 for additional information. |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||||
Cash flows - operating activities | ||||||||
Net earnings (loss) | $ 2,804 | $ (1,134) | $ 2,874 | $ (14,743) | ||||
Less net earnings (loss) attributable to noncontrolling interests | (86) | 225 | (207) | 190 | ||||
Net earnings (loss) attributable to the Company | 2,890 | (1,360) | 3,081 | (14,933) | ||||
(Earnings) loss from discontinued operations | 541 | 2,947 | 849 | 11,883 | ||||
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | ||||||||
Depreciation and amortization of property, plant and equipment | 2,505 | 2,289 | ||||||
(Earnings) loss from continuing operations retained by GE Capital(b) | 0 | 0 | ||||||
Deferred income taxes | 652 | 2,310 | ||||||
Decrease (increase) in GE current receivables | 1,879 | 1,603 | ||||||
Decrease (increase) in inventories | (2,629) | (1,149) | ||||||
Increase (decrease) in accounts payable | 132 | 767 | ||||||
Increase (decrease) in GE progress collections | 510 | (1,076) | ||||||
All other operating activities | (5,043) | 1,238 | ||||||
Cash from (used for) operating activities - continuing operations | 1,936 | 2,932 | ||||||
Cash from (used for) operating activities - discontinued operations | (4,849) | 9,454 | ||||||
Cash from (used for) operating activities | (2,913) | 12,385 | ||||||
Cash flows - investing activities | ||||||||
Additions to property, plant and equipment | (3,052) | (3,223) | ||||||
Dispositions of property, plant and equipment | 1,222 | 1,281 | ||||||
Net decrease (increase) in GE Capital financing receivables | (1,146) | 437 | ||||||
Proceeds from sale of discontinued operations | 42,874 | 17,528 | ||||||
Proceeds from principal business dispositions | 5,609 | 222 | ||||||
Net cash from (payments for) principal businesses purchased | (206) | (1,723) | ||||||
All other investing activities | (2,887) | 10,233 | ||||||
Cash from (used for) investing activities - continuing operations | 42,414 | 24,756 | ||||||
Cash from (used for) investing activities - discontinued operations | (10,646) | (8,209) | ||||||
Cash from (used for) investing activities | 31,768 | 16,547 | ||||||
Cash flows - financing activities | ||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | 758 | (2,072) | ||||||
Newly issued debt (maturities longer than 90 days) | 855 | 13,136 | ||||||
Repayments and other debt reductions (maturities longer than 90 days) | (45,467) | (23,238) | ||||||
Net dispositions (purchases) of GE shares for treasury | (14,292) | 499 | ||||||
Dividends paid to shareowners | (4,508) | (4,635) | ||||||
All other financing activities | (31) | (159) | ||||||
Cash from (used for) financing activities - continuing operations | (62,685) | (16,470) | ||||||
Cash from (used for) financing activities - discontinued operations | (711) | (2,240) | ||||||
Cash from (used for) financing activities | (63,396) | (18,710) | ||||||
Effect of currency exchange rate changes on cash and equivalents | (24) | (2,887) | ||||||
Increase (decrease) in cash and equivalents | (34,565) | 7,336 | ||||||
Cash and equivalents at beginning of year | 90,878 | 91,017 | $ 91,017 | |||||
Cash and equivalents at June 30 | 56,313 | 98,353 | 56,313 | 98,353 | 90,878 | |||
Less cash and equivalents of discontinued operations at June 30 | 4,190 | 19,992 | 4,190 | 19,992 | ||||
Cash and equivalents of continuing operations at June 30 | 52,123 | 78,360 | 52,123 | 78,360 | ||||
GE | ||||||||
Cash flows - operating activities | ||||||||
Net earnings (loss) | 2,656 | (1,227) | 2,440 | [1] | (14,927) | [1] | ||
Less net earnings (loss) attributable to noncontrolling interests | (82) | 132 | (199) | [1] | 6 | [1] | ||
Net earnings (loss) attributable to the Company | 2,738 | (1,360) | 2,639 | [1] | (14,933) | [1] | ||
(Earnings) loss from discontinued operations | 544 | 3,039 | 852 | [1] | 12,064 | [1] | ||
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] | 1,300 | 1,157 | |||||
(Earnings) loss from continuing operations retained by GE Capital(b) | [1],[2] | 12,496 | 6,685 | |||||
Deferred income taxes | [1] | 273 | (102) | |||||
Decrease (increase) in GE current receivables | [1] | 280 | (44) | |||||
Decrease (increase) in inventories | [1] | (2,623) | (1,135) | |||||
Increase (decrease) in accounts payable | [1] | (30) | 219 | |||||
Increase (decrease) in GE progress collections | [1] | 510 | (1,089) | |||||
All other operating activities | [1] | (5,009) | 1,127 | |||||
Cash from (used for) operating activities - continuing operations | [1] | 10,689 | 3,950 | |||||
Cash from (used for) operating activities - discontinued operations | [1] | 0 | (11) | |||||
Cash from (used for) operating activities | [1] | 10,689 | 3,939 | |||||
Cash flows - investing activities | ||||||||
Additions to property, plant and equipment | [1] | (1,940) | (1,889) | |||||
Dispositions of property, plant and equipment | [1] | 539 | 376 | |||||
Net decrease (increase) in GE Capital financing receivables | [1] | 0 | 0 | |||||
Proceeds from sale of discontinued operations | [1] | 0 | 0 | |||||
Proceeds from principal business dispositions | [1] | 4,836 | 222 | |||||
Net cash from (payments for) principal businesses purchased | [1] | (206) | (46) | |||||
All other investing activities | [1] | (1,054) | (783) | |||||
Cash from (used for) investing activities - continuing operations | [1] | 2,175 | (2,119) | |||||
Cash from (used for) investing activities - discontinued operations | [1] | 0 | 10 | |||||
Cash from (used for) investing activities | [1] | 2,175 | (2,110) | |||||
Cash flows - financing activities | ||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | [1] | 601 | 248 | |||||
Newly issued debt (maturities longer than 90 days) | [1] | 5,126 | 3,654 | |||||
Repayments and other debt reductions (maturities longer than 90 days) | [1] | (179) | (128) | |||||
Net dispositions (purchases) of GE shares for treasury | (14,292) | 499 | ||||||
Dividends paid to shareowners | (4,324) | (4,634) | ||||||
All other financing activities | (108) | 190 | ||||||
Cash from (used for) financing activities - continuing operations | (13,177) | (171) | ||||||
Cash from (used for) financing activities - discontinued operations | 0 | 0 | ||||||
Cash from (used for) financing activities | (13,177) | (171) | ||||||
Effect of currency exchange rate changes on cash and equivalents | (127) | (553) | ||||||
Increase (decrease) in cash and equivalents | (440) | 1,106 | ||||||
Cash and equivalents at beginning of year | 10,372 | 15,916 | 15,916 | |||||
Cash and equivalents at June 30 | 9,931 | 17,022 | 9,931 | 17,022 | 10,372 | |||
Less cash and equivalents of discontinued operations at June 30 | 0 | 0 | 0 | 0 | ||||
Cash and equivalents of continuing operations at June 30 | 9,931 | 17,022 | 9,931 | 17,022 | ||||
GE Capital | ||||||||
Cash flows - operating activities | ||||||||
Net earnings (loss) | (995) | (3,275) | (1,911) | (17,929) | ||||
Less net earnings (loss) attributable to noncontrolling interests | (4) | 93 | (8) | 184 | ||||
Net earnings (loss) attributable to the Company | (991) | (3,368) | (1,903) | (18,113) | ||||
(Earnings) loss from discontinued operations | 541 | 2,944 | 849 | 11,879 | ||||
Adjustments to reconcile net earnings (loss) attributable to the Company to cash provided from operating activities | ||||||||
Depreciation and amortization of property, plant and equipment | 1,191 | 1,142 | ||||||
(Earnings) loss from continuing operations retained by GE Capital(b) | [2] | 0 | 0 | |||||
Deferred income taxes | 379 | 2,412 | ||||||
Decrease (increase) in GE current receivables | 0 | 0 | ||||||
Decrease (increase) in inventories | 6 | 3 | ||||||
Increase (decrease) in accounts payable | 10 | 338 | ||||||
Increase (decrease) in GE progress collections | 0 | 0 | ||||||
All other operating activities | (91) | 218 | ||||||
Cash from (used for) operating activities - continuing operations | 440 | (2,122) | ||||||
Cash from (used for) operating activities - discontinued operations | (4,848) | 9,465 | ||||||
Cash from (used for) operating activities | (4,408) | 7,343 | ||||||
Cash flows - investing activities | ||||||||
Additions to property, plant and equipment | (1,264) | (1,680) | ||||||
Dispositions of property, plant and equipment | 865 | 1,090 | ||||||
Net decrease (increase) in GE Capital financing receivables | 1,191 | 1,827 | ||||||
Proceeds from sale of discontinued operations | 42,874 | 17,528 | ||||||
Proceeds from principal business dispositions | 0 | 0 | ||||||
Net cash from (payments for) principal businesses purchased | 0 | (1,677) | ||||||
All other investing activities | (6,345) | 11,636 | ||||||
Cash from (used for) investing activities - continuing operations | 37,321 | 28,724 | ||||||
Cash from (used for) investing activities - discontinued operations | (10,646) | (8,219) | ||||||
Cash from (used for) investing activities | 26,675 | 20,505 | ||||||
Cash flows - financing activities | ||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | 31 | (2,614) | ||||||
Newly issued debt (maturities longer than 90 days) | 715 | 9,482 | ||||||
Repayments and other debt reductions (maturities longer than 90 days) | (45,288) | (23,111) | ||||||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | ||||||
Dividends paid to shareowners | (11,184) | (611) | ||||||
All other financing activities | (57) | (189) | ||||||
Cash from (used for) financing activities - continuing operations | (55,783) | (17,043) | ||||||
Cash from (used for) financing activities - discontinued operations | (711) | (2,240) | ||||||
Cash from (used for) financing activities | (56,494) | (19,283) | ||||||
Effect of currency exchange rate changes on cash and equivalents | 103 | (2,334) | ||||||
Increase (decrease) in cash and equivalents | (34,124) | 6,231 | ||||||
Cash and equivalents at beginning of year | 80,506 | 75,100 | 75,100 | |||||
Cash and equivalents at June 30 | 46,382 | 81,331 | 46,382 | 81,331 | $ 80,506 | |||
Less cash and equivalents of discontinued operations at June 30 | 4,190 | 19,992 | 4,190 | 19,992 | ||||
Cash and equivalents of continuing operations at June 30 | $ 42,192 | $ 61,339 | $ 42,192 | $ 61,339 | ||||
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. | |||||||
[2] | (b) Represents GE Capital earnings /loss from continuing operations attributable to the Company, net of GE Capital dividends paid to GE . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 1 . Basis of Presentation and Summary of Significant Accounting Policies basis of presentation The accompanying consolidated financial statements represent the consolidation of General Electric Company (the Company) and all companies that we directly or indirectly control, either through majority ownership or otherwise. See Note 1 to the consolidated financial stat ements in our Form 8- K filed on June 3, 2016 related to the Annual Report on Form 10-K for t he year ended December 31, 2015 that discusses our consolidation and financial statement presentation. As used in this report on Form 10-Q (Report), “GE” represents the adding together of all affiliated companies except other than GE Capital (GE Capital or Financial Services), whose continuing operations are presented on a one-line basis; GE Capital consists of General Capital Global Holdings, LLC (GECGH) and all of its affiliates; and “Consolidated” represents the adding together of GE and GE Capital with the effects of transactions between the two eliminated. Unless otherwise indicated, we refer to the caption revenues and other income simply as “revenues” throughou t this Form 10-Q. We have reclassified certain prior-period amounts to conform to the current-period presentation. C ertain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Unless otherwise indicated, information in these notes to the consolidated financial statements relates to continuing operations. interim period presentation The consolidated financial statements and notes thereto are unaudited. These statement s include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these consolidated financial statements sh ould not be regarded as necessarily indicative of results that may be expected for the entire year. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in our 2015 consolidated financial statements of our Annual Report on Form 10-K. summary of significant accounting policies Please refer to Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to the consolidated financial statements o f our 2015 Form 10-K Report for the discussion of our significant accounting policies. ACCOUNTING CHANGES On January 1, 2016, we adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which eliminated the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. See Note 7 for further discussion of the purchase accounting effects of recent acquisitions. On January 1, 2016 , we adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt premiums and discoun ts. ASU 2015-03 applies retrospectively and does not change the recognition and measurement requirements for debt issuance costs. The adoption of ASU 2015-03 resulted in the reclassification of $674 million of unamortized debt issuance costs related to the Company's borrowings from all other assets to short-term and long-term borrowings within our consolidated balance sheet as of December 31, 2015. On January 1, 2016, we adopted ASU 2015-02, Amendments to the Consolidation Analysis . The ASU amended the con solidation guidance for VIEs and general partners' investment in limited partnerships and modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. Upon adoption , we deconsolidated three in vestment funds managed by GE A sset M anagement (GEAM) that had been accounted for under the guidance prior to the issuance of ASU 2009-17 , Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, by virtue of the deferral provided by ASU 2010-10, Amendments for Certain Investment Funds . We concluded that GEAM’s management contracts were no long er variable interests in the three investment funds and therefore continued consolidation was not appropriate. We deconsolidated ne t assets and noncontrolling interests of $123 million , respectively . In addition, many of the limited partnerships in which EFS invests became VIEs because the limited partner s have no participating rights or substantive removal rights over the general pa rtners. The general partners continue to control these limited partnerships, however, our disclosed exposure to unconsolidated VIEs in Note 16 increased by $6,110 million as a result. ACCELERATED SHARE REPURCHASE AGREEMENTS During 2016 , we entered into accelerated share repurchase (ASR) agreement s to repurchase shares of GE common stock. Under an ASR agreement, the Company pays a specified amount to a financial institution and receives an initial delivery of shares based on the terms of the agreement. Up on settlement of the agreement, the financial institution delivers additional shares, or the Company returns shares, with the final net number of shares calculated based on the volume-weighted average price of GE common stock over the term of the agreement , less an agreed upon discount. When certain conditions are met, the transaction is accounted for as an equity transaction and the shares are included in treasury stock when received, at which time there is an immediate reduction in the weighted - average n umber of common shares used in calculating earnings per share. See Note 12 for additional information. |
Businesses Held For Sale and Di
Businesses Held For Sale and Discontinued Operations | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Of Business Held For Sale and Discontinued Operations | Note 2 . BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS Assets and Liabilit ies of Businesses Held for Sale On January 15, 2016, we announced the signing of a n agreement to sell our Appliances business to Qingdao Haier Co., Ltd. (Haier) . On June 6, 2016, we completed the sale for proceeds of $ 5,568 million and recognized an after-tax gain of $ 1,834 million in the second quarter. 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. On July 1, 2016, we completed the sale for proceeds of $ 436 million. Net sale proceeds associated with U.S. pension plans will be deposited into the GE Pension Trust, increasing trust assets used to pay GE pension plan benefits. There is a potential to realize up to $ 50 million in additional proceeds if the management of assets for more pension plans transfers to the buyer. FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE (In millions) June 30, 2016 December 31, 2015 Assets Current receivables $ 35 $ 79 (a) Inventories - 583 Property, plant, and equipment – net 12 1,208 Goodwill - 370 Other intangible assets – net 6 162 Other 6 416 Assets of businesses held for sale $ 59 $ 2,818 Liabilities Accounts payable $ 6 $ 503 (a) Other current liabilities 32 325 Other 17 33 Liabilities of businesses held for sale $ 56 $ 861 (a) Certain transactions at our Appliances business were made on an arms-length basis with GE Capital , consisting primarily of GE customer receivables sold to GE Capital and GE Capital services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. Discontinued Operations Discontinued operations primarily 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) with 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 June 30, 2016, indemnifications amounted to $1,492 million , for which we have recognized related liabili ties of $163 million. In addition, we provided $ 111 million of credit support, the vast majority on behalf of certain co mmercial customers aligned with signed disposal transactions scheduled to close in 2016, and recogni zed an insignificant liability at June 30, 2016. FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 568 $ 6,829 $ 1,861 $ 12,289 Earnings (loss) from discontinued operations before income taxes $ (240) $ 1,950 $ (160) $ (2,743) Benefit (provision) for income taxes 170 (493) 182 442 Earnings (loss) from discontinued operations, net of taxes $ (70) $ 1,457 $ 22 $ (2,301) Disposal Gain (loss) on disposal before income taxes $ (295) $ (3,384) $ (540) $ (7,036) Benefit (provision) for income taxes (177) (1,021) (331) (2,546) Gain (loss) on disposal, net of taxes $ (472) $ (4,405) $ (871) $ (9,582) Earnings (loss) from discontinued operations, net of taxes(a)(b) $ (541) $ (2,947) $ (849) $ (11,883) (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 t he Company, before income taxes, was $ (537) million and $ (1,525) million for the three months ended June 30, 2016 and 2015, respectively, and $ (703) million and $ (9,960) million for the six months ended June 30, 2016 and 2015, r espectively. (In millions) June 30, 2016 December 31, 2015 Assets Cash and equivalents $ 4,190 $ 20,395 Investment securities 6,141 8,478 Financing receivables – net 1,994 3,205 Other receivables 881 1,221 Property, plant and equipment – net 845 7,537 Goodwill 1,591 7,764 Other intangible assets - net 34 80 Deferred income taxes 2,101 2,447 Financing receivables held for sale 31,106 69,847 Valuation allowance on disposal group classified as discontinued operations (3,062) (6,374) Other 4,044 6,350 Assets of discontinued operations $ 49,865 $ 120,951 Liabilities Short-term borrowings $ 609 $ 739 Accounts payable 1,352 2,870 Non-recourse borrowings 40 3,994 Bank deposits 4,545 25,613 Long-term borrowings 558 730 All other liabilities 6,983 11,053 Deferred income taxes 248 1,437 Other 49 52 Liabilities of discontinued operations $ 14,384 $ 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 258 $ 3,527 $ 685 $ 5,585 Interest $ (46) $ (573) $ (97) $ (1,184) Selling, general, and administrative expenses (158) (1,104) (335) (2,172) Cost of services sold - - - - Provision for losses on financing receivables - (761) - (3,869) Investment contracts, insurance losses and insurance annuity benefits (1) (4) (1) (6) Other costs and expenses (62) (114) (64) (240) Earnings (loss) from discontinued operations, before income taxes (9) 971 188 (1,886) Benefit (provision) for income taxes - (168) (101) (8) Earnings (loss) from discontinued operations, net of taxes $ (9) $ 803 $ 87 $ (1,894) Disposal Gain (loss) on disposal before income taxes $ 164 $ - $ 153 $ - Benefit (provision) for income taxes (164) - (240) - Gain (loss) on disposal, net of taxes $ - $ - $ (87) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (9) $ 803 $ - $ (1,894) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 153 million and $ 882 million for the three months ended June 30, 2016 and 2015 , respectively, and $ 339 million and $ (2,062) million for the six months ended June 30, 2016 and 2015 , respectively. Commercial lending and leasing In connection with the GE Capital Exit Plan , we announced the planned disposition of most of our CLL business and classified this portion of the business as discontinued operations. We closed certain of our CLL business dispositions in 2015. We expect to dispose of substantially all of the remaining CLL business in 2016. FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 314 $ 3,070 $ 1,201 $ 5,973 Interest $ (126) $ (641) $ (403) $ (1,343) Selling, general and administrative expenses (421) (1,046) (1,046) (1,942) Cost of services sold - (403) - (1,735) Provision for losses on financing receivables - (13) (3) (1,757) Other costs and expenses (23) 1 (15) (96) Earnings (loss) from discontinued operations, before income taxes (256) 967 (265) (900) Benefit (provision) for income taxes 140 (309) 214 315 Earnings (loss) from discontinued operations, net of taxes $ (116) $ 658 $ (51) $ (585) Disposal Gain (loss) on disposal before income taxes $ (465) $ (3,380) $ (630) $ (5,225) Benefit (provision) for income taxes (10) (949) (154) (1,927) Gain (loss) on disposal, net of taxes $ (475) $ (4,329) $ (784) $ (7,152) Earnings (loss) from discontinued operations, net of taxes(a) $ (591) $ (3,671) $ (835) $ (7,737) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (722) million and $ (2,415) million for the three months ended June 30, 2016 and 2015 , respectively, and $ (897) million and $ (6,128) million for the six months ended June 30, 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 15 $ 313 $ 25 $ 812 Interest $ (13) $ (137) $ (35) $ (373) Selling, general and administrative (24) (130) (77) (224) Cost of services sold - - - (5) Provision for losses on financing receivables - - - 4 Other costs and expenses (7) (14) (6) (141) Earnings (loss) from discontinued operations, before income taxes (29) 32 (94) 74 Benefit (provision) for income taxes 38 13 57 43 Earnings (loss) from discontinued operations, net of taxes $ 9 $ 45 $ (37) $ 117 Disposal Gain (loss) on disposal before income taxes $ 6 $ (3) $ (63) $ (1,811) Benefit (provision) for income taxes (3) (72) 62 (619) Gain (loss) on disposal, net of taxes $ 3 $ (75) $ (1) $ (2,430) Earnings (loss) from discontinued operations, net of taxes(a) $ 12 $ (30) $ (38) $ (2,313) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (23) million and $ 29 million for the three months ended June 30, 2016 and 2015 , respectively, and $ (156) million and $ (1,738) million for the six months ended June 30, 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 June 30, 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 June 30, 2016 , these amounts do not include approximately $ 110 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 $ 860 million at June 30, 2016 , reflecting a net increase to reserves in the three months ended June 30, 2016 of $ 27 million due to incremental provisions. The reserve estimate takes into account recent settlement activity and is based upon WMC’s evaluation of the remaining exposures as a p ercentage of estimated lifetime mortgage loan losses within the pool of loans supporting each securitization for which timely claims have been asserted in litigation against WMC. Settlements in prior periods reduced WMC’s exposure on claims asserted in cer tain securitizations and the claim amounts reported above give effect to these settlements . ROLLFORWARD OF THE RESERVE Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance, beginning of period $ 833 $ 814 $ 875 $ 809 Provision 27 11 84 18 Claim resolutions / rescissions - - (99) (2) Balance, end of period $ 860 $ 825 $ 860 $ 825 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 June 30, 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 June 30, 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Total revenues and other income (loss) $ (18) $ (5) $ (58) $ (5) Earnings (loss) from discontinued operations, net of taxes $ (20) $ (10) $ (52) $ (16) |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 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. June 30, 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 $ 4 $ - $ - $ 4 $ 2 $ - $ - $ 3 Corporate – non-U.S. 9 - - 9 1 - - 1 U.S. government and federal agency 49 1 - 50 49 - - 49 Equity 41 10 (4) 47 87 13 (2) 98 103 11 (4) 110 139 14 (2) 151 GE Capital Debt U.S. corporate 20,718 4,177 (51) 24,844 19,971 2,669 (285) 22,355 State and municipal 3,885 731 (48) 4,568 3,910 407 (73) 4,245 Mortgage and asset-backed(a) 2,957 188 (23) 3,122 2,995 157 (35) 3,116 Corporate – non-U.S. 5,299 108 (4) 5,402 759 96 (9) 846 Government – non-U.S. 608 156 (1) 764 279 136 - 415 U.S. government and federal agency 694 96 - 790 623 104 - 727 Equity 107 19 (1) 125 112 16 (4) 123 34,268 5,475 (128) 39,615 28,648 3,585 (407) 31,827 Eliminations (4) - - (4) (4) - - (4) Total $ 34,367 $ 5,486 $ (133) $ 39,720 $ 28,783 $ 3,599 $ (409) $ 31,973 (a) Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. A t June 30, 2016 , $ 535 million related to securities issued by government-sponsored entities and $ 19 million related to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions. The fair value of investment securities increased to $ 39,720 million at June 30, 2016 , from $ 31,973 million at December 31, 2015 , primarily due to additional purchases of Corporate – non-U.S. debt securities and 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) June 30, 2016 Debt U.S. corporate $ 229 $ (9) $ 689 $ (42) State and municipal - - 159 (48) Mortgage and asset-backed 250 (6) 168 (17) Corporate – non-U.S. 718 - 31 (4) Equity 28 (5) - - Total $ 1,226 $ (21) $ 1,048 $ (111) (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 June 30, 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 $ 1 million related to secu rities that had other-than-temporary impairments previously recognized at June 30, 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-grad e by the major rating agencies at June 30, 2016 . Unrealized losses are not indicative of the amount of credit loss that would be recognized and at June 30, 2016 are primarily due to increases in market yields subsequent to our purchase of the securities. We presently do not intend to sell the vast majority of our debt securities that are in an unrealized loss position and believe that it is not more likely than not that we will be required to sell the vast majority of these securities before anticipated reco very 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 priva te 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 s ub stantially comprise of commercial and resident ial mortgage-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 pro perties (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 collatera lized primarily by pools of individual, direct mortgage loans, of which substantially all are in a senior position in the capital structure of the deals, not other structured products such as collateralized debt obligations. Of the total RMBS held at June 30, 2016 , $ 535 million and $ 19 million related to agency and non-agency securities, respectively. Additionally, $ 53 million was related to residential subprime credit securities, primarily supporting obligations to annuitants and policyholders in our run-off insurance operations. A ll of the subprime exposure is related to securities backed by mortgage loans originated in 2005 and prior and are inve stment grade. PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Total pre-tax, OTTI recognized $ 1 $ 29 $ 18 $ 32 Pre-tax, OTTI recognized in AOCI - - - - Pre-tax, OTTI recognized in earnings(a) $ 1 $ 29 $ 18 $ 32 (a) Included pre-tax, other-than-temporary impairments recorded in earnings r elated to equity securities of $ 1 million and none in the three months ended June 30, 2016 and 2015 , respectively and $ 9 million and none in the six months ended June 30, 2016 and 2015 , respectively . 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 $ 5,218 $ 5,226 After one year through five years 3,901 4,167 After five years through ten years 4,521 5,070 After ten years 17,626 21,968 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 GE Gains $ 1 $ 1 $ 5 $ 1 Losses, including impairments (1) (14) (10) (14) Net - (13) (5) (13) GE Capital Gains 35 6 36 97 Losses, including impairments (11) (21) (30) (35) Net 24 (15) 6 63 Total $ 24 $ (28) $ 2 $ 50 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 $ 624 millio n and $ 540 millio n in the three months ended June 30, 2016 and 2015 , respectively, principally from sales of U.S. corporate and Mortgage and asset-backed securities by our run-off insurance operations . Proceeds from investment securities sales and early redemptions by issuers totaled $ 868 millio n and $ 2,597 millio n in the six months ended June 30, 2016 and 2015 , respectively, principally from sales of Mortgage and asset-backed and U.S. c orporate securities by our run-off insurance operations and Trinity . |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory, Net [Abstract] | |
Inventories | NOTE 4 . INVENTORIES (In millions) June 30, 2016 December 31, 2015 Raw materials and work in process $ 14,650 $ 13,415 Finished goods 9,305 8,265 Unbilled shipments 512 628 24,467 22,308 Revaluation to LIFO 257 207 Total inventories $ 24,723 $ 22,515 |
Financing Receivables and Allow
Financing Receivables and Allowance for Losses on Financing Receivables | 6 Months Ended |
Jun. 30, 2016 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables And Allowance For Losses On Financing Receivables | NOTE 5 . GE Capital FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES FINANCING RECEIVABLES, NET (In millions) June 30, 2016 December 31, 2015 Loans, net of deferred income $ 19,045 $ 20,115 Investment in financing leases, net of deferred income 5,027 4,969 24,071 25,084 Allowance for losses (74) (81) Financing receivables – net(a) $ 23,998 $ 25,003 (a) Included $ 11.8 billion and $ 12.9 billion of receivables sold by GE to GE Capital at June 30, 2016 and December 31, 2015, respectively . ALLOWANCE FOR LOSSES (In millions) 2016 2015 Balance at January 1 $ 81 $ 93 Provision 19 29 Net write-offs(a) (26) (40) Other(b) - 9 Balance at June 30 $ 74 $ 91 Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables . Other primarily include s the effects of currency exchange. We manage our financing receivable portfolio using delinquency and nonaccrual data as key performance indicators. At June 30, 2016 , $ 1,036 million ( 4.3 %), $ 483 million ( 2.0 %) and $ 354 million ( 1.5 %) of financing receivables were over 30 days past due, over 90 days past due and on nonaccrual, respectively. Of the $ 354 million of nonaccrual financing receivables at June 30, 2016 , primarily related to aviation financing, $ 102 million are cu rrently 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 da ys past due and on nonaccrual, respectively. The recorded investment in impaired loans at June 30, 2016 and December 31, 2015 was $ 263 million and $ 175 million, respectively, and was primarily related to aviation financing. The method used to m easure impairment for these loans is primarily based on collateral value. At June 30, 2016 , troubled debt restructurings included in impaired loans were $ 99 million, the vast majority related to aviation financing. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 6 . PROPERTY, PLANT AND EQUIPMENT (In millions) June 30, 2016 December 31, 2015 Original cost $ 86,317 $ 90,023 Less accumulated depreciation and amortization (35,881) (35,928) Property, plant and equipment – net $ 50,436 $ 54,095 Consolidated depreciation and amortization on property, plant and equipment was $ 1,294 million and $ 1,188 million in the three months ended June 30, 2016 and 2015 , respectively , and $ 2,505 million and $ 2,289 million in the six months ended June 30, 2016 and 2015 , respectively . |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangibles Assets | 6 Months Ended |
Jun. 30, 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 ($10,124 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. 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 holds redemption rights with respect to its interest in the grid technology and renewable energy joint ventures, which, if exercised, would require us to purchase all of their interest during September 2018 or September 2019. 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 followi ng the fifth or sixth anniversary of the acquisition date. The redemption price would generally be equal to Alstom's initial investment plus annual accretion of 3% for the grid technology and renewable energy joint ventures and plus annual accretion of 2% for the nuclear and French steam power joint 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 interes ts in the renewable energy joint venture at the higher of fair value or Alstom's initial investment plus annual accretion of 3% during the month of May in the years 2016 through 2019 and also upon a decision to IPO the joint venture. GE holds a call opti on on Alstom's interest in the global nuclear and French steam power joint venture at the same amount as Alstom's redemption price in the event that Alstom exercises its put option in the grid technology or renewable energy joint ventures. GE also has call options on Alstom's interest in the three joint ventures in other limited circumstances. In addition, the French Government holds a preferred interest in the global nuclear and French steam power joint venture, giving it certain protective rights. The a cquisition and alliances with Alstom will have a significant effect on our Power, Energy Connections and Renewable Energy segments, and to a lesser extent our Oil & Gas segment. The financial impact of acquired businesses on individual segments will be aff ected by a number of variables, including operating performance, purchase accounting effects and realized synergies. In addition, due to the amount of time that elapsed between signing and closing, the commercial operations of the businesses were negativel y affected primarily as a result of uncertainty among Alstom customers regarding the execution of the transaction. This affected the overall valuation of the acquired businesses at the time of close and, accordingly, is reflected in the initial and adjusted amounts assigned to the assets and liabilities recorded in purchase accounting. In addition, the amount of goodwill recognized compared with identifiable intangible assets is affected by estimated GE-specific synergies, which are not permitted to be included in the measureme nt of identifiable intangibles. Such synergies include additional revenue from cross-selling complementary product lines. ALSTOM ACQUISITION ACCOUNTING UPDATE The total consideration for the acquired businesses, at the time of close included our purcha se price of $10,124 million (net of cash acquired) and a preliminary valuation of noncontrolling interests, of approximately $3,600 million for a total of approximately $13,700 million. In the fourth quarter of 2015, the preliminary allocation of purchase price resulted in goodwill, intangible assets and unfavorable customer contract liabilities of approximately $13,500 million, $5,200 million, and $1,100 million respectively. The preliminary fair value of the associated noncontrolling interests consisted o f 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 noncontrolling interests. Through the sec ond quarter of 2016, we adjusted the preliminary allocation of purchase price which resulted in goodwill, intangible assets, and unfavorable customer contract liabilities, of approximately $14,750 million, $4,500 million, and $1,200 million respectively. T hese adjustments, which are necessary to reflect acquired assets and liabilities of the acquired businesses at fair value, reflected revisions in estimates in the first and second quarters of 2016, primarily related to updated revenue and cost assumptions for customer contracts, and other fair value adjustments related to acquired assets and liabilities. The approximate amounts of other significant purchase accounting adjustments recorded since the date of acquisition include a reduction in the book value o f assets sold to Ansaldo of $400 million, adjustments to the fair value of derivative contracts of $350 million, decreases in inventory balances of $350 million, increase to legal reserves of $300 million, increases to property, plant and equipment of appr oximately $200 million and a reduction in the book value of aged accounts receivable of approximately $150 million. In addition, the preliminary fair value of Alstom's redeemable noncontrolling interests was increased by approximately $100 million to appr oximately $3,000 million and all other noncontrolling interests decreased by $100 million to approximately $600 million. In addition to purchase price allocation based on the fair value of acquired assets and liabilities, other adjustments are necessar y to reflect differences between IFRS and US GAAP, as applied to differences in facts and circumstances between those businesses as part of Alstom and as part of GE post acquisition. The table below presents approximate consideration paid, amounts of asset s acquired and liabilities assumed as of the acquisition date, inclusive of the purchase accounting adjustments and IFRS to US GAAP adjustments recorded as of June 30, 2016, and the fair value of the non-controlling interest . ASSETS ACQUIRED AND LIABILITIES ASSUMED AT THE ACQUISITION DATE Approximate balance at (in millions) June 30, 2016 Assets Cash and equivalents $ 1,750 Current receivables 4,050 Inventories 4,750 Property, plant and equipment 2,900 Goodwill 14,750 Other intangible assets 4,500 All other assets, net(a) 3,950 Total Assets $ 36,650 Liabilities Accounts payable $ 1,900 Progress collections 2,950 Accrued contract liabilities 8,600 All other liabilities(b) 7,700 Total Liabilities 21,150 Redeemable noncontrolling interests 3,000 Noncontrolling interest 600 Total purchase price 11,900 Cash acquired 1,750 Total purchase price, net of cash acquired $ 10,100 (a) Includes approximately $450 million of net deferred tax assets, including approximately $50 million of non-U.S. loss carry forwards net of valuation allowances and offsetting liabilities for unrecognized benefits. Also includes approximately $150 million of indemnification receivables for liabilities for unrecognized income tax benefits and other tax uncertainties. (b) Includes approximately $750 million of liabilities for unrecognized income tax benefits and other uncertain taxes and approximate ly $750 million of pension and other employee related costs . Given the timing and complexity of the acquisition, the presentation of these businesses in our financial statements including the allocation of the purchase price is not yet final. Although we believe we have recorded a substantial majority of the purchase accounting adjustments as of the end of the second quarter of 2016, our review is continuing on a number of customer contracts, valuation of acquired property, plant and equipment, and evalua tion 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, the aforementioned differences between IFRS and US GAAP. We expect to record additional purchase accounting adjustments in the third quarter and will complete our post-closing procedures and purchase price allocation no later than the fourth quarter of 2016. CHANGES IN GOODWILL BALANCES Dispositions, currency Balance at exchange Balance at (In millions) January 1, 2016 Acquisitions (a) and other June 30, 2016 Power $ 16,736 $ 1,147 $ (24) $ 17,859 Renewable Energy 2,580 28 (11) 2,596 Oil & Gas 10,594 - 7 10,601 Energy Connections 6,227 156 30 6,412 Aviation 8,567 - 67 8,635 Healthcare 17,353 98 (15) 17,436 Transportation 851 - 7 858 Appliances & Lighting 214 64 17 295 Capital 2,370 - 1 2,370 Corporate 34 - (1) 34 Total $ 65,526 $ 1,492 $ 79 $ 67,097 (a) Goodwill balances associated with Alstom and their allocations to segments are preliminary. Goodwill balances increased by $ 1,571 million in 2016 , primarily as a result of the Alstom acquisition purchase accounting adjustments. oTHER INTANGIBLE ASSETS OTHER INTANGIBLE ASSETS - NET (In millions) June 30, 2016 December 31, 2015 Intangible assets subject to amortization $ 16,550 $ 17,688 Indefinite-lived intangible assets(a) 100 109 Total $ 16,650 $ 17,797 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. INTANGIBLE ASSETS SUBJECT TO AMORTIZATION June 30, 2016 December 31, 2015 Gross Gross carrying Accumulated carrying Accumulated (In millions) amount amortization Net amount amortization Net Customer-related $ 9,321 $ (2,297) $ 7,024 $ 9,758 $ (2,113) $ 7,645 Patents and technology 8,497 (3,358) 5,139 8,543 (3,096) 5,447 Capitalized software 7,529 (4,339) 3,190 7,375 (4,136) 3,239 Trademarks 1,257 (314) 944 1,337 (282) 1,055 Lease valuations 125 (47) 78 167 (22) 145 Present value of future profits(a) 668 (668) - 651 (651) - All other 330 (155) 175 267 (108) 159 Total $ 27,728 $ (11,177) $ 16,550 $ 28,098 $ (10,408) $ 17,688 (a) Balances at June 30, 2016 and December 31, 2015 reflect adjustments of $ 253 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 $ 1,138 million in the six months ended June 30, 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 $ 450 million and $ 314 million in the three months ended June 30, 2016 and 2015 , respe ctively, and $ 896 million and $ 643 million for the six months ended June 30, 2016 and 2015 , respectively. GE Capital amortization expense related to intangible assets subject to amortization was $ 37 million and $ 31 m illion in the three months ended June 30, 2016 and 2015 , respectively, and $ 70 million and $ 26 million for the six months ended June 30, 2016 and 2015 , respectively. |
Contract Assets
Contract Assets | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Contract Assets | NOTE 8 . CONTRACT ASSETS (In millions) June 30, 2016 December 31, 2015 GE Contract assets $ 23,458 $ 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 $ 2,948 million and $ 2,602 mil lion at June 30, 2016 and December 31, 2015 , respectively. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 9 . BORROWINGS (In millions) June 30, 2016 December 31, 2015 Short-term borrowings GE Commercial paper $ 1,000 $ 500 Current portion of long-term borrowings 16,183 17,770 Other 2,202 1,522 Total GE short-term borrowings(a) 19,384 19,792 GE Capital Commercial paper U.S. 5,002 650 Non-U.S. - 4,351 Current portion of long-term borrowings 8,485 24,969 Intercompany payable to GE(b) 11,040 17,642 Other(c) 156 1,005 Total GE Capital short-term borrowings 24,683 48,617 Eliminations(b) (12,141) (18,549) Total short-term borrowings $ 31,927 $ 49,860 Long-term borrowings GE Senior notes $ 63,925 $ 72,471 Subordinated notes 2,910 2,940 Subordinated debentures(d) 2,347 6,600 Other 952 1,298 Total GE long-term borrowings(a) 70,134 83,309 GE Capital Senior notes 50,266 59,107 Subordinated notes 329 251 Intercompany payable to GE(b) 54,146 67,062 Other(c) 1,895 2,058 Total GE Capital long-term borrowings 106,636 128,478 Eliminations(b) (54,266) (67,128) Total long-term borrowings $ 122,504 $ 144,659 Non-recourse borrowings of consolidated securitization entities(e) $ 2,005 $ 3,083 Total borrowings $ 156,436 $ 197,602 Excluding assumed debt of GE Capital, GE total borrowings is $ 19,331 million. The amount of the intercompany payable to GE was $65,186 million as of June 30, 2016, which includes a reduction in the short- term intercompany payable to GE for a $5,002 million loan in the second quarter of 2016 from GE Capital to GE, which bears the right of offset against amounts owed under the assumed debt agreement . Included $ 2,567 million and $ 2,679 million of funding secured by aircraft and other collateral at June 30, 2016 and December 31, 2015 , respectively, of which $ 1,475 million and $ 1,534 million is non-recourse to GE Capital at June 30, 2016 and December 31, 2015 , respectively. Included $ 2,347 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 $ 1,193 million and $ 918 million of current portion of long-term borrowings at June 30, 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 and su bordinated 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. At Ju ne 30, 2016, the amount of the intercompany payable to GE was $65.2 billion, including $70.2 billion of borrowings assumed by GE and a reduction for a $5.0 billion short - term loan in the second quarter of 2016 from GE Capital to GE, which bears the right o f offset against amounts owed under the assumed debt agreement. The Guarantee applies to approximately $54.5 billion of GE Capital debt. Prior to the merger $36 billion (representing $31 billion of outstanding principal and $5 billion of premium) of GE Ca pital debt was exchanged into a new GE Capital international entity, including $16.4 billion, which matured on April 15, 2016. Additional information about borrowings and associated swaps can be found in Notes 15 and 19. |
Postretirement Benefit Plans
Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Service cost for benefits earned $ 291 $ 367 $ 606 $ 728 Prior service cost amortization 76 51 152 103 Expected return on plan assets (836) (827) (1,670) (1,652) Interest cost on benefit obligations 735 696 1,469 1,391 Net actuarial loss amortization 612 820 1,224 1,645 Curtailment loss (gain) (1) - (1) 71 (a) Pension plans cost $ 877 $ 1,107 $ 1,780 $ 2,286 (a) Curtailment loss resulting from GE Capital Exit Plan . Other pension plans Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Service cost for benefits earned $ 118 $ 95 $ 231 $ 200 Prior service credit amortization - - (1) - Expected return on plan assets (259) (205) (522) (414) Interest cost on benefit obligations 168 130 340 263 Net actuarial loss amortization 65 71 129 145 Pension plans cost $ 92 $ 91 $ 177 $ 194 EFFECT ON OPERATIONS OF PRINCIPAL RETIREE BENEFIT PLANS Principal retiree benefit plans Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Service cost for benefits earned $ 27 $ 51 $ 52 $ 92 Prior service cost (credit) amortization (41) 34 (82) 67 Expected return on plan assets (11) (12) (22) (24) Interest cost on benefit obligations 63 100 126 201 Net actuarial loss (gain) amortization (14) 2 (27) 3 Curtailment gain, net - (196) (a) - (192) (b) Retiree benefit plans cost $ 24 $ (21) $ 47 $ 147 (a) Curtailment gain resulting from a life insurance plan amendment. (b) Included a curtailment gain resulting from a life insurance plan amendment and a curtailment loss resulting from the GE Capital Exit Plan. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 . INC OME TAXES UNRECOGNIZED TAX BENEFITS (In millions) June 30, 2016 December 31, 2015 Unrecognized tax benefits $ 6,572 $ 6,778 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,164 4,723 Accrued interest on unrecognized tax benefits 945 805 Accrued penalties on unrecognized tax benefits 135 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 | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' Equity | NOTE 12 . SHAREOWNERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Investment securities Beginning balance $ 680 $ 1,245 $ 460 $ 1,013 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $222, $(365), $304 and $(210) 419 (692) 578 (405) Reclassifications from OCI – net of deferred taxes of $(9), $3, $31 and $(26) (21) 10 39 (44) Other comprehensive income (loss)(a) 397 (682) 617 (449) Less OCI attributable to noncontrolling interests - (1) - - Ending balance $ 1,077 $ 564 $ 1,077 $ 564 Currency translation adjustments (CTA) Beginning balance $ (5,500) $ (7,716) $ (5,499) $ (2,427) OCI before reclassifications – net of deferred taxes of $(50), $(201), $217 and $1,343 26 1,511 141 (3,828) Reclassifications from OCI – net of deferred taxes of $(39), $(150), $80 and $(151) 29 304 (85) 307 Other comprehensive income (loss)(a) 55 1,815 57 (3,521) Less OCI attributable to noncontrolling interests 3 13 6 (34) Ending balance $ (5,448) $ (5,914) $ (5,448) $ (5,914) Cash flow hedges Beginning balance $ (26) $ (226) $ (80) $ (180) OCI before reclassifications – net of deferred taxes of $2, $42, $(5) and $4 (15) 433 (40) (493) Reclassifications from OCI – net of deferred taxes of $(4), $(68), $1 and $49 (10) (347) 69 533 Other comprehensive income (loss)(a) (25) 86 30 40 Less OCI attributable to noncontrolling interests - - - - Ending balance $ (51) $ (140) $ (51) $ (140) Benefit plans Beginning balance $ (10,859) $ (15,667) $ (11,410) $ (16,578) Prior service credit (costs) - net of deferred taxes of $0, $1,194, $5 and $1,194 - 2,090 23 2,090 Net actuarial gain (loss) – net of deferred taxes of $(65), $204, $(43) and $269 (80) 349 (12) 559 Net curtailment/settlement - net of deferred taxes of $0, $(71), $0 and $(44) (1) (125) (1) (77) Prior service cost amortization – net of deferred taxes of $20, $38, $41 and $75 17 51 33 101 Net actuarial loss amortization – net of deferred taxes of $217, $301, $433 and $605 447 586 890 1,187 Other comprehensive income (loss)(a) 382 2,951 933 3,860 Less OCI attributable to noncontrolling interests - - (1) (2) Ending balance $ (10,476) $ (12,716) $ (10,476) $ (12,716) Accumulated other comprehensive income (loss) at June 30 $ (14,898) $ (18,206) $ (14,898) $ (18,206) (a) Total other comprehensive income (loss) was $810 million and $4,170 million in the three months ended June 30, 2016 and 2015 , respectively and $1,636 million and $(70) million in the six months ended June 30, 2016 and 2015 , respectively. RECLASSIFICATION OUT OF AOCI Three months ended Six months ended June 30 June 30 (In millions) 2016 2015 2016 2015 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ 30 $ (13) $ (70) $ 70 Total revenues and other income(a) Income taxes (9) 3 31 (26) Benefit (provision) for income taxes(b) Net of tax $ 21 $ (10) $ (39) $ 44 Currency translation adjustments Gains (losses) on dispositions $ 10 $ (154) $ 5 $ (156) Total revenues and other income(c) Income taxes (39) (150) 80 (151) Benefit (provision) for income taxes(d) Net of tax $ (29) $ (304) $ 85 $ (307) Cash flow hedges Gains (losses) on interest rate derivatives $ (26) $ (22) $ (55) $ (61) Interest and other financial charges Foreign exchange contracts 37 430 (5) (528) (e) Other 2 7 (11) 7 (f) Total before tax 14 415 (71) (582) Income taxes (4) (68) 1 49 Benefit (provision) for income taxes Net of tax $ 10 $ 347 $ (69) $ (533) Benefit plan items Curtailment gain (loss) $ 1 $ 196 $ 1 $ 121 (g) Amortization of prior service costs (37) (89) (74) (176) (g) Amortization of actuarial gains (losses) (664) (887) (1,323) (1,792) (g) Total before tax (700) (780) (1,396) (1,847) Income taxes 237 268 474 636 Benefit (provision) for income taxes Net of tax $ (463) $ (512) $ (922) $ (1,211) Total reclassification adjustments (net of tax) $ (461) $ (479) $ (946) $ (2,007) Included $6 million and $15 million for the three months ended June 30, 2016 and 2015 , and $(72) million and $17 million for the six months ended June 30, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Included $(1) million and $(7) million for the three months ende d June 30, 2016 and 2015 , and $31 million and $(6) million for the six months e nded June 30, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $77 million and $4 million for the three months ended June 30, 2016 and 2015 , and $71 million and $4 million for the six months ended June 30, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $(39) million and $(137) million for the three months ended June 30, 2016 and 2015 , and $80 million and $(137) million for the six months ended June 30, 2016 and 2015 , respectively in earnings (loss) from discon tinued operations, net of taxes Included $53 million and $404 million in GE Capital revenues from services and $(17) million and $26 million in interest and other financial charges in the three months ended June 30, 2016 and 2015 , respectively and $31 million and $(540) million in GE Capital revenues from services and $(36) million and $12 million in interest and other financial charges in the six months ended June 30, 2016 and 2015 , respectively. Primarily recorded in costs and expenses. Curtailment gain (loss ), amortization of prior service costs and actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs. See Note 10 for further information. SHARES OF GE PREFERRED STOCK At December 31, 2014 GEC C had outstanding 50,000 shares of non-cumulative A, B and C Series perpetual preferred stock at an average dividend rate of 6.44% with a face value of $5,000 million. In connection with the GE Capital Exit Plan, on 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 rate. 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. Thes e 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 interim dividends and accretion of $89 million, a deemed di vidend of $232 million was recorded in the six months ended June 30, 2016 , $195 million for the amount by which the fair value of the Series D GE preferred stock 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 mill ion of Series C GE preferred stock remain outstanding. The carrying value of the GE preferred stock at June 30, 2016 was $5,216 million and will increase to $5,944 million through periodic accretion to the respective call dates of each serie s. Principal and accretion for the preferred stock is recorded in other capital in the consolidated Statement of Financial Position and dividends and accretion are presented under the caption “Preferred stock dividends” in the Statement of Earnings (Loss). Dividends on GE preferred stock are payable semi-annually, in June and December and accretion is recorded on a quarterly basis. 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 ( $5,216 million carrying value at June 30, 2016 ). Noncontrolling Inter ests 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Beginning balance $ 1,667 $ 8,738 $ 1,864 $ 8,674 Net earnings (loss) 1 223 (68) 192 GECC preferred stock dividend - (161) - (161) Dividends (14) (16) (21) (18) Dispositions - (6) (42) (6) Other (including AOCI)(a)(b) 39 (2) (40) 95 Ending balance $ 1,693 $ 8,776 $ 1,693 $ 8,776 (a) Includes research & development partner funding arrangements, acquisitions and eliminations. (b) 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 June 30, 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 GECC pr eferred 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. The dividend on GE CC preferred stock was $161 million in the three months ended and the six months ended June 30, 2015 . In addition, the ending balance for the period ended June 30, 2015 also included $2,700 million related to Synchrony Financial, which was eliminated as part of the split-off of Synchr ony Financial from GE in the fourth quarter of 2015. redeemable noncontrolling interest Redeemable noncontrolling interest presented in our statement of financial position includes common shares issued by our affiliates that are redeemable at the option of the holder of those interests. As part of the Alstom acquisition, we formed three joint ventures in which the noncontrolling interests hold certain redemption rights. These joint ventures and the associated redemption rights are discussed in Note 7 . Our retained earnings will be adjusted for subsequent changes in the redemption value of the noncontrolling interest in these entities to the extent that the redemption value exceeds the carrying amount of the noncontrolling interest. Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Beginning balance $ 3,036 $ 73 $ 2,972 $ 98 Net earnings (loss) (86) 3 (139) (2) Dividends - (1) (9) (11) Redemption value adjustment 79 1 110 1 Other 42 3 135 (7) Ending balance $ 3,070 $ 79 $ 3,070 $ 79 Other During the first six months of 2016, we repurchased $13,728 million of our common stock, including $6,264 million repurchased under the accelerated share repurchase (ASR) agreements. In June 2016, we entered into an ASR agreement with a financial institution which allowed us to repurchase GE common stock at a price below its volume weighted-average price during a given period. During the second quarter, we paid $5,000 million and received and classified as treasury shares an init ial delivery of 142,474,019 shares based on then-current market prices. The payment was recorded as a reduction to shareowners’ equity, consisting of a $4,250 million increase in treasury stock, which reflects the value of the shares received upon initial delivery, and a $750 million decrease in other capital, which reflects the value of the stock held back pending final delivery in the third quarter of 2016. We accounted for the ASR as two separate transactions: ( i ) 142,474,019 shares of common stock initially delivered to GE and $4,250 million was accounted for as a treasury stock transaction and (ii) the unsettled contract of $750 million was determined to be a forward contract indexed to GE’s own common stock. The ini tial delivery of 142,474,019 shares resulted in an immediate reduction 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, index ed to its own common stock, met all the crit eria for equity classification. In the second quarter of 2016, we received the remaining 10,222,022 shares related to the ASR agreement entered in March 2016 based on the final volume weighted-average price l ess the negotiated discount. Common dividends from GE Capital totaled $3,500 million and $11,000 million to GE in the three months ended June 30, 2016 and the six months ended June 30, 2016 , respectively. GE Capital did not pay any common dividends to GE in the three months ended June 30, 2015 and paid common dividends of $450 million to GE in the six months ended June 30, 2015 , respectively. Dividends on GE preferred stock totaled $152 million, including cash dividends of $120 million and $441 million, including cash dividends of $185 million to GE in the three months ended June 30, 2016 and the six months ended June 30, 2016 , respectively. There were no dividends on GE preferred stock in the three months ended and in the six months ended June 30, 2015 . |
Earnings Per Share Information
Earnings Per Share Information | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information | NOTE 13 . EARNINGS PER SHARE INFORMATION Three months ended June 30 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)(c) $ 3,427 $ 3,430 $ 1,677 $ 1,677 Preferred stock dividends (152) (152) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b)(c) $ 3,275 $ 3,278 $ 1,677 $ 1,677 Earnings (loss) from discontinued operations for per-share calculation(a)(b)(c) (543) (540) (3,034) (3,034) Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b)(c) $ 2,732 $ 2,735 $ (1,357) $ (1,357) Average equivalent shares Shares of GE common stock outstanding 9,079 9,079 10,087 10,087 Employee compensation-related shares (including stock options) 85 - 71 - Total average equivalent shares 9,164 9,079 10,158 10,087 Per-share amounts Earnings (loss) from continuing operations $ 0.36 $ 0.36 $ 0.17 $ 0.17 Earnings (loss) from discontinued operations (0.06) (0.06) (0.30) (0.30) Net earnings (loss) 0.30 0.30 (0.13) (0.13) Six months ended June 30 2016 2015 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations for per-share calculation(a)(b)(c) $ 3,925 $ 3,927 $ (2,875) $ (2,875) Preferred stock dividends (441) (441) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b)(c) $ 3,484 $ 3,486 $ (2,875) $ (2,875) Earnings (loss) from discontinued operations for per-share calculation(a)(b)(c) (855) (852) (12,070) (12,070) Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b)(c) $ 2,631 $ 2,634 $ (14,939) $ (14,939) Average equivalent shares Shares of GE common stock outstanding 9,179 9,179 10,077 10,077 Employee compensation-related shares (including stock options) 85 - - - Total average equivalent shares 9,264 9,179 10,077 10,077 Per-share amounts Earnings (loss) from continuing operations $ 0.38 $ 0.38 $ (0.29) $ (0.29) Earnings (loss) from discontinued operations (0.09) (0.09) (1.20) (1.20) Net earnings (loss) 0.28 0.29 (1.48) (1.48) Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities. For the three months ended June 30, 2016 and 2015 , participating securities are included in the computation of earnings (loss) per share pursuant to the two-class method and the application of this treatme nt had an insignificant effect. For the six month period ended June 30, 2016 , pursuant to the two-class met hod, as a result of the excess of dividends in current perio d earnings, losses were not allocated to the participating securiti es. For the six month period ended June 30, 2015 , pursuant to the two-class method, as a result of the net loss from con tinuing operations, losses were not allocated to the participating securities. Included an insignificant amount of dividend equivalents in each of the periods presented. Included the dilutive adjustment for the change in income for forward purchase contra cts that may be settled in stock for the three and six months ended June 30, 2016 . For the three months ended June 30, 2016 and 2015 , approximately 25 million and 94 million, respectively, of outstanding stock awards we re not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. For the six months ended June 30, 2016 , approximately 28 million of outstanding stock awards were not included in the computat ion of diluted earnings per share because their effect was antidilutive. As a result of the loss from continuing operations for the six months ended June 30, 2015 , outstanding stock awards of approximately 364 million, were not included in the computation of diluted earnings per share because their effect was antidilutive. In June 2016, we entered into an ASR agreement to repurchase shares of GE common stock. See Note 12 for additional information. The initial delivery of 142,474,019 sha res resulted in an immediate reduction 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 al l the criteria for eq uity classification. There was no dilutive impact on earnings per share related to the forward contract. Earnings per share amounts are computed independently, as a result, the sum of per-share amounts from continuing operations and d iscontinued operations may not equal the total per share amounts for net earnings (loss) . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Assets Investment securities Debt U.S. corporate $ - $ 21,426 $ 3,422 $ - $ 24,848 State and municipal - 4,536 32 - 4,568 Mortgage and asset-backed - 3,115 8 - 3,122 Corporate – non-U.S. - 5,168 244 - 5,412 Government – non-U.S. - 764 - - 764 U.S. government and federal agency - 532 307 - 839 Equity 143 16 8 - 167 Derivatives(c) - 7,669 40 (6,821) 888 Total $ 143 $ 43,226 $ 4,060 $ (6,821) $ 40,608 Liabilities Derivatives $ - $ 4,474 $ 3 $ (3,830) $ 646 Other(e) - 1,132 - - 1,132 Total $ - $ 5,606 $ 3 $ (3,830) $ 1,778 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 and $ 50 million of U.S. Treasuries and federal agency securities transferred from Level 1 to Level 2 in the six months ended June 30, 2016 primarily attributable to changes in approach. There were no securities transferred between Level 1 and Level 2 in the year ended December 31, 2015 . ( b) The netting of derivative receivables and payables (including the effects of any collateral posted or rece ived) is permitted when a legally enforceable master netting agreement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. At June 30, 2016 and December 31, 2015 , the cumulative adjustment for non-performance risk was $ (9) million and insignificant , respectively . See Note s 15 and 19 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) Primarily represents the liabilit ies associated with certain of ou r 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) April 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) June 30 June 30(c) 2016 Investment securities Debt U.S. corporate $ 3,143 $ 4 $ 132 $ 173 $ - $ (35) $ 8 $ (3) $ 3,422 $ - State and municipal 31 - 1 - - - - - 32 - Mortgage and asset-backed 23 (10) - - - (5) - - 8 - Corporate – non-U.S. 295 28 (5) 9 (82) - (1) - 244 - U.S. government and federal agency 277 - 30 - - - - - 307 - Equity 9 - (1) - - - - - 8 - Derivatives(d)(e) 82 (26) - - - (41) 11 11 37 (24) Total $ 3,859 $ (4) $ 158 $ 183 $ (82) $ (82) $ 18 $ 8 $ 4,057 $ (24) 2015 Investment securities Debt U.S. corporate $ 3,163 $ (10) $ (145) $ 87 $ (38) $ (20) $ - $ (13) $ 3,024 $ - State and municipal 58 - (3) - - (8) - - 47 - Mortgage and asset-backed 114 (15) (8) - - - - (13) 78 - Corporate – non-U.S. 290 - (7) - - - - - 283 - Government – non-U.S. 2 - - - - - - - 2 - U.S. government and federal agency 291 - 2 - - - - - 293 - Equity 6 - - 6 (6) - - - 6 - Derivatives(d)(e) 33 (2) - - - (6) 40 - 65 33 Other 225 4 - - (7) - - - 222 1 Total $ 4,183 $ (23) $ (161) $ 92 $ (51) $ (35) $ 40 $ (27) $ 4,020 $ 34 Earnings effects are primarily included in the “ GE Capital revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were primarily a result of increased use of quotes from independent pricing vendors based on recent trading activity. Represents the amount of unrealized gains or losses for the period included in earnings. Represents derivative a ssets net of derivative liabilities and includes cash accruals of none and $ 11 million not reflected in the fair value hierarchy table for the three months ended June 30, 2016 and 2015 , respectively. Gains (losses) included in net r ealized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 15 and 19 . CHANGES IN LEVEL 3 INSTRUMENTS FOR THE SIX 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) June 30 June 30(c) 2016 Investment securities Debt U.S. corporate $ 3,006 $ 8 $ 232 $ 233 $ (5) $ (43) $ 8 $ (18) $ 3,422 $ - State and municipal 30 - 2 - - - - - 32 - Mortgage and asset-backed 32 (19) - - - (6) - - 8 - Corporate – non-U.S. 290 28 - 9 (82) (1) (1) - 244 - U.S. government and federal agency 323 - (15) - - (1) - - 307 - Equity 13 (6) 1 - - - - - 8 - Derivatives(d)(e) 88 (22) - - - (39) - 10 37 (20) Other 259 - - - - - - (259) - - Total $ 4,042 $ (12) $ 221 $ 243 $ (87) $ (90) $ 7 $ (267) $ 4,057 $ (20) 2015 Investment securities Debt U.S. corporate $ 3,053 $ (6) $ (86) $ 181 $ (49) $ (56) $ - $ (13) $ 3,024 $ - State and municipal 58 - (2) - - (8) - - 47 - Mortgage and asset-backed 145 (9) (9) - (32) (3) - (13) 78 - Corporate – non-U.S. 337 - (4) - (49) - - - 283 - Government – non-U.S. 2 - - - - - - - 2 - U.S. government and federal agency 266 - 28 - - (1) - - 293 - Equity 9 2 (2) 6 (6) (4) - - 6 - Derivatives(d)(e) 29 3 - - - (8) 40 - 65 40 Other 277 (34) - - (20) - - - 222 (37) Total $ 4,175 $ (44) $ (74) $ 187 $ (157) $ (80) $ 41 $ (27) $ 4,020 $ 3 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 six months ended June 30, 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 earnings. R epresents derivative assets net of derivative liabilities and includes cash accruals of none and $ 11 million not reflected in the fair value hierarchy table for the six months ended June 30, 2016 and 2015 , respectively. Gains (los ses) 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 19 . 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 June 30, 2016 and December 31, 2015 . Remeasured during Remeasured during the six months ended the year ended June 30, 2016 December 31, 2015 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 33 $ - $ 154 Cost and equity method investments - 226 1 436 Long-lived assets 32 634 2 882 Total $ 32 $ 893 $ 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 June 30, 2016 and 2015 . Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Financing receivables and financing receivables held for sale $ - $ (19) $ (15) $ (21) Cost and equity method investments (18) (60) (95) (91) Long-lived assets (172) (23) (227) (57) Total $ (190) $ (103) $ (337) $ (168) LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted-average) June 30, 2016 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 897 Income approach Discount rate(a) 1.7%-13.5% (8.0%) Mortgage and asset-backed 8 Income approach Discount rate(a) 2.0%-5.0% (4.7%) Non-recurring fair value measurements Financing receivables and financing receivables held for sale $ 31 Income approach Discount rate(a) 9.0%-30.0% (20.4%) Cost and equity method investments 138 Income approach Discount rate(a) 9.0%-20.0% (13.2%) Long-lived assets 599 Income approach Discount rate(a) 1.8%-25.0% (10.5%) 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 financing receivables held for sale $ 146 Income approach Discount rate(a) 6.5%-30.0% (10.7%) 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 June 30, 2016 and December 31, 2015 , other Level 3 recurring fair value measurements of $3,130 million and $2,637 million, respectively, and non-recurring measurements of $122 million and $122 million, respectively, are valued using non-binding broker quotes or other third-party sources. At June 30, 2016 and December 31, 2015 , other recurring fair value measurements of $22 million and $32 million, respectively, and non-recurring fair value measurements of $4 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 | 6 Months Ended |
Jun. 30, 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. June 30, 2016 December 31, 2015 Carrying Carrying amount Estimated amount Estimated (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,353 $ 1,437 $ 1,104 $ 1,174 Liabilities Borrowings(a)(b) 19,331 20,822 18,397 18,954 Borrowings (debt assumed)(a)(c) 70,188 79,727 84,704 92,231 GE Capital Assets Loans 18,992 18,850 20,061 19,774 Time deposits(d) 3,550 3,550 10,386 10,386 Other commercial mortgages 1,356 1,481 1,381 1,447 Loans held for sale 692 692 342 342 Other financial instruments(e) 91 122 94 110 Liabilities Borrowings(a)(f)(g)(h) 68,138 70,790 95,474 99,396 Investment contracts 2,870 3,490 2,955 3,441 (a) See Note 9. (b) Included $ 93 million and $ 116 million of accrued interest in estimated fair value at June 30, 2016 and December 31, 2015 , respectively. (c) Included $ 992 million and $ 1,006 million of accrued interest in estimated fair value at June 30, 2016 and December 31, 2015 , respectively. (d) Balances at June 30, 2016 and December 31, 2015 included $ 3,550 million and $ 10,386 million, respectively of high quality interest bearing deposits of glo bal banks, that matured 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 included, the fair value of borrowings at June 30, 2016 and December 31, 2015 would have been reduced by $ 5,299 million and $ 3,001 million, respectively. (g) Included $ 668 million and $ 1,103 million of accrued interest in estimated fair value at June 30, 2016 and December 31, 2015 , respectively. (h) Excluded $ 65,186 million and $ 84,704 million of intercompany payable to GE at June 30, 2016 and December 31, 2015 respectively, which includes a reduction for a $5,002 million short-term loan in second quarter of 2016 from GE Cap ital to GE, which bears the right of offset against amounts owed under the assumed debt agreement. NOTIONAL AMOUNTS OF LOAN COMMITMENTS (In millions) June 30, 2016 December 31, 2015 Ordinary course of business lending commitments(a) $ 448 $ 531 Unused revolving credit lines 213 279 (a) Excluded investment commitments of $ 758 million and $ 782 million at June 30, 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 June 30, 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 June 30, 2016 , we were party to reverse repurchase agreements totaling $ 9.7 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 June 30, 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. As part of our ongoing effort to reduce borrowings, we may repurchase debt that was in a cash flow hedge accounting relationship. At the time of de termining that the debt cash flows are probable of not occurring any related OCI will be released to earnings. FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ 11 $ 446 $ (45) $ (637) Shareowners' equity (increase) decrease (12) (446) 45 637 Earnings (loss) related to ineffectiveness - - 1 - Earnings (loss) effect of derivatives(a) 14 415 (71) (582) (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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Fair value of derivative increase (decrease) $ 888 $ (1,924) $ 2,610 $ (873) Adjustment to carrying amount of hedged debt (increase) decrease (933) 1,872 (2,688) 789 Earnings (loss) related to hedge ineffectiveness (46) (52) (77) (84) 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ (282) $ (1,578) $ 47 $ 3,367 Fair value of non-derivatives (increase) decrease (318) - (120) - Shareowners' equity (increase) decrease 609 1,566 40 (3,423) Earnings (loss) related to spot-forward differences and ineffectiveness 8 (12) (34) (56) Earnings (loss) related to reclassification upon sale or liquidation(a) (380) (196) (1,072) 589 (a) Included $ (380) million and $ (196) million recorded in discontinued operations in the three months ended June 30, 2016 and 2015 , and $ (1,072) million and $ 592 million recorded in discontinued operations in the six months ended June 30, 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 i ndustrial 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 ef fect 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 de rivatives 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 der ivative. 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ 159 $ 875 $ (143) $ (2,243) Change in carrying amount of item being hedged increase (decrease) (288) (981) (177) 2,148 Earnings (loss) effect of economic hedges(a) (130) (106) (321) (95) (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 $ 205 billion at June 30, 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) June 30, 2016 December 31, 2015 Derivative assets $ 7,709 $ 7,391 Derivative liabilities (4,477) (5,681) Accrued interest 728 1,014 Cash collateral & credit valuation adjustment (2,991) (1,141) Net Derivatives 969 1,583 Securities held as collateral (1,038) (1,277) Net amount $ (69) $ 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 June 30 Six months ended June 30 Effect on Effect on Effect on Effect on Effect on Effect on (In millions) hedging instrument underlying earnings hedging instrument underlying earnings 2016 Cash flow hedges $ 11 $ (12) $ - $ (45) $ 45 $ 1 Fair value hedges 888 (933) (46) 2,610 (2,688) (77) Net investment hedges(a) (600) 609 8 (73) 40 (34) Economic hedges(b) 159 (288) (130) (143) (177) (321) Total $ (168) $ (431) 2015 Cash flow hedges $ 446 $ (446) $ - $ (637) $ 637 $ - Fair value hedges (1,924) 1,872 (52) (873) 789 (84) Net investment hedges(a) (1,578) 1,566 (12) 3,367 (3,423) (56) Economic hedges(b) 875 (981) (106) (2,243) 2,148 (95) Total $ (170) $ (235) 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 12 provides additional information about changes in shareowners’ equity related to hedging and amounts released to earnings. Other supplemental informati on about derivatives and hedging can be found in Note 19 . |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 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 nuclea r and French steam power. The combined assets, liabilities and redeemable non-controlling interest in the joint ventures as of June 30, 2016 was $13,614 million, $10,295 million and $2,950 million, respectively. Further information about the formation of th e 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 continuing 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 ou r 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 providing access to variable funding notes and term markets. The securitization transactions executed with these entities are similar to those used by many financial institutions and all are non-recourse. We provide ser vicing 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 financing 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. Contr actually 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 othe r 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 $746 million of assets and $743 million of liabilities; (2) other entities that are involved in power generati ng and leasing activities with $385 mill ion of assets and $177 million of liabilities; and (3) insurance entities that, among other lines of business, provide property and casualty and workers’ com pensation coverage for GE with $1,716 million of assets and $1,118 million of liabilities. ASSETS AND LIABILITIES OF CONSOLIDATED VIEs GE Capital Trade receivables Other (In millions) GE securitization(a) securitization(a) Other Total June 30, 2016 Assets Financing receivables, net $ - $ - $ 926 $ 745 $ 1,671 Current receivables 152 2,683 (b) - 1 2,836 Investment securities - - - 1,516 1,516 Other assets 1,099 - 33 1,144 2,276 Total $ 1,251 $ 2,683 $ 959 $ 3,406 $ 8,299 Liabilities Borrowings $ 41 $ - $ 827 $ 867 $ 1,735 Non-recourse borrowings - 1,905 100 - 2,005 Other liabilities 1,161 31 30 1,343 2,565 Total $ 1,202 $ 1,936 $ 957 $ 2,210 $ 6,305 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 CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to CSE investors with our own cash prior to payment to a CSE, provided our short-term credit rating does not fall below A-1/P-1. These CSEs also owe us amounts for purchased financial assets and scheduled interest and principal payments. At June 30, 2016 and December 31, 2015 , the amounts of commingled ca sh owed to the CSEs were $860 million and $1,093 millio n, respectively, and the amounts owed to us by CSEs were $12 million and $7 million, respectively. In June 2016, we completed the sale of our Appliances business to Haier and sold all of the Appliances receivables purchased by the secu ritization trust to Haier for $773 million. Further information about the sale is provided in Note 2. A t December 31, 2015 , included $ 737 million of receivables purchased from Appliances. Total revenues from our consolidated VIEs were $439 million an d $212 million in the three months ended June 30, 2016 and 2015 , respectively, and $794 million and $714 million in the six months ended June 30, 2016 and 2015 , respectively. Related expenses consisted primarily of cost of goods and services of $257 million and $386 million in the three months ended June 30, 2016 and 2015 , respectively, and $601 million and $723 mill ion in the six months ended June 30, 2016 and 2015 , respectively. Investments in Unconsolidated Variable Interest Entities Our involvement with unconsolidated VIEs primarily consis ts of assisting in the formati on and financing of the entity . 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 ($6,005 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 characte ristics of the investment we hold. INVESTMENTS IN UNCONSOLIDATED VIEs (In millions) June 30, 2016 December 31, 2015 Other assets and investment securities $ 5,437 $ 745 Financing receivables – net 13 13 Total investments 5,450 758 Contractual obligations to fund investments, guarantees or revolving lines of credit 866 29 Total exposure(a) $ 6,316 $ 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 | 6 Months Ended |
Jun. 30, 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 , including sales-leaseback activity; information technology (IT) and other services sold to GE Capital by GE; aircraft engines manufactured by GE that are instal led on aircraft purchased by GE Capital from third-party producers for lease to others; expenses related to parent-subsidiary pension plans, and various investments, loans and allocations of GE corporate overhead costs. These intercompany transactions a re reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. Effects of these eliminations on our consolidated cash flows from operating, investing and financing activitie s are $ (9,193) million, $ 2,918 million and $ 6,275 million in the six months ended June 30 , 2016 , and $ 1,105 million, $ (1,848) million and $ 743 million in the six months ended June 30 , 2015 , respectively. De tails of these eliminations are shown below . Six months ended June 30 (In millions) 2016 2015 Cash from (used for) operating activities-continuing operations Combined $ 11,129 $ 1,828 GE customer receivables sold to GE Capital 1,499 1,169 GE Capital dividends to GE (11,000) (450) Other reclassifications and eliminations 308 385 $ 1,936 $ 2,932 Cash from (used for) investing activities-continuing operations Combined $ 39,496 $ 26,605 GE customer receivables sold to GE Capital (1,652) (1,493) Other reclassifications and eliminations 4,570 (356) $ 42,414 $ 24,756 Cash from (used for) financing activities-continuing operations Combined $ (68,960) $ (17,214) GE customer receivables sold to GE Capital 153 324 GE Capital dividends to GE 11,000 450 Other reclassifications and eliminations (4,878) (30) $ (62,685) $ (16,470) |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2016 | |
Operating Segments Reconciliation [Abstract] | |
Summary of Operating Segments | SUMMARY OF OPERATING SEGMENTS Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 V% 2016 2015 V% Revenues Power $ 6,639 $ 5,055 31 % $ 11,843 $ 9,667 23 % Renewable Energy 2,094 1,641 28 % 3,763 2,669 41 % Oil & Gas 3,219 4,118 (22) % 6,533 8,157 (20) % Energy Connections 2,734 1,768 55 % 4,994 3,453 45 % Aviation 6,511 6,251 4 % 12,774 11,926 7 % Healthcare 4,525 4,337 4 % 8,708 8,412 4 % Transportation 1,240 1,420 (13) % 2,222 2,728 (19) % Appliances & Lighting 1,667 2,236 (25) % 3,663 4,177 (12) % Total industrial segment revenues 28,630 26,826 7 % 54,499 51,188 6 % Capital 2,771 2,690 3 % 5,656 5,556 2 % Total segment revenues 31,401 29,516 6 % 60,155 56,744 6 % Corporate items and eliminations 2,093 (290) 1,184 (1,278) Consolidated revenues $ 33,494 $ 29,226 15 % $ 61,339 $ 55,466 11 % Segment profit (loss) Power $ 1,140 $ 1,046 9 % $ 1,714 $ 1,803 (5) % Renewable Energy 128 144 (11) % 211 201 5 % Oil & Gas 320 613 (48) % 628 1,102 (43) % Energy Connections 35 82 (57) % (49) 110 U Aviation 1,348 1,269 6 % 2,872 2,583 11 % Healthcare 782 704 11 % 1,413 1,292 9 % Transportation 273 331 (18) % 437 556 (21) % Appliances & Lighting 96 165 (42) % 211 268 (21) % Total industrial segment profit 4,122 4,355 (5) % 7,437 7,915 (6) % Capital (600) (493) (22) % (1,492) (6,215) 76 % Total segment profit (loss) 3,523 3,862 (9) % 5,944 1,700 F Corporate items and eliminations 974 (1,185) (597) (2,876) GE interest and other financial charges (567) (414) (1,007) (803) GE provision for income taxes (648) (583) (849) (890) Earnings (loss) from continuing operations attributable to GE common shareowners 3,281 1,679 95 % 3,492 (2,869) F Earnings (loss) from discontinued operations, net of tax (541) (2,947) 82 % (849) (11,883) 93 % Less net earnings attributable to noncontrolling interests, discontinued operations 3 92 (97) % 3 181 (98) % Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (544) (3,039) 82 % (852) (12,064) 93 % Consolidated net earnings (loss) attributable to the GE common shareowners $ 2,738 $ (1,360) F $ 2,639 $ (14,933) F \ \ |
Guarantor Financials
Guarantor Financials | 6 Months Ended |
Jun. 30, 2016 | |
Guarantor [Abstract] | |
Guarantees [Text Block] | NOTE 18 . GUARANTOR FINANCIAL INFORMATION Guarantor and Non-Guarantor CONDENSED Consolidating Financial INFORMATION On October 26, 2015, GE Capital International Funding Company Unlimited Company, formerly GE Capital International Funding Company (the Issuer), then a finance subsidiary of General Electric Capital Corporation, settled its previously announced private offers to exchange (the Exchange Offers) the Issuer’s new senior unsecured notes for certain outstanding debt securities of General Electric Capital Corporation. The new notes that were issued were composed of $15.3 billion of 0.964% Six Month Notes due April 2016 (which have subsequently been repaid upon maturity), £0.8 billion of 1.363% Six Month Notes due April 2016 (which have subsequently been repaid upon maturity), $6.1 b illion of 2.342% Notes due 2020, $2.0 billion of 3.373% Notes due 2025 and $11.5 billion of 4.418% Notes due 2035. These notes were fully and unconditionally, jointly and severally guaranteed by both the Company and GE Capital International Holdings Limite d (GECIHL) (each a Guarantor, and together, the Guarantors). Under the terms of a registration rights agreement entered into in connection with the Exchange Offers, the Issuer and the Company agreed to file a registration statement with the U.S. Securitie s and Exchange Commission (SEC) for an offer to exchange new senior notes of the Issuer registered with the SEC and guaranteed by the Guarantors for certain of the Issuer’s outstanding unregistered senior notes . This exchange was completed in July 2016. Presentation In connection with the registration of the senior notes, the Company is required to provide certain financial information regarding the Issuer and the Guarantors of the registered securities . Included are the Condensed C onsolidating Stateme nts of Earnings and Comprehensive Income for the three months ended June 30, 2016 and 2015 and six months ended June 30, 2016 and 2015, Condensed Consolidating Statements of Financial Position as of June 30, 2016 and December 31, 2015 and Condensed Consoli dating Statements of Cash Flows for the six months ended June 30, 2016 and 2015 for: General Electric Company (the Parent Company Guarantor) - prepared with investments in subsidiaries accounted for under the equity method of accounting and excluding any inter-segment eliminations. The equity basis earnings (losses) of subsidiaries are reflected in the captions “Equity in earnings (losses) of affiliates” and “Earnings (loss) from discontinued operations, net of tax”; GE Capital International Funding Company Unlimited Company (the Subsidiary Issuer) – incorporated in May 2015 as a finance subsidiary for debt and reflects activity subsequent to the issuance of new notes on October 26, 2015; GE Capital International Holdi ngs Limited (GECIHL) (the Subsidiary Guarantor) - prepared with investments in non-guarantor subsidiaries accounted for under the equity method of accounting and reflects activity subsequent to the GE Capital Reorganization on December 3, 2015. The equity basis earnings (losses) of subsidiaries are reflected in the captions “Equity in earnings (losses) of affiliates” and “Earnings (loss) from discontinued operations, net of tax”; Non-Guarantor Subsidiaries - prepared on an aggregated basis excluding any eli mination or consolidation adjustments and includes predominantly all non-cash adjustments for cash flows; Consolidating Adjustments - adjusting entries necessary to consolidate the Parent Company Guarantor with the Subsidiary Issuer, the Subsidiary Guarant or and Non-Guarantor Subsidiaries; and Consolidated - prepared on a consolidated basis . CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 10,664 $ - $ - $ 38,202 $ (20,838) $ 28,028 Other income (264) - - 16,043 (12,629) 3,150 Equity in earnings (loss) of affiliates 5,228 - (5) 15,305 (20,528) - GE Capital revenues from services - 200 722 1,760 (365) 2,316 Total revenues and other income 15,628 200 717 71,310 (54,359) 33,494 Costs and expenses Interest and other financial charges 851 175 677 1,412 (1,790) 1,326 Investment contracts, insurance losses and insurance annuity benefits - - - 815 (40) 776 Other costs and expenses 11,601 - 19 37,971 (22,022) 27,569 Total costs and expenses 12,453 175 695 40,198 (23,852) 29,670 Earnings (loss) from continuing operations before income taxes 3,175 25 21 31,111 (30,508) 3,824 Benefit (provision) for income taxes 256 (3) (43) (435) (254) (479) Earnings (loss) from continuing operations 3,430 22 (22) 30,676 (30,762) 3,345 Earnings (loss) from discontinued operations, net of taxes (541) - (521) 600 (80) (541) Net earnings (loss) 2,890 22 (542) 31,277 (30,841) 2,804 Less net earnings (loss) attributable to noncontrolling interests - - - (66) (20) (86) Net earnings (loss) attributable to the Company 2,890 22 (542) 31,342 (30,822) 2,890 Other comprehensive income (loss) 807 - 246 579 (825) 807 Comprehensive income (loss) attributable to the Company $ 3,696 $ 22 $ (297) $ 31,922 $ (31,646) $ 3,696 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2015 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 11,463 $ - $ - $ 33,442 $ (18,849) $ 26,056 Other income 610 - - 3,352 (3,183) 780 Equity in earnings (loss) of affiliates 2,336 - - 3,338 (5,673) - GE Capital revenues from services - - - 9,068 (6,678) 2,390 Total revenues and other income 14,409 - - 49,200 (34,383) 29,226 Costs and expenses Interest and other financial charges 817 - - 2,277 (2,382) 713 Investment contracts, insurance losses and insurance annuity benefits - - - 709 (52) 657 Other costs and expenses 12,505 - - 37,984 (25,244) 25,245 Total costs and expenses 13,322 - - 40,971 (27,679) 26,614 Earnings (loss) from continuing operations before income taxes 1,086 - - 8,229 (6,704) 2,612 Benefit (provision) for income taxes 497 - - (2,854) 1,558 (799) Earnings (loss) from continuing operations 1,584 - - 5,375 (5,146) 1,813 Earnings (loss) from discontinued operations, net of taxes (2,943) - - (367) 363 (2,947) Net earnings (loss) (1,360) - - 5,008 (4,783) (1,134) Less net earnings (loss) attributable to noncontrolling interests - - - 97 128 225 Net earnings (loss) attributable to the Company (1,360) - - 4,911 (4,911) (1,360) Other comprehensive income (loss) 4,158 - - 1,206 (1,206) 4,158 Comprehensive income (loss) attributable to the Company $ 2,798 $ - $ - $ 6,116 $ (6,116) $ 2,798 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 20,676 $ - $ - $ 71,961 $ (39,295) $ 53,342 Other income (38) - - 19,484 (16,288) 3,158 Equity in earnings (loss) of affiliates 6,135 - 665 28,928 (35,728) - GE Capital revenues from services - 596 1,019 6,344 (3,121) 4,838 Total revenues and other income 26,774 596 1,683 126,717 (94,431) 61,339 Costs and expenses Interest and other financial charges 1,662 547 1,608 3,171 (3,927) 3,062 Investment contracts, insurance losses and insurance annuity benefits - - - 1,487 (70) 1,417 Other costs and expenses 22,057 - 55 73,137 (42,452) 52,797 Total costs and expenses 23,719 548 1,663 77,795 (46,449) 57,276 Earnings (loss) from continuing operations before income taxes 3,055 48 20 48,922 (47,983) 4,063 Benefit (provision) for income taxes 875 (6) (46) (958) (205) (340) Earnings (loss) from continuing operations 3,929 42 (26) 47,964 (48,187) 3,723 Earnings (loss) from discontinued operations, net of taxes (849) - (996) 174 821 (849) Net earnings (loss) 3,081 42 (1,022) 48,138 (47,366) 2,874 Less net earnings (loss) attributable to noncontrolling interests - - - (91) (116) (207) Net earnings (loss) attributable to the Company 3,081 42 (1,022) 48,230 (47,250) 3,081 Other comprehensive income (loss) 1,631 (12) 63 847 (898) 1,631 Comprehensive income (loss) attributable to the Company $ 4,711 $ 30 $ (958) $ 49,076 $ (48,148) $ 4,711 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2015 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 21,135 $ - $ - $ 64,776 $ (36,172) $ 49,739 Other income 413 - - 4,399 (3,889) 922 Equity in earnings (loss) of affiliates (1,084) - - 14,976 (13,892) - GE Capital revenues from services - - - 17,623 (12,819) 4,804 Total revenues and other income 20,464 - - 101,775 (66,773) 55,466 Costs and expenses Interest and other financial charges 1,570 - - 4,646 (4,886) 1,331 Investment contracts, insurance losses and insurance annuity benefits - - - 1,354 (84) 1,270 Other costs and expenses 23,020 - - 78,800 (53,187) 48,633 Total costs and expenses 24,589 - - 84,800 (58,156) 51,233 Earnings (loss) from continuing operations before income taxes (4,125) - - 16,975 (8,617) 4,233 Benefit (provision) for income taxes 1,071 - - (9,927) 1,763 (7,093) Earnings (loss) from continuing operations (3,054) - - 7,047 (6,853) (2,860) Earnings (loss) from discontinued operations, net of taxes (11,879) - - (2,693) 2,689 (11,883) Net earnings (loss) (14,933) - - 4,355 (4,165) (14,743) Less net earnings (loss) attributable to noncontrolling interests - - - 197 (7) 190 Net earnings (loss) attributable to the Company (14,933) - - 4,158 (4,158) (14,933) Other comprehensive income (loss) (34) - - (3,785) 3,785 (34) Comprehensive income (loss) attributable to the Company $ (14,967) $ - $ - $ 373 $ (373) $ (14,967) CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 2,863 $ - $ 37 $ 53,408 $ (4,185) $ 52,123 Investment securities 7 - - 46,336 (6,623) 39,720 Receivables - net 67,759 17,077 61,339 73,581 (175,943) 43,813 Inventories 5,295 - - 21,957 (2,528) 24,723 Property, plant and equipment - net 5,494 - - 46,395 (1,453) 50,436 Investment in subsidiaries(a) 284,657 - 77,908 420,869 (783,434) - Goodwill and intangible assets 7,709 - - 54,590 21,448 83,747 All other assets 15,293 1,558 1,019 227,904 (188,741) 57,033 Assets of discontinued operations - - - - 49,865 49,865 Total assets $ 389,078 $ 18,635 $ 140,303 $ 945,039 $ (1,091,594) $ 401,461 Liabilities and equity Short-term borrowings $ 166,625 $ - $ 47,814 $ 31,729 $ (214,242) $ 31,927 Accounts payable 3,555 - - 38,275 (28,715) 13,115 Other current liabilities 12,148 27 58 27,183 (674) 38,742 Long-term and non-recourse borrowings 78,035 18,361 62,445 84,118 (118,449) 124,509 All other liabilities 42,031 90 714 59,862 (13,665) 89,031 Liabilities of discontinued operations - - - - 14,384 14,384 Total Liabilities 302,394 18,478 111,031 241,166 (361,361) 311,708 Redeemable noncontrolling interests - - - 2,266 803 3,070 GE shareowners' equity 84,991 158 29,271 699,629 (729,058) 84,991 Noncontrolling interests 1,693 - - 1,977 (1,977) 1,693 Total equity 86,684 158 29,271 701,607 (731,036) 86,684 Total liabilities, redeemable noncontrolling interests and equity $ 389,078 $ 18,635 $ 140,303 $ 945,039 $ (1,091,594) $ 401,461 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and cash equivalent balances of $ 26 . 0 billion and net assets of discontinued operations of $ 24.9 billion. CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 4,137 $ - $ - $ 86,955 $ (20,609) $ 70,483 Investment securities 14 - - 40,886 (8,927) 31,973 Receivables - net 88,696 33,232 69,306 75,909 (221,286) 45,856 Inventories 5,447 - - 19,762 (2,694) 22,515 Property, plant and equipment - net 6,540 - - 56,808 (9,253) 54,095 Investment in subsidiaries(a) 274,471 - 78,505 405,686 (758,662) - Goodwill and intangible assets 7,793 - - 61,412 14,118 83,323 All other assets 15,732 11 915 247,611 (200,392) 63,876 Assets of discontinued operations - - - - 120,951 120,951 Total assets $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 Liabilities and equity Short-term borrowings $ 145,051 $ 16,204 $ 71,862 $ 60,601 $ (243,858) $ 49,860 Accounts payable 6,096 - - 37,636 (30,052) 13,680 Other current liabilities 14,482 (1) 17 34,903 (7,860) 41,540 Long-term and non-recourse borrowings 97,471 16,423 46,392 105,801 (118,345) 147,742 All other liabilities 41,455 489 224 57,996 (9,514) 90,651 Liabilities of discontinued operations - - - - 46,487 46,487 Total Liabilities 304,555 33,115 118,495 296,937 (363,141) 389,961 Redeemable noncontrolling interests - - - 2,888 84 2,972 GE shareowners' equity 98,274 127 30,230 693,589 (723,946) 98,274 Noncontrolling interests - - - 1,616 248 1,864 Total equity 98,274 127 30,230 695,204 (723,697) 100,138 Total liabilities, redeemable noncontrolling interests and equity $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and cash equivalent balances of $40.1 billion and net assets of discontinued operations of $40.0 billion. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (21,092) $ 182 $ 1,032 $ 10,275 $ 11,539 $ 1,936 Cash from (used for) operating activities - discontinued operations (849) - (996) (3,826) 821 (4,849) Cash from (used for) operating activities (21,941) 182 37 6,449 12,361 (2,913) Cash flows – investing activities Cash from (used for) investing activities – continuing operations 17,416 16,084 7,995 97,631 (96,712) 42,414 Cash from (used for) investing activities – discontinued operations - - - (10,646) - (10,646) Cash from (used for) investing activities 17,416 16,084 7,995 86,985 (96,712) 31,768 Cash flows – financing activities Cash from (used for) financing activities – continuing operations 3,252 (16,265) (7,995) (142,451) 100,775 (62,685) Cash from (used for) financing activities – discontinued operations - - - (711) - (711) Cash from (used for) financing activities 3,252 (16,265) (7,995) (143,162) 100,775 (63,396) Effect of currency exchange rate changes on cash and equivalents - - - (24) - (24) Increase (decrease) in cash and equivalents (1,274) - 37 (49,752) 16,424 (34,565) Cash and equivalents at beginning of year 4,137 - - 107,350 (20,609) 90,878 Cash and equivalents at June 30 2,863 - 37 57,598 (4,185) 56,313 Less cash and equivalents of discontinued operations at June 30 - - - 4,190 - 4,190 Cash and equivalents of continuing operations at June 30 $ 2,863 $ - $ 37 $ 53,408 $ (4,185) $ 52,123 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2015 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (13,885) $ - $ - $ 66,152 $ (49,336) $ 2,932 Cash from (used for) operating activities - discontinued operations (11,879) - - 18,644 2,689 9,454 Cash from (used for) operating activities (25,763) - - 84,795 (46,647) 12,385 Cash flows – investing activities Cash from (used for) investing activities – continuing operations 26,326 - - (120,772) 119,202 24,756 Cash from (used for) investing activities – discontinued operations - - - (8,209) - (8,209) Cash from (used for) investing activities 26,326 - - (128,981) 119,202 16,547 Cash flows – financing activities Cash from (used for) financing activities – continuing operations (2,388) - - 58,236 (72,317) (16,470) Cash from (used for) financing activities – discontinued operations - - - (2,240) - (2,240) Cash from (used for) financing activities (2,388) - - 55,996 (72,317) (18,710) Effect of currency exchange rate changes on cash and equivalents - - - (2,887) - (2,887) Increase (decrease) in cash and equivalents (1,826) - - 8,923 238 7,336 Cash and equivalents at beginning of year 4,820 - - 108,400 (22,203) 91,017 Cash and equivalents at June 30 2,994 - - 117,324 (21,965) 98,353 Less cash and equivalents of discontinued operations at June 30 - - - 19,992 - 19,992 Cash and equivalents of continuing operations at June 30 $ 2,994 $ - $ - $ 97,331 $ (21,965) $ 78,360 |
Supplemental Information
Supplemental Information | 6 Months Ended |
Jun. 30, 2016 | |
Summary Of Derivative Instruments [Abstract] | |
Derivatives And Fair Value [Text Block] | NOTE 19 . 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 June 30, 2016 December 31, 2015 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,773 $ 24 $ 4,132 $ 158 Currency exchange contracts 335 630 1,109 1,383 Other contracts - - - - 6,108 653 5,241 1,541 Derivatives not accounted for as hedges Interest rate contracts 119 101 119 44 Currency exchange contracts 1,196 3,700 1,715 4,048 Other contracts 286 23 315 49 1,601 3,823 2,149 4,141 Gross derivatives recognized in statement of financial position Gross derivatives 7,709 4,477 7,391 5,681 Gross accrued interest 760 32 1,001 (13) 8,469 4,509 8,392 5,668 Amounts offset in statement of financial position Netting adjustments(a) (2,978) (2,969) (4,326) (4,326) Cash collateral(b) (3,843) (861) (1,784) (642) (6,821) (3,830) (6,110) (4,968) Net derivatives recognized in statement of financial position Net derivatives 1,648 678 2,282 700 Amounts not offset in statement of financial position Securities held as collateral(c) (1,038) - (1,277) - Net amount $ 610 $ 678 $ 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 June 30, 2016 and December 31, 2015 , the cumulati ve adjustment for non-performance risk was $ (9) million and insignificant , respectively. (b) Excluded excess cash collateral received and posted of $ 61 million and $ 79 million at June 30, 2016 , respective ly , and $ 48 million and $ 379 million at December 31, 2015 , respectively. (c) Excluded excess securities c ollateral received of $ 54 million and $ 107 million at June 30, 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 June 30 for the three months ended June 30 (In millions) 2016 2015 2016 2015 Interest rate contracts $ 12 $ (7) $ (26) $ (22) Currency exchange contracts 1 452 40 437 Commodity contracts (1) 1 (1) - Total(a) $ 12 $ 446 $ 14 $ 415 CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the six months ended June 30 for the six months ended June 30 (In millions) 2016 2015 2016 2015 Interest rate contracts $ 31 $ (10) $ (55) $ (61) Currency exchange contracts (77) (625) (13) (520) Commodity contracts - (2) (3) (1) Total(a) $ (45) $ (637) $ (71) $ (582) (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 $ 23 million loss at June 30, 2016 . We expect to transfer $ 93 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 six 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 June 30, 2016 and 2015 , the maximum term of derivative instruments that hedge forecasted transactions was 16 years and 17 years, respectively. See Note12 for additional information about reclassifications out of AOCI. For cash flow hedges, the amount of ineffectiveness i n 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 collatera l was $ 4,882 million at June 30, 2016 , of which $ 3,843 million was cash and $ 1,038 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 $ 861 million at June 30, 2016 . At June 30, 2016 , our exposure to counterparties (including accrued interest), net of collateral we hold, was $ 511 million. This excludes exp osure related to embedded derivatives. Additionally, our master agreements typically contain mutual downgrade provisions that provide the ability of each party to require termination if the long-term credit rating of the counterparty were to fall below A- /A3 or other ratings levels agreed upon with the counterparty. In certain of these master agreements, each party also has the ability to require termination if the short-term rating of the counterparty were to fall below A-1/P-1. Our master agreements also typically contain provisions that provide termination rights upon the occurrence of certain other events, such as a bankruptcy or events of default by one of the parties. If an agreement was terminated under any of these circumstances, the termination amo unt payable would be determined on a net basis and could also take into account any collateral posted. The net amount of our derivative liability, after consideration of collateral posted by us and outstanding interest payments was $ 721 million a t June 30, 2016 . This excludes exposure related to embedded derivatives. |
Businesses Held For Sale and 28
Businesses Held For Sale and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2016 December 31, 2015 Assets Current receivables $ 35 $ 79 (a) Inventories - 583 Property, plant, and equipment – net 12 1,208 Goodwill - 370 Other intangible assets – net 6 162 Other 6 416 Assets of businesses held for sale $ 59 $ 2,818 Liabilities Accounts payable $ 6 $ 503 (a) Other current liabilities 32 325 Other 17 33 Liabilities of businesses held for sale $ 56 $ 861 (a) Certain transactions at our Appliances business were 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 568 $ 6,829 $ 1,861 $ 12,289 Earnings (loss) from discontinued operations before income taxes $ (240) $ 1,950 $ (160) $ (2,743) Benefit (provision) for income taxes 170 (493) 182 442 Earnings (loss) from discontinued operations, net of taxes $ (70) $ 1,457 $ 22 $ (2,301) Disposal Gain (loss) on disposal before income taxes $ (295) $ (3,384) $ (540) $ (7,036) Benefit (provision) for income taxes (177) (1,021) (331) (2,546) Gain (loss) on disposal, net of taxes $ (472) $ (4,405) $ (871) $ (9,582) Earnings (loss) from discontinued operations, net of taxes(a)(b) $ (541) $ (2,947) $ (849) $ (11,883) (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 t he Company, before income taxes, was $ (537) million and $ (1,525) million for the three months ended June 30, 2016 and 2015, respectively, and $ (703) million and $ (9,960) million for the six months ended June 30, 2016 and 2015, r espectively. (In millions) June 30, 2016 December 31, 2015 Assets Cash and equivalents $ 4,190 $ 20,395 Investment securities 6,141 8,478 Financing receivables – net 1,994 3,205 Other receivables 881 1,221 Property, plant and equipment – net 845 7,537 Goodwill 1,591 7,764 Other intangible assets - net 34 80 Deferred income taxes 2,101 2,447 Financing receivables held for sale 31,106 69,847 Valuation allowance on disposal group classified as discontinued operations (3,062) (6,374) Other 4,044 6,350 Assets of discontinued operations $ 49,865 $ 120,951 Liabilities Short-term borrowings $ 609 $ 739 Accounts payable 1,352 2,870 Non-recourse borrowings 40 3,994 Bank deposits 4,545 25,613 Long-term borrowings 558 730 All other liabilities 6,983 11,053 Deferred income taxes 248 1,437 Other 49 52 Liabilities of discontinued operations $ 14,384 $ 46,487 |
CLL | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 314 $ 3,070 $ 1,201 $ 5,973 Interest $ (126) $ (641) $ (403) $ (1,343) Selling, general and administrative expenses (421) (1,046) (1,046) (1,942) Cost of services sold - (403) - (1,735) Provision for losses on financing receivables - (13) (3) (1,757) Other costs and expenses (23) 1 (15) (96) Earnings (loss) from discontinued operations, before income taxes (256) 967 (265) (900) Benefit (provision) for income taxes 140 (309) 214 315 Earnings (loss) from discontinued operations, net of taxes $ (116) $ 658 $ (51) $ (585) Disposal Gain (loss) on disposal before income taxes $ (465) $ (3,380) $ (630) $ (5,225) Benefit (provision) for income taxes (10) (949) (154) (1,927) Gain (loss) on disposal, net of taxes $ (475) $ (4,329) $ (784) $ (7,152) Earnings (loss) from discontinued operations, net of taxes(a) $ (591) $ (3,671) $ (835) $ (7,737) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (722) million and $ (2,415) million for the three months ended June 30, 2016 and 2015 , respectively, and $ (897) million and $ (6,128) million for the six months ended June 30, 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 15 $ 313 $ 25 $ 812 Interest $ (13) $ (137) $ (35) $ (373) Selling, general and administrative (24) (130) (77) (224) Cost of services sold - - - (5) Provision for losses on financing receivables - - - 4 Other costs and expenses (7) (14) (6) (141) Earnings (loss) from discontinued operations, before income taxes (29) 32 (94) 74 Benefit (provision) for income taxes 38 13 57 43 Earnings (loss) from discontinued operations, net of taxes $ 9 $ 45 $ (37) $ 117 Disposal Gain (loss) on disposal before income taxes $ 6 $ (3) $ (63) $ (1,811) Benefit (provision) for income taxes (3) (72) 62 (619) Gain (loss) on disposal, net of taxes $ 3 $ (75) $ (1) $ (2,430) Earnings (loss) from discontinued operations, net of taxes(a) $ 12 $ (30) $ (38) $ (2,313) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (23) million and $ 29 million for the three months ended June 30, 2016 and 2015 , respectively, and $ (156) million and $ (1,738) million for the six months ended June 30, 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance, beginning of period $ 833 $ 814 $ 875 $ 809 Provision 27 11 84 18 Claim resolutions / rescissions - - (99) (2) Balance, end of period $ 860 $ 825 $ 860 $ 825 |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR WMC Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Total revenues and other income (loss) $ (18) $ (5) $ (58) $ (5) Earnings (loss) from discontinued operations, net of taxes $ (20) $ (10) $ (52) $ (16) |
Consumer | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR CONSUMER Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Operations Total revenues and other income (loss) $ 258 $ 3,527 $ 685 $ 5,585 Interest $ (46) $ (573) $ (97) $ (1,184) Selling, general, and administrative expenses (158) (1,104) (335) (2,172) Cost of services sold - - - - Provision for losses on financing receivables - (761) - (3,869) Investment contracts, insurance losses and insurance annuity benefits (1) (4) (1) (6) Other costs and expenses (62) (114) (64) (240) Earnings (loss) from discontinued operations, before income taxes (9) 971 188 (1,886) Benefit (provision) for income taxes - (168) (101) (8) Earnings (loss) from discontinued operations, net of taxes $ (9) $ 803 $ 87 $ (1,894) Disposal Gain (loss) on disposal before income taxes $ 164 $ - $ 153 $ - Benefit (provision) for income taxes (164) - (240) - Gain (loss) on disposal, net of taxes $ - $ - $ (87) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (9) $ 803 $ - $ (1,894) (a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ 153 million and $ 882 million for the three months ended June 30, 2016 and 2015 , respectively, and $ 339 million and $ (2,062) million for the six months ended June 30, 2016 and 2015 , respectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | June 30, 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 $ 4 $ - $ - $ 4 $ 2 $ - $ - $ 3 Corporate – non-U.S. 9 - - 9 1 - - 1 U.S. government and federal agency 49 1 - 50 49 - - 49 Equity 41 10 (4) 47 87 13 (2) 98 103 11 (4) 110 139 14 (2) 151 GE Capital Debt U.S. corporate 20,718 4,177 (51) 24,844 19,971 2,669 (285) 22,355 State and municipal 3,885 731 (48) 4,568 3,910 407 (73) 4,245 Mortgage and asset-backed(a) 2,957 188 (23) 3,122 2,995 157 (35) 3,116 Corporate – non-U.S. 5,299 108 (4) 5,402 759 96 (9) 846 Government – non-U.S. 608 156 (1) 764 279 136 - 415 U.S. government and federal agency 694 96 - 790 623 104 - 727 Equity 107 19 (1) 125 112 16 (4) 123 34,268 5,475 (128) 39,615 28,648 3,585 (407) 31,827 Eliminations (4) - - (4) (4) - - (4) Total $ 34,367 $ 5,486 $ (133) $ 39,720 $ 28,783 $ 3,599 $ (409) $ 31,973 (a) Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. A t June 30, 2016 , $ 535 million related to securities issued by government-sponsored entities and $ 19 million related to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions. |
Schedule of investments, by type and length in continuous loss position | ESTIMATED FAIR VALUE AND GROSS UNREALIZED LOSSES OF AVAILABLE-FOR-SALE INVESTMENT SECURITIES In loss position for Less than 12 months 12 months or more Gross Gross Estimated unrealized Estimated unrealized (In millions) fair value(a) losses(a)(b) fair value losses(b) June 30, 2016 Debt U.S. corporate $ 229 $ (9) $ 689 $ (42) State and municipal - - 159 (48) Mortgage and asset-backed 250 (6) 168 (17) Corporate – non-U.S. 718 - 31 (4) Equity 28 (5) - - Total $ 1,226 $ (21) $ 1,048 $ (111) (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 June 30, 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 $ 1 million related to secu rities that had other-than-temporary impairments previously recognized at June 30, 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-grad e by the major rating agencies at June 30, 2016 . |
Pre Tax Other Than Temporary Impairments On Investment Securities [TableTextBlock] | PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Total pre-tax, OTTI recognized $ 1 $ 29 $ 18 $ 32 Pre-tax, OTTI recognized in AOCI - - - - Pre-tax, OTTI recognized in earnings(a) $ 1 $ 29 $ 18 $ 32 (a) Included pre-tax, other-than-temporary impairments recorded in earnings r elated to equity securities of $ 1 million and none in the three months ended June 30, 2016 and 2015 , respectively and $ 9 million and none in the six months ended June 30, 2016 and 2015 , respectively . |
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 $ 5,218 $ 5,226 After one year through five years 3,901 4,167 After five years through ten years 4,521 5,070 After ten years 17,626 21,968 |
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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 GE Gains $ 1 $ 1 $ 5 $ 1 Losses, including impairments (1) (14) (10) (14) Net - (13) (5) (13) GE Capital Gains 35 6 36 97 Losses, including impairments (11) (21) (30) (35) Net 24 (15) 6 63 Total $ 24 $ (28) $ 2 $ 50 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory, Net [Abstract] | |
Inventories | (In millions) June 30, 2016 December 31, 2015 Raw materials and work in process $ 14,650 $ 13,415 Finished goods 9,305 8,265 Unbilled shipments 512 628 24,467 22,308 Revaluation to LIFO 257 207 Total inventories $ 24,723 $ 22,515 |
Financing Receivables and All31
Financing Receivables and Allowance for Losses on Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables - Net | FINANCING RECEIVABLES, NET (In millions) June 30, 2016 December 31, 2015 Loans, net of deferred income $ 19,045 $ 20,115 Investment in financing leases, net of deferred income 5,027 4,969 24,071 25,084 Allowance for losses (74) (81) Financing receivables – net(a) $ 23,998 $ 25,003 (a) Included $ 11.8 billion and $ 12.9 billion of receivables sold by GE to GE Capital at June 30, 2016 and December 31, 2015, respectively . |
Allowance For Losses | ALLOWANCE FOR LOSSES (In millions) 2016 2015 Balance at January 1 $ 81 $ 93 Provision 19 29 Net write-offs(a) (26) (40) Other(b) - 9 Balance at June 30 $ 74 $ 91 Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables . Other primarily include s the effects of currency exchange. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (In millions) June 30, 2016 December 31, 2015 Original cost $ 86,317 $ 90,023 Less accumulated depreciation and amortization (35,881) (35,928) Property, plant and equipment – net $ 50,436 $ 54,095 |
Acquisitions, Goodwill and Ot33
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Assets Acquired And Liabilities Assumed | ASSETS ACQUIRED AND LIABILITIES ASSUMED AT THE ACQUISITION DATE Approximate balance at (in millions) June 30, 2016 Assets Cash and equivalents $ 1,750 Current receivables 4,050 Inventories 4,750 Property, plant and equipment 2,900 Goodwill 14,750 Other intangible assets 4,500 All other assets, net(a) 3,950 Total Assets $ 36,650 Liabilities Accounts payable $ 1,900 Progress collections 2,950 Accrued contract liabilities 8,600 All other liabilities(b) 7,700 Total Liabilities 21,150 Redeemable noncontrolling interests 3,000 Noncontrolling interest 600 Total purchase price 11,900 Cash acquired 1,750 Total purchase price, net of cash acquired $ 10,100 (a) Includes approximately $450 million of net deferred tax assets, including approximately $50 million of non-U.S. loss carry forwards net of valuation allowances and offsetting liabilities for unrecognized benefits. Also includes approximately $150 million of indemnification receivables for liabilities for unrecognized income tax benefits and other tax uncertainties. (b) Includes approximately $750 million of liabilities for unrecognized income tax benefits and other uncertain taxes and approximate ly $750 million of pension and other employee related costs . |
Changes in goodwill balance | CHANGES IN GOODWILL BALANCES Dispositions, currency Balance at exchange Balance at (In millions) January 1, 2016 Acquisitions (a) and other June 30, 2016 Power $ 16,736 $ 1,147 $ (24) $ 17,859 Renewable Energy 2,580 28 (11) 2,596 Oil & Gas 10,594 - 7 10,601 Energy Connections 6,227 156 30 6,412 Aviation 8,567 - 67 8,635 Healthcare 17,353 98 (15) 17,436 Transportation 851 - 7 858 Appliances & Lighting 214 64 17 295 Capital 2,370 - 1 2,370 Corporate 34 - (1) 34 Total $ 65,526 $ 1,492 $ 79 $ 67,097 (a) Goodwill balances associated with Alstom and their allocations to segments are preliminary. |
Goodwill and other intangible assets | OTHER INTANGIBLE ASSETS - NET (In millions) June 30, 2016 December 31, 2015 Intangible assets subject to amortization $ 16,550 $ 17,688 Indefinite-lived intangible assets(a) 100 109 Total $ 16,650 $ 17,797 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Intangible assets subject to amortization | INTANGIBLE ASSETS SUBJECT TO AMORTIZATION June 30, 2016 December 31, 2015 Gross Gross carrying Accumulated carrying Accumulated (In millions) amount amortization Net amount amortization Net Customer-related $ 9,321 $ (2,297) $ 7,024 $ 9,758 $ (2,113) $ 7,645 Patents and technology 8,497 (3,358) 5,139 8,543 (3,096) 5,447 Capitalized software 7,529 (4,339) 3,190 7,375 (4,136) 3,239 Trademarks 1,257 (314) 944 1,337 (282) 1,055 Lease valuations 125 (47) 78 167 (22) 145 Present value of future profits(a) 668 (668) - 651 (651) - All other 330 (155) 175 267 (108) 159 Total $ 27,728 $ (11,177) $ 16,550 $ 28,098 $ (10,408) $ 17,688 (a) Balances at June 30, 2016 and December 31, 2015 reflect adjustments of $ 253 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 (Tables)
Contract Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Contract Assets | (In millions) June 30, 2016 December 31, 2015 GE Contract assets $ 23,458 $ 21,156 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | (In millions) June 30, 2016 December 31, 2015 Short-term borrowings GE Commercial paper $ 1,000 $ 500 Current portion of long-term borrowings 16,183 17,770 Other 2,202 1,522 Total GE short-term borrowings(a) 19,384 19,792 GE Capital Commercial paper U.S. 5,002 650 Non-U.S. - 4,351 Current portion of long-term borrowings 8,485 24,969 Intercompany payable to GE(b) 11,040 17,642 Other(c) 156 1,005 Total GE Capital short-term borrowings 24,683 48,617 Eliminations(b) (12,141) (18,549) Total short-term borrowings $ 31,927 $ 49,860 Long-term borrowings GE Senior notes $ 63,925 $ 72,471 Subordinated notes 2,910 2,940 Subordinated debentures(d) 2,347 6,600 Other 952 1,298 Total GE long-term borrowings(a) 70,134 83,309 GE Capital Senior notes 50,266 59,107 Subordinated notes 329 251 Intercompany payable to GE(b) 54,146 67,062 Other(c) 1,895 2,058 Total GE Capital long-term borrowings 106,636 128,478 Eliminations(b) (54,266) (67,128) Total long-term borrowings $ 122,504 $ 144,659 Non-recourse borrowings of consolidated securitization entities(e) $ 2,005 $ 3,083 Total borrowings $ 156,436 $ 197,602 Excluding assumed debt of GE Capital, GE total borrowings is $ 19,331 million. The amount of the intercompany payable to GE was $65,186 million as of June 30, 2016, which includes a reduction in the short- term intercompany payable to GE for a $5,002 million loan in the second quarter of 2016 from GE Capital to GE, which bears the right of offset against amounts owed under the assumed debt agreement . Included $ 2,567 million and $ 2,679 million of funding secured by aircraft and other collateral at June 30, 2016 and December 31, 2015 , respectively, of which $ 1,475 million and $ 1,534 million is non-recourse to GE Capital at June 30, 2016 and December 31, 2015 , respectively. Included $ 2,347 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 $ 1,193 million and $ 918 million of current portion of long-term borrowings at June 30, 2016 and December 31, 2015 , respectively. See Note 16 . |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Service cost for benefits earned $ 291 $ 367 $ 606 $ 728 Prior service cost amortization 76 51 152 103 Expected return on plan assets (836) (827) (1,670) (1,652) Interest cost on benefit obligations 735 696 1,469 1,391 Net actuarial loss amortization 612 820 1,224 1,645 Curtailment loss (gain) (1) - (1) 71 (a) Pension plans cost $ 877 $ 1,107 $ 1,780 $ 2,286 (a) Curtailment loss resulting from GE Capital Exit Plan . |
Other pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of Benefit Plans [Table Text Block] | Other pension plans Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Service cost for benefits earned $ 118 $ 95 $ 231 $ 200 Prior service credit amortization - - (1) - Expected return on plan assets (259) (205) (522) (414) Interest cost on benefit obligations 168 130 340 263 Net actuarial loss amortization 65 71 129 145 Pension plans cost $ 92 $ 91 $ 177 $ 194 |
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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Service cost for benefits earned $ 27 $ 51 $ 52 $ 92 Prior service cost (credit) amortization (41) 34 (82) 67 Expected return on plan assets (11) (12) (22) (24) Interest cost on benefit obligations 63 100 126 201 Net actuarial loss (gain) amortization (14) 2 (27) 3 Curtailment gain, net - (196) (a) - (192) (b) Retiree benefit plans cost $ 24 $ (21) $ 47 $ 147 |
Cost of Benefit Plans | (a) Curtailment gain resulting from a life insurance plan amendment. (b) Included a curtailment gain resulting from a life insurance plan amendment and a curtailment loss resulting from the GE Capital Exit Plan. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | UNRECOGNIZED TAX BENEFITS (In millions) June 30, 2016 December 31, 2015 Unrecognized tax benefits $ 6,572 $ 6,778 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,164 4,723 Accrued interest on unrecognized tax benefits 945 805 Accrued penalties on unrecognized tax benefits 135 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) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Accumulated other comprehensive income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Investment securities Beginning balance $ 680 $ 1,245 $ 460 $ 1,013 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $222, $(365), $304 and $(210) 419 (692) 578 (405) Reclassifications from OCI – net of deferred taxes of $(9), $3, $31 and $(26) (21) 10 39 (44) Other comprehensive income (loss)(a) 397 (682) 617 (449) Less OCI attributable to noncontrolling interests - (1) - - Ending balance $ 1,077 $ 564 $ 1,077 $ 564 Currency translation adjustments (CTA) Beginning balance $ (5,500) $ (7,716) $ (5,499) $ (2,427) OCI before reclassifications – net of deferred taxes of $(50), $(201), $217 and $1,343 26 1,511 141 (3,828) Reclassifications from OCI – net of deferred taxes of $(39), $(150), $80 and $(151) 29 304 (85) 307 Other comprehensive income (loss)(a) 55 1,815 57 (3,521) Less OCI attributable to noncontrolling interests 3 13 6 (34) Ending balance $ (5,448) $ (5,914) $ (5,448) $ (5,914) Cash flow hedges Beginning balance $ (26) $ (226) $ (80) $ (180) OCI before reclassifications – net of deferred taxes of $2, $42, $(5) and $4 (15) 433 (40) (493) Reclassifications from OCI – net of deferred taxes of $(4), $(68), $1 and $49 (10) (347) 69 533 Other comprehensive income (loss)(a) (25) 86 30 40 Less OCI attributable to noncontrolling interests - - - - Ending balance $ (51) $ (140) $ (51) $ (140) Benefit plans Beginning balance $ (10,859) $ (15,667) $ (11,410) $ (16,578) Prior service credit (costs) - net of deferred taxes of $0, $1,194, $5 and $1,194 - 2,090 23 2,090 Net actuarial gain (loss) – net of deferred taxes of $(65), $204, $(43) and $269 (80) 349 (12) 559 Net curtailment/settlement - net of deferred taxes of $0, $(71), $0 and $(44) (1) (125) (1) (77) Prior service cost amortization – net of deferred taxes of $20, $38, $41 and $75 17 51 33 101 Net actuarial loss amortization – net of deferred taxes of $217, $301, $433 and $605 447 586 890 1,187 Other comprehensive income (loss)(a) 382 2,951 933 3,860 Less OCI attributable to noncontrolling interests - - (1) (2) Ending balance $ (10,476) $ (12,716) $ (10,476) $ (12,716) Accumulated other comprehensive income (loss) at June 30 $ (14,898) $ (18,206) $ (14,898) $ (18,206) (a) Total other comprehensive income (loss) was $810 million and $4,170 million in the three months ended June 30, 2016 and 2015 , respectively and $1,636 million and $(70) million in the six months ended June 30, 2016 and 2015 , respectively. |
Reclassification out of accumulated other comprehensive income | RECLASSIFICATION OUT OF AOCI Three months ended Six months ended June 30 June 30 (In millions) 2016 2015 2016 2015 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ 30 $ (13) $ (70) $ 70 Total revenues and other income(a) Income taxes (9) 3 31 (26) Benefit (provision) for income taxes(b) Net of tax $ 21 $ (10) $ (39) $ 44 Currency translation adjustments Gains (losses) on dispositions $ 10 $ (154) $ 5 $ (156) Total revenues and other income(c) Income taxes (39) (150) 80 (151) Benefit (provision) for income taxes(d) Net of tax $ (29) $ (304) $ 85 $ (307) Cash flow hedges Gains (losses) on interest rate derivatives $ (26) $ (22) $ (55) $ (61) Interest and other financial charges Foreign exchange contracts 37 430 (5) (528) (e) Other 2 7 (11) 7 (f) Total before tax 14 415 (71) (582) Income taxes (4) (68) 1 49 Benefit (provision) for income taxes Net of tax $ 10 $ 347 $ (69) $ (533) Benefit plan items Curtailment gain (loss) $ 1 $ 196 $ 1 $ 121 (g) Amortization of prior service costs (37) (89) (74) (176) (g) Amortization of actuarial gains (losses) (664) (887) (1,323) (1,792) (g) Total before tax (700) (780) (1,396) (1,847) Income taxes 237 268 474 636 Benefit (provision) for income taxes Net of tax $ (463) $ (512) $ (922) $ (1,211) Total reclassification adjustments (net of tax) $ (461) $ (479) $ (946) $ (2,007) Included $6 million and $15 million for the three months ended June 30, 2016 and 2015 , and $(72) million and $17 million for the six months ended June 30, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Included $(1) million and $(7) million for the three months ende d June 30, 2016 and 2015 , and $31 million and $(6) million for the six months e nded June 30, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $77 million and $4 million for the three months ended June 30, 2016 and 2015 , and $71 million and $4 million for the six months ended June 30, 2016 and 2015 , respectively in earnings (loss) from discontinued operations, net of taxes. Includ ed $(39) million and $(137) million for the three months ended June 30, 2016 and 2015 , and $80 million and $(137) million for the six months ended June 30, 2016 and 2015 , respectively in earnings (loss) from discon tinued operations, net of taxes Included $53 million and $404 million in GE Capital revenues from services and $(17) million and $26 million in interest and other financial charges in the three months ended June 30, 2016 and 2015 , respectively and $31 million and $(540) million in GE Capital revenues from services and $(36) million and $12 million in interest and other financial charges in the six months ended June 30, 2016 and 2015 , respectively. Primarily recorded in costs and expenses. Curtailment gain (loss ), amortization of prior service costs and actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs. See Note 10 for further information. |
Changes to noncontrolling interests | CHANGES TO NONCONTROLLING INTERESTS Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Beginning balance $ 1,667 $ 8,738 $ 1,864 $ 8,674 Net earnings (loss) 1 223 (68) 192 GECC preferred stock dividend - (161) - (161) Dividends (14) (16) (21) (18) Dispositions - (6) (42) (6) Other (including AOCI)(a)(b) 39 (2) (40) 95 Ending balance $ 1,693 $ 8,776 $ 1,693 $ 8,776 (a) Includes research & development partner funding arrangements, acquisitions and eliminations. (b) 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Beginning balance $ 3,036 $ 73 $ 2,972 $ 98 Net earnings (loss) (86) 3 (139) (2) Dividends - (1) (9) (11) Redemption value adjustment 79 1 110 1 Other 42 3 135 (7) Ending balance $ 3,070 $ 79 $ 3,070 $ 79 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per share | Three months ended June 30 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)(c) $ 3,427 $ 3,430 $ 1,677 $ 1,677 Preferred stock dividends (152) (152) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b)(c) $ 3,275 $ 3,278 $ 1,677 $ 1,677 Earnings (loss) from discontinued operations for per-share calculation(a)(b)(c) (543) (540) (3,034) (3,034) Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b)(c) $ 2,732 $ 2,735 $ (1,357) $ (1,357) Average equivalent shares Shares of GE common stock outstanding 9,079 9,079 10,087 10,087 Employee compensation-related shares (including stock options) 85 - 71 - Total average equivalent shares 9,164 9,079 10,158 10,087 Per-share amounts Earnings (loss) from continuing operations $ 0.36 $ 0.36 $ 0.17 $ 0.17 Earnings (loss) from discontinued operations (0.06) (0.06) (0.30) (0.30) Net earnings (loss) 0.30 0.30 (0.13) (0.13) Six months ended June 30 2016 2015 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations for per-share calculation(a)(b)(c) $ 3,925 $ 3,927 $ (2,875) $ (2,875) Preferred stock dividends (441) (441) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b)(c) $ 3,484 $ 3,486 $ (2,875) $ (2,875) Earnings (loss) from discontinued operations for per-share calculation(a)(b)(c) (855) (852) (12,070) (12,070) Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b)(c) $ 2,631 $ 2,634 $ (14,939) $ (14,939) Average equivalent shares Shares of GE common stock outstanding 9,179 9,179 10,077 10,077 Employee compensation-related shares (including stock options) 85 - - - Total average equivalent shares 9,264 9,179 10,077 10,077 Per-share amounts Earnings (loss) from continuing operations $ 0.38 $ 0.38 $ (0.29) $ (0.29) Earnings (loss) from discontinued operations (0.09) (0.09) (1.20) (1.20) Net earnings (loss) 0.28 0.29 (1.48) (1.48) Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities. For the three months ended June 30, 2016 and 2015 , participating securities are included in the computation of earnings (loss) per share pursuant to the two-class method and the application of this treatme nt had an insignificant effect. For the six month period ended June 30, 2016 , pursuant to the two-class met hod, as a result of the excess of dividends in current perio d earnings, losses were not allocated to the participating securiti es. For the six month period ended June 30, 2015 , pursuant to the two-class method, as a result of the net loss from con tinuing operations, losses were not allocated to the participating securities. Included an insignificant amount of dividend equivalents in each of the periods presented. Included the dilutive adjustment for the change in income for forward purchase contra cts that may be settled in stock for the three and six months ended June 30, 2016 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Assets Investment securities Debt U.S. corporate $ - $ 21,426 $ 3,422 $ - $ 24,848 State and municipal - 4,536 32 - 4,568 Mortgage and asset-backed - 3,115 8 - 3,122 Corporate – non-U.S. - 5,168 244 - 5,412 Government – non-U.S. - 764 - - 764 U.S. government and federal agency - 532 307 - 839 Equity 143 16 8 - 167 Derivatives(c) - 7,669 40 (6,821) 888 Total $ 143 $ 43,226 $ 4,060 $ (6,821) $ 40,608 Liabilities Derivatives $ - $ 4,474 $ 3 $ (3,830) $ 646 Other(e) - 1,132 - - 1,132 Total $ - $ 5,606 $ 3 $ (3,830) $ 1,778 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 and $ 50 million of U.S. Treasuries and federal agency securities transferred from Level 1 to Level 2 in the six months ended June 30, 2016 primarily attributable to changes in approach. There were no securities transferred between Level 1 and Level 2 in the year ended December 31, 2015 . ( b) The netting of derivative receivables and payables (including the effects of any collateral posted or rece ived) is permitted when a legally enforceable master netting agreement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. At June 30, 2016 and December 31, 2015 , the cumulative adjustment for non-performance risk was $ (9) million and insignificant , respectively . See Note s 15 and 19 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) Primarily represents the liabilit ies associated with certain of ou r 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) April 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) June 30 June 30(c) 2016 Investment securities Debt U.S. corporate $ 3,143 $ 4 $ 132 $ 173 $ - $ (35) $ 8 $ (3) $ 3,422 $ - State and municipal 31 - 1 - - - - - 32 - Mortgage and asset-backed 23 (10) - - - (5) - - 8 - Corporate – non-U.S. 295 28 (5) 9 (82) - (1) - 244 - U.S. government and federal agency 277 - 30 - - - - - 307 - Equity 9 - (1) - - - - - 8 - Derivatives(d)(e) 82 (26) - - - (41) 11 11 37 (24) Total $ 3,859 $ (4) $ 158 $ 183 $ (82) $ (82) $ 18 $ 8 $ 4,057 $ (24) 2015 Investment securities Debt U.S. corporate $ 3,163 $ (10) $ (145) $ 87 $ (38) $ (20) $ - $ (13) $ 3,024 $ - State and municipal 58 - (3) - - (8) - - 47 - Mortgage and asset-backed 114 (15) (8) - - - - (13) 78 - Corporate – non-U.S. 290 - (7) - - - - - 283 - Government – non-U.S. 2 - - - - - - - 2 - U.S. government and federal agency 291 - 2 - - - - - 293 - Equity 6 - - 6 (6) - - - 6 - Derivatives(d)(e) 33 (2) - - - (6) 40 - 65 33 Other 225 4 - - (7) - - - 222 1 Total $ 4,183 $ (23) $ (161) $ 92 $ (51) $ (35) $ 40 $ (27) $ 4,020 $ 34 Earnings effects are primarily included in the “ GE Capital revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were primarily a result of increased use of quotes from independent pricing vendors based on recent trading activity. Represents the amount of unrealized gains or losses for the period included in earnings. Represents derivative a ssets net of derivative liabilities and includes cash accruals of none and $ 11 million not reflected in the fair value hierarchy table for the three months ended June 30, 2016 and 2015 , respectively. Gains (losses) included in net r ealized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 15 and 19 . CHANGES IN LEVEL 3 INSTRUMENTS FOR THE SIX 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) June 30 June 30(c) 2016 Investment securities Debt U.S. corporate $ 3,006 $ 8 $ 232 $ 233 $ (5) $ (43) $ 8 $ (18) $ 3,422 $ - State and municipal 30 - 2 - - - - - 32 - Mortgage and asset-backed 32 (19) - - - (6) - - 8 - Corporate – non-U.S. 290 28 - 9 (82) (1) (1) - 244 - U.S. government and federal agency 323 - (15) - - (1) - - 307 - Equity 13 (6) 1 - - - - - 8 - Derivatives(d)(e) 88 (22) - - - (39) - 10 37 (20) Other 259 - - - - - - (259) - - Total $ 4,042 $ (12) $ 221 $ 243 $ (87) $ (90) $ 7 $ (267) $ 4,057 $ (20) 2015 Investment securities Debt U.S. corporate $ 3,053 $ (6) $ (86) $ 181 $ (49) $ (56) $ - $ (13) $ 3,024 $ - State and municipal 58 - (2) - - (8) - - 47 - Mortgage and asset-backed 145 (9) (9) - (32) (3) - (13) 78 - Corporate – non-U.S. 337 - (4) - (49) - - - 283 - Government – non-U.S. 2 - - - - - - - 2 - U.S. government and federal agency 266 - 28 - - (1) - - 293 - Equity 9 2 (2) 6 (6) (4) - - 6 - Derivatives(d)(e) 29 3 - - - (8) 40 - 65 40 Other 277 (34) - - (20) - - - 222 (37) Total $ 4,175 $ (44) $ (74) $ 187 $ (157) $ (80) $ 41 $ (27) $ 4,020 $ 3 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 six months ended June 30, 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 earnings. R epresents derivative assets net of derivative liabilities and includes cash accruals of none and $ 11 million not reflected in the fair value hierarchy table for the six months ended June 30, 2016 and 2015 , respectively. Gains (los ses) 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 19 . |
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 six months ended the year ended June 30, 2016 December 31, 2015 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 33 $ - $ 154 Cost and equity method investments - 226 1 436 Long-lived assets 32 634 2 882 Total $ 32 $ 893 $ 3 $ 1,471 Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Financing receivables and financing receivables held for sale $ - $ (19) $ (15) $ (21) Cost and equity method investments (18) (60) (95) (91) Long-lived assets (172) (23) (227) (57) Total $ (190) $ (103) $ (337) $ (168) |
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) June 30, 2016 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 897 Income approach Discount rate(a) 1.7%-13.5% (8.0%) Mortgage and asset-backed 8 Income approach Discount rate(a) 2.0%-5.0% (4.7%) Non-recurring fair value measurements Financing receivables and financing receivables held for sale $ 31 Income approach Discount rate(a) 9.0%-30.0% (20.4%) Cost and equity method investments 138 Income approach Discount rate(a) 9.0%-20.0% (13.2%) Long-lived assets 599 Income approach Discount rate(a) 1.8%-25.0% (10.5%) 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 financing receivables held for sale $ 146 Income approach Discount rate(a) 6.5%-30.0% (10.7%) 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) | 6 Months Ended |
Jun. 30, 2016 | |
Summary Of Derivative Instruments [Abstract] | |
Estimated fair value of assets and liabilities | June 30, 2016 December 31, 2015 Carrying Carrying amount Estimated amount Estimated (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,353 $ 1,437 $ 1,104 $ 1,174 Liabilities Borrowings(a)(b) 19,331 20,822 18,397 18,954 Borrowings (debt assumed)(a)(c) 70,188 79,727 84,704 92,231 GE Capital Assets Loans 18,992 18,850 20,061 19,774 Time deposits(d) 3,550 3,550 10,386 10,386 Other commercial mortgages 1,356 1,481 1,381 1,447 Loans held for sale 692 692 342 342 Other financial instruments(e) 91 122 94 110 Liabilities Borrowings(a)(f)(g)(h) 68,138 70,790 95,474 99,396 Investment contracts 2,870 3,490 2,955 3,441 (a) See Note 9. (b) Included $ 93 million and $ 116 million of accrued interest in estimated fair value at June 30, 2016 and December 31, 2015 , respectively. (c) Included $ 992 million and $ 1,006 million of accrued interest in estimated fair value at June 30, 2016 and December 31, 2015 , respectively. (d) Balances at June 30, 2016 and December 31, 2015 included $ 3,550 million and $ 10,386 million, respectively of high quality interest bearing deposits of glo bal banks, that matured 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 included, the fair value of borrowings at June 30, 2016 and December 31, 2015 would have been reduced by $ 5,299 million and $ 3,001 million, respectively. (g) Included $ 668 million and $ 1,103 million of accrued interest in estimated fair value at June 30, 2016 and December 31, 2015 , respectively. (h) Excluded $ 65,186 million and $ 84,704 million of intercompany payable to GE at June 30, 2016 and December 31, 2015 respectively, which includes a reduction for a $5,002 million short-term loan in second quarter of 2016 from GE Cap ital to GE, which bears the right of offset against amounts owed under the assumed debt agreement. |
Loan commitments | NOTIONAL AMOUNTS OF LOAN COMMITMENTS (In millions) June 30, 2016 December 31, 2015 Ordinary course of business lending commitments(a) $ 448 $ 531 Unused revolving credit lines 213 279 (a) Excluded investment commitments of $ 758 million and $ 782 million at June 30, 2016 and December 31, 2015 , respectively. |
Financial statements effects of cash flow hedges | FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ 11 $ 446 $ (45) $ (637) Shareowners' equity (increase) decrease (12) (446) 45 637 Earnings (loss) related to ineffectiveness - - 1 - Earnings (loss) effect of derivatives(a) 14 415 (71) (582) (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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Fair value of derivative increase (decrease) $ 888 $ (1,924) $ 2,610 $ (873) Adjustment to carrying amount of hedged debt (increase) decrease (933) 1,872 (2,688) 789 Earnings (loss) related to hedge ineffectiveness (46) (52) (77) (84) 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ (282) $ (1,578) $ 47 $ 3,367 Fair value of non-derivatives (increase) decrease (318) - (120) - Shareowners' equity (increase) decrease 609 1,566 40 (3,423) Earnings (loss) related to spot-forward differences and ineffectiveness 8 (12) (34) (56) Earnings (loss) related to reclassification upon sale or liquidation(a) (380) (196) (1,072) 589 (a) Included $ (380) million and $ (196) million recorded in discontinued operations in the three months ended June 30, 2016 and 2015 , and $ (1,072) million and $ 592 million recorded in discontinued operations in the six months ended June 30, 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 June 30 Six months ended June 30 (In millions) 2016 2015 2016 2015 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ 159 $ 875 $ (143) $ (2,243) Change in carrying amount of item being hedged increase (decrease) (288) (981) (177) 2,148 Earnings (loss) effect of economic hedges(a) (130) (106) (321) (95) (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) June 30, 2016 December 31, 2015 Derivative assets $ 7,709 $ 7,391 Derivative liabilities (4,477) (5,681) Accrued interest 728 1,014 Cash collateral & credit valuation adjustment (2,991) (1,141) Net Derivatives 969 1,583 Securities held as collateral (1,038) (1,277) Net amount $ (69) $ 306 |
Effects of derivatives on earnings | Three months ended June 30 Six months ended June 30 Effect on Effect on Effect on Effect on Effect on Effect on (In millions) hedging instrument underlying earnings hedging instrument underlying earnings 2016 Cash flow hedges $ 11 $ (12) $ - $ (45) $ 45 $ 1 Fair value hedges 888 (933) (46) 2,610 (2,688) (77) Net investment hedges(a) (600) 609 8 (73) 40 (34) Economic hedges(b) 159 (288) (130) (143) (177) (321) Total $ (168) $ (431) 2015 Cash flow hedges $ 446 $ (446) $ - $ (637) $ 637 $ - Fair value hedges (1,924) 1,872 (52) (873) 789 (84) Net investment hedges(a) (1,578) 1,566 (12) 3,367 (3,423) (56) Economic hedges(b) 875 (981) (106) (2,243) 2,148 (95) Total $ (170) $ (235) (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) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Assets Financing receivables, net $ - $ - $ 926 $ 745 $ 1,671 Current receivables 152 2,683 (b) - 1 2,836 Investment securities - - - 1,516 1,516 Other assets 1,099 - 33 1,144 2,276 Total $ 1,251 $ 2,683 $ 959 $ 3,406 $ 8,299 Liabilities Borrowings $ 41 $ - $ 827 $ 867 $ 1,735 Non-recourse borrowings - 1,905 100 - 2,005 Other liabilities 1,161 31 30 1,343 2,565 Total $ 1,202 $ 1,936 $ 957 $ 2,210 $ 6,305 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 CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to CSE investors with our own cash prior to payment to a CSE, provided our short-term credit rating does not fall below A-1/P-1. These CSEs also owe us amounts for purchased financial assets and scheduled interest and principal payments. At June 30, 2016 and December 31, 2015 , the amounts of commingled ca sh owed to the CSEs were $860 million and $1,093 millio n, respectively, and the amounts owed to us by CSEs were $12 million and $7 million, respectively. In June 2016, we completed the sale of our Appliances business to Haier and sold all of the Appliances receivables purchased by the secu ritization trust to Haier for $773 million. Further information about the sale is provided in Note 2. A t December 31, 2015 , included $ 737 million of receivables purchased from Appliances. |
Unconsolidated VIE | INVESTMENTS IN UNCONSOLIDATED VIEs (In millions) June 30, 2016 December 31, 2015 Other assets and investment securities $ 5,437 $ 745 Financing receivables – net 13 13 Total investments 5,450 758 Contractual obligations to fund investments, guarantees or revolving lines of credit 866 29 Total exposure(a) $ 6,316 $ 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) | 6 Months Ended |
Jun. 30, 2016 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | Six months ended June 30 (In millions) 2016 2015 Cash from (used for) operating activities-continuing operations Combined $ 11,129 $ 1,828 GE customer receivables sold to GE Capital 1,499 1,169 GE Capital dividends to GE (11,000) (450) Other reclassifications and eliminations 308 385 $ 1,936 $ 2,932 Cash from (used for) investing activities-continuing operations Combined $ 39,496 $ 26,605 GE customer receivables sold to GE Capital (1,652) (1,493) Other reclassifications and eliminations 4,570 (356) $ 42,414 $ 24,756 Cash from (used for) financing activities-continuing operations Combined $ (68,960) $ (17,214) GE customer receivables sold to GE Capital 153 324 GE Capital dividends to GE 11,000 450 Other reclassifications and eliminations (4,878) (30) $ (62,685) $ (16,470) |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Operating Segments Reconciliation [Abstract] | |
Operating segments reconciliation | SUMMARY OF OPERATING SEGMENTS Three months ended June 30 Six months ended June 30 (In millions) 2016 2015 V% 2016 2015 V% Revenues Power $ 6,639 $ 5,055 31 % $ 11,843 $ 9,667 23 % Renewable Energy 2,094 1,641 28 % 3,763 2,669 41 % Oil & Gas 3,219 4,118 (22) % 6,533 8,157 (20) % Energy Connections 2,734 1,768 55 % 4,994 3,453 45 % Aviation 6,511 6,251 4 % 12,774 11,926 7 % Healthcare 4,525 4,337 4 % 8,708 8,412 4 % Transportation 1,240 1,420 (13) % 2,222 2,728 (19) % Appliances & Lighting 1,667 2,236 (25) % 3,663 4,177 (12) % Total industrial segment revenues 28,630 26,826 7 % 54,499 51,188 6 % Capital 2,771 2,690 3 % 5,656 5,556 2 % Total segment revenues 31,401 29,516 6 % 60,155 56,744 6 % Corporate items and eliminations 2,093 (290) 1,184 (1,278) Consolidated revenues $ 33,494 $ 29,226 15 % $ 61,339 $ 55,466 11 % Segment profit (loss) Power $ 1,140 $ 1,046 9 % $ 1,714 $ 1,803 (5) % Renewable Energy 128 144 (11) % 211 201 5 % Oil & Gas 320 613 (48) % 628 1,102 (43) % Energy Connections 35 82 (57) % (49) 110 U Aviation 1,348 1,269 6 % 2,872 2,583 11 % Healthcare 782 704 11 % 1,413 1,292 9 % Transportation 273 331 (18) % 437 556 (21) % Appliances & Lighting 96 165 (42) % 211 268 (21) % Total industrial segment profit 4,122 4,355 (5) % 7,437 7,915 (6) % Capital (600) (493) (22) % (1,492) (6,215) 76 % Total segment profit (loss) 3,523 3,862 (9) % 5,944 1,700 F Corporate items and eliminations 974 (1,185) (597) (2,876) GE interest and other financial charges (567) (414) (1,007) (803) GE provision for income taxes (648) (583) (849) (890) Earnings (loss) from continuing operations attributable to GE common shareowners 3,281 1,679 95 % 3,492 (2,869) F Earnings (loss) from discontinued operations, net of tax (541) (2,947) 82 % (849) (11,883) 93 % Less net earnings attributable to noncontrolling interests, discontinued operations 3 92 (97) % 3 181 (98) % Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (544) (3,039) 82 % (852) (12,064) 93 % Consolidated net earnings (loss) attributable to the GE common shareowners $ 2,738 $ (1,360) F $ 2,639 $ (14,933) F \ \ |
Guarantor Financials (Tables)
Guarantor Financials (Tables) - Guarantor | 6 Months Ended |
Jun. 30, 2016 | |
Guarantee Obligations [Line Items] | |
Schedule Of Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 10,664 $ - $ - $ 38,202 $ (20,838) $ 28,028 Other income (264) - - 16,043 (12,629) 3,150 Equity in earnings (loss) of affiliates 5,228 - (5) 15,305 (20,528) - GE Capital revenues from services - 200 722 1,760 (365) 2,316 Total revenues and other income 15,628 200 717 71,310 (54,359) 33,494 Costs and expenses Interest and other financial charges 851 175 677 1,412 (1,790) 1,326 Investment contracts, insurance losses and insurance annuity benefits - - - 815 (40) 776 Other costs and expenses 11,601 - 19 37,971 (22,022) 27,569 Total costs and expenses 12,453 175 695 40,198 (23,852) 29,670 Earnings (loss) from continuing operations before income taxes 3,175 25 21 31,111 (30,508) 3,824 Benefit (provision) for income taxes 256 (3) (43) (435) (254) (479) Earnings (loss) from continuing operations 3,430 22 (22) 30,676 (30,762) 3,345 Earnings (loss) from discontinued operations, net of taxes (541) - (521) 600 (80) (541) Net earnings (loss) 2,890 22 (542) 31,277 (30,841) 2,804 Less net earnings (loss) attributable to noncontrolling interests - - - (66) (20) (86) Net earnings (loss) attributable to the Company 2,890 22 (542) 31,342 (30,822) 2,890 Other comprehensive income (loss) 807 - 246 579 (825) 807 Comprehensive income (loss) attributable to the Company $ 3,696 $ 22 $ (297) $ 31,922 $ (31,646) $ 3,696 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2015 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 11,463 $ - $ - $ 33,442 $ (18,849) $ 26,056 Other income 610 - - 3,352 (3,183) 780 Equity in earnings (loss) of affiliates 2,336 - - 3,338 (5,673) - GE Capital revenues from services - - - 9,068 (6,678) 2,390 Total revenues and other income 14,409 - - 49,200 (34,383) 29,226 Costs and expenses Interest and other financial charges 817 - - 2,277 (2,382) 713 Investment contracts, insurance losses and insurance annuity benefits - - - 709 (52) 657 Other costs and expenses 12,505 - - 37,984 (25,244) 25,245 Total costs and expenses 13,322 - - 40,971 (27,679) 26,614 Earnings (loss) from continuing operations before income taxes 1,086 - - 8,229 (6,704) 2,612 Benefit (provision) for income taxes 497 - - (2,854) 1,558 (799) Earnings (loss) from continuing operations 1,584 - - 5,375 (5,146) 1,813 Earnings (loss) from discontinued operations, net of taxes (2,943) - - (367) 363 (2,947) Net earnings (loss) (1,360) - - 5,008 (4,783) (1,134) Less net earnings (loss) attributable to noncontrolling interests - - - 97 128 225 Net earnings (loss) attributable to the Company (1,360) - - 4,911 (4,911) (1,360) Other comprehensive income (loss) 4,158 - - 1,206 (1,206) 4,158 Comprehensive income (loss) attributable to the Company $ 2,798 $ - $ - $ 6,116 $ (6,116) $ 2,798 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 20,676 $ - $ - $ 71,961 $ (39,295) $ 53,342 Other income (38) - - 19,484 (16,288) 3,158 Equity in earnings (loss) of affiliates 6,135 - 665 28,928 (35,728) - GE Capital revenues from services - 596 1,019 6,344 (3,121) 4,838 Total revenues and other income 26,774 596 1,683 126,717 (94,431) 61,339 Costs and expenses Interest and other financial charges 1,662 547 1,608 3,171 (3,927) 3,062 Investment contracts, insurance losses and insurance annuity benefits - - - 1,487 (70) 1,417 Other costs and expenses 22,057 - 55 73,137 (42,452) 52,797 Total costs and expenses 23,719 548 1,663 77,795 (46,449) 57,276 Earnings (loss) from continuing operations before income taxes 3,055 48 20 48,922 (47,983) 4,063 Benefit (provision) for income taxes 875 (6) (46) (958) (205) (340) Earnings (loss) from continuing operations 3,929 42 (26) 47,964 (48,187) 3,723 Earnings (loss) from discontinued operations, net of taxes (849) - (996) 174 821 (849) Net earnings (loss) 3,081 42 (1,022) 48,138 (47,366) 2,874 Less net earnings (loss) attributable to noncontrolling interests - - - (91) (116) (207) Net earnings (loss) attributable to the Company 3,081 42 (1,022) 48,230 (47,250) 3,081 Other comprehensive income (loss) 1,631 (12) 63 847 (898) 1,631 Comprehensive income (loss) attributable to the Company $ 4,711 $ 30 $ (958) $ 49,076 $ (48,148) $ 4,711 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2015 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 21,135 $ - $ - $ 64,776 $ (36,172) $ 49,739 Other income 413 - - 4,399 (3,889) 922 Equity in earnings (loss) of affiliates (1,084) - - 14,976 (13,892) - GE Capital revenues from services - - - 17,623 (12,819) 4,804 Total revenues and other income 20,464 - - 101,775 (66,773) 55,466 Costs and expenses Interest and other financial charges 1,570 - - 4,646 (4,886) 1,331 Investment contracts, insurance losses and insurance annuity benefits - - - 1,354 (84) 1,270 Other costs and expenses 23,020 - - 78,800 (53,187) 48,633 Total costs and expenses 24,589 - - 84,800 (58,156) 51,233 Earnings (loss) from continuing operations before income taxes (4,125) - - 16,975 (8,617) 4,233 Benefit (provision) for income taxes 1,071 - - (9,927) 1,763 (7,093) Earnings (loss) from continuing operations (3,054) - - 7,047 (6,853) (2,860) Earnings (loss) from discontinued operations, net of taxes (11,879) - - (2,693) 2,689 (11,883) Net earnings (loss) (14,933) - - 4,355 (4,165) (14,743) Less net earnings (loss) attributable to noncontrolling interests - - - 197 (7) 190 Net earnings (loss) attributable to the Company (14,933) - - 4,158 (4,158) (14,933) Other comprehensive income (loss) (34) - - (3,785) 3,785 (34) Comprehensive income (loss) attributable to the Company $ (14,967) $ - $ - $ 373 $ (373) $ (14,967) |
Schedule Of Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 2,863 $ - $ 37 $ 53,408 $ (4,185) $ 52,123 Investment securities 7 - - 46,336 (6,623) 39,720 Receivables - net 67,759 17,077 61,339 73,581 (175,943) 43,813 Inventories 5,295 - - 21,957 (2,528) 24,723 Property, plant and equipment - net 5,494 - - 46,395 (1,453) 50,436 Investment in subsidiaries(a) 284,657 - 77,908 420,869 (783,434) - Goodwill and intangible assets 7,709 - - 54,590 21,448 83,747 All other assets 15,293 1,558 1,019 227,904 (188,741) 57,033 Assets of discontinued operations - - - - 49,865 49,865 Total assets $ 389,078 $ 18,635 $ 140,303 $ 945,039 $ (1,091,594) $ 401,461 Liabilities and equity Short-term borrowings $ 166,625 $ - $ 47,814 $ 31,729 $ (214,242) $ 31,927 Accounts payable 3,555 - - 38,275 (28,715) 13,115 Other current liabilities 12,148 27 58 27,183 (674) 38,742 Long-term and non-recourse borrowings 78,035 18,361 62,445 84,118 (118,449) 124,509 All other liabilities 42,031 90 714 59,862 (13,665) 89,031 Liabilities of discontinued operations - - - - 14,384 14,384 Total Liabilities 302,394 18,478 111,031 241,166 (361,361) 311,708 Redeemable noncontrolling interests - - - 2,266 803 3,070 GE shareowners' equity 84,991 158 29,271 699,629 (729,058) 84,991 Noncontrolling interests 1,693 - - 1,977 (1,977) 1,693 Total equity 86,684 158 29,271 701,607 (731,036) 86,684 Total liabilities, redeemable noncontrolling interests and equity $ 389,078 $ 18,635 $ 140,303 $ 945,039 $ (1,091,594) $ 401,461 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and cash equivalent balances of $ 26 . 0 billion and net assets of discontinued operations of $ 24.9 billion. CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 4,137 $ - $ - $ 86,955 $ (20,609) $ 70,483 Investment securities 14 - - 40,886 (8,927) 31,973 Receivables - net 88,696 33,232 69,306 75,909 (221,286) 45,856 Inventories 5,447 - - 19,762 (2,694) 22,515 Property, plant and equipment - net 6,540 - - 56,808 (9,253) 54,095 Investment in subsidiaries(a) 274,471 - 78,505 405,686 (758,662) - Goodwill and intangible assets 7,793 - - 61,412 14,118 83,323 All other assets 15,732 11 915 247,611 (200,392) 63,876 Assets of discontinued operations - - - - 120,951 120,951 Total assets $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 Liabilities and equity Short-term borrowings $ 145,051 $ 16,204 $ 71,862 $ 60,601 $ (243,858) $ 49,860 Accounts payable 6,096 - - 37,636 (30,052) 13,680 Other current liabilities 14,482 (1) 17 34,903 (7,860) 41,540 Long-term and non-recourse borrowings 97,471 16,423 46,392 105,801 (118,345) 147,742 All other liabilities 41,455 489 224 57,996 (9,514) 90,651 Liabilities of discontinued operations - - - - 46,487 46,487 Total Liabilities 304,555 33,115 118,495 296,937 (363,141) 389,961 Redeemable noncontrolling interests - - - 2,888 84 2,972 GE shareowners' equity 98,274 127 30,230 693,589 (723,946) 98,274 Noncontrolling interests - - - 1,616 248 1,864 Total equity 98,274 127 30,230 695,204 (723,697) 100,138 Total liabilities, redeemable noncontrolling interests and equity $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and cash equivalent balances of $40.1 billion and net assets of discontinued operations of $40.0 billion. |
Schedule Of Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2016 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (21,092) $ 182 $ 1,032 $ 10,275 $ 11,539 $ 1,936 Cash from (used for) operating activities - discontinued operations (849) - (996) (3,826) 821 (4,849) Cash from (used for) operating activities (21,941) 182 37 6,449 12,361 (2,913) Cash flows – investing activities Cash from (used for) investing activities – continuing operations 17,416 16,084 7,995 97,631 (96,712) 42,414 Cash from (used for) investing activities – discontinued operations - - - (10,646) - (10,646) Cash from (used for) investing activities 17,416 16,084 7,995 86,985 (96,712) 31,768 Cash flows – financing activities Cash from (used for) financing activities – continuing operations 3,252 (16,265) (7,995) (142,451) 100,775 (62,685) Cash from (used for) financing activities – discontinued operations - - - (711) - (711) Cash from (used for) financing activities 3,252 (16,265) (7,995) (143,162) 100,775 (63,396) Effect of currency exchange rate changes on cash and equivalents - - - (24) - (24) Increase (decrease) in cash and equivalents (1,274) - 37 (49,752) 16,424 (34,565) Cash and equivalents at beginning of year 4,137 - - 107,350 (20,609) 90,878 Cash and equivalents at June 30 2,863 - 37 57,598 (4,185) 56,313 Less cash and equivalents of discontinued operations at June 30 - - - 4,190 - 4,190 Cash and equivalents of continuing operations at June 30 $ 2,863 $ - $ 37 $ 53,408 $ (4,185) $ 52,123 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2015 (UNAUDITED) Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (13,885) $ - $ - $ 66,152 $ (49,336) $ 2,932 Cash from (used for) operating activities - discontinued operations (11,879) - - 18,644 2,689 9,454 Cash from (used for) operating activities (25,763) - - 84,795 (46,647) 12,385 Cash flows – investing activities Cash from (used for) investing activities – continuing operations 26,326 - - (120,772) 119,202 24,756 Cash from (used for) investing activities – discontinued operations - - - (8,209) - (8,209) Cash from (used for) investing activities 26,326 - - (128,981) 119,202 16,547 Cash flows – financing activities Cash from (used for) financing activities – continuing operations (2,388) - - 58,236 (72,317) (16,470) Cash from (used for) financing activities – discontinued operations - - - (2,240) - (2,240) Cash from (used for) financing activities (2,388) - - 55,996 (72,317) (18,710) Effect of currency exchange rate changes on cash and equivalents - - - (2,887) - (2,887) Increase (decrease) in cash and equivalents (1,826) - - 8,923 238 7,336 Cash and equivalents at beginning of year 4,820 - - 108,400 (22,203) 91,017 Cash and equivalents at June 30 2,994 - - 117,324 (21,965) 98,353 Less cash and equivalents of discontinued operations at June 30 - - - 19,992 - 19,992 Cash and equivalents of continuing operations at June 30 $ 2,994 $ - $ - $ 97,331 $ (21,965) $ 78,360 |
Supplemental Information (Deriv
Supplemental Information (Derivatives) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summary Of Derivative Instruments [Abstract] | |
Fair value of derivatives | FAIR VALUE OF DERIVATIVES June 30, 2016 December 31, 2015 (In millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 5,773 $ 24 $ 4,132 $ 158 Currency exchange contracts 335 630 1,109 1,383 Other contracts - - - - 6,108 653 5,241 1,541 Derivatives not accounted for as hedges Interest rate contracts 119 101 119 44 Currency exchange contracts 1,196 3,700 1,715 4,048 Other contracts 286 23 315 49 1,601 3,823 2,149 4,141 Gross derivatives recognized in statement of financial position Gross derivatives 7,709 4,477 7,391 5,681 Gross accrued interest 760 32 1,001 (13) 8,469 4,509 8,392 5,668 Amounts offset in statement of financial position Netting adjustments(a) (2,978) (2,969) (4,326) (4,326) Cash collateral(b) (3,843) (861) (1,784) (642) (6,821) (3,830) (6,110) (4,968) Net derivatives recognized in statement of financial position Net derivatives 1,648 678 2,282 700 Amounts not offset in statement of financial position Securities held as collateral(c) (1,038) - (1,277) - Net amount $ 610 $ 678 $ 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 June 30, 2016 and December 31, 2015 , the cumulati ve adjustment for non-performance risk was $ (9) million and insignificant , respectively. (b) Excluded excess cash collateral received and posted of $ 61 million and $ 79 million at June 30, 2016 , respective ly , and $ 48 million and $ 379 million at December 31, 2015 , respectively. (c) Excluded excess securities c ollateral received of $ 54 million and $ 107 million at June 30, 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 June 30 for the three months ended June 30 (In millions) 2016 2015 2016 2015 Interest rate contracts $ 12 $ (7) $ (26) $ (22) Currency exchange contracts 1 452 40 437 Commodity contracts (1) 1 (1) - Total(a) $ 12 $ 446 $ 14 $ 415 CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings for the six months ended June 30 for the six months ended June 30 (In millions) 2016 2015 2016 2015 Interest rate contracts $ 31 $ (10) $ (55) $ (61) Currency exchange contracts (77) (625) (13) (520) Commodity contracts - (2) (3) (1) Total(a) $ (45) $ (637) $ (71) $ (582) (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 | 6 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 33,494 | $ 29,226 | $ 61,339 | $ 55,466 | |||||
Interest and other financial charges | (1,326) | (713) | (3,062) | (1,331) | |||||
Benefit (provision) for income taxes | (479) | (799) | (340) | (7,093) | |||||
Earnings (loss) from continuing operations attributable to GE common shareowners | 3,281 | 1,679 | 3,492 | (2,869) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (541) | (2,947) | (849) | (11,883) | |||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 3 | 92 | 3 | 181 | |||||
Earnings (loss) from discontinued operations, net of taxes | (541) | 2,947 | (849) | (11,883) | |||||
Earnings (loss) from discontinued operations, net of tax and noncontrolling interest | (544) | (3,039) | (852) | (12,064) | |||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 2,738 | (1,360) | $ 2,639 | (14,933) | |||||
Variance in revenues | 15.00% | 11.00% | |||||||
Variance in earnings (loss) from continuing operations | 95.00% | ||||||||
Variance earnings loss continued operations fav unfav | F | ||||||||
Variance earnings (loss) from discontinued operations net of taxes | 82.00% | 93.00% | |||||||
Variance net earnings loss attributable to company fav unfav | F | F | |||||||
Variance in earnings from discontinued operations net of tax and noncontrolling interest | 82.00% | 93.00% | |||||||
Variance net earnings (loss) attributable to noncontrolling interest | (97.00%) | (98.00%) | |||||||
GE | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | [1] | $ 30,604 | 26,578 | $ 55,210 | 44,748 | ||||
Interest and other financial charges | [1] | (567) | (414) | (1,007) | (803) | ||||
Benefit (provision) for income taxes | [1] | (648) | (583) | (849) | (890) | ||||
Earnings (loss) from continuing operations attributable to GE common shareowners | [1] | 3,281 | 1,679 | 3,492 | (2,869) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (544) | (3,039) | (852) | [2] | (12,064) | [2] | |||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | [1] | 0 | [1] | 0 | 0 | |||
Earnings (loss) from discontinued operations, net of taxes | [1] | (544) | (3,039) | (852) | (12,064) | ||||
Net Income (Loss) Available to Common Stockholders, Basic | [1] | 2,738 | (1,360) | 2,639 | (14,933) | ||||
GE Capital | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 2,771 | 2,690 | 5,656 | 5,556 | |||||
Interest and other financial charges | (958) | (423) | (2,389) | (762) | |||||
Benefit (provision) for income taxes | 168 | (216) | 509 | (6,203) | |||||
Earnings (loss) from continuing operations attributable to GE common shareowners | (600) | (493) | (1,492) | (6,215) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (541) | (2,944) | (849) | (11,879) | |||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 3 | 92 | 3 | 181 | |||||
Earnings (loss) from discontinued operations, net of taxes | (541) | (2,944) | (849) | (11,879) | |||||
Net Income (Loss) Available to Common Stockholders, Basic | (1,143) | (3,529) | (2,344) | (18,274) | |||||
Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 31,401 | 29,516 | 60,155 | 56,744 | |||||
Operating Income (Loss) | 3,523 | 3,862 | 5,944 | 1,700 | |||||
Interest and other financial charges | (567) | (414) | (1,007) | (803) | |||||
Benefit (provision) for income taxes | (648) | (583) | $ (849) | (890) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (541) | (2,947) | (11,883) | ||||||
Variance in revenues | 6.00% | 6.00% | |||||||
Variance in segment profit | (9.00%) | ||||||||
Variance segment profit favorable unfavorable | F | ||||||||
Power | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 6,639 | 5,055 | $ 11,843 | 9,667 | |||||
Operating Income (Loss) | $ 1,140 | 1,046 | $ 1,714 | 1,803 | |||||
Variance in revenues | 31.00% | 23.00% | |||||||
Variance in segment profit | 9.00% | (5.00%) | |||||||
Renewable Energy | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 2,094 | 1,641 | $ 3,763 | 2,669 | |||||
Operating Income (Loss) | $ 128 | 144 | $ 211 | 201 | |||||
Variance in revenues | 28.00% | 41.00% | |||||||
Variance in segment profit | (11.00%) | 5.00% | |||||||
Oil & Gas | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 3,219 | 4,118 | $ 6,533 | 8,157 | |||||
Operating Income (Loss) | $ 320 | 613 | $ 628 | 1,102 | |||||
Variance in revenues | (22.00%) | (20.00%) | |||||||
Variance in segment profit | (48.00%) | (43.00%) | |||||||
Energy Connections | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 2,734 | 1,768 | $ 4,994 | 3,453 | |||||
Operating Income (Loss) | $ 35 | 82 | $ (49) | 110 | |||||
Variance in revenues | 55.00% | 45.00% | |||||||
Variance in segment profit | (57.00%) | ||||||||
Variance segment profit favorable unfavorable | U | ||||||||
Aviation | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 6,511 | 6,251 | $ 12,774 | 11,926 | |||||
Operating Income (Loss) | $ 1,348 | 1,269 | $ 2,872 | 2,583 | |||||
Variance in revenues | 4.00% | 7.00% | |||||||
Variance in segment profit | 6.00% | 11.00% | |||||||
Healthcare | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 4,525 | 4,337 | $ 8,708 | 8,412 | |||||
Operating Income (Loss) | $ 782 | 704 | $ 1,413 | 1,292 | |||||
Variance in revenues | 4.00% | 4.00% | |||||||
Variance in segment profit | 11.00% | 9.00% | |||||||
Transporation | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 1,240 | 1,420 | $ 2,222 | 2,728 | |||||
Operating Income (Loss) | $ 273 | 331 | $ 437 | 556 | |||||
Variance in revenues | (13.00%) | (19.00%) | |||||||
Variance in segment profit | (18.00%) | (21.00%) | |||||||
Appliances & Lighting | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 1,667 | 2,236 | $ 3,663 | 4,177 | |||||
Operating Income (Loss) | $ 96 | 165 | $ 211 | 268 | |||||
Variance in revenues | (25.00%) | (12.00%) | |||||||
Variance in segment profit | (42.00%) | (21.00%) | |||||||
GE Industrial | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 28,630 | 26,826 | $ 54,499 | 51,188 | |||||
Operating Income (Loss) | $ 4,122 | 4,355 | $ 7,437 | 7,915 | |||||
Variance in revenues | 7.00% | 6.00% | |||||||
Variance in segment profit | (5.00%) | (6.00%) | |||||||
Capital | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Variance in segment profit | 76.00% | ||||||||
Capital | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 2,771 | 2,690 | $ 5,656 | 5,556 | |||||
Operating Income (Loss) | $ (600) | (493) | $ (1,492) | (6,215) | |||||
Variance in revenues | 3.00% | 2.00% | |||||||
Corporate | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 2,093 | (290) | $ 1,184 | (1,278) | |||||
Operating Income (Loss) | $ 974 | $ (1,185) | $ (597) | $ (2,876) | |||||
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. | ||||||||
[2] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Accounting Policies) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Accounting Change [Line Items] | |||||
Noncontrolling Interest Portion Of Accumulated Other Comprehensive Income And Other | $ 39 | $ (2) | $ (40) | $ 95 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 6,110 | 6,110 | |||
Unamortized Debt Issuance Costs | $ 674 | ||||
Investment in Unconsolidated VIEs [Member] | |||||
Accounting Change [Line Items] | |||||
Noncontrolling Interest Portion Of Accumulated Other Comprehensive Income And Other | 123 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 6,316 | $ 6,316 | $ 787 |
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 | Jul. 01, 2016 | Jun. 06, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 30, 2016 | Dec. 31, 2015 | Dec. 03, 2015 | Dec. 31, 2014 |
Assets | ||||||||
Current receivables(a) | $ 25,128 | $ 27,022 | ||||||
Assets of discontinued operations | 49,865 | 120,951 | ||||||
Liabilities | ||||||||
Liabilities of discontinued operations | 14,384 | 46,487 | ||||||
Additional disclosures | ||||||||
Proceeds from sale of business | 5,609 | $ 222 | ||||||
Preferred stock, value, issued | 6 | $ 4,949 | 6 | $ 5,944 | $ 5,000 | |||
Held for sale | ||||||||
Assets | ||||||||
Current receivables(a) | 35 | 79 | ||||||
Inventories | 0 | 583 | ||||||
Property, plant and equipment - net | 12 | 1,208 | ||||||
Goodwill | 0 | 370 | ||||||
Intangible Assets - Net | 6 | 162 | ||||||
Other | 6 | 416 | ||||||
Assets of discontinued operations | 59 | 2,818 | ||||||
Liabilities | ||||||||
Accounts payable(a) | 6 | 503 | ||||||
Other current liabilities | 32 | 325 | ||||||
Other | 17 | 33 | ||||||
Liabilities of discontinued operations | 56 | $ 861 | ||||||
Held for sale | GEAM | ||||||||
Additional disclosures | ||||||||
Proceeds from sale of business | $ 436 | |||||||
Additional proceeds from sale | $ 48 | |||||||
Assets Under Management Carrying Amount | $ 100,000 | |||||||
Held for sale | IP | ||||||||
Liabilities | ||||||||
Liabilities of discontinued operations | 0 | |||||||
Held for sale | Appliances | ||||||||
Additional disclosures | ||||||||
Proceeds from sale of business | $ 5,568 | |||||||
Gain on sale of business net of tax | $ 1,834 | |||||||
Held for sale | Financing Receivable | Appliances | ||||||||
Liabilities | ||||||||
Liabilities of discontinued operations | $ 0 |
Businesses Held for Sale and 50
Businesses Held for Sale and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Total | |||||
Earnings (loss) from discontinued operations, net of taxes | $ (541) | $ 2,947 | $ (849) | $ (11,883) | |
Assets | |||||
Cash and cash equivalents | 4,190 | 4,190 | $ 20,395 | ||
Financing receivables - net | 1,994 | 1,994 | 3,205 | ||
Assets of discontinued operations | 49,865 | 49,865 | 120,951 | ||
Liabilities | |||||
Liabilities of discontinued operations | 14,384 | 14,384 | 46,487 | ||
Additional information abstract | |||||
Other Liabilities | 21,475 | 21,475 | 23,611 | ||
Transitional Service Agreements [Member] | |||||
Additional information abstract | |||||
Other Commitment | 1,492 | 1,492 | |||
Other Liabilities | 163 | 163 | |||
Credit support amount | 111 | 111 | |||
Discontinued operations | |||||
Operations | |||||
Total revenues and other income (loss) | 568 | 6,829 | 1,861 | 12,289 | |
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (240) | 1,950 | (160) | (2,743) | |
Benefit (provision) for income taxes | 170 | (493) | 182 | 442 | |
Income (Loss) from Discontinued Operations, Net of Taxes | (70) | 1,457 | 22 | (2,301) | |
Total | |||||
Gain (loss) on disposal before income taxes | (295) | (3,384) | (540) | (7,036) | |
Benefit (provision) for income taxes | (177) | (1,021) | (331) | (2,546) | |
Gain (loss) on disposal, net of taxes | (472) | (4,405) | (871) | (9,582) | |
Earnings (loss) from discontinued operations, net of taxes | (541) | (2,947) | (849) | (11,883) | |
Assets | |||||
Cash and cash equivalents | 4,190 | 4,190 | 20,395 | ||
Investment securities | 6,141 | 6,141 | 8,478 | ||
Financing receivables - net | 1,994 | 1,994 | 3,205 | ||
Other receivables | 881 | 881 | 1,221 | ||
Property, plant and equipment - net | 845 | 845 | 7,537 | ||
Goodwill | 1,591 | 1,591 | 7,764 | ||
Intangible Assets - Net | 34 | 34 | 80 | ||
Deferred income taxes | 2,101 | 2,101 | 2,447 | ||
Financing receivables held for sale | 31,106 | 31,106 | 69,847 | ||
Valuation allowance on disposal group | (3,062) | (3,062) | (6,374) | ||
Other | 4,044 | 4,044 | 6,350 | ||
Assets of discontinued operations | 49,865 | 49,865 | 120,951 | ||
Liabilities | |||||
Short-term borrowings | 609 | 609 | 739 | ||
Accounts payable | 1,352 | 1,352 | 2,870 | ||
Non-recourse borrowings | 40 | 40 | 3,994 | ||
Bank deposits | 4,545 | 4,545 | 25,613 | ||
Long-term borrowings | 558 | 558 | 730 | ||
All other liabilities | 6,983 | 6,983 | 11,053 | ||
Deferred income taxes | 248 | 248 | 1,437 | ||
Other | 49 | 49 | 52 | ||
Liabilities of discontinued operations | 14,384 | 14,384 | $ 46,487 | ||
Discontinued operations | GE Capital Exit Plan | |||||
Operations | |||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | $ (537) | $ (1,525) | $ (703) | $ (9,960) |
Businesses Held for Sale and 51
Businesses Held for Sale and Discontinued Operations (Discontinued Operations by Business) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Operations | ||||||
Provision for losses on financing receivables | $ (510) | $ 1,076 | ||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | $ 776 | $ 657 | 1,417 | 1,270 | ||
Other costs and expenses | 303 | 287 | 562 | 578 | ||
Total | ||||||
Earnings (loss) from discontinued operations, net of taxes | (541) | 2,947 | $ (849) | (11,883) | ||
Additional disclosures | ||||||
Stock repurchased during period | 142,474,019 | |||||
Proceeds from Divestiture of Businesses | $ 5,609 | 222 | ||||
Discontinued operations | ||||||
Operations | ||||||
Revenues and other income (loss) | 568 | 6,829 | 1,861 | 12,289 | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (240) | 1,950 | (160) | (2,743) | ||
Benefit (provision) for income taxes | 170 | (493) | 182 | 442 | ||
Earnings (loss) from discontinued operations, net of taxes | (70) | 1,457 | 22 | (2,301) | ||
Total | ||||||
Gain (loss) on disposal before income taxes | (295) | (3,384) | (540) | (7,036) | ||
Benefit (provision) for income taxes | (177) | (1,021) | (331) | (2,546) | ||
Gain (loss) on disposal of discontinued operations | (472) | (4,405) | (871) | (9,582) | ||
Earnings (loss) from discontinued operations, net of taxes | (541) | (2,947) | (849) | (11,883) | ||
Discontinued operations | Consumer | ||||||
Operations | ||||||
Revenues and other income (loss) | 258 | 3,527 | 685 | 5,585 | ||
Interest expense | (46) | (573) | (97) | (1,184) | ||
Selling, general and administrative expenses | (158) | (1,104) | (335) | (2,172) | ||
Cost of services sold | 0 | 0 | 0 | 0 | ||
Provision for losses on financing receivables | 0 | (761) | 0 | (3,869) | ||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | (1) | (4) | (1) | (6) | ||
Other costs and expenses | (62) | (114) | (64) | (240) | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (9) | 971 | 188 | (1,886) | ||
Benefit (provision) for income taxes | 0 | (168) | (101) | (8) | ||
Earnings (loss) from discontinued operations, net of taxes | (9) | 803 | 87 | (1,894) | ||
Total | ||||||
Gain (loss) on disposal before income taxes | 164 | 0 | 153 | 0 | ||
Benefit (provision) for income taxes | (164) | 0 | (240) | 0 | ||
Gain (loss) on disposal of discontinued operations | 0 | 0 | (87) | 0 | ||
Earnings (loss) from discontinued operations, net of taxes | (9) | 803 | 0 | (1,894) | ||
Discontinued operations | CLL | ||||||
Operations | ||||||
Revenues and other income (loss) | 314 | 3,070 | 1,201 | 5,973 | ||
Interest expense | (126) | (641) | (403) | (1,343) | ||
Selling, general and administrative expenses | (421) | (1,046) | (1,046) | (1,942) | ||
Cost of services sold | 0 | (403) | 0 | (1,735) | ||
Provision for losses on financing receivables | 0 | (13) | (3) | (1,757) | ||
Other costs and expenses | (23) | 1 | (15) | (96) | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (256) | 967 | (265) | (900) | ||
Benefit (provision) for income taxes | 140 | (309) | 214 | 315 | ||
Earnings (loss) from discontinued operations, net of taxes | (116) | 658 | (51) | (585) | ||
Total | ||||||
Gain (loss) on disposal before income taxes | (465) | (3,380) | (630) | (5,225) | ||
Benefit (provision) for income taxes | (10) | (949) | (154) | (1,927) | ||
Gain (loss) on disposal of discontinued operations | (475) | (4,329) | (784) | (7,152) | ||
Earnings (loss) from discontinued operations, net of taxes | (591) | (3,671) | (835) | (7,737) | ||
Discontinued operations | Real Estate business | ||||||
Operations | ||||||
Revenues and other income (loss) | 15 | 313 | 25 | 812 | ||
Interest expense | (13) | (137) | (35) | (373) | ||
Selling, general and administrative expenses | (24) | (130) | (77) | (224) | ||
Cost of services sold | 0 | 0 | 0 | (5) | ||
Provision for losses on financing receivables | 0 | 0 | 0 | 4 | ||
Other costs and expenses | (7) | (14) | (6) | (141) | ||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (29) | 32 | (94) | 74 | ||
Benefit (provision) for income taxes | 38 | 13 | 57 | 43 | ||
Earnings (loss) from discontinued operations, net of taxes | 9 | 45 | (37) | 117 | ||
Total | ||||||
Gain (loss) on disposal before income taxes | 6 | (3) | (63) | (1,811) | ||
Benefit (provision) for income taxes | (3) | (72) | 62 | (619) | ||
Gain (loss) on disposal of discontinued operations | 3 | (75) | (1) | (2,430) | ||
Earnings (loss) from discontinued operations, net of taxes | 12 | (30) | (38) | (2,313) | ||
Discontinued operations | GE Capital Exit Plan [Member] | ||||||
Operations | ||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (537) | (1,525) | (703) | (9,960) | ||
Discontinued operations | GE Capital Exit Plan [Member] | Consumer | ||||||
Operations | ||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 153 | 882 | 339 | (2,062) | ||
Discontinued operations | GE Capital Exit Plan [Member] | CLL | ||||||
Operations | ||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (722) | (2,415) | (897) | (6,128) | ||
Discontinued operations | GE Capital Exit Plan [Member] | Real Estate business | ||||||
Operations | ||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (23) | 29 | (156) | (1,738) | ||
GE Capital | ||||||
Operations | ||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 815 | 706 | 1,486 | 1,347 | ||
Other costs and expenses | 313 | 300 | 581 | 590 | ||
Total | ||||||
Earnings (loss) from discontinued operations, net of taxes | $ (541) | $ (2,944) | (849) | (11,879) | ||
Additional disclosures | ||||||
Proceeds from Divestiture of Businesses | $ 0 | $ 0 | ||||
GE Capital | CLL | ||||||
Additional disclosures | ||||||
Proceeds from Divestiture of Businesses | $ 0 | |||||
GE Capital | Real Estate business | ||||||
Additional disclosures | ||||||
Proceeds from Divestiture of Businesses | $ 0 |
Businesses Held for Sale and 52
Businesses Held for Sale and Discontinued Operations (WMC) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Lawsuits | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Financial Information For Businesses Held For Sale [Line Items] | |||||
Earnings (loss) from discontinued operations, net of taxes | $ (541) | $ (2,947) | $ (849) | $ (11,883) | |
WMC | |||||
Financial Information For Businesses Held For Sale [Line Items] | |||||
Adjustment For Pending Claims For Unmet Representations And Warranties | $ 27 | ||||
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) | (18) | (5) | $ (58) | (5) | |
Earnings (loss) from discontinued operations, net of taxes | $ (20) | $ (10) | $ (52) | $ (16) | |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Financial Information For Discontinued Operations [Line Items] | |||||
Reserve, beginning of period | $ 833 | $ 814 | $ 875 | $ 809 | $ 809 |
Provision | 27 | 11 | 84 | 18 | |
Claim resolutions | 0 | 0 | (99) | (2) | |
Reserve, end of period | 860 | $ 825 | 860 | $ 825 | 875 |
Pending claims, beginning of period | 2,887 | ||||
New claims | 7,266 | 8,047 | |||
Pending claims, end of period | 2,688 | 2,688 | $ 2,887 | ||
Claims Relating To Alleged Breaches Of Representations That Are Beyond Applicable Statute Of Llimitations | $ 110 | $ 110 |
Investment Securities (Investme
Investment Securities (Investment) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 34,367 | $ 28,783 | |
Gross unrealized gains | 5,486 | 3,599 | |
Gross unrealized losses | (133) | (409) | |
Estimated fair value | 39,720 | 31,973 | |
Investments | 39,720 | 31,973 | |
Eliminations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | (4) | (4) | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | (4) | (4) | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 19 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments | 535 | ||
GE | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 103 | 139 | |
Gross unrealized gains | 11 | 14 | |
Gross unrealized losses | (4) | (2) | |
Estimated fair value | 110 | 151 | |
Investments | [1] | 110 | 151 |
GE | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 4 | 2 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 4 | 3 | |
GE | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 9 | 1 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 9 | 1 | |
GE | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 49 | 49 | |
Gross unrealized gains | 1 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 50 | 49 | |
GE | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 41 | 87 | |
Gross unrealized gains | 10 | 13 | |
Gross unrealized losses | (4) | (2) | |
Estimated fair value | 47 | 98 | |
GE Capital | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 34,268 | 28,648 | |
Gross unrealized gains | 5,475 | 3,585 | |
Gross unrealized losses | (128) | (407) | |
Estimated fair value | 39,615 | 31,827 | |
Investments | 39,615 | 31,827 | |
GE Capital | US Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 20,718 | 19,971 | |
Gross unrealized gains | 4,177 | 2,669 | |
Gross unrealized losses | (51) | (285) | |
Estimated fair value | 24,844 | 22,355 | |
GE Capital | State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,885 | 3,910 | |
Gross unrealized gains | 731 | 407 | |
Gross unrealized losses | (48) | (73) | |
Estimated fair value | 4,568 | 4,245 | |
GE Capital | Mortgage and asset-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 2,957 | 2,995 | |
Gross unrealized gains | 188 | 157 | |
Gross unrealized losses | (23) | (35) | |
Estimated fair value | 3,122 | 3,116 | |
GE Capital | Corporate - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 5,299 | 759 | |
Gross unrealized gains | 108 | 96 | |
Gross unrealized losses | (4) | (9) | |
Estimated fair value | 5,402 | 846 | |
GE Capital | Government - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 608 | 279 | |
Gross unrealized gains | 156 | 136 | |
Gross unrealized losses | (1) | 0 | |
Estimated fair value | 764 | 415 | |
GE Capital | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 694 | 623 | |
Gross unrealized gains | 96 | 104 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 790 | 727 | |
GE Capital | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 107 | 112 | |
Gross unrealized gains | 19 | 16 | |
Gross unrealized losses | (1) | (4) | |
Estimated fair value | $ 125 | $ 123 | |
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Investment Securities (Invest55
Investment Securities (Investments, by type and length in continuous loss position) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | $ 1,226 | $ 4,271 |
Gross unrealized losses, less than 12 months | (21) | (268) |
Estimated fair value, 12 months or more | 1,048 | 686 |
Gross unrealized losses, 12 months or more | (111) | (140) |
US Corporate | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 229 | 2,966 |
Gross unrealized losses, less than 12 months | (9) | (218) |
Estimated fair value, 12 months or more | 689 | 433 |
Gross unrealized losses, 12 months or more | (42) | (67) |
State and municipal | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 0 | 494 |
Gross unrealized losses, less than 12 months | 0 | (20) |
Estimated fair value, 12 months or more | 159 | 155 |
Gross unrealized losses, 12 months or more | (48) | (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 | 53 | |
Mortgage and asset-backed | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 250 | 719 |
Gross unrealized losses, less than 12 months | (6) | (20) |
Estimated fair value, 12 months or more | 168 | 84 |
Gross unrealized losses, 12 months or more | (17) | (16) |
Corporate - non-U.S. | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 718 | 56 |
Gross unrealized losses, less than 12 months | 0 | (4) |
Estimated fair value, 12 months or more | 31 | 14 |
Gross unrealized losses, 12 months or more | (4) | (4) |
Equity Securities | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 28 | 36 |
Gross unrealized losses, less than 12 months | (5) | (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 | 535 | |
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 | 19 | |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pre-tax, Other-Than-Temporary Impairments on Investment Securities | ||||
Total pre tax, OTTI recognized | $ 1 | $ 29 | $ 18 | $ 32 |
Less: pre-tax, OTTI recognized in AOCI | 0 | 0 | 0 | 0 |
Pre-tax, OTTI recognized in earnings | 1 | 29 | 18 | 32 |
Other Than Temporary Impairment Related To Equity Securities | $ 1 | $ 0 | $ 9 | $ 0 |
Investment Securities (Contract
Investment Securities (Contractual maturities) (Details) $ in Millions | Jun. 30, 2016USD ($) |
Amortized cost | |
Within one year | $ 5,218 |
After one year through five years | 3,901 |
After five years through ten years | 4,521 |
After ten years | 17,626 |
Estimated fair value | |
Within one year | 5,226 |
After one year through five years | 4,167 |
After five years through ten years | 5,070 |
After ten years | $ 21,968 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gain Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Total | $ 24 | $ (28) | $ 2 | $ 50 |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 624 | 540 | 868 | 2,597 |
GE | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains | 1 | 1 | 5 | 1 |
Losses, including impairments | (1) | (14) | (10) | (14) |
Total | 0 | (13) | (5) | (13) |
GE Capital | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains | 35 | 6 | 36 | 97 |
Losses, including impairments | (11) | (21) | (30) | (35) |
Total | $ 24 | $ (15) | $ 6 | $ 63 |
Current Receivables (Details)
Current Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 25,128 | $ 27,022 | |
GE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | [1] | $ 13,992 | $ 14,707 |
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Inventory | |||
Total | $ 24,723 | $ 22,515 | |
GE | |||
Inventory | |||
Raw materials and work in process | 14,650 | 13,415 | |
Finished goods | 9,305 | 8,265 | |
Unbilled shipments | 512 | 628 | |
Inventory, Gross, Total | 24,467 | 22,308 | |
Less revaluation to LIFO | 257 | 207 | |
Total | [1] | 24,652 | 22,449 |
GE Capital | |||
Inventory | |||
Total | $ 71 | $ 66 | |
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Financing Receivables and All61
Financing Receivables and Allowance for Losses on Financing Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net | $ 12,001 | $ 12,052 | |||
Assets | [1] | 401,461 | 493,071 | ||
GE Capital | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 24,071 | 25,084 | |||
Allowance for losses | (74) | (81) | $ (91) | $ (93) | |
Financing receivables, net | 23,998 | 25,003 | |||
Assets | 219,352 | 311,508 | |||
GE Capital | Loans receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | 19,045 | 20,115 | |||
GE Capital | Financing Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables, net of deferred income | $ 5,027 | $ 4,969 | |||
[1] | (a) O ur consolidated assets at June 30, 2016 included total assets of $7,651 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 $4,368 million and investment securities of $1,516 million w ithin continuing operations and assets of discontinued operations of $464 million. Our consolidated liabilities at June 30, 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 $2,005 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $40 million. See Note 16. |
Financing Receivables and All62
Financing Receivables and Allowance for Losses on Financing Receivables (Financing Receivables by Portfolio) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net | $ 12,001 | $ 12,052 | ||
Intersegment Activity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net | 11,800 | 12,900 | ||
GE Capital | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables, net of deferred income | 24,071 | 25,084 | ||
Allowance for losses | (74) | (81) | $ (91) | $ (93) |
Financing receivables, net | $ 23,998 | $ 25,003 |
Financing Receivables and All63
Financing Receivables and Allowance for Losses on Financing Receivables (Allowance for Losses on Financing Receivables) (Details) - GE Capital - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | $ 81 | $ 93 |
Provision charged | 19 | 29 |
Net write-offs | (26) | (40) |
Other | 0 | 9 |
Ending Balance | $ 74 | $ 91 |
Financing Receivables and All64
Financing Receivables and Allowance for Losses on Financing Receivables (Credit Quality) (Details) - GE Capital - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Impaired Loans [Abstract] | ||
Impaired loans classified as Troubled debt restructuring (TDR) | $ 99 | |
Impaired Financing Receivable, Recorded Investment | 263 | $ 175 |
Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 483 | $ 201 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 90 Days | 2.00% | 0.80% |
Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 1,036 | $ 622 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 30 Days | 4.30% | 2.50% |
Nonaccrual Financing Receivables [Member] | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | $ 354 | $ 256 |
Percent Financing Receivable, Recorded Investment, Nonaccrual Status | 1.50% | 1.00% |
Amount of nonaccrual loans currently paying in accordance with contractual terms | $ 102 |
Property, Plant and Equipment65
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 86,317 | $ 90,023 | |
Property, plant and equipment - net | 50,436 | 54,095 | |
GE | |||
Property, Plant and Equipment | |||
Property, plant and equipment - net | [1] | 19,540 | 20,145 |
GE Capital | |||
Property, Plant and Equipment | |||
Property, plant and equipment - net | $ 31,628 | $ 34,781 | |
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Property, Plant and Equipment66
Property, Plant and Equipment (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment | |||||
Original cost | $ 86,317 | $ 86,317 | $ 90,023 | ||
Accumulated depreciation and amortization | (35,881) | (35,881) | (35,928) | ||
Depreciation and amortization | 1,294 | $ 1,188 | 2,505 | $ 2,289 | |
Property, plant and equipment - net | 50,436 | 50,436 | 54,095 | ||
GE Capital | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment - net | $ 31,628 | $ 31,628 | $ 34,781 |
Acquisitions, Goodwill and Ot67
Acquisitions, Goodwill and Other Intangible Assets (Aquisitions) (Details) € in Millions, $ in Millions | Nov. 02, 2015EUR (€) | Nov. 02, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Payments To Acquire Businesses And Interest In Affiliates [Abstract] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 206 | $ 1,723 | ||
Acquisition Alstom | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||
Cash And Equivalents | 1,750 | |||
Current Receivables | 4,050 | |||
Inventory | 4,750 | |||
Property Plant And Equipment | 2,900 | |||
Goodwill | 14,750 | |||
Intangible Assets Other | 4,500 | |||
Other Assets | 3,950 | |||
Total Assets | 36,650 | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||
Account Payable | 1,900 | |||
Progress Collections | 2,950 | |||
Accrued Contract Liabilities | 8,600 | |||
All Other Liabilities | 7,700 | |||
Total Liabilities | 21,150 | |||
Redeemable Noncontrolling Interest Equity | 3,000 | |||
Acquisition noncontrolling interest fair value | $ 3,600 | 600 | ||
Payments To Acquire Businesses And Interest In Affiliates [Abstract] | ||||
Payments To Acquire Businesses Gross | 11,900 | |||
Cash acquired from acquisition | € 1,600 | 1,765 | 1,750 | |
Payments to Acquire Businesses, Net of Cash Acquired | € 9,200 | $ 10,124 | 10,100 | |
Assumed Deferred Tax Assets | 450 | |||
Assumed Loss Carry Forward | 50 | |||
Assumed Indemnification Receivables | 150 | |||
Unrecognized Tax Benefits Increases Resulting From Acquisition | 750 | |||
Assumed employee related costs | $ 750 |
Acquisitions, Goodwill and Ot68
Acquisitions, Goodwill and Other Intangible Assets (Goodwill) (Details) € in Millions, $ in Millions | Nov. 02, 2015EUR (€) | Nov. 02, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 02, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Goodwill [Line Items] | |||||||||
Goodwill (Note 7) | $ 67,097 | $ 65,526 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 206 | $ 1,723 | |||||||
Increase (Decrease) in Intangible Assets, Current | 1,138 | ||||||||
Intangible assets subject to amortization | 16,550 | 17,688 | |||||||
Indefinite-lived intangible assets | 100 | 109 | |||||||
Total | 16,650 | 17,797 | |||||||
Dispositions, currency exchange and other | 79 | ||||||||
Implied Fair Value Of Goodwill Exceeding Carrying Value Of Goodwill | $ 13,700 | ||||||||
Goodwill, Acquired During Period | 1,492 | ||||||||
Goodwill, period increase (decrease) | 1,571 | ||||||||
Goodwill Translation And Purchase Accounting Adjustments [Abstract] | |||||||||
Increase (Decrease) in Inventories | 2,629 | 1,149 | |||||||
Increase (Decrease) in Accounts Receivable | (1,879) | (1,603) | |||||||
Redeemable noncontrolling interest | 3,070 | 79 | $ 3,036 | 2,972 | $ 73 | $ 98 | |||
Acquisition Alstom | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill (Note 7) | 14,750 | 13,500 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | € 9,200 | $ 10,124 | 10,100 | ||||||
Cash acquired from acquisition | 1,600 | $ 1,765 | 1,750 | ||||||
Intangible assets subject to amortization | 4,500 | 5,200 | |||||||
Acquisition agreement including sale of some assets after close | € | € 120 | ||||||||
Acquisition noncontrolling interest fair value | $ 600 | $ 3,600 | |||||||
Annual accretion expense | 3.00% | ||||||||
Customer Contract Liabilities | $ 1,200 | 1,100 | |||||||
Goodwill Translation And Purchase Accounting Adjustments [Abstract] | |||||||||
Increase Decrease In Book Value Of Assets To Ansaldo | 400 | ||||||||
Increase Decrease In Derivative Assets And Liabilities | 350 | ||||||||
Increase (Decrease) in Inventories | 350 | ||||||||
Increase Legal Reserves | 300 | ||||||||
Property Plant And Equipment Gross Period Increase Decrease | 200 | ||||||||
Increase (Decrease) in Accounts Receivable | 150 | ||||||||
Increase Decrease In Redeemable Noncontrolling Interests | 100 | ||||||||
Increase Decrease In Other Noncontrolling Interests | 100 | ||||||||
All Other Noncontrolling Interests | 600 | 700 | |||||||
Redeemable noncontrolling interest | $ 3,000 | 2,900 | |||||||
Grid Technology And Renewable Energy Joint Venture [Member] | Acquisition Alstom | |||||||||
Goodwill [Line Items] | |||||||||
Annual accretion expense | 3.00% | ||||||||
Nuclear and French Steam Power Joint Venture [Member] | Acquisition Alstom | |||||||||
Goodwill [Line Items] | |||||||||
Annual accretion expense | 2.00% | ||||||||
Grid Technology | Acquisition Alstom | |||||||||
Goodwill [Line Items] | |||||||||
Investment interest redemption period start date | Sep. 1, 2018 | ||||||||
Investment interest redemption period end date | Sep. 30, 2019 | ||||||||
Renewable Energy | Acquisition Alstom | |||||||||
Goodwill [Line Items] | |||||||||
Investment interest redemption period start date | May 1, 2016 | ||||||||
Investment interest redemption period end date | May 30, 2019 | ||||||||
GE Capital | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill (Note 7) | $ 2,370 | 2,370 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 1,677 | |||||||
Total | 356 | 435 | |||||||
Goodwill Translation And Purchase Accounting Adjustments [Abstract] | |||||||||
Increase (Decrease) in Inventories | (6) | (3) | |||||||
Increase (Decrease) in Accounts Receivable | 0 | $ 0 | |||||||
Redeemable noncontrolling interest | $ 0 | $ 0 |
Acquisitions, Goodwill and Ot69
Acquisitions, Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 65,526 |
Acquisitions | 1,492 |
Dispositions, currency exchange and other | 79 |
Goodwill, Ending Balance | 67,097 |
Power | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 16,736 |
Acquisitions | 1,147 |
Dispositions, currency exchange and other | (24) |
Goodwill, Ending Balance | 17,859 |
Renewable Energy | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 2,580 |
Acquisitions | 28 |
Dispositions, currency exchange and other | (11) |
Goodwill, Ending Balance | 2,596 |
Oil & Gas | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 10,594 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 7 |
Goodwill, Ending Balance | 10,601 |
Energy Connections | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 6,227 |
Acquisitions | 156 |
Dispositions, currency exchange and other | 30 |
Goodwill, Ending Balance | 6,412 |
Aviation | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 8,567 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 67 |
Goodwill, Ending Balance | 8,635 |
Healthcare | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 17,353 |
Acquisitions | 98 |
Dispositions, currency exchange and other | (15) |
Goodwill, Ending Balance | 17,436 |
Transporation | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 851 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 7 |
Goodwill, Ending Balance | 858 |
Appliances & Lighting | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 214 |
Acquisitions | 64 |
Dispositions, currency exchange and other | 17 |
Goodwill, Ending Balance | 295 |
Capital | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 2,370 |
Acquisitions | 0 |
Dispositions, currency exchange and other | 1 |
Goodwill, Ending Balance | 2,370 |
Corporate | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 34 |
Acquisitions | 0 |
Dispositions, currency exchange and other | (1) |
Goodwill, Ending Balance | $ 34 |
Acquisitions, Goodwill and Ot70
Acquisitions, Goodwill and Other Intangible Assets (Other Intangible Assets, Net) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets subject to amortization | $ 16,550 | $ 17,688 |
Indefinite-lived intangible assets | 100 | 109 |
Total | $ 16,650 | $ 17,797 |
Acquisitions, Goodwill and Ot71
Acquisitions, Goodwill and Other Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | $ 27,728 | $ 27,728 | $ 28,098 | ||
Accumulated amortization | (11,177) | (11,177) | (10,408) | ||
Net | 16,550 | 16,550 | 17,688 | ||
Intangible Assets, Net (Excluding Goodwill) | 16,650 | 16,650 | 17,797 | ||
Increase (Decrease) in Intangible Assets, Current | 1,138 | ||||
Amortization expense | 450 | $ 314 | 896 | $ 643 | |
Finite-Lived Intangible Assets, Net, Estimated Amortization Expense | |||||
Adjustments related to Present Value of Future Profits | 253 | 253 | 266 | ||
GE Capital | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Net (Excluding Goodwill) | 356 | 356 | 435 | ||
Amortization expense | 37 | $ 31 | 70 | $ 26 | |
Acquisition Alstom | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Net | 4,500 | 4,500 | 5,200 | ||
Customer-related | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 9,321 | 9,321 | 9,758 | ||
Accumulated amortization | (2,297) | (2,297) | (2,113) | ||
Net | 7,024 | 7,024 | 7,645 | ||
Patents and technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 8,497 | 8,497 | 8,543 | ||
Accumulated amortization | (3,358) | (3,358) | (3,096) | ||
Net | 5,139 | 5,139 | 5,447 | ||
Capitalized software | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 7,529 | 7,529 | 7,375 | ||
Accumulated amortization | (4,339) | (4,339) | (4,136) | ||
Net | 3,190 | 3,190 | 3,239 | ||
Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 1,257 | 1,257 | 1,337 | ||
Accumulated amortization | (314) | (314) | (282) | ||
Net | 944 | 944 | 1,055 | ||
Lease valuations | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 125 | 125 | 167 | ||
Accumulated amortization | (47) | (47) | (22) | ||
Net | 78 | 78 | 145 | ||
PVFP | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 668 | 668 | 651 | ||
Accumulated amortization | (668) | (668) | (651) | ||
Net | 0 | 0 | 0 | ||
All other | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 330 | 330 | 267 | ||
Accumulated amortization | (155) | (155) | (108) | ||
Net | $ 175 | $ 175 | $ 159 |
Contract Assets and All Other A
Contract Assets and All Other Assets (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Investments [Abstract] | |||
Assets held for sale | $ 59 | $ 2,818 | |
All other assets | 31,274 | 36,797 | |
GE | |||
Investments [Abstract] | |||
Assets held for sale | [1] | 59 | 2,818 |
Time deposits | 3,550 | 10,386 | |
All other assets | [1] | 12,569 | 12,813 |
GE | Other Assets | |||
Contract Assets [Line Items] | |||
Contract asset | 23,458 | 21,156 | |
Investments [Abstract] | |||
Billings in excess of revenue | 2,948 | 2,602 | |
GE Capital | |||
Investments [Abstract] | |||
Assets held for sale | 0 | 0 | |
All other assets | $ 19,930 | $ 25,081 | |
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Borrowings Table (Details)
Borrowings Table (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 02, 2015 | |
Borrowings [Line Items] | ||||
Short-term borrowings | $ 31,927 | $ 49,860 | ||
Long-term borrowings | 122,504 | 144,659 | ||
Short-term borrowings and long-term borrowings | 156,436 | 197,602 | ||
Funding secured by real estate, aircraft and other collateral | 4,882 | |||
Intersegment | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | (54,266) | (67,128) | ||
Intercompany Payable To GE | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 65,200 | $ 92,600 | ||
Other Short Term Borrowing | ||||
Borrowings [Line Items] | ||||
Funding secured by real estate, aircraft and other collateral | 2,567 | 2,679 | ||
Short-term Borrowings | Intersegment | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | (12,141) | (18,549) | ||
Non-Recourse Debt | Consolidated Securitization Entities | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 2,005 | 3,083 | ||
GE | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | [1],[2] | 19,384 | 19,792 | |
Long-term borrowings | [1],[2] | 70,134 | 83,309 | |
Debt excluding assumed debt | 19,331 | 19,331 | ||
GE | Commercial Paper | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 1,000 | 500 | ||
GE | Current Portion Of Long Term Borrowings | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 16,183 | 17,770 | ||
GE | Other Short Term Borrowing | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 2,202 | 1,522 | ||
GE | Senior Notes | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 63,925 | 72,471 | ||
GE | Subordinated Notes | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 2,910 | 2,940 | ||
GE | Subordinated Debentures | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 2,347 | 6,600 | ||
GE | Other Long Term Borrowing | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 952 | 1,298 | ||
GE Capital | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | [1] | 24,683 | 48,617 | |
Long-term borrowings | [1] | 106,636 | 128,478 | |
Non-recourse borrowings (Note 8) | 1,475 | 1,534 | ||
GE Capital | Commercial Paper | US | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 5,002 | 650 | ||
GE Capital | Commercial Paper | Non U.S. | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 0 | 4,351 | ||
GE Capital | Current Portion Of Long Term Borrowings | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 8,485 | 24,969 | ||
Long-term borrowings | 1,193 | 918 | ||
GE Capital | Intercompany Payable To GE | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 11,040 | 17,642 | ||
Long-term borrowings | 54,146 | 67,062 | ||
Short-term borrowings and long-term borrowings | 5,002 | |||
GE Capital | Intercompany Payable To GE | Intersegment | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 65,186 | |||
GE Capital | Other Short Term Borrowing | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 156 | 1,005 | ||
GE Capital | Short-term Borrowings | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 24,683 | 48,617 | ||
GE Capital | Senior Notes | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 50,266 | 59,107 | ||
GE Capital | Subordinated Notes | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 329 | 251 | ||
GE Capital | Subordinated Debentures | Trust Assets Unconditionally Guaranteed by GE | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 2,347 | |||
GE Capital | Other Long Term Borrowing | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | $ 1,895 | $ 2,058 | ||
[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 $ 11,040 million (which includes an offset of $5,002 million short-term loan from GE Capital to GE ) and $17,642 million and t he long-term borrowings were $54,146 million and $67,062 million at June 30 , 2016 and December 31, 2015, respectively. See Note 9 for additional information. | |||
[2] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Borrowings (GE Capital Debt Exc
Borrowings (GE Capital Debt Exchange) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2016 | Dec. 02, 2015 | ||
Borrowings [Line Items] | ||||
Short-term borrowings | $ 49,860 | $ 31,927 | ||
Long-term borrowings | 144,659 | 122,504 | ||
Short-term borrowings and long-term borrowings | 197,602 | 156,436 | ||
Unamortized Debt Issuance Costs | 674 | |||
Intercompany Payable To GE [Member] | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 65,200 | $ 92,600 | ||
Intercompany Payable To GE [Member] | Borrowings Assumed By GE | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 70,200 | |||
Borrowings with unamortized debt issance costs [Member] | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 33 | |||
Long-term borrowings | 641 | |||
GE | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | [1],[2] | 19,792 | 19,384 | |
Long-term borrowings | [1],[2] | 83,309 | 70,134 | |
GE | Current Portion Of Long Term Borrowings [Member] | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 17,770 | 16,183 | ||
GE | Commercial Paper [Member] | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 500 | 1,000 | ||
GE | Other Short Term Borrowing | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 1,522 | 2,202 | ||
GE | Subordinated Notes | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 2,940 | 2,910 | ||
GE | Subordinated Debentures | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 6,600 | 2,347 | ||
GE | Other Long Term Borrowing [Member] | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 1,298 | 952 | ||
GE Capital | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | [1] | 48,617 | 24,683 | |
Long-term borrowings | [1] | 128,478 | 106,636 | |
GE Capital | Current Portion Of Long Term Borrowings [Member] | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 24,969 | 8,485 | ||
Long-term borrowings | 918 | 1,193 | ||
GE Capital | Other Short Term Borrowing | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 1,005 | 156 | ||
GE Capital | Subordinated Notes | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 251 | 329 | ||
GE Capital | Intercompany Payable To GE [Member] | ||||
Borrowings [Line Items] | ||||
Short-term borrowings | 17,642 | 11,040 | ||
Long-term borrowings | 67,062 | 54,146 | ||
Short-term borrowings and long-term borrowings | 5,002 | |||
GE Capital | Intercompany Payable To GE [Member] | Borrowings Guaranteed By GE | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | 54,500 | |||
GE Capital | Other Long Term Borrowing [Member] | ||||
Borrowings [Line Items] | ||||
Long-term borrowings | $ 2,058 | $ 1,895 | ||
[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 $ 11,040 million (which includes an offset of $5,002 million short-term loan from GE Capital to GE ) and $17,642 million and t he long-term borrowings were $54,146 million and $67,062 million at June 30 , 2016 and December 31, 2015, respectively. See Note 9 for additional information. | |||
[2] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Millions, £ in Billions | Oct. 26, 2015GBP (£) | Oct. 26, 2015USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 02, 2015USD ($) |
Debt Conversion [Abstract] | |||||
Outstanding notes being tendered for exchange and settled | $ 36,000 | ||||
Outstanding principal | 31,000 | ||||
Premium | 5,000 | ||||
Short-term borrowings | $ 31,927 | $ 49,860 | |||
0.964% six months notes due in 2016 | |||||
Debt Conversion [Abstract] | |||||
Outstanding notes being tendered for exchange and settled | $ 15,300 | ||||
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 | £ | £ 0.8 | ||||
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 | $ 6,100 | ||||
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 | $ 2,000 | ||||
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 | $ 11,500 | ||||
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 due 4/15/2016 [Member] | |||||
LongTermDebtOtherDisclosuresAbstract | |||||
Debt Instrument, Maturity Date | Apr. 15, 2016 | ||||
Debt Conversion [Abstract] | |||||
Short-term borrowings | $ 16,400 | ||||
Intercompany Payable To GE [Member] | Intersegment Elimination [Member] | |||||
Debt Conversion [Abstract] | |||||
Short-term borrowings | $ 5,000 | ||||
Intercompany Payable To GE [Member] | Six Months Notes | |||||
Debt Conversion [Abstract] | |||||
Long-term borrowings | $ 14,900 |
Postretirement Benefit Plans (C
Postretirement Benefit Plans (Cost of Pension Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Principal pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | $ 291 | $ 367 | $ 606 | $ 728 |
Prior service cost amortization | 76 | 51 | 152 | 103 |
Expected return on plan assets | (836) | (827) | (1,670) | (1,652) |
Interest cost on benefit obligation | 735 | 696 | 1,469 | 1,391 |
Net actuarial gain (loss) amortization | 612 | 820 | 1,224 | 1,645 |
Curtailment loss | (1) | 0 | (1) | 71 |
Pension plans costs | 877 | 1,107 | 1,780 | 2,286 |
Other pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | 118 | 95 | 231 | 200 |
Prior service cost amortization | 0 | 0 | 1 | 0 |
Expected return on plan assets | (259) | (205) | (522) | (414) |
Interest cost on benefit obligation | 168 | 130 | 340 | 263 |
Net actuarial gain (loss) amortization | 65 | 71 | 129 | 145 |
Pension plans costs | 92 | 91 | 177 | 194 |
Principal retiree benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | 27 | 51 | 52 | 92 |
Prior service cost amortization | 41 | (34) | 82 | (67) |
Expected return on plan assets | (11) | (12) | (22) | (24) |
Interest cost on benefit obligation | 63 | 100 | 126 | 201 |
Net actuarial gain (loss) amortization | (14) | 2 | (27) | 3 |
Curtailment loss | 0 | 196 | 0 | 192 |
Pension plans costs | $ 24 | $ (21) | $ 47 | $ 147 |
Income Taxes (Balance of unreco
Income Taxes (Balance of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||||
Unrecognized tax benefits | $ 6,572 | $ 6,572 | $ 6,778 | ||
Portion that, if recognized, would reduce tax expense and effective tax rate | 4,164 | 4,164 | 4,723 | ||
Accrued interest on unrecognized tax benefits | 945 | 945 | 805 | ||
Accrued penalties on unrecognized tax benefits | 135 | 135 | 98 | ||
Benefit (provision) for income taxes | (479) | $ (799) | (340) | $ (7,093) | |
Lower Limit | |||||
Income Tax Disclosure [Line Items] | |||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 | 0 | ||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | 0 | 0 | 0 | ||
Upper Limit | |||||
Income Tax Disclosure [Line Items] | |||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 800 | 800 | 200 | ||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | $ 1,400 | $ 1,400 | $ 700 |
Shareowners' Equity (Accumulate
Shareowners' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Benefit (provision) for income taxes | $ (479) | $ (799) | $ (340) | $ (7,093) |
Other comprehensive income, net of tax | 810 | 4,170 | 1,636 | (70) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 3 | 12 | 6 | (36) |
Accumulated Other Comprehensive Income (Loss) Ending balance | (14,898) | (18,206) | (14,898) | (18,206) |
Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | 680 | 1,245 | 460 | 1,013 |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | 419 | (692) | 578 | (405) |
OCI before reclassification tax | 222 | (365) | 304 | (210) |
Benefit (provision) for income taxes | (9) | 3 | 31 | (26) |
Reclassification from OCI net of deferred taxes | (21) | 10 | 39 | (44) |
Other comprehensive income, net of tax | 397 | (682) | 617 | (449) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 1 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) Ending balance | 1,077 | 564 | 1,077 | 564 |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (5,500) | (7,716) | (5,499) | (2,427) |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | 26 | 1,511 | 141 | (3,828) |
OCI before reclassification tax | (50) | (201) | 217 | 1,343 |
Benefit (provision) for income taxes | (39) | (150) | 80 | (151) |
Reclassification from OCI net of deferred taxes | 29 | 304 | (85) | 307 |
Other comprehensive income, net of tax | 55 | 1,815 | 57 | (3,521) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 3 | 13 | 6 | (34) |
Accumulated Other Comprehensive Income (Loss) Ending balance | (5,448) | (5,914) | (5,448) | (5,914) |
Cash Flow Hedge | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (26) | (226) | (80) | (180) |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (15) | 433 | (40) | (493) |
OCI before reclassification tax | 2 | 42 | (5) | 4 |
Benefit (provision) for income taxes | (4) | (68) | 1 | 49 |
Reclassification from OCI net of deferred taxes | (10) | (347) | 69 | 533 |
Other comprehensive income, net of tax | (25) | 86 | 30 | 40 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) Ending balance | (51) | (140) | (51) | (140) |
Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (10,859) | (15,667) | (11,410) | (16,578) |
Other comprehensive income, net of tax | 382 | 2,951 | 933 | 3,860 |
Prior Service credit (costs)- net of deferred taxes | 0 | 2,090 | 23 | 2,090 |
Net actuarial gain (loss), Tax | (65) | 204 | (43) | 269 |
Net actuarial gain (loss) - net of deferred taxes | (80) | 349 | (12) | 559 |
Prior service credit (costs), tax | 0 | 1,194 | 5 | 1,194 |
Net curtailment/settlement, tax | 0 | (71) | 0 | (44) |
Net curtailment/settlement - net of deferred taxes | (1) | (125) | (1) | (77) |
Prior service cost amortization, tax | 20 | 38 | 41 | 75 |
Prior service cost amortization - net of deferred taxes | 17 | 51 | 33 | 101 |
Net actuarial loss amortization, tax | 217 | 301 | 433 | 605 |
Net actuarial loss amortization - net of deferred taxes | 447 | 586 | 890 | 1,187 |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | (1) | (2) |
Accumulated Other Comprehensive Income (Loss) Ending balance | $ (10,476) | $ (12,716) | $ (10,476) | $ (12,716) |
Shareowners' Equity (Reclass Ou
Shareowners' Equity (Reclass Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Benefit (provision) for income taxes | $ (479) | $ (799) | $ (340) | $ (7,093) |
Net earnings (loss) | 2,804 | (1,134) | 2,874 | (14,743) |
Costs and Expenses | (29,670) | (26,614) | (57,276) | (51,233) |
Financial Services Revenue | 2,316 | 2,390 | 4,838 | 4,804 |
Interest and other financial charges | (1,326) | (713) | (3,062) | (1,331) |
Earnings (loss) from continuing operations before income taxes | 3,824 | 2,612 | 4,063 | 4,233 |
Earnings (loss) from discontinued operations, net of taxes | (541) | (2,947) | (849) | (11,883) |
Currency Translation Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Benefit (provision) for income taxes | (39) | (150) | 80 | (151) |
Net earnings (loss) | (29) | (304) | 85 | (307) |
Gain (loss) on disposition of business | 10 | (154) | 5 | (156) |
Currency Translation Adjustment | Discontinued Operations [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Benefit (provision) for income taxes | (39) | (137) | 80 | (137) |
Gain (loss) on disposition of business | 77 | 4 | 71 | 4 |
Cash Flow Hedge | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Benefit (provision) for income taxes | (4) | (68) | 1 | 49 |
Net earnings (loss) | 10 | 347 | (69) | (533) |
Earnings (loss) from continuing operations before income taxes | 14 | 415 | (71) | (582) |
Cash Flow Hedge | Interest Rate Contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest and other financial charges | (26) | (22) | (55) | (61) |
Cash Flow Hedge | Currency Exchange Contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest and other financial charges | 37 | 430 | (5) | (528) |
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 | (17) | 26 | (36) | 12 |
Financial Services Revenue | 53 | 404 | 31 | (540) |
Cash Flow Hedge | Other Contract [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Costs and Expenses | 2 | 7 | (11) | 7 |
Pension Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Benefit (provision) for income taxes | 237 | 268 | 474 | 636 |
Net earnings (loss) | (463) | (512) | (922) | (1,211) |
Curtailment gain (loss) | 1 | 196 | 1 | 121 |
Defined Benefit Plan, Amortization of Gains (Losses) | (664) | (887) | (1,323) | (1,792) |
Prior service cost amortization | (37) | (89) | (74) | (176) |
Earnings (loss) from continuing operations before income taxes | (700) | (780) | (1,396) | (1,847) |
Reclassification out of AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net earnings (loss) | (461) | (479) | (946) | (2,007) |
Reclassification out of AOCI | Available-for-sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Income | 30 | (13) | (70) | 70 |
Benefit (provision) for income taxes | (9) | 3 | 31 | (26) |
Net earnings (loss) | 21 | (10) | (39) | 44 |
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 | 6 | 15 | (72) | 17 |
Benefit (provision) for income taxes | $ (1) | $ (7) | $ 31 | $ (6) |
Shareowners' Equity (Shares of
Shareowners' Equity (Shares of GE Preferred Stock) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Mar. 31, 2016 | [1] | Jan. 20, 2016 | Dec. 31, 2015 | Dec. 03, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | [1] | Dec. 31, 2014 | |||
Shares of Preferred Stock | |||||||||||||
Preferred stock, value, issued | $ 6 | $ 6 | $ 5,944 | $ 4,949 | $ 5,000 | ||||||||
Preferred Stock, Shares Outstanding | 5,944,250 | 0 | |||||||||||
Noncontrolling interests | $ 1,693 | [1] | $ 1,667 | $ 1,864 | [1] | $ 8,776 | [1] | $ 8,738 | $ 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 | $ 5,694 | $ 5,944 | |||||||||||
Series D | Preferred stock | |||||||||||||
Shares of Preferred Stock | |||||||||||||
Preferred stock, value, issued | 5,944 | ||||||||||||
GE Capital | |||||||||||||
Shares of Preferred Stock | |||||||||||||
Preferred stock, value, issued | 6 | 6 | |||||||||||
Noncontrolling interests | $ 451 | $ 486 | |||||||||||
GE Capital | Preferred stock | |||||||||||||
Shares of Preferred Stock | |||||||||||||
Preferred Stock, Shares Outstanding | 50,000 | ||||||||||||
Synchrony Financial | Preferred stock | |||||||||||||
Shares of Preferred Stock | |||||||||||||
Preferred Stock, Shares Outstanding | 2,700,000,000 | ||||||||||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $(259) mi llion and $(264) million at June 30, 2016 and December 31, 2015 , respectively. |
Shareowners' Equity (Shares o81
Shareowners' Equity (Shares of GE Preferred Stock - Other) (Details) - USD ($) $ in Millions | Dec. 18, 2015 | Dec. 03, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | Jan. 20, 2016 | Dec. 31, 2015 |
Class Of Stock [Line Items] | |||||||||
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | $ 5,944 | $ 6 | $ 4,949 | $ 6 | $ 4,949 | $ 5,000 | $ 6 | ||
Average dividend rate | 4.07% | 6.44% | |||||||
Special dividend paid by finance subsidiary to parent | $ 0 | ||||||||
Quarterly dividends paid by GECC to GE | 3,500 | 11,000 | $ 450 | ||||||
Dividends preferred stock cash | 120 | 185 | |||||||
Accretion of dividends | 89 | ||||||||
Dividends preferred stock total | 152 | 441 | |||||||
Series A, B and C | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | 5,216 | 5,216 | |||||||
Series A | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | $ 2,778 | 91 | 91 | $ 2,687 | |||||
Series B | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | 2,073 | 64 | 64 | 2,008 | |||||
Series C | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | 1,094 | $ 95 | 95 | 999 | |||||
Initial fixed interest | 5.00% | ||||||||
Series D | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | $ 5,944 | $ 5,694 | |||||||
Floating Rate | 3.33% | ||||||||
Dividends preferred stock cash | 37 | ||||||||
Accretion of dividends | 195 | ||||||||
Dividends preferred stock total | $ 232 |
Shareowners' Equity (Shares o82
Shareowners' Equity (Shares of GE Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Shares Of GE Common Stock | ||
Increase in stock repurchase program number of shares authorized to be repurchased | 4,250,000,000 | |
Payments for repurchase of common stock | $ 13,728 | |
Stock repurchased during period | 142,474,019 | |
Stock repurchase program authorized amount to be repurchased | $ 750 | |
Common Stock, Shares, Outstanding | 8,961,233,000 | 9,379,288,000 |
Common Stock, Par or Stated Value Per Share | $ 0.06 |
Shareowners' Equity (Noncontrol
Shareowners' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 03, 2015 | Dec. 31, 2014 | |||||
Noncontrolling Interest [Line Items] | |||||||||||
Preferred stock value (5,944,250 shares outstanding at June 30, 2016 and December 31, 2015) | $ 6 | $ 4,949 | $ 6 | $ 4,949 | $ 6 | $ 5,944 | $ 5,000 | ||||
Changes To Noncontrolling Interest | |||||||||||
Beginning balance | 1,667 | [1] | 8,738 | [1] | 1,864 | [1] | 8,674 | ||||
Net earnings (loss) | 1 | 223 | (68) | 192 | |||||||
GECC preferred stock | 0 | (161) | 0 | (161) | |||||||
Dividends | (14) | (16) | (21) | (18) | |||||||
Dispositions | 0 | (6) | (42) | (6) | |||||||
AOCI and other | 39 | (2) | (40) | 95 | |||||||
Ending balance | [1] | $ 1,693 | $ 8,776 | 1,693 | $ 8,776 | ||||||
GEAM | |||||||||||
Changes To Noncontrolling Interest | |||||||||||
AOCI and other | $ (123) | ||||||||||
[1] | (c) Included AOCI attributable to noncontrolling interests of $(259) mi llion and $(264) million at June 30, 2016 and December 31, 2015 , respectively. |
Shareowners' Equity (RNCI) (Det
Shareowners' Equity (RNCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest balance at January 1 | $ 3,036 | $ 73 | $ 2,972 | $ 98 |
Net earnings | (86) | 3 | (139) | (2) |
Dividends | 0 | (1) | (9) | (11) |
Redemption value adjustment | 79 | 1 | (110) | (1) |
Other(a) | 42 | 3 | 135 | (7) |
Redeemable noncontrolling interest ending balance | 3,070 | $ 79 | 3,070 | $ 79 |
Acquisition Alstom | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest balance at January 1 | 2,900 | |||
Redeemable noncontrolling interest ending balance | $ 3,000 | $ 3,000 |
Shareowners' Equity (Other) (De
Shareowners' Equity (Other) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Accelerated Share Repurchases [Line Items] | ||
Repurchase program authorized amount | $ 750,000,000 | |
Accelerated share repurchases initial price paid | $ 5,000,000,000 | |
Accelerated share repurchases initial delivery of shares | 142,474,019 | |
Accelerated share repurchases settlement payment or receipt | $ 6,264,000,000 | |
Treasury stock value | 76,124,000,000 | $ 63,539,000,000 |
Unsettled contract determined to be forward contract indexed to issuers equity | $ 0 | |
Remaining shares related to ASR received | 10,222,022 | |
March 2016 with Deutsche Bank | ||
Accelerated Share Repurchases [Line Items] | ||
Treasury stock value | $ 4,250,000,000 |
Earnings Per Share Informatio86
Earnings Per Share Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Amount attributable to the Company: | ||||
Earnings (loss) from continuing operations for per-share calculation, Diluted | $ 3,427 | $ 1,677 | $ 3,925 | $ (2,875) |
Preferred stock dividends declared, Diluted | (152) | 0 | (441) | 0 |
Earnings from continuing operations attributable to common shareowners for per-share calculation, Diluted | 3,275 | 1,677 | 3,484 | (2,875) |
Earnings (loss) from discontinued operations for per-share calculation, Diluted | (543) | (3,034) | (855) | (12,070) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Diluted | 2,732 | (1,357) | 2,631 | (14,939) |
Earnings (loss) from continuing operations for per-share calculation, basic | 3,430 | 1,677 | 3,927 | (2,875) |
Preferred stock dividends | (152) | 0 | (441) | 0 |
Earnings from continuing operations attributable to common shareowners for per share calculation basic | 3,278 | 1,677 | 3,486 | (2,875) |
Earnings (loss) from discontinued operations for per-share calculation, basic | (540) | (3,034) | (852) | (12,070) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Basic | $ 2,735 | $ (1,357) | $ 2,634 | $ (14,939) |
Average equivalent shares | ||||
Shares of GE common stock outstanding, Diluted | 9,079,000,000 | 10,087,000,000 | 9,179,000,000 | 10,077,000,000 |
Employee compensation-related shares (including stock options) and warrants, Diluted | 85,000,000 | 71,000,000 | 85,000,000 | 0 |
Total average equivalent shares, Diluted | 9,164,000,000 | 10,158,000,000 | 9,264,000,000 | 10,077,000,000 |
Shares of GE common stock outstanding, Basic | 9,079,000,000 | 10,087,000,000 | 9,179,000,000 | 10,077,000,000 |
Employee compensation-related shares (including stock options) and warrants, Basic | 0 | 0 | 0 | 0 |
Total average equivalent shares, Basic | 9,079,000,000 | 10,087,000,000 | 9,179,000,000 | 10,077,000,000 |
Per-share amounts | ||||
Earnings (loss) from continuing operations-Diluted | $ 0.36 | $ 0.17 | $ 0.38 | $ (0.29) |
Earnings (loss) from discontinued operations-Diluted | (0.06) | (0.3) | (0.09) | (1.2) |
Net earnings (loss)-Diluted | 0.3 | (0.13) | 0.28 | (1.48) |
Earnings (loss) from continuing operations-Basic | 0.36 | 0.17 | 0.38 | (0.29) |
Earnings (loss) from discontinued operations-Basic | (0.06) | (0.3) | (0.09) | (1.2) |
Net earnings (loss)-Basic | $ 0.3 | $ (0.13) | $ 0.29 | $ (1.48) |
Outstanding anti-dilutive stock awards not included in computation of diluted earnings per share | 25,000,000 | 94,000,000 | 28,000,000 | 364,000,000 |
Accelerated share repurchases initial delivery of shares | 142,474,019 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cumulative Gain (Loss) Adjustment For Non Performance Risk | $ (9) | |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 40,608 | $ 33,512 |
Liabilities | 1,778 | 1,895 |
Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 646 | 713 |
Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,132 | 1,182 |
Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 888 | 1,281 |
Cumulative Gain (Loss) Adjustment For Non Performance Risk | (9) | |
Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 259 | |
US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 24,848 | 22,358 |
State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,568 | 4,245 |
Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,122 | 3,116 |
Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 5,412 | 847 |
Fair Value Of Securities Transferred Between Level 1 And Level 2 | 12 | |
Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 764 | 415 |
U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 839 | 776 |
Fair Value Of Securities Transferred Between Level 1 And Level 2 | 50 | |
Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 167 | 217 |
Level 1 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 143 | 260 |
Liabilities | 0 | 0 |
Level 1 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level 1 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 12 |
Level 1 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 5 |
Level 1 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 49 |
Level 1 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 143 | 194 |
Level 2 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 43,226 | 35,331 |
Liabilities | 5,606 | 6,860 |
Level 2 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 4,474 | 5,677 |
Level 2 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,132 | 1,182 |
Level 2 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 7,669 | 7,312 |
Level 2 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level 2 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 21,426 | 19,351 |
Level 2 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,536 | 4,215 |
Level 2 | Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,115 | 3,084 |
Level 2 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 5,168 | 544 |
Level 2 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 764 | 410 |
Level 2 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 532 | 404 |
Level 2 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 16 | 9 |
Level 3 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,060 | 4,033 |
Liabilities | 3 | 4 |
Level 3 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 3 | 4 |
Level 3 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 40 | 79 |
Level 3 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 259 | |
Level 3 | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,422 | 3,006 |
Level 3 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 32 | 30 |
Level 3 | Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 8 | 32 |
Level 3 | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 244 | 290 |
Level 3 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 307 | 323 |
Level 3 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 8 | 13 |
Netting Adjustment | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (6,821) | (6,110) |
Liabilities | (3,830) | (4,968) |
Netting Adjustment | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | (3,830) | (4,968) |
Netting Adjustment | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Netting Adjustment | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (6,821) | (6,110) |
Netting Adjustment | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Netting Adjustment | US Corporate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Mortgage and asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Corporate - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Level 3 Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
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 | $ 0 | $ 11 | $ 0 | $ 11 |
Level 3 | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 3,859 | 4,183 | 4,042 | 4,175 |
Net realized/unrealized gains (losses) included in earnings | (4) | (23) | (12) | (44) |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 158 | (161) | 221 | (74) |
Purchases | 183 | 92 | 243 | 187 |
Sales | (82) | (51) | (87) | (157) |
Settlements | (82) | (35) | (90) | (80) |
Transfers into Level 3 | 18 | 40 | 7 | 41 |
Transfers out of Level 3 | 8 | (27) | (267) | (27) |
Changes in Level 3, ending balance | 4,057 | 4,020 | 4,057 | 4,020 |
Net change in unrealized gains (losses) relating to instruments still held | (24) | 34 | (20) | 3 |
Level 3 | Recurring | Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 82 | 33 | 88 | 29 |
Net realized/unrealized gains (losses) included in earnings | (26) | (2) | (22) | 3 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (41) | (6) | (39) | (8) |
Transfers into Level 3 | 11 | 40 | 0 | 40 |
Transfers out of Level 3 | 11 | 0 | 10 | 0 |
Changes in Level 3, ending balance | 37 | 65 | 37 | 65 |
Net change in unrealized gains (losses) relating to instruments still held | (24) | 33 | (20) | 40 |
Level 3 | Recurring | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 225 | 259 | 277 | |
Net realized/unrealized gains (losses) included in earnings | 4 | 0 | (34) | |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | |
Sales | (7) | 0 | (20) | |
Settlements | 0 | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | (259) | 0 | |
Changes in Level 3, ending balance | 222 | 222 | ||
Net change in unrealized gains (losses) relating to instruments still held | 1 | 0 | (37) | |
Level 3 | US Corporate | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 3,143 | 3,163 | 3,006 | 3,053 |
Net realized/unrealized gains (losses) included in earnings | 4 | (10) | 8 | (6) |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 132 | (145) | 232 | (86) |
Purchases | 173 | 87 | 233 | 181 |
Sales | 0 | (38) | (5) | (49) |
Settlements | (35) | (20) | (43) | (56) |
Transfers into Level 3 | 8 | 0 | 8 | 0 |
Transfers out of Level 3 | (3) | (13) | (18) | (13) |
Changes in Level 3, ending balance | 3,422 | 3,024 | 3,422 | 3,024 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 0 | 0 |
Level 3 | State and municipal | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 31 | 58 | 30 | 58 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 1 | (3) | 2 | (2) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | (8) | 0 | (8) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Changes in Level 3, ending balance | 32 | 47 | 32 | 47 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 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 | 23 | 114 | 32 | 145 |
Net realized/unrealized gains (losses) included in earnings | (10) | (15) | (19) | (9) |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | (8) | 0 | (9) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (32) |
Settlements | (5) | 0 | (6) | (3) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (13) | 0 | (13) |
Changes in Level 3, ending balance | 8 | 78 | 8 | 78 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 0 | 0 |
Level 3 | Corporate - non-U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 295 | 290 | 290 | 337 |
Net realized/unrealized gains (losses) included in earnings | 28 | 0 | 28 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (5) | (7) | 0 | (4) |
Purchases | 9 | 0 | 9 | 0 |
Sales | (82) | 0 | (82) | (49) |
Settlements | 0 | 0 | (1) | 0 |
Transfers into Level 3 | (1) | 0 | (1) | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Changes in Level 3, ending balance | 244 | 283 | 244 | 283 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 0 | 0 |
Level 3 | Government - non-U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 2 | 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 | 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 | 277 | 291 | 323 | 266 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 30 | 2 | (15) | 28 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (1) | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Changes in Level 3, ending balance | 307 | 293 | 307 | 293 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | 0 | 0 |
Level 3 | Equity | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 9 | 6 | 13 | 9 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | (6) | 2 |
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (1) | 0 | 1 | (2) |
Purchases | 0 | 6 | 0 | 6 |
Sales | 0 | (6) | 0 | (6) |
Settlements | 0 | 0 | 0 | (4) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Changes in Level 3, ending balance | 8 | 6 | 8 | 6 |
Net change in unrealized gains (losses) relating to instruments still held | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Non-Re
Fair Value Measurements (Non-Recurring Fair Value Measurements) (Details) - Non-recurring - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | $ (190) | $ (103) | $ (337) | $ (168) | |
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 | 0 | (19) | (15) | (21) | |
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 | (18) | (60) | (95) | (91) | |
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 | (172) | $ (23) | (227) | $ (57) | |
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 | 0 | 1 | ||
Long-lived assets | 32 | 2 | |||
Assets Fair Value Disclosure | 32 | 32 | 3 | ||
Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Financing receivables and loans held for sale | 33 | 154 | |||
Cost and equity method investments | 226 | 226 | 436 | ||
Long-lived assets | 634 | 882 | |||
Assets Fair Value Disclosure | $ 893 | $ 893 | $ 1,471 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - Level 3 $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Individually Insignificant Recurring Fair Value Measurements | $ 22 | $ 32 | ||||
Individually Insignificant Nonrecurring Fair Value Measurements | 4 | 80 | ||||
Recurring | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,057 | 4,042 | $ 3,859 | $ 4,020 | $ 4,183 | $ 4,175 |
Recurring | US Corporate | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 897 | $ 834 | ||||
Recurring | US Corporate | Income Approach | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 1.70% | 1.70% | ||||
Recurring | US Corporate | Income Approach | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 13.50% | 14.10% | ||||
Recurring | US Corporate | Income Approach | Weighted average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 8.00% | 8.60% | ||||
Recurring | Mortgage and asset-backed | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 8 | $ 31 | ||||
Recurring | Mortgage and asset-backed | Income Approach | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 2.00% | 5.00% | ||||
Recurring | Mortgage and asset-backed | Income Approach | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 5.00% | 12.00% | ||||
Recurring | Mortgage and asset-backed | Income Approach | Weighted average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 4.70% | 10.50% | ||||
Recurring | Corporate - non-U.S. | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 236 | |||||
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% | |||||
Recurring | Corporate - non-U.S. | Income Approach | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 14.00% | |||||
Recurring | Corporate - non-U.S. | Income Approach | Weighted average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 7.50% | |||||
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 | $ 3,130 | $ 2,637 | ||||
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 | |||||
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% | |||||
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% | |||||
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% | |||||
Non-recurring | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | 226 | $ 436 | ||||
Assets Fair Value Disclosure Nonrecurring | 122 | 122 | ||||
Non-recurring | Financing receivables and loans held for sale | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 31 | $ 146 | ||||
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% | 6.50% | ||||
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% | 30.00% | ||||
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 | 20.40% | 10.70% | ||||
Non-recurring | Cost and equity method investments | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 138 | $ 293 | ||||
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% | 9.50% | ||||
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% | 35.00% | ||||
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 | 13.20% | 14.40% | ||||
Non-recurring | Long Lived Assets | Income Approach | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Investments, Fair Value Disclosure | $ 599 | $ 830 | ||||
Non-recurring | Long Lived Assets | Income Approach | Lower Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 1.80% | 1.80% | ||||
Non-recurring | Long Lived Assets | Income Approach | Upper Limit | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 25.00% | 11.70% | ||||
Non-recurring | Long Lived Assets | Income Approach | Weighted average | ||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Discount Rate | 10.50% | 10.50% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Financial Instruments [Line Items] | ||
Borrowings | $ (156,436) | $ (197,602) |
Borrowings (debt assumed) | 156,436 | 197,602 |
Intersegment Elimination [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings | 65,186 | 84,704 |
Estimated fair value | ||
Financial Instruments [Line Items] | ||
Effect of including interest rate and currency derivatives on borrowings and bank deposits | 5,299 | 3,001 |
GE | ||
Financial Instruments [Line Items] | ||
Time deposits | 3,550 | 10,386 |
Accrued interest | 992 | 1,006 |
GE | Carrying amount | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 1,353 | 1,104 |
Borrowings | 19,331 | 18,397 |
GE | Carrying amount | Intersegment Elimination [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | 70,188 | 84,704 |
GE | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 1,437 | 1,174 |
Borrowings | 20,822 | 18,954 |
Accrued interest | 93 | 116 |
GE | Estimated fair value | Intersegment Elimination [Member] | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | 79,727 | 92,231 |
GE Capital | ||
Financial Instruments [Line Items] | ||
Accrued interest | 668 | 1,103 |
GE Capital | Intercompany Payable To GE | ||
Financial Instruments [Line Items] | ||
Borrowings (debt assumed) | 5,002 | |
GE Capital | Carrying amount | ||
Financial Instruments [Line Items] | ||
Loans | 18,992 | 20,061 |
Time deposits | 3,550 | 10,386 |
Other commercial mortgages | 1,356 | 1,381 |
Loans held for sale | 692 | 342 |
Other financial instruments | 91 | 94 |
Borrowings | 68,138 | 95,474 |
Investment contracts | 2,870 | 2,955 |
GE Capital | Estimated fair value | ||
Financial Instruments [Line Items] | ||
Loans | 18,850 | 19,774 |
Time deposits | 3,550 | 10,386 |
Other commercial mortgages | 1,481 | 1,447 |
Loans held for sale | 692 | 342 |
Other financial instruments | 122 | 110 |
Borrowings | 70,790 | 99,396 |
Investment contracts | $ 3,490 | $ 3,441 |
Financial Instruments (Notional
Financial Instruments (Notional Amount of Loan Commitments) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Notional Disclosures [Abstract] | ||
Ordinary course of business lending commitments | $ 448 | $ 531 |
Unused revolving credit lines | 213 | 279 |
Excluded investment commitments | $ 758 | $ 782 |
Financial Instruments (Securiti
Financial Instruments (Securities Repurchase and Reverse Repurchase Arrangements) (Details) $ in Billions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Derivative Instrument Detail [Abstract] | |
Reverse Repurchase Agreements Maturities | 90 days |
Securities for Reverse Repurchase Agreements | $ 9.7 |
Financial Instruments (Forms of
Financial Instruments (Forms of Hedging) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||||
Shareowners' equity (increase) decrease | $ (12) | $ (446) | $ 45 | $ 637 |
Earnings (loss) effect of derivatives | 14 | 415 | (71) | (582) |
Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | 11 | 446 | (45) | (637) |
Shareowners' equity (increase) decrease | (12) | (446) | 45 | 637 |
Net effect on earnings (loss) (hedge ineffectiveness) | 0 | 0 | 1 | 0 |
Earnings (loss) effect of derivatives | 14 | 415 | (71) | (582) |
Fair Value Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | 888 | (1,924) | 2,610 | (873) |
Adjustment to carrying amount of hedged debt increase (decrease) | (933) | 1,872 | (2,688) | 789 |
Earnings (loss) related to hedge ineffectiveness | (46) | (52) | (77) | (84) |
Net Investment Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | (282) | (1,578) | 47 | 3,367 |
Fair value of non-derivatives (increase) decrease | (318) | 0 | (120) | 0 |
Shareowners' equity (increase) decrease | 609 | 1,566 | 40 | (3,423) |
Earnings (loss) (spot-forward difference on derivatives) | 8 | (12) | (34) | (56) |
Net Investment Hedges [Member] | Discontinued operations | ||||
Derivative [Line Items] | ||||
Earnings (loss) effect of derivatives | (196) | (380) | ||
Economic Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | 159 | 875 | (2,243) | |
Fair value of non-derivatives (increase) decrease | 159 | 875 | (143) | (2,243) |
Change in carrying amount of item being hedged increase (decrease) | (288) | (981) | (177) | 2,148 |
Shareowners' equity (increase) decrease | (288) | |||
Earnings (loss) effect of derivatives | $ (130) | $ (106) | $ (321) | $ (95) |
Financial Instruments (Notion95
Financial Instruments (Notional Amount of Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Notional Disclosures [Abstract] | ||
Derivative assets | $ 7,709 | $ 7,391 |
Derivative liabilities | (4,477) | (5,681) |
Accrued Interest | 728 | 1,014 |
Cash collateral assets | (2,991) | (1,141) |
Derivative Net | 969 | 1,583 |
Securities held as collateral | (1,038) | (1,277) |
Net carrying amount | (69) | $ 306 |
Derivative, Notional Amount | $ 205 |
Financial Instruments (Effects
Financial Instruments (Effects of Derivatives on Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities [Line Items] | ||||
Effect on underlying | $ (12) | $ (446) | $ 45 | $ 637 |
Earnings (loss) effect of derivatives | 14 | 415 | (71) | (582) |
Total effect on earnings | (168) | (170) | (431) | (235) |
Cash Flow Hedges [Member] | ||||
Derivative Instruments and Hedging Activities [Line Items] | ||||
Effect on hedging instrument | 11 | 446 | (45) | (637) |
Effect on underlying | (12) | (446) | 45 | 637 |
Effect on earnings (Cash flow hedges) | 0 | 0 | 1 | 0 |
Earnings (loss) effect of derivatives | 14 | 415 | (71) | (582) |
Fair Value Hedges [Member] | ||||
Derivative Instruments and Hedging Activities [Line Items] | ||||
Effect on hedging instrument | 888 | (1,924) | 2,610 | (873) |
Effect on underlying (Fair value hedges) | (933) | 1,872 | (2,688) | 789 |
Effect on earnings (Fair value hedges) | (46) | (52) | (77) | (84) |
Net Investment Hedges [Member] | ||||
Derivative Instruments and Hedging Activities [Line Items] | ||||
Effect on hedging instrument | (282) | (1,578) | 47 | 3,367 |
Effect on hedging instrument (Net investment hedges) | (73) | |||
Effect on underlying | 609 | 1,566 | 40 | (3,423) |
Effect on earnings (Net investment hedges) | 8 | (12) | (34) | (56) |
Economic Hedges [Member] | ||||
Derivative Instruments and Hedging Activities [Line Items] | ||||
Effect on hedging instrument | 159 | 875 | (2,243) | |
Effect on hedging instrument (Net investment hedges) | (143) | |||
Effect on underlying | (288) | |||
Effect on underlying (Economic hedges) | (288) | (981) | (177) | 2,148 |
Earnings (loss) effect of derivatives | $ (130) | $ (106) | $ (321) | $ (95) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||||
Financing receivables, net | $ 12,001 | $ 12,001 | $ 12,052 | ||
Investment securities (Note 3) | 39,720 | 39,720 | 31,973 | ||
Other Assets | 31,274 | 31,274 | 36,797 | ||
Borrowings | 156,436 | 156,436 | 197,602 | ||
Nonrecourse Borrowings | 2,005 | 2,005 | 3,083 | ||
Other Liabilities | 21,475 | 21,475 | 23,611 | ||
Total revenues of consolidated VIEs | 33,494 | $ 29,226 | 61,339 | $ 55,466 | |
Appliances | |||||
Variable Interest Entity [Line Items] | |||||
Current Receivables | 773 | 773 | 737 | ||
Consolidated VIE | |||||
Variable Interest Entity [Line Items] | |||||
Financing receivables, net | 1,671 | 1,671 | 882 | ||
Current Receivables | 2,836 | 2,836 | 3,891 | ||
Investment securities (Note 3) | 1,516 | 1,516 | 1,404 | ||
Other Assets | 2,276 | 2,276 | 3,574 | ||
Assets VIE | 8,299 | 8,299 | 9,751 | ||
Borrowings | 1,735 | 1,735 | 1,181 | ||
Non-recourse borrowings | 2,005 | 2,005 | 3,083 | ||
Other Liabilities | 2,565 | 2,565 | 3,557 | ||
Liabilities VIE | 6,305 | 6,305 | 7,821 | ||
Cost of sales and services sold | 257 | 386 | 601 | 723 | |
Acquisition Alstom | |||||
Variable Interest Entity [Line Items] | |||||
Assets VIE | 13,614 | 13,614 | |||
Liabilities VIE | 10,295 | 10,295 | |||
Redeemable noncontrolling interest in joint venture | 2,950 | ||||
Other 1 [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Financing receivables, net | 0 | 0 | 0 | ||
Current Receivables | 152 | 152 | 385 | ||
Investment securities (Note 3) | 0 | 0 | 0 | ||
Other Assets | 1,099 | 1,099 | 2,482 | ||
Assets VIE | 1,251 | 1,251 | 2,867 | ||
Borrowings | 41 | 41 | 221 | ||
Non-recourse borrowings | 0 | 0 | 0 | ||
Other Liabilities | 1,161 | 1,161 | 2,289 | ||
Liabilities VIE | 1,202 | 1,202 | 2,510 | ||
Consolidated Securitization Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment securities (Note 3) | 1,516 | 1,516 | |||
Non-recourse borrowings | 2,005 | 2,005 | |||
Total revenues of consolidated VIEs | 439 | 212 | 794 | 714 | |
Commingled cash amounts owed to CSEs | 860 | 860 | 1,093 | ||
Commingled cash receivable from CSEs | 12 | 12 | 7 | ||
Industrial Equipment Joint Venture [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets VIE | 746 | 746 | |||
Liabilities VIE | 743 | 743 | |||
Power Generating And Leasing [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets VIE | 385 | 385 | |||
Liabilities VIE | 177 | 177 | |||
Insurance Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets VIE | 1,716 | 1,716 | |||
Liabilities VIE | 1,118 | 1,118 | |||
GE Capital | |||||
Variable Interest Entity [Line Items] | |||||
Financing receivables, net | 23,998 | 23,998 | 25,003 | ||
Investment securities (Note 3) | 39,615 | 39,615 | 31,827 | ||
Other Assets | 19,930 | 19,930 | 25,081 | ||
Non-recourse borrowings | 1,475 | 1,475 | 1,534 | ||
Nonrecourse Borrowings | 2,005 | 2,005 | 3,083 | ||
Other Liabilities | 7,028 | 7,028 | 9,351 | ||
Total revenues of consolidated VIEs | 2,771 | $ 2,690 | 5,656 | $ 5,556 | |
GE Capital | Other 1 [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Financing receivables, net | 745 | 745 | 882 | ||
Current Receivables | 1 | 1 | 0 | ||
Investment securities (Note 3) | 1,516 | 1,516 | 1,404 | ||
Other Assets | 1,144 | 1,144 | 1,068 | ||
Assets VIE | 3,406 | 3,406 | 3,354 | ||
Borrowings | 867 | 867 | 960 | ||
Non-recourse borrowings | 0 | 0 | 61 | ||
Other Liabilities | 1,343 | 1,343 | 1,234 | ||
Liabilities VIE | 2,210 | 2,210 | 2,255 | ||
GE Capital | Consolidated Securitization Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Financing receivables, net | 926 | 926 | 0 | ||
Current Receivables | 0 | 0 | 0 | ||
Investment securities (Note 3) | 0 | 0 | 0 | ||
Other Assets | 33 | 33 | 0 | ||
Assets VIE | 959 | 959 | 0 | ||
Borrowings | 827 | 827 | 0 | ||
Non-recourse borrowings | 100 | 100 | 0 | ||
Other Liabilities | 30 | 30 | 0 | ||
Liabilities VIE | 957 | 957 | 0 | ||
GE Capital | Trade Receivable [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Financing receivables, net | 0 | 0 | 0 | ||
Current Receivables | 2,683 | 2,683 | 3,506 | ||
Investment securities (Note 3) | 0 | 0 | 0 | ||
Other Assets | 0 | 0 | 24 | ||
Assets VIE | 2,683 | 2,683 | 3,530 | ||
Borrowings | 0 | 0 | 0 | ||
Non-recourse borrowings | 1,905 | 1,905 | 3,022 | ||
Other Liabilities | 31 | 31 | 34 | ||
Liabilities VIE | $ 1,936 | $ 1,936 | $ 3,056 |
Variable Interest Entities (Unc
Variable Interest Entities (Unconsolidated) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Financing receivables | $ 12,001 | $ 12,052 |
Total investment | 6,005 | |
Total | 6,110 | |
Investment in Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Other assets and investment securities | 5,437 | 745 |
Financing receivables | 13 | 13 |
Total investment | 5,450 | 758 |
Contractual obligations to fund new investments, guarantees or lines of credit | 866 | 29 |
Total | $ 6,316 | $ 787 |
Intercompany Transactions (Deta
Intercompany Transactions (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 1,936 | $ 2,932 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 42,414 | 24,756 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (62,685) | (16,470) |
Combined | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 11,129 | 1,828 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 39,496 | 26,605 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (68,960) | (17,214) |
GE Customer Receivables Sold To GE Capital | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 1,499 | 1,169 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,652) | (1,493) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 153 | 324 |
GE Capital Dividends To GE | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (11,000) | (450) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 11,000 | 450 |
Other Reclassifications and Eliminations | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 308 | 385 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 4,570 | (356) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (4,878) | (30) |
Effect of Elimination | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (9,193) | 1,105 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 2,918 | (1,848) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ 6,275 | $ 743 |
Guarantor (Narrative) (Details)
Guarantor (Narrative) (Details) - Oct. 26, 2015 £ in Billions, $ in Billions | GBP (£) | USD ($) |
Debt Instrument [Line Items] | ||
Outstanding notes being tendered for exchange and settled | $ 36 | |
0.964% six months notes due in 2016 | ||
Debt Instrument [Line Items] | ||
Outstanding notes being tendered for exchange and settled | $ 15.3 | |
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 Instrument [Line Items] | ||
Outstanding notes being tendered for exchange and settled | £ | £ 0.8 | |
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 Instrument [Line Items] | ||
Outstanding notes being tendered for exchange and settled | $ 6.1 | |
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 Instrument [Line Items] | ||
Outstanding notes being tendered for exchange and settled | $ 2 | |
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 Instrument [Line Items] | ||
Outstanding notes being tendered for exchange and settled | $ 11.5 | |
Debt conversion, converted instrument, rate | 4.418% | 4.418% |
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,035 | 2,035 |
Guarantor (Statement of Earning
Guarantor (Statement of Earnings) (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues and other income | ||||
Sales of goods and services | $ 28,028 | $ 26,056 | $ 53,342 | $ 49,739 |
Other income | 3,150 | 780 | 3,158 | 922 |
Equity in earnings (loss) | 0 | 0 | 0 | 0 |
GE Capital earnings from continuing operations | 2,316 | 2,390 | 4,838 | 4,804 |
Total revenues and other income | 33,494 | 29,226 | 61,339 | 55,466 |
Costs and Expenses [Abstract] | ||||
Interest and other financial charges | 1,326 | 713 | 3,062 | 1,331 |
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 776 | 657 | 1,417 | 1,270 |
Other costs and expenses | 27,569 | 25,245 | 52,797 | 48,633 |
Total Costs and Expenses | 29,670 | 26,614 | 57,276 | 51,233 |
Earnings (loss) from continuing operations | 3,824 | 2,612 | 4,063 | 4,233 |
Benefit (provision) for income taxes | (479) | (799) | (340) | (7,093) |
Earnings (loss) from continuing operations attributable to the Company | 3,345 | 1,813 | 3,723 | (2,860) |
Earnings (loss) from discontinued operations, net of taxes | (541) | 2,947 | (849) | (11,883) |
Net earnings (loss) | 2,804 | (1,134) | 2,874 | (14,743) |
Less net earnings (loss) attributable to noncontrolling interests | (86) | 225 | (207) | 190 |
Net earnings (loss) attributable to the Company | 2,890 | (1,360) | 3,081 | (14,933) |
Other comprehensive income (loss) | 807 | 4,158 | 1,631 | (34) |
Comprehensive income (loss) attributable to the Company | 3,696 | 2,798 | 4,711 | (14,967) |
Parent Company Guarantor (General Electric) | ||||
Revenues and other income | ||||
Sales of goods and services | 10,664 | 11,463 | 20,676 | 21,135 |
Other income | (264) | 610 | (38) | 413 |
Equity in earnings (loss) | 5,228 | 2,336 | 6,135 | (1,084) |
GE Capital earnings from continuing operations | 0 | 0 | 0 | 0 |
Total revenues and other income | 15,628 | 14,409 | 26,774 | 20,464 |
Costs and Expenses [Abstract] | ||||
Interest and other financial charges | 851 | 817 | 1,662 | 1,570 |
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 0 | 0 | 0 | 0 |
Other costs and expenses | 11,601 | 12,505 | 22,057 | 23,020 |
Total Costs and Expenses | 12,453 | 13,322 | 23,719 | 24,589 |
Earnings (loss) from continuing operations | 3,175 | 1,086 | 3,055 | (4,125) |
Benefit (provision) for income taxes | 256 | 497 | 875 | 1,071 |
Earnings (loss) from continuing operations attributable to the Company | 3,430 | 1,584 | 3,929 | (3,054) |
Earnings (loss) from discontinued operations, net of taxes | (541) | (2,943) | (849) | (11,879) |
Net earnings (loss) | 2,890 | (1,360) | 3,081 | (14,933) |
Less net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to the Company | 2,890 | (1,360) | 3,081 | (14,933) |
Other comprehensive income (loss) | 807 | 4,158 | 1,631 | (34) |
Comprehensive income (loss) attributable to the Company | 3,696 | 2,798 | 4,711 | (14,967) |
Subsidiary Issuer (GE Capital) | ||||
Revenues and other income | ||||
Sales of goods and services | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Equity in earnings (loss) | 0 | 0 | 0 | 0 |
GE Capital earnings from continuing operations | 200 | 0 | 596 | 0 |
Total revenues and other income | 200 | 0 | 596 | 0 |
Costs and Expenses [Abstract] | ||||
Interest and other financial charges | 175 | 0 | 547 | 0 |
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 0 | 0 | 0 | 0 |
Other costs and expenses | 0 | 0 | 0 | 0 |
Total Costs and Expenses | 175 | 0 | 548 | 0 |
Earnings (loss) from continuing operations | 25 | 0 | 48 | 0 |
Benefit (provision) for income taxes | (3) | 0 | (6) | 0 |
Earnings (loss) from continuing operations attributable to the Company | 22 | 0 | 42 | 0 |
Earnings (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net earnings (loss) | 22 | 0 | 42 | 0 |
Less net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to the Company | 22 | 0 | 42 | 0 |
Other comprehensive income (loss) | 0 | 0 | (12) | 0 |
Comprehensive income (loss) attributable to the Company | 22 | 0 | 30 | 0 |
Subsidiary Guarantor (Subsidiary) | ||||
Revenues and other income | ||||
Sales of goods and services | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Equity in earnings (loss) | (5) | 0 | 665 | 0 |
GE Capital earnings from continuing operations | 722 | 0 | 1,019 | 0 |
Total revenues and other income | 717 | 0 | 1,683 | 0 |
Costs and Expenses [Abstract] | ||||
Interest and other financial charges | 677 | 0 | 1,608 | 0 |
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 0 | 0 | 0 | 0 |
Other costs and expenses | 19 | 0 | 55 | 0 |
Total Costs and Expenses | 695 | 0 | 1,663 | 0 |
Earnings (loss) from continuing operations | 21 | 0 | 20 | 0 |
Benefit (provision) for income taxes | (43) | 0 | (46) | 0 |
Earnings (loss) from continuing operations attributable to the Company | (22) | 0 | (26) | 0 |
Earnings (loss) from discontinued operations, net of taxes | (521) | 0 | (996) | 0 |
Net earnings (loss) | (542) | 0 | (1,022) | 0 |
Less net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to the Company | (542) | 0 | (1,022) | 0 |
Other comprehensive income (loss) | 246 | 0 | 63 | 0 |
Comprehensive income (loss) attributable to the Company | (297) | 0 | (958) | 0 |
Non Guarantor Subsidiaries | ||||
Revenues and other income | ||||
Sales of goods and services | 38,202 | 33,442 | 71,961 | 64,776 |
Other income | 16,043 | 3,352 | 19,484 | 4,399 |
Equity in earnings (loss) | 15,305 | 3,338 | 28,928 | 14,976 |
GE Capital earnings from continuing operations | 1,760 | 9,068 | 6,344 | 17,623 |
Total revenues and other income | 71,310 | 49,200 | 126,717 | 101,775 |
Costs and Expenses [Abstract] | ||||
Interest and other financial charges | 1,412 | 2,277 | 3,171 | 4,646 |
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 815 | 709 | 1,487 | 1,354 |
Other costs and expenses | 37,971 | 37,984 | 73,137 | 78,800 |
Total Costs and Expenses | 40,198 | 40,971 | 77,795 | 84,800 |
Earnings (loss) from continuing operations | 31,111 | 8,229 | 48,922 | 16,975 |
Benefit (provision) for income taxes | (435) | (2,854) | (958) | (9,927) |
Earnings (loss) from continuing operations attributable to the Company | 30,676 | 5,375 | 47,964 | 7,047 |
Earnings (loss) from discontinued operations, net of taxes | 600 | (367) | 174 | (2,693) |
Net earnings (loss) | 31,277 | 5,008 | 48,138 | 4,355 |
Less net earnings (loss) attributable to noncontrolling interests | (66) | 97 | (91) | 197 |
Net earnings (loss) attributable to the Company | 31,342 | 4,911 | 48,230 | 4,158 |
Other comprehensive income (loss) | 579 | 1,206 | 847 | (3,785) |
Comprehensive income (loss) attributable to the Company | 31,922 | 6,116 | 49,076 | 373 |
Consolidation adjustments | ||||
Revenues and other income | ||||
Sales of goods and services | (20,838) | (18,849) | (39,295) | (36,172) |
Other income | (12,629) | (3,183) | (16,288) | (3,889) |
Equity in earnings (loss) | (20,528) | (5,673) | (35,728) | (13,892) |
GE Capital earnings from continuing operations | (365) | (6,678) | (3,121) | (12,819) |
Total revenues and other income | (54,359) | (34,383) | (94,431) | (66,773) |
Costs and Expenses [Abstract] | ||||
Interest and other financial charges | (1,790) | (2,382) | (3,927) | (4,886) |
Investment Contracts Insurance Losses And Insurance Annuity Benefits | (40) | (52) | (70) | (84) |
Other costs and expenses | (22,022) | (25,244) | (42,452) | (53,187) |
Total Costs and Expenses | (23,852) | (27,679) | (46,449) | (58,156) |
Earnings (loss) from continuing operations | (30,508) | (6,704) | (47,983) | (8,617) |
Benefit (provision) for income taxes | (254) | 1,558 | (205) | 1,763 |
Earnings (loss) from continuing operations attributable to the Company | (30,762) | (5,146) | (48,187) | (6,853) |
Earnings (loss) from discontinued operations, net of taxes | (80) | 363 | 821 | 2,689 |
Net earnings (loss) | (30,841) | (4,783) | (47,366) | (4,165) |
Less net earnings (loss) attributable to noncontrolling interests | (20) | 128 | (116) | (7) |
Net earnings (loss) attributable to the Company | (30,822) | (4,911) | (47,250) | (4,158) |
Other comprehensive income (loss) | (825) | (1,206) | (898) | 3,785 |
Comprehensive income (loss) attributable to the Company | $ (31,646) | $ (6,116) | $ (48,148) | $ (373) |
Guarantor (Statement of Financi
Guarantor (Statement of Financial Position) (Unaudited) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||||||
Assets [Abstract] | ||||||||||||
Cash and equivalents | $ 52,123 | $ 70,483 | ||||||||||
Investments | 39,720 | 31,973 | ||||||||||
Receivables - net | 43,813 | 45,856 | ||||||||||
Inventories | 24,723 | 22,515 | ||||||||||
Property, plant and equipment - net | 50,436 | 54,095 | ||||||||||
Investment in subsidiaries | 0 | 0 | ||||||||||
Goodwill and intangible assets | 83,747 | 83,323 | ||||||||||
Other assets | 57,033 | 63,876 | ||||||||||
Assets of discontinued operations | 49,865 | 120,951 | ||||||||||
Total assets | [1] | 401,461 | 493,071 | |||||||||
Liabilities [Abstract] | ||||||||||||
Short-term borrowings | 31,927 | 49,860 | ||||||||||
Accounts payable | 13,115 | 13,680 | ||||||||||
Other current liabilities | 38,742 | 41,540 | ||||||||||
Long term and non-recourse borrowings | 124,509 | 147,742 | ||||||||||
Other liabilities | 89,031 | 90,651 | ||||||||||
Liabilities of discontinued operations | 14,384 | 46,487 | ||||||||||
Liabilities | [1] | 311,708 | 389,961 | |||||||||
Redeemable noncontrolling interest | 3,070 | $ 3,036 | 2,972 | $ 79 | $ 73 | $ 98 | ||||||
Total GE shareowners' equity | 84,991 | 98,274 | 109,503 | 128,159 | ||||||||
Noncontrolling interests | 1,693 | [2] | $ 1,667 | [2] | 1,864 | [2] | 8,776 | [2] | $ 8,738 | [2] | $ 8,674 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 86,684 | 100,138 | $ 118,279 | |||||||||
Liabilities and Equity | 401,461 | 493,071 | ||||||||||
Parent Company Guarantor (General Electric) | ||||||||||||
Assets [Abstract] | ||||||||||||
Cash and equivalents | 2,863 | 4,137 | ||||||||||
Investments | 7 | 14 | ||||||||||
Receivables - net | 67,759 | 88,696 | ||||||||||
Inventories | 5,295 | 5,447 | ||||||||||
Property, plant and equipment - net | 5,494 | 6,540 | ||||||||||
Investment in subsidiaries | 284,657 | 274,471 | ||||||||||
Goodwill and intangible assets | 7,709 | 7,793 | ||||||||||
Other assets | 15,293 | 15,732 | ||||||||||
Assets of discontinued operations | 0 | 0 | ||||||||||
Total assets | 389,078 | 402,828 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Short-term borrowings | 166,625 | 145,051 | ||||||||||
Accounts payable | 3,555 | 6,096 | ||||||||||
Other current liabilities | 12,148 | 14,482 | ||||||||||
Long term and non-recourse borrowings | 78,035 | 97,471 | ||||||||||
Other liabilities | 42,031 | 41,455 | ||||||||||
Liabilities of discontinued operations | 0 | 0 | ||||||||||
Liabilities | 302,394 | 304,555 | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||||
Total GE shareowners' equity | 84,991 | 98,274 | ||||||||||
Noncontrolling interests | 1,693 | 0 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 86,684 | 98,274 | ||||||||||
Liabilities and Equity | 389,078 | 402,828 | ||||||||||
Subsidiary Issuer (GE Capital) | ||||||||||||
Assets [Abstract] | ||||||||||||
Cash and equivalents | 0 | 0 | ||||||||||
Investments | 0 | 0 | ||||||||||
Receivables - net | 17,077 | 33,232 | ||||||||||
Inventories | 0 | 0 | ||||||||||
Property, plant and equipment - net | 0 | 0 | ||||||||||
Investment in subsidiaries | 0 | 0 | ||||||||||
Goodwill and intangible assets | 0 | 0 | ||||||||||
Other assets | 1,558 | 11 | ||||||||||
Assets of discontinued operations | 0 | 0 | ||||||||||
Total assets | 18,635 | 33,242 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Short-term borrowings | 0 | 16,204 | ||||||||||
Accounts payable | 0 | 0 | ||||||||||
Other current liabilities | 27 | (1) | ||||||||||
Long term and non-recourse borrowings | 18,361 | 16,423 | ||||||||||
Other liabilities | 90 | 489 | ||||||||||
Liabilities of discontinued operations | 0 | 0 | ||||||||||
Liabilities | 18,478 | 33,115 | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||||
Total GE shareowners' equity | 158 | 127 | ||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 158 | 127 | ||||||||||
Liabilities and Equity | 18,635 | 33,242 | ||||||||||
Subsidiary Guarantor (Subsidiary) | ||||||||||||
Assets [Abstract] | ||||||||||||
Cash and equivalents | 37 | 0 | ||||||||||
Investments | 0 | 0 | ||||||||||
Receivables - net | 61,339 | 69,306 | ||||||||||
Inventories | 0 | 0 | ||||||||||
Property, plant and equipment - net | 0 | 0 | ||||||||||
Investment in subsidiaries | 77,908 | 78,505 | ||||||||||
Goodwill and intangible assets | 0 | 0 | ||||||||||
Other assets | 1,019 | 915 | ||||||||||
Assets of discontinued operations | 0 | 0 | ||||||||||
Total assets | 140,303 | 148,725 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Short-term borrowings | 47,814 | 71,862 | ||||||||||
Accounts payable | 0 | 0 | ||||||||||
Other current liabilities | 58 | 17 | ||||||||||
Long term and non-recourse borrowings | 62,445 | 46,392 | ||||||||||
Other liabilities | 714 | 224 | ||||||||||
Liabilities of discontinued operations | 0 | 0 | ||||||||||
Liabilities | 111,031 | 118,495 | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||||
Total GE shareowners' equity | 29,271 | 30,230 | ||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 29,271 | 30,230 | ||||||||||
Liabilities and Equity | 140,303 | 148,725 | ||||||||||
Non Guarantor Subsidiaries | ||||||||||||
Assets [Abstract] | ||||||||||||
Cash and equivalents | 53,408 | 86,955 | ||||||||||
Investments | 46,336 | 40,886 | ||||||||||
Receivables - net | 73,581 | 75,909 | ||||||||||
Inventories | 21,957 | 19,762 | ||||||||||
Property, plant and equipment - net | 46,395 | 56,808 | ||||||||||
Investment in subsidiaries | 420,869 | 405,686 | ||||||||||
Goodwill and intangible assets | 54,590 | 61,412 | ||||||||||
Other assets | 227,904 | 247,611 | ||||||||||
Assets of discontinued operations | 0 | 0 | ||||||||||
Total assets | 945,039 | 995,029 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Short-term borrowings | 31,729 | 60,601 | ||||||||||
Accounts payable | 38,275 | 37,636 | ||||||||||
Other current liabilities | 27,183 | 34,903 | ||||||||||
Long term and non-recourse borrowings | 84,118 | 105,801 | ||||||||||
Other liabilities | 59,862 | 57,996 | ||||||||||
Liabilities of discontinued operations | 0 | 0 | ||||||||||
Liabilities | 241,166 | 296,937 | ||||||||||
Redeemable noncontrolling interest | 2,266 | 2,888 | ||||||||||
Total GE shareowners' equity | 699,629 | 693,589 | ||||||||||
Noncontrolling interests | 1,977 | 1,616 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 701,607 | 695,204 | ||||||||||
Liabilities and Equity | 945,039 | 995,029 | ||||||||||
Consolidation adjustments | ||||||||||||
Assets [Abstract] | ||||||||||||
Cash and equivalents | (4,185) | (20,609) | ||||||||||
Investments | (6,623) | (8,927) | ||||||||||
Receivables - net | (175,943) | (221,286) | ||||||||||
Inventories | (2,528) | (2,694) | ||||||||||
Property, plant and equipment - net | (1,453) | (9,253) | ||||||||||
Investment in subsidiaries | (783,434) | (758,662) | ||||||||||
Goodwill and intangible assets | 21,448 | 14,118 | ||||||||||
Other assets | (188,741) | (200,392) | ||||||||||
Assets of discontinued operations | 49,865 | 120,951 | ||||||||||
Total assets | (1,091,594) | (1,086,754) | ||||||||||
Liabilities [Abstract] | ||||||||||||
Short-term borrowings | (214,242) | (243,858) | ||||||||||
Accounts payable | (28,715) | (30,052) | ||||||||||
Other current liabilities | (674) | (7,860) | ||||||||||
Long term and non-recourse borrowings | (118,449) | (118,345) | ||||||||||
Other liabilities | (13,665) | (9,514) | ||||||||||
Liabilities of discontinued operations | 14,384 | 46,487 | ||||||||||
Liabilities | (361,361) | (363,141) | ||||||||||
Redeemable noncontrolling interest | 803 | 84 | ||||||||||
Total GE shareowners' equity | (729,058) | (723,946) | ||||||||||
Noncontrolling interests | (1,977) | 248 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (731,036) | (723,697) | ||||||||||
Liabilities and Equity | $ (1,091,594) | $ (1,086,754) | ||||||||||
[1] | (a) O ur consolidated assets at June 30, 2016 included total assets of $7,651 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 $4,368 million and investment securities of $1,516 million w ithin continuing operations and assets of discontinued operations of $464 million. Our consolidated liabilities at June 30, 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 $2,005 million within continuing operations and non-recourse borrowings of CSEs within discontinued operations of $40 million. See Note 16. | |||||||||||
[2] | (c) Included AOCI attributable to noncontrolling interests of $(259) mi llion and $(264) million at June 30, 2016 and December 31, 2015 , respectively. |
Guarantor (Statement of Fina103
Guarantor (Statement of Financial Position - Paranthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Guarantee Obligations [Line Items] | ||
Cash and equivalents | $ 52,123 | $ 70,483 |
Guarantor (Statement of Cash Fl
Guarantor (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows - operating activities | ||
Cash from (used for) operating activities - continuing operations | $ 1,936 | $ 2,932 |
Cash from (used for) operating activities - discontinued operations | (4,849) | 9,454 |
Cash from (used for) operating activities | (2,913) | 12,385 |
Cash flows - investing activities | ||
Cash from (used for) investing activities - continuing operations | 42,414 | 24,756 |
Cash from (used for) investing activities - discontinued operations | (10,646) | (8,209) |
Cash from (used for) investing activities | 31,768 | 16,547 |
Cash flows - financing activities | ||
Cash from (used for) financing activities - continuing operations | (62,685) | (16,470) |
Cash from (used for) financing activities - discontinued operations | (711) | (2,240) |
Cash from (used for) financing activities | (63,396) | (18,710) |
Effect of currency exchange rate changes on cash and equivalents | (24) | (2,887) |
Period Increase Decrease In Cash And Cash Equivalents | (34,565) | 7,336 |
Cash and equivalents at beginning of year | 90,878 | 91,017 |
Cash and equivalents at June 30 | 56,313 | 98,353 |
Less cash and equivalents of discontinued operations at June 30 | 4,190 | 19,992 |
Cash and equivalents of continuing operations at June 30 | 52,123 | 78,360 |
Parent Company Guarantor (General Electric) | ||
Cash flows - operating activities | ||
Cash from (used for) operating activities - continuing operations | (21,092) | (13,885) |
Cash from (used for) operating activities - discontinued operations | (849) | (11,879) |
Cash from (used for) operating activities | (21,941) | (25,763) |
Cash flows - investing activities | ||
Cash from (used for) investing activities - continuing operations | 17,416 | 26,326 |
Cash from (used for) investing activities - discontinued operations | 0 | 0 |
Cash from (used for) investing activities | 17,416 | 26,326 |
Cash flows - financing activities | ||
Cash from (used for) financing activities - continuing operations | 3,252 | (2,388) |
Cash from (used for) financing activities - discontinued operations | 0 | 0 |
Cash from (used for) financing activities | 3,252 | (2,388) |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 |
Period Increase Decrease In Cash And Cash Equivalents | (1,274) | (1,826) |
Cash and equivalents at beginning of year | 4,137 | 4,820 |
Cash and equivalents at June 30 | 2,863 | 2,994 |
Less cash and equivalents of discontinued operations at June 30 | 0 | 0 |
Cash and equivalents of continuing operations at June 30 | 2,863 | 2,994 |
Subsidiary Issuer (GE Capital) | ||
Cash flows - operating activities | ||
Cash from (used for) operating activities - continuing operations | 182 | 0 |
Cash from (used for) operating activities - discontinued operations | 0 | 0 |
Cash from (used for) operating activities | 182 | 0 |
Cash flows - investing activities | ||
Cash from (used for) investing activities - continuing operations | 16,084 | 0 |
Cash from (used for) investing activities - discontinued operations | 0 | 0 |
Cash from (used for) investing activities | 16,084 | 0 |
Cash flows - financing activities | ||
Cash from (used for) financing activities - continuing operations | (16,265) | 0 |
Cash from (used for) financing activities - discontinued operations | 0 | 0 |
Cash from (used for) financing activities | (16,265) | 0 |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 |
Period Increase Decrease In Cash And Cash Equivalents | 0 | 0 |
Cash and equivalents at beginning of year | 0 | 0 |
Cash and equivalents at June 30 | 0 | 0 |
Less cash and equivalents of discontinued operations at June 30 | 0 | 0 |
Cash and equivalents of continuing operations at June 30 | 0 | 0 |
Subsidiary Guarantor (Subsidiary) | ||
Cash flows - operating activities | ||
Cash from (used for) operating activities - continuing operations | 1,032 | 0 |
Cash from (used for) operating activities - discontinued operations | (996) | 0 |
Cash from (used for) operating activities | 37 | 0 |
Cash flows - investing activities | ||
Cash from (used for) investing activities - continuing operations | 7,995 | 0 |
Cash from (used for) investing activities - discontinued operations | 0 | 0 |
Cash from (used for) investing activities | 7,995 | 0 |
Cash flows - financing activities | ||
Cash from (used for) financing activities - continuing operations | (7,995) | 0 |
Cash from (used for) financing activities - discontinued operations | 0 | 0 |
Cash from (used for) financing activities | (7,995) | 0 |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 |
Period Increase Decrease In Cash And Cash Equivalents | 37 | 0 |
Cash and equivalents at beginning of year | 0 | 0 |
Cash and equivalents at June 30 | 37 | 0 |
Less cash and equivalents of discontinued operations at June 30 | 0 | 0 |
Cash and equivalents of continuing operations at June 30 | 37 | 0 |
Non Guarantor Subsidiaries | ||
Cash flows - operating activities | ||
Cash from (used for) operating activities - continuing operations | 10,275 | 66,152 |
Cash from (used for) operating activities - discontinued operations | (3,826) | 18,644 |
Cash from (used for) operating activities | 6,449 | 84,795 |
Cash flows - investing activities | ||
Cash from (used for) investing activities - continuing operations | 97,631 | (120,772) |
Cash from (used for) investing activities - discontinued operations | (10,646) | (8,209) |
Cash from (used for) investing activities | 86,985 | (128,981) |
Cash flows - financing activities | ||
Cash from (used for) financing activities - continuing operations | (142,451) | 58,236 |
Cash from (used for) financing activities - discontinued operations | (711) | (2,240) |
Cash from (used for) financing activities | (143,162) | 55,996 |
Effect of currency exchange rate changes on cash and equivalents | (24) | (2,887) |
Period Increase Decrease In Cash And Cash Equivalents | (49,752) | 8,923 |
Cash and equivalents at beginning of year | 107,350 | 108,400 |
Cash and equivalents at June 30 | 57,598 | 117,324 |
Less cash and equivalents of discontinued operations at June 30 | 4,190 | 19,992 |
Cash and equivalents of continuing operations at June 30 | 53,408 | 97,331 |
Consolidation adjustments | ||
Cash flows - operating activities | ||
Cash from (used for) operating activities - continuing operations | 11,539 | (49,336) |
Cash from (used for) operating activities - discontinued operations | 821 | 2,689 |
Cash from (used for) operating activities | 12,361 | (46,647) |
Cash flows - investing activities | ||
Cash from (used for) investing activities - continuing operations | (96,712) | 119,202 |
Cash from (used for) investing activities - discontinued operations | 0 | 0 |
Cash from (used for) investing activities | (96,712) | 119,202 |
Cash flows - financing activities | ||
Cash from (used for) financing activities - continuing operations | 100,775 | (72,317) |
Cash from (used for) financing activities - discontinued operations | 0 | 0 |
Cash from (used for) financing activities | 100,775 | (72,317) |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 |
Period Increase Decrease In Cash And Cash Equivalents | 16,424 | 238 |
Cash and equivalents at beginning of year | (20,609) | (22,203) |
Cash and equivalents at June 30 | (4,185) | (21,965) |
Less cash and equivalents of discontinued operations at June 30 | 0 | 0 |
Cash and equivalents of continuing operations at June 30 | $ (4,185) | $ (21,965) |
Supplemental Information (De105
Supplemental Information (Derivatives and Hedging) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 7,709 | $ 7,391 |
Derivative liabilities | 4,477 | 5,681 |
Netting adjustment of derivative gross asset | (2,978) | (4,326) |
Netting adjustment of derivative gross liability | (2,969) | (4,326) |
Cash collateral assets | (2,991) | (1,141) |
Net derivative assets | 1,648 | 2,282 |
Net derivative liabilities | 678 | 700 |
Cumulative gain (loss) adjustment for non performance risk | (9) | |
Excluded excess cash collateral received | 61 | 48 |
Excluded excess cash collateral posted | 79 | 379 |
Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 6,108 | 5,241 |
Derivative liabilities | 653 | 1,541 |
Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,601 | 2,149 |
Derivative liabilities | 3,823 | 4,141 |
Interest Rate Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5,773 | 4,132 |
Derivative liabilities | 24 | 158 |
Interest Rate Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 119 | 119 |
Derivative liabilities | 101 | 44 |
Currency Exchange Contracts | Designated As Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 335 | 1,109 |
Derivative liabilities | 630 | 1,383 |
Currency Exchange Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,196 | 1,715 |
Derivative liabilities | 3,700 | 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 | 286 | 315 |
Derivative liabilities | 23 | 49 |
Gross Accrued Interest [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 760 | 1,001 |
Derivative liabilities | 32 | (13) |
Gross Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 8,469 | 8,392 |
Derivative liabilities | 4,509 | 5,668 |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (6,821) | (6,110) |
Derivative liabilities | (3,830) | (4,968) |
Cash collateral assets | (3,843) | (1,784) |
Cash collateral liabilities | (861) | (642) |
Securities Pledged as Collateral [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (1,038) | (1,277) |
Derivative liabilities | 0 | 0 |
Net Derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 610 | 1,005 |
Derivative liabilities | $ 678 | $ 700 |
Supplemental Information (De106
Supplemental Information (Derivatives and Hedging - Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | $ 12 | $ 446 | $ (45) | $ (637) |
Gain (loss) reclassified from AOCI into earnings | 14 | 415 | (71) | (582) |
Interest Rate Contracts | ||||
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | 12 | (7) | 31 | (10) |
Gain (loss) reclassified from AOCI into earnings | (26) | (22) | (55) | (61) |
Currency Exchange Contracts | ||||
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | 1 | 452 | (77) | (625) |
Gain (loss) reclassified from AOCI into earnings | 40 | 437 | (13) | (520) |
Commodity Contracts | ||||
Summary Of Cash Flow Hedge Activity [Line Items] | ||||
Gain (loss) recognized in AOCI | (1) | 1 | 0 | (2) |
Gain (loss) reclassified from AOCI into earnings | $ (1) | $ 0 | $ (3) | $ (1) |
Supplemental Information (De107
Supplemental Information (Derivatives and Hedging - Counterparty Credit Risk) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Securities held as collateral | $ 1,038 | $ 1,277 |
Cash collateral | 2,991 | 1,141 |
Total fair value of collateral | 4,882 | |
Collateral Already Posted, Aggregate Fair Value | 861 | |
Exposure to counterparties including interest net collateral excluding embedded derivatives | 511 | |
Derivative liability after collateral and outstanding interest payments excluding embedded derivatives | 721 | |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Securities held as collateral | (54) | (107) |
Cash collateral | $ 3,843 | $ 1,784 |