(Mark One)
þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2012
OR
|
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from ____ to ____
|
Commission file number 001-00035
GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
|
New York
|
14-0689340
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
3135 Easton Turnpike, Fairfield, CT
|
06828-0001
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
(Registrant’s telephone number, including area code) (203) 373-2211
_______________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
|
Large accelerated filer þ
|
Accelerated filer ¨
|
Non-accelerated filer ¨
|
Smaller reporting company ¨
|
Page
|
||
Part I - Financial Information
|
||
Item 1. Financial Statements
|
||
Condensed Statement of Earnings
|
||
Three months Ended March 31, 2012
|
3
|
|
Condensed Consolidated Statement of Comprehensive Income
|
4
|
|
Condensed Consolidated Statement of Changes in Shareowners' Equity
|
4
|
|
Condensed Statement of Financial Position
|
5
|
|
Condensed Statement of Cash Flows
|
6
|
|
Summary of Operating Segments
|
7
|
|
Notes to Condensed, Consolidated Financial Statements (Unaudited)
|
8
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
55
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
77
|
|
Item 4. Controls and Procedures
|
77
|
|
Part II - Other Information
|
||
Item 1. Legal Proceedings
Item 2. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
|
77
78
|
|
Item 6. Exhibits
|
79
|
|
Signatures
|
80
|
Three months ended March 31 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
(In millions, except share amounts)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Revenues and other income
|
||||||||||||||||||
Sales of goods
|
$
|
17,315
|
$
|
14,489
|
$
|
17,357
|
$
|
14,489
|
$
|
30
|
$
|
42
|
||||||
Sales of services
|
6,212
|
7,502
|
6,330
|
7,613
|
–
|
–
|
||||||||||||
Other income
|
557
|
3,625
|
600
|
3,665
|
–
|
–
|
||||||||||||
GECC earnings from continuing operations
|
–
|
–
|
1,792
|
1,790
|
–
|
–
|
||||||||||||
GECC revenues from services
|
11,098
|
12,713
|
–
|
–
|
11,412
|
12,994
|
||||||||||||
Total revenues and other income
|
35,182
|
38,329
|
26,079
|
27,557
|
11,442
|
13,036
|
||||||||||||
Costs and expenses
|
||||||||||||||||||
Cost of goods sold
|
13,465
|
11,816
|
13,512
|
11,818
|
25
|
40
|
||||||||||||
Cost of services sold
|
4,404
|
4,900
|
4,522
|
5,011
|
–
|
–
|
||||||||||||
Interest and other financial charges
|
3,358
|
3,796
|
315
|
355
|
3,196
|
3,584
|
||||||||||||
Investment contracts, insurance losses and
|
||||||||||||||||||
insurance annuity benefits
|
737
|
736
|
–
|
–
|
771
|
769
|
||||||||||||
Provision for losses on financing receivables
|
863
|
1,140
|
–
|
–
|
863
|
1,140
|
||||||||||||
Other costs and expenses
|
8,429
|
8,507
|
4,003
|
3,399
|
4,596
|
5,253
|
||||||||||||
Total costs and expenses
|
31,256
|
30,895
|
22,352
|
20,583
|
9,451
|
10,786
|
||||||||||||
Earnings from continuing operations
|
||||||||||||||||||
before income taxes
|
3,926
|
7,434
|
3,727
|
6,974
|
1,991
|
2,250
|
||||||||||||
Benefit (provision) for income taxes
|
(637)
|
(3,942)
|
(450)
|
(3,513)
|
(187)
|
(429)
|
||||||||||||
Earnings from continuing operations
|
3,289
|
3,492
|
3,277
|
3,461
|
1,804
|
1,821
|
||||||||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(217)
|
35
|
(217)
|
35
|
(217)
|
35
|
||||||||||||
Net earnings (loss)
|
3,072
|
3,527
|
3,060
|
3,496
|
1,587
|
1,856
|
||||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||
noncontrolling interests
|
38
|
94
|
26
|
63
|
12
|
31
|
||||||||||||
Net earnings (loss) attributable to the Company
|
3,034
|
3,433
|
3,034
|
3,433
|
1,575
|
1,825
|
||||||||||||
Preferred stock dividends declared
|
–
|
(75)
|
–
|
(75)
|
–
|
–
|
||||||||||||
Net earnings (loss) attributable to GE common
|
||||||||||||||||||
shareowners
|
$
|
3,034
|
$
|
3,358
|
$
|
3,034
|
$
|
3,358
|
$
|
1,575
|
$
|
1,825
|
||||||
Amounts attributable to the Company
|
||||||||||||||||||
Earnings from continuing operations
|
$
|
3,251
|
$
|
3,398
|
$
|
3,251
|
$
|
3,398
|
$
|
1,792
|
$
|
1,790
|
||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(217)
|
35
|
(217)
|
35
|
(217)
|
35
|
||||||||||||
Net earnings (loss) attributable to the Company
|
$
|
3,034
|
$
|
3,433
|
$
|
3,034
|
$
|
3,433
|
$
|
1,575
|
$
|
1,825
|
||||||
Per-share amounts
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.31
|
$
|
0.31
|
||||||||||||||
Basic earnings per share
|
$
|
0.31
|
$
|
0.31
|
||||||||||||||
Net earnings
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.29
|
$
|
0.31
|
||||||||||||||
Basic earnings per share
|
$
|
0.29
|
$
|
0.32
|
||||||||||||||
Dividends declared per common share
|
$
|
0.17
|
$
|
0.14
|
||||||||||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or financial services), which is presented on a one-line basis.
|
|
See Note 3 for other-than-temporary impairment amounts.
|
|
See accompanying notes. Separate information is shown for "GE" and "Financial Services (GECC)." Transactions between GE and GECC have been eliminated from the "Consolidated" columns.
|
General Electric Company and consolidated affiliates
|
|||||||||||
Condensed Consolidated Statement of Comprehensive Income
|
|||||||||||
Three months ended March 31 (Unaudited)
|
|||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Net earnings
|
$
|
3,072
|
$
|
3,527
|
|||||||
Less: Net earnings attributable to noncontrolling interests
|
38
|
94
|
|||||||||
Net earnings attributable to GE
|
$
|
3,034
|
$
|
3,433
|
|||||||
Other comprehensive income, net of tax
|
|||||||||||
Investment securities
|
$
|
337
|
$
|
(189)
|
|||||||
Currency translation adjustments
|
332
|
2,539
|
|||||||||
Cash flow hedges
|
124
|
(74)
|
|||||||||
Benefit plans
|
1,040
|
593
|
|||||||||
Other comprehensive income, net of tax
|
1,833
|
2,869
|
|||||||||
Less: Other comprehensive income attributable to noncontrolling interests
|
(8)
|
15
|
|||||||||
Other comprehensive income attributable to GE
|
$
|
1,841
|
$
|
2,854
|
|||||||
Comprehensive income, net of tax
|
$
|
4,905
|
$
|
6,396
|
|||||||
Less: Comprehensive income attributable to noncontrolling interests
|
30
|
109
|
|||||||||
Comprehensive income attributable to GE
|
$
|
4,875
|
$
|
6,287
|
|||||||
General Electric Company and consolidated affiliates
|
|||||||||||
Condensed Consolidated Statement of Changes in Shareowners' Equity
|
|||||||||||
Three months ended March 31 (Unaudited)
|
|||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Balance at January 1
|
$
|
116,438
|
$
|
118,936
|
|||||||
Dividends and other transactions with shareowners
|
(1,446)
|
(1,688)
|
|||||||||
Other comprehensive income, net of tax
|
1,841
|
2,854
|
|||||||||
Increases from net earnings attributable to the company
|
3,034
|
3,433
|
|||||||||
Balance at March 31
|
119,867
|
123,535
|
|||||||||
Noncontrolling interests
|
1,721
|
2,254
|
|||||||||
Total equity at March 31
|
$
|
121,588
|
$
|
125,789
|
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||||||
(In millions, except share amounts)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
Assets
|
||||||||||||||||||
Cash and equivalents
|
$
|
83,650
|
$
|
84,501
|
$
|
7,979
|
$
|
8,382
|
$
|
76,165
|
$
|
76,702
|
||||||
Investment securities
|
47,829
|
47,374
|
18
|
18
|
47,814
|
47,359
|
||||||||||||
Current receivables
|
19,040
|
19,531
|
11,397
|
11,807
|
–
|
–
|
||||||||||||
Inventories
|
15,212
|
13,792
|
15,170
|
13,741
|
42
|
51
|
||||||||||||
Financing receivables – net
|
272,694
|
279,918
|
–
|
–
|
281,383
|
288,847
|
||||||||||||
Other GECC receivables
|
7,870
|
7,561
|
–
|
–
|
14,000
|
13,390
|
||||||||||||
Property, plant and equipment – net
|
66,000
|
65,739
|
14,443
|
14,283
|
51,520
|
51,419
|
||||||||||||
Investment in GECC
|
–
|
–
|
79,192
|
77,110
|
–
|
–
|
||||||||||||
Goodwill
|
72,959
|
72,625
|
45,633
|
45,395
|
27,326
|
27,230
|
||||||||||||
Other intangible assets – net
|
11,921
|
12,068
|
10,453
|
10,522
|
1,468
|
1,546
|
||||||||||||
All other assets
|
108,563
|
111,701
|
37,163
|
36,675
|
71,672
|
75,612
|
||||||||||||
Assets of businesses held for sale
|
640
|
711
|
–
|
–
|
640
|
711
|
||||||||||||
Assets of discontinued operations
|
1,341
|
1,721
|
9
|
52
|
1,332
|
1,669
|
||||||||||||
Total assets(b)
|
$
|
707,719
|
$
|
717,242
|
$
|
221,457
|
$
|
217,985
|
$
|
573,362
|
$
|
584,536
|
||||||
Liabilities and equity
|
||||||||||||||||||
Short-term borrowings
|
$
|
138,659
|
$
|
137,611
|
$
|
7,313
|
$
|
2,184
|
$
|
132,028
|
$
|
136,333
|
||||||
Accounts payable, principally trade accounts
|
17,031
|
16,400
|
14,140
|
14,209
|
8,150
|
7,239
|
||||||||||||
Progress collections and price adjustments accrued
|
10,673
|
10,402
|
11,448
|
11,349
|
–
|
–
|
||||||||||||
Dividends payable
|
1,799
|
1,797
|
1,799
|
1,797
|
–
|
–
|
||||||||||||
Other GE current liabilities
|
15,030
|
14,796
|
15,030
|
14,796
|
–
|
–
|
||||||||||||
Non-recourse borrowings of consolidated
|
||||||||||||||||||
securitization entities
|
29,544
|
29,258
|
–
|
–
|
29,544
|
29,258
|
||||||||||||
Bank deposits
|
41,106
|
43,115
|
–
|
–
|
41,106
|
43,115
|
||||||||||||
Long-term borrowings
|
233,487
|
243,459
|
4,400
|
9,405
|
229,195
|
234,391
|
||||||||||||
Investment contracts, insurance liabilities
|
||||||||||||||||||
and insurance annuity benefits
|
29,641
|
29,774
|
–
|
–
|
30,227
|
30,198
|
||||||||||||
All other liabilities
|
67,191
|
70,653
|
53,335
|
53,826
|
14,354
|
17,334
|
||||||||||||
Deferred income taxes
|
281
|
(131)
|
(6,987)
|
(7,183)
|
7,268
|
7,052
|
||||||||||||
Liabilities of businesses held for sale
|
305
|
345
|
–
|
–
|
305
|
345
|
||||||||||||
Liabilities of discontinued operations
|
1,384
|
1,629
|
158
|
158
|
1,226
|
1,471
|
||||||||||||
Total liabilities(b)
|
586,131
|
599,108
|
100,636
|
100,541
|
493,403
|
506,736
|
||||||||||||
Common stock (10,587,317,000 and 10,573,017,000
|
||||||||||||||||||
shares outstanding at March 31, 2012 and
|
||||||||||||||||||
December 31, 2011, respectively)
|
702
|
702
|
702
|
702
|
–
|
–
|
||||||||||||
Accumulated other comprehensive income – net(c)
|
||||||||||||||||||
Investment securities
|
305
|
(30)
|
305
|
(30)
|
298
|
(33)
|
||||||||||||
Currency translation adjustments
|
476
|
133
|
476
|
133
|
(274)
|
(399)
|
||||||||||||
Cash flow hedges
|
(1,052)
|
(1,176)
|
(1,052)
|
(1,176)
|
(1,029)
|
(1,101)
|
||||||||||||
Benefit plans
|
(21,862)
|
(22,901)
|
(21,862)
|
(22,901)
|
(587)
|
(563)
|
||||||||||||
Other capital
|
33,594
|
33,693
|
33,594
|
33,693
|
27,631
|
27,628
|
||||||||||||
Retained earnings
|
139,019
|
137,786
|
139,019
|
137,786
|
53,153
|
51,578
|
||||||||||||
Less common stock held in treasury
|
(31,315)
|
(31,769)
|
(31,315)
|
(31,769)
|
–
|
–
|
||||||||||||
Total GE shareowners’ equity
|
119,867
|
116,438
|
119,867
|
116,438
|
79,192
|
77,110
|
||||||||||||
Noncontrolling interests(d)
|
1,721
|
1,696
|
954
|
1,006
|
767
|
690
|
||||||||||||
Total equity
|
121,588
|
118,134
|
120,821
|
117,444
|
79,959
|
77,800
|
||||||||||||
Total liabilities and equity
|
$
|
707,719
|
$
|
717,242
|
$
|
221,457
|
$
|
217,985
|
$
|
573,362
|
$
|
584,536
|
||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or financial services), which is presented on a one-line basis.
|
(b)
|
Our consolidated assets at March 31, 2012 include total assets of $46,383 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets include net financing receivables of $37,733 million and investment securities of $5,146 million. Our consolidated liabilities at March 31, 2012 include liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities include non-recourse borrowings of consolidated securitization entities (CSEs) of $28,844 million. See Note 18.
|
(c)
|
The sum of accumulated other comprehensive income - net was $(22,133) million and $(23,974) million at March 31, 2012 and December 31, 2011, respectively.
|
(d)
|
Included accumulated other comprehensive income - net attributable to noncontrolling interests of $(160) million and $(168) million at March 31, 2012 and December 31, 2011, respectively.
|
Three months ended March 31 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Cash flows – operating activities
|
||||||||||||||||||
Net earnings
|
$
|
3,072
|
$
|
3,527
|
$
|
3,060
|
$
|
3,496
|
$
|
1,587
|
$
|
1,856
|
||||||
Less net earnings (loss) attributable to noncontrolling interests
|
38
|
94
|
26
|
63
|
12
|
31
|
||||||||||||
Net earnings attributable to the Company
|
3,034
|
3,433
|
3,034
|
3,433
|
1,575
|
1,825
|
||||||||||||
(Earnings) loss from discontinued operations
|
217
|
(35)
|
217
|
(35)
|
217
|
(35)
|
||||||||||||
Adjustments to reconcile net earnings attributable to the
|
||||||||||||||||||
Company to cash provided from operating activities
|
||||||||||||||||||
Depreciation and amortization of property,
|
||||||||||||||||||
plant and equipment
|
2,263
|
2,292
|
568
|
516
|
1,695
|
1,776
|
||||||||||||
Earnings from continuing operations retained by GECC
|
–
|
–
|
(1,792)
|
(1,790)
|
–
|
–
|
||||||||||||
Deferred income taxes
|
36
|
(1,400)
|
(156)
|
50
|
192
|
(1,450)
|
||||||||||||
Decrease (increase) in GE current receivables
|
291
|
985
|
345
|
(106)
|
–
|
–
|
||||||||||||
Decrease (increase) in inventories
|
(1,433)
|
(1,288)
|
(1,432)
|
(1,276)
|
9
|
3
|
||||||||||||
Increase (decrease) in accounts payable
|
854
|
1,230
|
499
|
668
|
572
|
1,290
|
||||||||||||
Increase (decrease) in GE progress collections
|
273
|
(1,002)
|
101
|
(1,096)
|
–
|
–
|
||||||||||||
Provision for losses on GECC financing receivables
|
863
|
1,140
|
–
|
–
|
863
|
1,140
|
||||||||||||
All other operating activities
|
131
|
2,124
|
675
|
1,320
|
(406)
|
256
|
||||||||||||
Cash from (used for) operating activities – continuing
|
||||||||||||||||||
operations
|
6,529
|
7,479
|
2,059
|
1,684
|
4,717
|
4,805
|
||||||||||||
Cash from (used for) operating activities – discontinued
|
||||||||||||||||||
operations
|
(63)
|
217
|
–
|
–
|
(63)
|
217
|
||||||||||||
Cash from (used for) operating activities
|
6,466
|
7,696
|
2,059
|
1,684
|
4,654
|
5,022
|
||||||||||||
Cash flows – investing activities
|
||||||||||||||||||
Additions to property, plant and equipment
|
(3,295)
|
(3,169)
|
(1,002)
|
(927)
|
(2,337)
|
(2,292)
|
||||||||||||
Dispositions of property, plant and equipment
|
1,825
|
1,773
|
–
|
–
|
1,825
|
1,773
|
||||||||||||
Net decrease (increase) in GECC financing receivables
|
6,462
|
10,650
|
–
|
–
|
6,566
|
11,838
|
||||||||||||
Proceeds from sale of discontinued operations
|
–
|
1,775
|
–
|
–
|
–
|
1,775
|
||||||||||||
Proceeds from principal business dispositions
|
84
|
7,133
|
–
|
5,755
|
84
|
1,378
|
||||||||||||
Payments for principal businesses purchased
|
(190)
|
(4,547)
|
(190)
|
(4,462)
|
–
|
(85)
|
||||||||||||
All other investing activities
|
371
|
3,834
|
232
|
(266)
|
251
|
4,218
|
||||||||||||
Cash from (used for) investing activities – continuing
|
||||||||||||||||||
operations
|
5,257
|
17,449
|
(960)
|
100
|
6,389
|
18,605
|
||||||||||||
Cash from (used for) investing activities – discontinued
|
||||||||||||||||||
operations
|
62
|
(164)
|
–
|
–
|
62
|
(164)
|
||||||||||||
Cash from (used for) investing activities
|
5,319
|
17,285
|
(960)
|
100
|
6,451
|
18,441
|
||||||||||||
Cash flows – financing activities
|
||||||||||||||||||
Net increase (decrease) in borrowings (maturities of
|
||||||||||||||||||
90 days or less)
|
(814)
|
(979)
|
166
|
731
|
(1,259)
|
(2,062)
|
||||||||||||
Net increase (decrease) in bank deposits
|
(2,641)
|
1,233
|
–
|
–
|
(2,641)
|
1,233
|
||||||||||||
Newly issued debt (maturities longer than 90 days)
|
17,070
|
15,513
|
74
|
110
|
16,767
|
15,508
|
||||||||||||
Repayments and other reductions (maturities longer
|
||||||||||||||||||
than 90 days)
|
(25,326)
|
(31,610)
|
(44)
|
(19)
|
(25,282)
|
(31,591)
|
||||||||||||
Net dispositions (purchases) of GE shares for treasury
|
127
|
(394)
|
127
|
(394)
|
–
|
–
|
||||||||||||
Dividends paid to shareowners
|
(1,799)
|
(1,564)
|
(1,799)
|
(1,564)
|
–
|
–
|
||||||||||||
Purchase of subsidiary shares from
|
||||||||||||||||||
noncontrolling interest
|
–
|
(4,303)
|
–
|
(4,303)
|
–
|
–
|
||||||||||||
All other financing activities
|
(216)
|
(425)
|
(63)
|
(119)
|
(153)
|
(306)
|
||||||||||||
Cash from (used for) financing activities – continuing
|
||||||||||||||||||
operations
|
(13,599)
|
(22,529)
|
(1,539)
|
(5,558)
|
(12,568)
|
(17,218)
|
||||||||||||
Cash from (used for) financing activities – discontinued
|
||||||||||||||||||
operations
|
–
|
(42)
|
–
|
–
|
–
|
(42)
|
||||||||||||
Cash from (used for) financing activities
|
(13,599)
|
(22,571)
|
(1,539)
|
(5,558)
|
(12,568)
|
(17,260)
|
||||||||||||
Effect of currency exchange rate changes on cash
|
||||||||||||||||||
and equivalents
|
962
|
828
|
37
|
24
|
925
|
804
|
||||||||||||
Increase (decrease) in cash and equivalents
|
(852)
|
3,238
|
(403)
|
(3,750)
|
(538)
|
7,007
|
||||||||||||
Cash and equivalents at beginning of year
|
84,622
|
79,085
|
8,382
|
19,241
|
76,823
|
60,399
|
||||||||||||
Cash and equivalents at March 31
|
83,770
|
82,323
|
7,979
|
15,491
|
76,285
|
67,406
|
||||||||||||
Less cash and equivalents of discontinued operations
|
||||||||||||||||||
at March 31
|
120
|
153
|
–
|
–
|
120
|
153
|
||||||||||||
Cash and equivalents of continuing operations
|
||||||||||||||||||
at March 31
|
$
|
83,650
|
$
|
82,170
|
$
|
7,979
|
$
|
15,491
|
$
|
76,165
|
$
|
67,253
|
||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or financial services), which is presented on a one-line basis.
|
Three months ended March 31
|
||||||
(Unaudited)
|
||||||
(In millions)
|
2012
|
2011
|
||||
Revenues(a)
|
||||||
Energy Infrastructure
|
$
|
11,168
|
$
|
9,449
|
||
Aviation
|
4,891
|
4,368
|
||||
Healthcare
|
4,300
|
4,090
|
||||
Transportation
|
1,270
|
903
|
||||
Home & Business Solutions
|
2,091
|
1,989
|
||||
Total industrial segment revenues
|
23,720
|
20,799
|
||||
GE Capital
|
11,442
|
13,036
|
||||
Total segment revenues
|
35,162
|
33,835
|
||||
Corporate items and eliminations(a)
|
20
|
4,494
|
||||
Consolidated revenues and other income
|
$
|
35,182
|
$
|
38,329
|
||
Segment profit(a)
|
||||||
Energy Infrastructure
|
$
|
1,524
|
$
|
1,381
|
||
Aviation
|
862
|
841
|
||||
Healthcare
|
585
|
531
|
||||
Transportation
|
232
|
157
|
||||
Home & Business Solutions
|
66
|
74
|
||||
Total industrial segment profit
|
3,269
|
2,984
|
||||
GE Capital
|
1,792
|
1,790
|
||||
Total segment profit
|
5,061
|
4,774
|
||||
Corporate items and eliminations(a)
|
(1,045)
|
2,492
|
||||
GE interest and other financial charges
|
(315)
|
(355)
|
||||
GE provision for income taxes
|
(450)
|
(3,513)
|
||||
Earnings from continuing operations attributable
|
||||||
to the Company
|
3,251
|
3,398
|
||||
Earnings (loss) from discontinued operations,
|
||||||
net of taxes, attributable to the Company
|
(217)
|
35
|
||||
Consolidated net earnings attributable to
|
||||||
the Company
|
$
|
3,034
|
$
|
3,433
|
||
(a)
|
Segment revenues includes both revenues and other income related to the segment. Segment profit excludes results reported as discontinued operations, earnings attributable to noncontrolling interests of consolidated subsidiaries and accounting changes. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segment’s management is measured – excluded in determining segment profit, which we sometimes refer to as “operating profit,” for Energy Infrastructure, Aviation, Healthcare, Transportation and Home & Business Solutions; included in determining segment profit, which we sometimes refer to as “net earnings,” for GE Capital. Results of our run-off insurance operations previously reported in Corporate items and eliminations are now reported in GE Capital.
|
|
See accompanying notes.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
|
|||||
Assets
|
|
||||
Cash and equivalents
|
$
|
134
|
$
|
149
|
|
Financing receivables – net
|
399
|
412
|
|||
Property, plant and equipment – net
|
62
|
81
|
|||
Goodwill
|
20
|
20
|
|||
Other intangible assets – net
|
1
|
7
|
|||
All other assets
|
6
|
8
|
|||
Other
|
18
|
34
|
|||
Assets of businesses held for sale
|
$
|
640
|
$
|
711
|
|
|
|||||
Liabilities
|
|||||
Short-term borrowings
|
$
|
249
|
$
|
252
|
|
Accounts payable
|
26
|
21
|
|||
Long-term borrowings
|
4
|
8
|
|||
All other liabilities
|
26
|
64
|
|||
Liabilities of businesses held for sale
|
$
|
305
|
$
|
345
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Operations
|
|||||
Total revenues
|
$
|
(1)
|
$
|
207
|
|
Earnings (loss) from discontinued operations
|
|||||
before income taxes
|
$
|
(58)
|
$
|
–
|
|
Benefit (provision) for income taxes
|
6
|
(4)
|
|||
Earnings (loss) from discontinued operations,
|
|||||
net of taxes
|
$
|
(52)
|
$
|
(4)
|
|
Disposal
|
|||||
Gain (loss) on disposal before income taxes
|
$
|
(194)
|
$
|
11
|
|
Benefit (provision) for income taxes
|
29
|
28
|
|||
Gain (loss) on disposal, net of taxes
|
$
|
(165)
|
$
|
39
|
|
Earnings (loss) from discontinued operations,
|
|||||
net of taxes(a)
|
$
|
(217)
|
$
|
35
|
|
(a)
|
The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GECC earnings (loss) from discontinued operations, net of taxes, is reported as GE industrial earnings (loss) from discontinued operations, net of taxes, on the Condensed Statement of Earnings.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Assets
|
|||||
Cash and equivalents
|
$
|
120
|
$
|
121
|
|
Financing receivables – net
|
274
|
521
|
|||
All other assets
|
6
|
6
|
|||
Other
|
941
|
1,073
|
|||
Assets of discontinued operations
|
$
|
1,341
|
$
|
1,721
|
|
Liabilities
|
|||||
Accounts payable, principally trade accounts
|
$
|
9
|
$
|
7
|
|
Deferred income taxes
|
210
|
205
|
|||
All other liabilities
|
1,165
|
1,417
|
|||
Liabilities of discontinued operations
|
$
|
1,384
|
$
|
1,629
|
At
|
|||||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||||||||
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
|
$
|
1
|
$
|
–
|
$
|
–
|
$
|
1
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
|||||||
Equity – available-for-sale
|
17
|
–
|
–
|
17
|
18
|
–
|
–
|
18
|
|||||||||||||||
18
|
–
|
–
|
18
|
18
|
–
|
–
|
18
|
||||||||||||||||
GECC
|
|||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||
U.S. corporate
|
20,758
|
3,236
|
(279)
|
23,715
|
20,748
|
3,432
|
(410)
|
23,770
|
|||||||||||||||
State and municipal
|
3,179
|
385
|
(120)
|
3,444
|
3,027
|
350
|
(143)
|
3,234
|
|||||||||||||||
Residential mortgage-
|
|||||||||||||||||||||||
backed(a)
|
2,555
|
175
|
(220)
|
2,510
|
2,711
|
184
|
(286)
|
2,609
|
|||||||||||||||
Commercial mortgage-backed
|
2,989
|
169
|
(177)
|
2,981
|
2,913
|
162
|
(247)
|
2,828
|
|||||||||||||||
Asset-backed
|
5,376
|
76
|
(133)
|
5,319
|
5,102
|
32
|
(164)
|
4,970
|
|||||||||||||||
Corporate – non-U.S.
|
2,514
|
142
|
(136)
|
2,520
|
2,414
|
126
|
(207)
|
2,333
|
|||||||||||||||
Government – non-U.S.
|
2,171
|
125
|
(23)
|
2,273
|
2,488
|
129
|
(86)
|
2,531
|
|||||||||||||||
U.S. government and federal
|
|||||||||||||||||||||||
agency
|
4,073
|
77
|
(1)
|
4,149
|
3,974
|
84
|
–
|
4,058
|
|||||||||||||||
Retained interests
|
28
|
6
|
–
|
34
|
25
|
10
|
–
|
35
|
|||||||||||||||
Equity
|
|||||||||||||||||||||||
Available-for-sale
|
530
|
105
|
(16)
|
619
|
713
|
75
|
(38)
|
750
|
|||||||||||||||
Trading
|
250
|
–
|
–
|
250
|
241
|
–
|
–
|
241
|
|||||||||||||||
44,423
|
4,496
|
(1,105)
|
47,814
|
44,356
|
4,584
|
(1,581)
|
47,359
|
||||||||||||||||
Eliminations
|
(3)
|
–
|
–
|
(3)
|
(3)
|
–
|
–
|
(3)
|
|||||||||||||||
Total
|
$
|
44,438
|
$
|
4,496
|
$
|
(1,105)
|
$
|
47,829
|
$
|
44,371
|
$
|
4,584
|
$
|
(1,581)
|
$
|
47,374
|
|||||||
(a)
|
Substantially collateralized by U.S. mortgages. Of our total residential mortgage-backed securities (RMBS) portfolio at March 31, 2012, $1,607 million relates to securities issued by government-sponsored entities and $903 million relates 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.
|
In loss position for
|
||||||||||||
Less than 12 months
|
12 months or more
|
|||||||||||
Gross
|
Gross
|
|||||||||||
Estimated
|
unrealized
|
Estimated
|
unrealized
|
|||||||||
(In millions)
|
fair value
|
losses
|
(a)
|
fair value
|
losses
|
(a)
|
||||||
March 31, 2012
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
922
|
$
|
(155)
|
$
|
732
|
$
|
(124)
|
||||
State and municipal
|
136
|
(2)
|
252
|
(118)
|
||||||||
Residential mortgage-backed
|
68
|
–
|
804
|
(220)
|
||||||||
Commercial mortgage-backed
|
165
|
(11)
|
1,111
|
(166)
|
||||||||
Asset-backed
|
70
|
(2)
|
795
|
(131)
|
||||||||
Corporate – non-U.S.
|
255
|
(10)
|
621
|
(126)
|
||||||||
Government – non-U.S.
|
508
|
(2)
|
184
|
(21)
|
||||||||
U.S. government and federal agency
|
231
|
(1)
|
–
|
–
|
||||||||
Retained interests
|
5
|
–
|
–
|
–
|
||||||||
Equity
|
87
|
(15)
|
7
|
(1)
|
||||||||
Total
|
$
|
2,447
|
$
|
(198)
|
$
|
4,506
|
$
|
(907)
|
||||
December 31, 2011
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
1,435
|
$
|
(241)
|
$
|
836
|
$
|
(169)
|
||||
State and municipal
|
87
|
(1)
|
307
|
(142)
|
||||||||
Residential mortgage-backed
|
219
|
(9)
|
825
|
(277)
|
||||||||
Commercial mortgage-backed
|
244
|
(23)
|
1,320
|
(224)
|
||||||||
Asset-backed
|
100
|
(7)
|
850
|
(157)
|
||||||||
Corporate – non-U.S.
|
330
|
(28)
|
607
|
(179)
|
||||||||
Government – non-U.S.
|
906
|
(5)
|
203
|
(81)
|
||||||||
U.S. government and federal agency
|
502
|
–
|
–
|
–
|
||||||||
Retained interests
|
–
|
–
|
–
|
–
|
||||||||
Equity
|
440
|
(38)
|
–
|
–
|
||||||||
Total
|
$
|
4,263
|
$
|
(352)
|
$
|
4,948
|
$
|
(1,229)
|
||||
(a)
|
Includes gross unrealized losses at March 31, 2012 of $(195) million related to securities that had other-than-temporary impairments recognized in a prior period.
|
Contractual Maturities of GECC Investment in Available-for-Sale Debt Securities (Excluding Mortgage-
|
|||||
Backed and Asset-Backed Securities)
|
|||||
Amortized
|
Estimated
|
||||
(In millions)
|
cost
|
fair value
|
|||
Due in
|
|||||
2012
|
$
|
2,717
|
$
|
2,748
|
|
2013-2016
|
7,832
|
7,925
|
|||
2017-2021
|
4,373
|
4,730
|
|||
2022 and later
|
17,766
|
20,691
|
|||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
GE
|
|||||
Gains
|
$
|
–
|
$
|
–
|
|
Losses, including impairments
|
–
|
–
|
|||
Net
|
–
|
–
|
|||
GECC
|
|||||
Gains
|
38
|
116
|
|||
Losses, including impairments
|
(70)
|
$
|
(71)
|
||
Net
|
(32)
|
45
|
|||
Total
|
$
|
(32)
|
$
|
45
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Raw materials and work in process
|
$
|
9,387
|
$
|
8,735
|
|
Finished goods
|
5,642
|
5,022
|
|||
Unbilled shipments
|
640
|
485
|
|||
15,669
|
14,242
|
||||
Less revaluation to LIFO
|
(457)
|
(450)
|
|||
Total
|
$
|
15,212
|
$
|
13,792
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Loans, net of deferred income(a)
|
$
|
250,890
|
$
|
256,895
|
|
Investment in financing leases, net of deferred income
|
36,207
|
38,142
|
|||
287,097
|
295,037
|
||||
Less allowance for losses
|
(5,714)
|
(6,190)
|
|||
Financing receivables – net(b)
|
$
|
281,383
|
$
|
288,847
|
|
(a)
|
Deferred income was $2,192 million and $2,329 million at March 31, 2012 and December 31, 2011, respectively.
|
(b)
|
Financing receivables at March 31, 2012 and December 31, 2011 included $968 million and $1,062 million, respectively, relating to loans that had been acquired in a transfer but have been subject to credit deterioration since origination per ASC 310, Receivables.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Commercial
|
|||||
CLL
|
|||||
Americas
|
$
|
79,645
|
$
|
80,505
|
|
Europe
|
35,613
|
36,899
|
|||
Asia
|
11,048
|
11,635
|
|||
Other
|
382
|
436
|
|||
Total CLL
|
126,688
|
129,475
|
|||
Energy Financial Services
|
5,287
|
5,912
|
|||
GE Capital Aviation Services (GECAS)
|
11,721
|
11,901
|
|||
Other
|
681
|
1,282
|
|||
Total Commercial financing receivables
|
144,377
|
148,570
|
|||
Real Estate
|
|||||
Debt
|
23,518
|
24,501
|
|||
Business Properties
|
8,013
|
8,248
|
|||
Total Real Estate financing receivables
|
31,531
|
32,749
|
|||
Consumer
|
|||||
Non-U.S. residential mortgages
|
35,257
|
35,550
|
|||
Non-U.S. installment and revolving credit
|
18,963
|
18,544
|
|||
U.S. installment and revolving credit
|
44,283
|
46,689
|
|||
Non-U.S. auto
|
5,166
|
5,691
|
|||
Other
|
7,520
|
7,244
|
|||
Total Consumer financing receivables
|
111,189
|
113,718
|
|||
Total financing receivables
|
287,097
|
295,037
|
|||
Less allowance for losses
|
(5,714)
|
(6,190)
|
|||
Total financing receivables – net
|
$
|
281,383
|
$
|
288,847
|
|
Balance at
|
Provision
|
Balance at
|
|||||||||||||||
January 1,
|
charged to
|
Gross
|
March 31,
|
||||||||||||||
(In millions)
|
2012
|
operations
|
Other
|
(a)
|
write-offs
|
(b)
|
Recoveries
|
(b)
|
2012
|
||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
889
|
$
|
66
|
$
|
(20)
|
$
|
(156)
|
$
|
23
|
$
|
802
|
|||||
Europe
|
400
|
83
|
1
|
(45)
|
19
|
458
|
|||||||||||
Asia
|
157
|
11
|
(5)
|
(56)
|
5
|
112
|
|||||||||||
Other
|
4
|
–
|
–
|
(2)
|
–
|
2
|
|||||||||||
Total CLL
|
1,450
|
160
|
(24)
|
(259)
|
47
|
1,374
|
|||||||||||
Energy Financial
|
|||||||||||||||||
Services
|
26
|
(1)
|
–
|
–
|
–
|
25
|
|||||||||||
GECAS
|
17
|
(3)
|
–
|
–
|
–
|
14
|
|||||||||||
Other
|
37
|
2
|
(19)
|
–
|
–
|
20
|
|||||||||||
Total Commercial
|
1,530
|
158
|
(43)
|
(259)
|
47
|
1,433
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt
|
949
|
28
|
(12)
|
(154)
|
1
|
812
|
|||||||||||
Business Properties
|
140
|
10
|
–
|
(34)
|
1
|
117
|
|||||||||||
Total Real Estate
|
1,089
|
38
|
(12)
|
(188)
|
2
|
929
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S. residential
|
|||||||||||||||||
mortgages
|
546
|
29
|
8
|
(103)
|
18
|
498
|
|||||||||||
Non-U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
717
|
124
|
28
|
(273)
|
130
|
726
|
|||||||||||
U.S. installment and
|
|||||||||||||||||
revolving credit
|
2,008
|
478
|
–
|
(772)
|
131
|
1,845
|
|||||||||||
Non-U.S. auto
|
101
|
10
|
(6)
|
(41)
|
24
|
88
|
|||||||||||
Other
|
199
|
26
|
16
|
(66)
|
20
|
195
|
|||||||||||
Total Consumer
|
3,571
|
667
|
46
|
(1,255)
|
323
|
3,352
|
|||||||||||
Total
|
$
|
6,190
|
$
|
863
|
$
|
(9)
|
$
|
(1,702)
|
$
|
372
|
$
|
5,714
|
|||||
(a)
|
Other primarily included transfers to held for sale and the effects of currency exchange.
|
(b)
|
Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect 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.
|
Balance at
|
Provision
|
Balance at
|
||||||||||||||||
January 1,
|
charged to
|
Gross
|
March 31,
|
|||||||||||||||
(In millions)
|
2011
|
operations
|
Other(a)
|
write-offs(b)
|
Recoveries(b)
|
2011
|
||||||||||||
Commercial
|
||||||||||||||||||
CLL
|
||||||||||||||||||
Americas
|
$
|
1,288
|
$
|
139
|
$
|
(1)
|
$
|
(194)
|
$
|
22
|
$
|
1,254
|
||||||
Europe
|
429
|
30
|
19
|
(51)
|
16
|
443
|
||||||||||||
Asia
|
222
|
60
|
4
|
(69)
|
11
|
228
|
||||||||||||
Other
|
6
|
–
|
–
|
–
|
–
|
6
|
||||||||||||
Total CLL
|
1,945
|
229
|
22
|
(314)
|
49
|
1,931
|
||||||||||||
Energy Financial
|
||||||||||||||||||
Services
|
22
|
19
|
(1)
|
(4)
|
–
|
36
|
||||||||||||
GECAS
|
20
|
(8)
|
–
|
–
|
–
|
12
|
||||||||||||
Other
|
58
|
4
|
1
|
(8)
|
–
|
55
|
||||||||||||
Total Commercial
|
2,045
|
244
|
22
|
(326)
|
49
|
2,034
|
||||||||||||
Real Estate
|
||||||||||||||||||
Debt
|
1,292
|
59
|
7
|
(243)
|
3
|
1,118
|
||||||||||||
Business Properties
|
196
|
26
|
(1)
|
(42)
|
2
|
181
|
||||||||||||
Total Real Estate
|
1,488
|
85
|
6
|
(285)
|
5
|
1,299
|
||||||||||||
Consumer
|
||||||||||||||||||
Non-U.S. residential
|
||||||||||||||||||
mortgages
|
689
|
21
|
21
|
(54)
|
15
|
692
|
||||||||||||
Non-U.S. installment
|
||||||||||||||||||
and revolving credit
|
937
|
153
|
23
|
(327)
|
144
|
930
|
||||||||||||
U.S. installment and
|
||||||||||||||||||
revolving credit
|
2,333
|
585
|
–
|
(913)
|
136
|
2,141
|
||||||||||||
Non-U.S. auto
|
168
|
15
|
5
|
(68)
|
32
|
152
|
||||||||||||
Other
|
259
|
37
|
4
|
(86)
|
25
|
239
|
||||||||||||
Total Consumer
|
4,386
|
811
|
53
|
(1,448)
|
352
|
4,154
|
||||||||||||
Total
|
$
|
7,919
|
$
|
1,140
|
$
|
81
|
$
|
(2,059)
|
$
|
406
|
$
|
7,487
|
||||||
(a)
|
Other primarily included the effects of currency exchange.
|
(b)
|
Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect 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.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Original cost
|
$
|
108,970
|
$
|
108,117
|
|
Less accumulated depreciation and amortization
|
(42,970)
|
(42,378)
|
|||
Property, plant and equipment – net
|
$
|
66,000
|
$
|
65,739
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Goodwill
|
$
|
72,959
|
$
|
72,625
|
|
Other intangible assets
|
|||||
Intangible assets subject to amortization
|
$
|
11,716
|
$
|
11,863
|
|
Indefinite-lived intangible assets(a)
|
205
|
205
|
|||
Total
|
$
|
11,921
|
$
|
12,068
|
|
(a)
|
Indefinite-lived intangible assets principally comprised in-process research and development, trademarks and tradenames.
|
Dispositions,
|
|||||||||||
Balance at
|
currency
|
Balance at
|
|||||||||
January 1,
|
exchange
|
March 31,
|
|||||||||
(In millions)
|
2012
|
Acquisitions
|
and other
|
2012
|
|||||||
Energy Infrastructure
|
$
|
21,090
|
$
|
–
|
$
|
139
|
$
|
21,229
|
|||
Aviation
|
5,996
|
–
|
(52)
|
5,944
|
|||||||
Healthcare
|
16,631
|
–
|
7
|
16,638
|
|||||||
Transportation
|
551
|
138
|
–
|
689
|
|||||||
Home & Business Solutions
|
1,127
|
–
|
6
|
1,133
|
|||||||
GE Capital
|
27,230
|
–
|
96
|
27,326
|
|||||||
Total
|
$
|
72,625
|
$
|
138
|
$
|
196
|
$
|
72,959
|
Intangible Assets Subject to Amortization
|
|||||||||||||||||
At
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
Gross
|
Gross
|
||||||||||||||||
carrying
|
Accumulated
|
carrying
|
Accumulated
|
||||||||||||||
(In millions)
|
amount
|
amortization
|
Net
|
amount
|
amortization
|
Net
|
|||||||||||
Customer-related
|
$
|
6,763
|
$
|
(1,884)
|
$
|
4,879
|
$
|
6,824
|
$
|
(1,814)
|
$
|
5,010
|
|||||
Patents, licenses and trademarks
|
6,040
|
(2,378)
|
3,662
|
6,047
|
(2,312)
|
3,735
|
|||||||||||
Capitalized software
|
6,979
|
(4,416)
|
2,563
|
6,791
|
(4,273)
|
2,518
|
|||||||||||
Lease valuations
|
1,470
|
(971)
|
499
|
1,470
|
(944)
|
526
|
|||||||||||
Present value of future profits(a)
|
498
|
(498)
|
–
|
491
|
(491)
|
–
|
|||||||||||
All other
|
534
|
(421)
|
113
|
503
|
(429)
|
74
|
|||||||||||
Total
|
$
|
22,284
|
$
|
(10,568)
|
$
|
11,716
|
$
|
22,126
|
$
|
(10,263)
|
$
|
11,863
|
|||||
(a)
|
Balances at March 31, 2012 and December 31, 2011, reflect adjustments of $385 million and $391 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 in accordance with ASC 320-10-S99-2.
|
At
|
|||||
(In millions)
|
March 31,
|
December 31,
|
|||
2012
|
2011
|
||||
Short-term borrowings
|
|||||
Commercial paper
|
|||||
U.S.
|
$
|
32,301
|
$
|
33,591
|
|
Non-U.S.
|
10,769
|
10,569
|
|||
Current portion of long-term borrowings(a)(b)(c)(e)
|
79,313
|
82,650
|
|||
GE Interest Plus notes(d)
|
8,722
|
8,474
|
|||
Other(c)
|
923
|
1,049
|
|||
GECC short-term borrowings
|
$
|
132,028
|
$
|
136,333
|
|
Long-term borrowings
|
|||||
Senior unsecured notes(b)
|
$
|
204,830
|
$
|
210,154
|
|
Subordinated notes(e)
|
4,795
|
4,862
|
|||
Subordinated debentures(f)
|
7,235
|
7,215
|
|||
Other(c)(g)
|
12,335
|
12,160
|
|||
GECC long-term borrowings
|
$
|
229,195
|
$
|
234,391
|
|
Non-recourse borrowings of consolidated securitization entities(h)
|
$
|
29,544
|
$
|
29,258
|
|
Bank deposits(i)
|
$
|
41,106
|
$
|
43,115
|
|
Total borrowings and bank deposits
|
$
|
431,873
|
$
|
443,097
|
|
(a)
|
GECC had issued and outstanding $27,896 million and $35,040 million of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program at March 31, 2012 and December 31, 2011, respectively.
|
(b)
|
Included in total long-term borrowings were $1,284 million and $1,845 million of obligations to holders of guaranteed investment contracts at March 31, 2012 and December 31, 2011, respectively. These obligations include conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. On April 3, 2012, following the Moody’s downgrade of GECC’s long-term credit ratings to A1, $1,103 million of these GICs became redeemable by the holders. On May 1, 2012, holders of $133 million in principal amount of GICs redeemed their holdings and GECC made related cash payments. As of May 2, 2012, the contractual redemption period for $788 million of GICs had not yet expired. Subsequent to this contractual redemption period, the remaining outstanding GICs will continue to be subject to the existing terms and maturities of their respective contracts.
|
(c)
|
Included $8,598 million and $8,538 million of funding secured by real estate, aircraft and other collateral at March 31, 2012 and December 31, 2011, respectively, of which $3,408 million and $2,983 million is non-recourse to GECC at March 31, 2012 and December 31, 2011, respectively.
|
(d)
|
Entirely variable denomination floating-rate demand notes.
|
(e)
|
Included $417 million of subordinated notes guaranteed by GE at both March 31, 2012 and December 31, 2011, of which $117 million is included in current portion of long-term borrowings at both March 31, 2012 and December 31, 2011.
|
(f)
|
Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.
|
(g)
|
Included $1,958 million and $1,955 million of covered bonds at March 31, 2012 and December 31, 2011, respectively. If the short-term credit rating of GECC were reduced below A–1/P–1, GECC would be required to partially cash collateralize these bonds in an amount up to $725 million at March 31, 2012.
|
(h)
|
Included at March 31, 2012 and December 31, 2011, were $9,502 million and $10,714 million of current portion of long-term borrowings, respectively, and $20,042 million and $18,544 million of long-term borrowings, respectively. See Note 18.
|
(i)
|
Included $16,682 million and $16,281 million of deposits in non-U.S. banks at March 31, 2012 and December 31, 2011, respectively, and $16,596 million and $17,201 million of certificates of deposits with maturities greater than one year at March 31, 2012 and December 31, 2011, respectively.
|
Principal Pension Plans
|
Other Pension Plans
|
||||||||||
Three months ended March 31
|
Three months ended March 31
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Service cost for benefits earned
|
$
|
348
|
$
|
278
|
$
|
85
|
$
|
68
|
|||
Prior service cost amortization
|
70
|
46
|
1
|
4
|
|||||||
Expected return on plan assets
|
(945)
|
(984)
|
(155)
|
(148)
|
|||||||
Interest cost on benefit obligation
|
616
|
663
|
127
|
126
|
|||||||
Net actuarial loss amortization
|
846
|
572
|
69
|
34
|
|||||||
Pension plans cost
|
$
|
935
|
$
|
575
|
$
|
127
|
$
|
84
|
Principal Retiree Health
|
|||||
and Life Insurance Plans
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Service cost for benefits earned
|
$
|
56
|
$
|
47
|
|
Prior service cost amortization
|
151
|
160
|
|||
Expected return on plan assets
|
(19)
|
(24)
|
|||
Interest cost on benefit obligation
|
129
|
151
|
|||
Net actuarial gain amortization
|
–
|
(29)
|
|||
Retiree benefit plans cost
|
$
|
317
|
$
|
305
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Unrecognized tax benefits
|
$
|
5,229
|
$
|
5,230
|
|
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
3,957
|
3,938
|
|||
Accrued interest on unrecognized tax benefits
|
1,023
|
1,033
|
|||
Accrued penalties on unrecognized tax benefits
|
134
|
121
|
|||
Reasonably possible reduction to the balance of unrecognized tax benefits
|
|||||
in succeeding 12 months
|
0-850
|
0-900
|
|||
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
0-450
|
0-500
|
|||
(a)
|
Some portion of such reduction may be reported as discontinued operations.
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Beginning balance
|
$
|
1,696
|
$
|
5,262
|
|
Net earnings
|
38
|
94
|
|||
Dividends
|
(7)
|
(10)
|
|||
Repurchase of NBCU shares(a)
|
–
|
(3,070)
|
|||
Dispositions
|
–
|
(23)
|
|||
AOCI and other(b)
|
(6)
|
1
|
|||
Ending balance
|
$
|
1,721
|
$
|
2,254
|
|
(a)
|
In January 2011 and prior to the transaction with Comcast, we acquired 12.3% of NBCU’s outstanding shares from Vivendi S.A. See Note 15 in our 2011 consolidated financial statements for additional information related to this transaction.
|
(b)
|
Changes to the individual components of AOCI attributable to noncontrolling interests were insignificant.
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Interest on loans
|
$
|
4,858
|
$
|
5,140
|
|
Equipment leased to others
|
2,747
|
2,822
|
|||
Fees
|
1,160
|
1,146
|
|||
Investment income(a)
|
667
|
693
|
|||
Financing leases
|
534
|
665
|
|||
Associated companies(b)
|
270
|
1,082
|
|||
Premiums earned by insurance activities
|
445
|
481
|
|||
Real estate investments
|
356
|
402
|
|||
Other items
|
375
|
563
|
|||
$
|
11,412
|
$
|
12,994
|
||
(a)
|
Included net other-than-temporary impairments on investment securities of $32 million and $64 million in the three months ended March 31, 2012 and 2011, respectively.
|
(b)
|
During the first quarter of 2011, we sold an 18.6% equity interest in Garanti Bank and recorded a pre-tax gain of $690 million. As of March 31, 2012, we hold a 1% equity interest, which is classified as an available-for-sale security.
|
Three months ended March 31
|
|||||||||||
2012
|
2011
|
||||||||||
(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)
|
$
|
3,247
|
$
|
3,247
|
$
|
3,392
|
$
|
3,391
|
|||
Preferred stock dividends declared
|
–
|
–
|
(75)
|
(75)
|
|||||||
Earnings from continuing operations attributable
|
|||||||||||
to common shareowners for per-share
|
|||||||||||
calculation(a)
|
3,247
|
3,247
|
3,317
|
3,316
|
|||||||
Earnings (loss) from discontinued operations
|
|||||||||||
for per-share calculation(a)
|
(217)
|
(217)
|
35
|
35
|
|||||||
Net earnings attributable to GE common
|
|||||||||||
shareowners for per-share calculation(a)
|
$
|
3,030
|
$
|
3,030
|
$
|
3,351
|
$
|
3,351
|
|||
Average equivalent shares
|
|||||||||||
Shares of GE common stock outstanding
|
10,581
|
10,581
|
10,611
|
10,611
|
|||||||
Employee compensation-related shares,
|
|||||||||||
including stock options
|
30
|
–
|
30
|
–
|
|||||||
Total average equivalent shares
|
10,611
|
10,581
|
10,641
|
10,611
|
|||||||
Per-share amounts
|
|||||||||||
Earnings from continuing operations
|
$
|
0.31
|
$
|
0.31
|
$
|
0.31
|
$
|
0.31
|
|||
Earnings (loss) from discontinued operations
|
(0.02)
|
(0.02)
|
–
|
–
|
|||||||
Net earnings
|
0.29
|
0.29
|
0.31
|
0.32
|
|||||||
(a)
|
Included an insignificant amount of dividend equivalents in each of the periods presented.
|
Netting
|
||||||||||||||
(In millions)
|
Level 1
|
(a)
|
Level 2
|
(a)
|
Level 3
|
adjustment
|
(b)
|
Net balance
|
||||||
March 31, 2012
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
20,464
|
$
|
3,252
|
$
|
–
|
$
|
23,716
|
||||
State and municipal
|
–
|
3,365
|
79
|
–
|
3,444
|
|||||||||
Residential mortgage-backed
|
–
|
2,403
|
107
|
–
|
2,510
|
|||||||||
Commercial mortgage-backed
|
–
|
2,980
|
1
|
–
|
2,981
|
|||||||||
Asset-backed(c)
|
–
|
915
|
4,404
|
–
|
5,319
|
|||||||||
Corporate – non-U.S.
|
74
|
1,197
|
1,249
|
–
|
2,520
|
|||||||||
Government – non-U.S.
|
1,111
|
1,110
|
52
|
–
|
2,273
|
|||||||||
U.S. government and federal agency
|
–
|
3,889
|
260
|
–
|
4,149
|
|||||||||
Retained interests
|
–
|
–
|
34
|
–
|
34
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
601
|
17
|
15
|
–
|
633
|
|||||||||
Trading
|
250
|
–
|
–
|
–
|
250
|
|||||||||
Derivatives(d)
|
–
|
11,702
|
333
|
(6,160)
|
5,875
|
|||||||||
Other(e)
|
–
|
–
|
816
|
–
|
816
|
|||||||||
Total
|
$
|
2,036
|
$
|
48,042
|
$
|
10,602
|
$
|
(6,160)
|
$
|
54,520
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
3,894
|
$
|
16
|
$
|
(3,401)
|
$
|
509
|
||||
Other(f)
|
–
|
981
|
–
|
–
|
981
|
|||||||||
Total
|
$
|
–
|
$
|
4,875
|
$
|
16
|
$
|
(3,401)
|
$
|
1,490
|
||||
December 31, 2011
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
20,535
|
$
|
3,235
|
$
|
–
|
$
|
23,770
|
||||
State and municipal
|
–
|
3,157
|
77
|
–
|
3,234
|
|||||||||
Residential mortgage-backed
|
–
|
2,568
|
41
|
–
|
2,609
|
|||||||||
Commercial mortgage-backed
|
–
|
2,824
|
4
|
–
|
2,828
|
|||||||||
Asset-backed(c)
|
–
|
930
|
4,040
|
–
|
4,970
|
|||||||||
Corporate – non-U.S.
|
71
|
1,058
|
1,204
|
–
|
2,333
|
|||||||||
Government – non-U.S.
|
1,003
|
1,444
|
84
|
–
|
2,531
|
|||||||||
U.S. government and federal agency
|
–
|
3,805
|
253
|
–
|
4,058
|
|||||||||
Retained interests
|
–
|
–
|
35
|
–
|
35
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
730
|
18
|
17
|
–
|
765
|
|||||||||
Trading
|
241
|
–
|
–
|
–
|
241
|
|||||||||
Derivatives(d)
|
–
|
15,252
|
393
|
(5,604)
|
10,041
|
|||||||||
Other(e)
|
–
|
–
|
817
|
–
|
817
|
|||||||||
Total
|
$
|
2,045
|
$
|
51,591
|
$
|
10,200
|
$
|
(5,604)
|
$
|
58,232
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
5,010
|
$
|
27
|
$
|
(4,308)
|
$
|
729
|
||||
Other(f)
|
–
|
863
|
–
|
–
|
863
|
|||||||||
Total
|
$
|
–
|
$
|
5,873
|
$
|
27
|
$
|
(4,308)
|
$
|
1,592
|
||||
(a)
|
There were no securities transferred between Level 1 and Level 2 during the three months ended March 31, 2012.
|
(b)
|
The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists and when collateral is posted to us.
|
(c)
|
Includes investments in our CLL business in asset-backed securities collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries.
|
(d)
|
The fair value of derivatives included an adjustment for non-performance risk. The cumulative adjustment was a loss of $21 million and $13 million at March 31, 2012 and December 31, 2011, respectively. See Note 16 for additional information on the composition of our derivative portfolio.
|
(e)
|
Included private equity investments and loans designated under the fair value option.
|
(f)
|
Primarily represented the liability associated with certain of our deferred incentive compensation plans.
|
Changes in Level 3 Instruments for the Three Months Ended March 31, 2012
|
|||||||||||||||||||||||||||||||
Net
|
|||||||||||||||||||||||||||||||
(In millions)
|
change in
|
||||||||||||||||||||||||||||||
Net realized/
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
unrealized
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
gains (losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included
|
comprehensive
|
into
|
out of
|
March 31,
|
March 31,
|
|||||||||||||||||||||||||
2012
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2012
|
2012
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,235
|
$
|
26
|
$
|
38
|
$
|
13
|
$
|
(31)
|
$
|
(16)
|
$
|
–
|
$
|
(13)
|
$
|
3,252
|
$
|
–
|
|||||||||||
State and municipal
|
77
|
–
|
2
|
–
|
–
|
–
|
–
|
–
|
79
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
41
|
(3)
|
3
|
–
|
–
|
(1)
|
68
|
(1)
|
107
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
4
|
–
|
–
|
–
|
–
|
–
|
–
|
(3)
|
1
|
–
|
|||||||||||||||||||||
Asset-backed
|
4,040
|
(4)
|
42
|
341
|
(31)
|
–
|
16
|
–
|
4,404
|
–
|
|||||||||||||||||||||
Corporate – non-U.S.
|
1,204
|
(9)
|
60
|
10
|
–
|
(26)
|
14
|
(4)
|
1,249
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
84
|
(34)
|
35
|
52
|
(71)
|
(14)
|
–
|
–
|
52
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
253
|
–
|
7
|
–
|
–
|
–
|
–
|
–
|
260
|
–
|
|||||||||||||||||||||
Retained interests
|
35
|
–
|
(4)
|
5
|
(1)
|
(1)
|
–
|
–
|
34
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
17
|
–
|
(1)
|
–
|
–
|
(1)
|
–
|
–
|
15
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
369
|
–
|
1
|
(2)
|
–
|
(2)
|
–
|
(45)
|
321
|
(3)
|
|||||||||||||||||||||
Other
|
817
|
5
|
–
|
1
|
(7)
|
–
|
–
|
–
|
816
|
5
|
|||||||||||||||||||||
Total
|
$
|
10,176
|
$
|
(19)
|
$
|
183
|
$
|
420
|
$
|
(141)
|
$
|
(61)
|
$
|
98
|
$
|
(66)
|
$
|
10,590
|
$
|
2
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $4 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Changes in Level 3 Instruments for the Three Months Ended March 31, 2011
|
|||||||||||||||||||||||||||||||
Net
|
Net
|
||||||||||||||||||||||||||||||
(In millions)
|
realized/
|
change in
|
|||||||||||||||||||||||||||||
unrealized
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
gains
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
(losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included
|
comprehensive
|
into
|
out of
|
March 31,
|
March 31,
|
|||||||||||||||||||||||||
2011
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2011
|
2011
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,199
|
$
|
87
|
$
|
(23)
|
$
|
45
|
$
|
(114)
|
$
|
(74)
|
$
|
–
|
$
|
–
|
$
|
3,120
|
$
|
–
|
|||||||||||
State and municipal
|
225
|
–
|
(5)
|
4
|
–
|
(3)
|
–
|
(11)
|
210
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
66
|
–
|
3
|
1
|
(4)
|
(1)
|
71
|
(18)
|
118
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
49
|
–
|
–
|
7
|
–
|
–
|
3
|
(48)
|
11
|
–
|
|||||||||||||||||||||
Asset-backed
|
2,540
|
3
|
74
|
371
|
(109)
|
(10)
|
1
|
(44)
|
2,826
|
–
|
|||||||||||||||||||||
Corporate
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
1,486
|
(27)
|
54
|
12
|
(28)
|
(29)
|
11
|
–
|
1,479
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
156
|
–
|
6
|
–
|
–
|
–
|
–
|
–
|
162
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
210
|
–
|
(9)
|
–
|
–
|
–
|
–
|
–
|
201
|
–
|
|||||||||||||||||||||
Retained interests
|
39
|
(19)
|
34
|
–
|
(1)
|
(1)
|
–
|
–
|
52
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
24
|
–
|
(1)
|
–
|
–
|
–
|
1
|
(3)
|
21
|
–
|
|||||||||||||||||||||
Trading
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
265
|
28
|
4
|
4
|
–
|
(185)
|
150
|
6
|
272
|
33
|
|||||||||||||||||||||
Other
|
906
|
59
|
16
|
6
|
–
|
–
|
–
|
–
|
987
|
57
|
|||||||||||||||||||||
Total
|
$
|
9,165
|
$
|
131
|
$
|
153
|
$
|
450
|
$
|
(256)
|
$
|
(303)
|
$
|
237
|
$
|
(118)
|
$
|
9,459
|
$
|
90
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $12 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Remeasured during
|
Remeasured during
|
||||||||||
the three months ended
|
the year ended
|
||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||
(In millions)
|
Level 2
|
Level 3
|
Level 2
|
Level 3
|
|||||||
Financing receivables and loans held for sale
|
$
|
196
|
$
|
2,015
|
$
|
158
|
$
|
5,159
|
|||
Cost and equity method investments(a)
|
–
|
73
|
–
|
403
|
|||||||
Long-lived assets, including real estate
|
127
|
1,271
|
1,343
|
3,282
|
|||||||
Total
|
$
|
323
|
$
|
3,359
|
$
|
1,501
|
$
|
8,844
|
|||
(a)
|
Includes the fair value of private equity and real estate funds included in Level 3 of $17 million and $123 million at March 31, 2012 and December 31, 2011, respectively.
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Financing receivables and loans held for sale
|
$
|
(126)
|
$
|
(363)
|
|
Cost and equity method investments(a)
|
(21)
|
(50)
|
|||
Long-lived assets, including real estate(b)
|
(152)
|
(568)
|
|||
Total
|
$
|
(299)
|
$
|
(981)
|
|
(a)
|
Includes fair value adjustments associated with private equity and real estate funds of $(3) million and $(5) million in the three months ended March 31, 2012 and 2011, respectively.
|
(b)
|
Includes impairments related to real estate equity properties and investments recorded in other costs and expenses of $50 million and $436 million in the three months ended March 31, 2012 and 2011, respectively.
|
Fair value at
|
Range
|
||||||||
March 31,
|
Valuation
|
Unobservable
|
(weighted
|
||||||
(Dollars in millions)
|
2012
|
technique
|
inputs
|
average)
|
|||||
Recurring fair value measurements
|
|||||||||
Investment securities
|
|||||||||
Debt
|
|||||||||
U.S. corporate
|
$
|
1,539
|
Income approach
|
Discount rate(a)
|
2.0%-20.9% (10.3%)
|
||||
Asset-backed
|
4,358
|
Income approach
|
Discount rate(a)
|
1.9%-18.0% (4.4%)
|
|||||
Corporate Non-U.S.
|
713
|
Income approach
|
Discount rate(a)
|
2.3%-27.2% (9.9%)
|
|||||
Other financial assets
|
381
|
Income approach
|
Weighted average
|
8.8%-11.5% (8.8%)
|
|||||
cost of capital
|
|||||||||
Non-recurring fair value measurements
|
|||||||||
Financing receivables and loans held for sale
|
$
|
1,221
|
Income approach
|
Capitalization rate(b)
|
6.7%-12.8% (8.2%)
|
||||
Cost and equity method investments
|
28
|
Income approach
|
Capitalization rate(b)
|
8.6% (8.6%)
|
|||||
Long-lived assets, including real estate
|
200
|
Income approach
|
Capitalization rate(b)
|
4.8%-10.6% (6.2%)
|
|||||
(a)
|
Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value.
|
(b)
|
Represents the rate of return on net operating income which is considered acceptable for an investor and is used to determine a property’s capitalized value. An increase in the capitalization rate would result in a decrease in the fair value.
|
At
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
Assets (liabilities)
|
Assets (liabilities)
|
||||||||||||||||
Carrying
|
Carrying
|
||||||||||||||||
Notional
|
amount
|
Estimated
|
Notional
|
amount
|
Estimated
|
||||||||||||
(In millions)
|
amount
|
(net)
|
fair value
|
amount
|
(net)
|
fair value
|
|||||||||||
GE
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Investments and notes
|
|||||||||||||||||
receivable
|
$
|
(a)
|
$
|
289
|
$
|
289
|
$
|
(a)
|
$
|
285
|
$
|
285
|
|||||
Liabilities
|
|||||||||||||||||
Borrowings
|
(a)
|
(11,713)
|
(12,687)
|
(a)
|
(11,589)
|
(12,535)
|
|||||||||||
GECC
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Loans
|
(a)
|
245,452
|
246,781
|
(a)
|
250,999
|
251,433
|
|||||||||||
Other commercial mortgages
|
(a)
|
1,438
|
1,459
|
(a)
|
1,494
|
1,537
|
|||||||||||
Loans held for sale
|
(a)
|
303
|
303
|
(a)
|
496
|
497
|
|||||||||||
Other financial instruments(c)
|
(a)
|
1,979
|
2,499
|
(a)
|
2,071
|
2,534
|
|||||||||||
Liabilities
|
|||||||||||||||||
Borrowings and bank
|
|||||||||||||||||
deposits(b)(d)
|
(a)
|
(431,873)
|
(443,821)
|
(a)
|
(443,097)
|
(449,403)
|
|||||||||||
Investment contract benefits
|
(a)
|
(3,457)
|
(4,191)
|
(a)
|
(3,493)
|
(4,240)
|
|||||||||||
Guaranteed investment
|
|||||||||||||||||
contracts
|
(a)
|
(4,135)
|
(4,167)
|
(a)
|
(4,226)
|
(4,266)
|
|||||||||||
Insurance – credit life(e)
|
2,121
|
(102)
|
(89)
|
1,944
|
(106)
|
(88)
|
|||||||||||
(a)
|
These financial instruments do not have notional amounts.
|
(b)
|
See Note 8.
|
(c)
|
Principally cost method investments.
|
(d)
|
Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at March 31, 2012 and December 31, 2011 would have been reduced by $6,917 million and $9,051 million, respectively.
|
(e)
|
Net of reinsurance of $2,000 million at both March 31, 2012 and December 31, 2011.
|
Loan Commitments
|
|||||
Notional amount at
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Ordinary course of business lending commitments(a)
|
$
|
3,010
|
$
|
3,756
|
|
Unused revolving credit lines(b)
|
|||||
Commercial(c)
|
17,373
|
18,757
|
|||
Consumer – principally credit cards
|
253,629
|
257,646
|
|||
(a)
|
Excluded investment commitments of $2,179 million and $2,064 million as of March 31, 2012 and December 31, 2011, respectively.
|
(b)
|
Excluded inventory financing arrangements, which may be withdrawn at our option, of $11,909 million and $12,354 million as of March 31, 2012 and December 31, 2011, respectively.
|
(c)
|
Included commitments of $12,748 million and $14,057 million as of March 31, 2012 and December 31, 2011, respectively, associated with secured financing arrangements that could have increased to a maximum of $15,521 million and $17,344 million at March 31, 2012 and December 31, 2011, respectively, based on asset volume under the arrangement.
|
At
|
|||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||
Fair value
|
Fair value
|
||||||||||
(In millions)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||
Derivatives accounted for as hedges
|
|||||||||||
Interest rate contracts
|
$
|
7,751
|
1,130
|
$
|
9,446
|
$
|
1,049
|
||||
Currency exchange contracts
|
1,411
|
1,577
|
3,750
|
2,325
|
|||||||
Other contracts
|
1
|
2
|
1
|
11
|
|||||||
9,163
|
2,709
|
13,197
|
3,385
|
||||||||
Derivatives not accounted for as hedges
|
|||||||||||
Interest rate contracts
|
439
|
190
|
319
|
241
|
|||||||
Currency exchange contracts
|
1,967
|
923
|
1,748
|
1,274
|
|||||||
Other contracts
|
466
|
88
|
381
|
137
|
|||||||
2,872
|
1,201
|
2,448
|
1,652
|
||||||||
Netting adjustments(a)
|
(2,975)
|
(2,954)
|
(3,294)
|
(3,281)
|
|||||||
Cash collateral(b)(c)
|
(3,185)
|
(447)
|
(2,310)
|
(1,027)
|
|||||||
Total
|
$
|
5,875
|
$
|
509
|
$
|
10,041
|
$
|
729
|
|||
(a)
|
The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts included fair value adjustments related to our own and counterparty non-performance risk. At March 31, 2012 and December 31, 2011, the cumulative adjustment for non-performance risk was a loss of $21 million and $13 million, respectively.
|
(b)
|
Excludes excess cash collateralization of $13 million and $579 million at March 31, 2012 and December 31, 2011, respectively.
|
(c)
|
Excludes securities pledged to us as collateral of $6,755 million and $10,574 million at March 31, 2012 and December 31, 2011, respectively.
|
Three months ended March 31
|
|||||||||||
2012
|
2011
|
||||||||||
(In millions)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
|||||||
on hedging
|
on hedged
|
on hedging
|
on hedged
|
||||||||
derivatives
|
items
|
derivatives
|
items
|
||||||||
Interest rate contracts
|
$
|
(1,447)
|
$
|
1,350
|
$
|
(1,731)
|
$
|
1,661
|
|||
Currency exchange contracts
|
(48)
|
40
|
24
|
(27)
|
|||||||
Gain (loss) reclassified
|
|||||||||||
Gain (loss) recognized in AOCI
|
from AOCI into earnings
|
||||||||||
(In millions)
|
for the three months ended March 31
|
for the three months ended March 31
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Cash flow hedges
|
|||||||||||
Interest rate contracts
|
$
|
(27)
|
$
|
24
|
$
|
(141)
|
$
|
(257)
|
|||
Currency exchange contracts
|
135
|
264
|
14
|
493
|
|||||||
Commodity contracts
|
9
|
–
|
(1)
|
(4)
|
|||||||
Total
|
$
|
117
|
$
|
288
|
$
|
(128)
|
$
|
232
|
|||
Gain (loss) recognized in CTA
|
Gain (loss) reclassified from CTA
|
||||||||||
(In millions)
|
for the three months ended March 31
|
for the three months ended March 31
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Net investment hedges
|
|||||||||||
Currency exchange contracts
|
$
|
(1,502)
|
$
|
(801)
|
$
|
(10)
|
$
|
(338)
|
|||
Financing receivables
|
||||||
March 31,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
CLL
|
||||||
Americas
|
$
|
79,645
|
$
|
80,505
|
||
Europe
|
35,613
|
36,899
|
||||
Asia
|
11,048
|
11,635
|
||||
Other
|
382
|
436
|
||||
Total CLL
|
126,688
|
129,475
|
||||
Energy Financial Services
|
5,287
|
5,912
|
||||
GECAS
|
11,721
|
11,901
|
||||
Other
|
681
|
1,282
|
||||
Total Commercial financing receivables, before allowance for losses
|
$
|
144,377
|
$
|
148,570
|
||
Non-impaired financing receivables
|
$
|
138,464
|
$
|
142,908
|
||
General reserves
|
694
|
718
|
||||
Impaired loans
|
5,913
|
5,662
|
||||
Specific reserves
|
739
|
812
|
||||
March 31, 2012
|
December 31, 2011
|
|||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||
past due
|
past due
|
past due
|
past due
|
|||||
CLL
|
||||||||
Americas
|
1.1
|
%
|
0.7
|
%
|
1.3
|
%
|
0.8
|
%
|
Europe
|
4.4
|
2.4
|
3.8
|
2.1
|
||||
Asia
|
1.2
|
0.6
|
1.3
|
1.0
|
||||
Other
|
0.2
|
–
|
2.0
|
0.1
|
||||
Total CLL
|
2.0
|
1.2
|
2.0
|
1.2
|
||||
Energy Financial Services
|
0.3
|
0.3
|
0.3
|
0.3
|
||||
GECAS
|
–
|
–
|
–
|
–
|
||||
Other
|
6.4
|
6.1
|
3.7
|
3.5
|
||||
Total
|
1.8
|
1.1
|
1.8
|
1.1
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March, 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
CLL
|
||||||||||||
Americas
|
$
|
2,473
|
$
|
2,417
|
$
|
1,664
|
$
|
1,862
|
||||
Europe
|
1,854
|
1,599
|
1,354
|
1,167
|
||||||||
Asia
|
415
|
428
|
245
|
269
|
||||||||
Other
|
64
|
68
|
9
|
11
|
||||||||
Total CLL
|
4,806
|
4,512
|
3,272
|
3,309
|
||||||||
Energy Financial Services
|
29
|
22
|
29
|
22
|
||||||||
GECAS
|
17
|
69
|
17
|
55
|
||||||||
Other
|
87
|
115
|
42
|
65
|
||||||||
Total
|
$
|
4,939
|
$
|
4,718
|
$
|
3,360
|
$
|
3,451
|
||||
Allowance for losses percentage
|
29.0
|
%
|
32.4
|
%
|
42.6
|
%
|
44.3
|
%
|
||||
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment in
|
investment
|
principal
|
Associated
|
investment
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
loans
|
in loans
|
balance
|
allowance
|
in loans
|
|||||||||||||
March 31, 2012
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,566
|
$
|
2,636
|
$
|
2,352
|
$
|
1,127
|
$
|
1,162
|
$
|
362
|
$
|
1,247
|
||||||
Europe
|
981
|
986
|
958
|
858
|
862
|
297
|
794
|
|||||||||||||
Asia
|
63
|
61
|
74
|
134
|
133
|
52
|
145
|
|||||||||||||
Other
|
62
|
69
|
58
|
–
|
–
|
–
|
5
|
|||||||||||||
Total CLL
|
3,672
|
3,752
|
3,442
|
2,119
|
2,157
|
711
|
2,191
|
|||||||||||||
Energy Financial Services
|
3
|
3
|
3
|
18
|
18
|
10
|
18
|
|||||||||||||
GECAS
|
14
|
14
|
21
|
–
|
–
|
–
|
–
|
|||||||||||||
Other
|
18
|
18
|
40
|
69
|
69
|
18
|
72
|
|||||||||||||
Total
|
$
|
3,707
|
$
|
3,787
|
$
|
3,506
|
$
|
2,206
|
$
|
2,244
|
$
|
739
|
$
|
2,281
|
||||||
December 31, 2011
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,136
|
$
|
2,219
|
$
|
2,128
|
$
|
1,367
|
$
|
1,415
|
$
|
425
|
$
|
1,468
|
||||||
Europe
|
936
|
1,060
|
1,001
|
730
|
717
|
263
|
602
|
|||||||||||||
Asia
|
85
|
83
|
94
|
156
|
128
|
84
|
214
|
|||||||||||||
Other
|
54
|
58
|
13
|
11
|
11
|
2
|
5
|
|||||||||||||
Total CLL
|
3,211
|
3,420
|
3,236
|
2,264
|
2,271
|
774
|
2,289
|
|||||||||||||
Energy Financial Services
|
4
|
4
|
20
|
18
|
18
|
9
|
87
|
|||||||||||||
GECAS
|
28
|
28
|
59
|
–
|
–
|
–
|
11
|
|||||||||||||
Other
|
62
|
63
|
67
|
75
|
75
|
29
|
97
|
|||||||||||||
Total
|
$
|
3,305
|
$
|
3,515
|
$
|
3,382
|
$
|
2,357
|
$
|
2,364
|
$
|
812
|
$
|
2,484
|
||||||
Secured
|
|||||||||||
(In millions)
|
A
|
B
|
C
|
Total
|
|||||||
March 31, 2012
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
73,845
|
$
|
1,967
|
$
|
3,833
|
$
|
79,645
|
|||
Europe
|
32,060
|
1,182
|
1,228
|
34,470
|
|||||||
Asia
|
10,196
|
108
|
572
|
10,876
|
|||||||
Other
|
295
|
–
|
87
|
382
|
|||||||
Total CLL
|
116,396
|
3,257
|
5,720
|
125,373
|
|||||||
Energy Financial Services
|
5,010
|
69
|
82
|
5,161
|
|||||||
GECAS
|
11,226
|
447
|
48
|
11,721
|
|||||||
Other
|
681
|
–
|
–
|
681
|
|||||||
Total
|
$
|
133,313
|
$
|
3,773
|
$
|
5,850
|
$
|
142,936
|
|||
December 31, 2011
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
73,103
|
$
|
2,816
|
$
|
4,586
|
$
|
80,505
|
|||
Europe
|
33,481
|
1,080
|
1,002
|
35,563
|
|||||||
Asia
|
10,644
|
116
|
685
|
11,445
|
|||||||
Other
|
345
|
–
|
91
|
436
|
|||||||
Total CLL
|
117,573
|
4,012
|
6,364
|
127,949
|
|||||||
Energy Financial Services
|
5,727
|
24
|
18
|
5,769
|
|||||||
GECAS
|
10,881
|
970
|
50
|
11,901
|
|||||||
Other
|
1,282
|
–
|
–
|
1,282
|
|||||||
Total
|
$
|
135,463
|
$
|
5,006
|
$
|
6,432
|
$
|
146,901
|
|||
Financing receivables
|
||||||
March 31,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
Debt
|
$
|
23,518
|
$
|
24,501
|
||
Business Properties
|
8,013
|
8,248
|
||||
Total Real Estate financing receivables, before allowance for losses
|
$
|
31,531
|
$
|
32,749
|
||
Non-impaired financing receivables
|
$
|
23,292
|
$
|
24,002
|
||
General reserves
|
255
|
267
|
||||
Impaired loans
|
8,239
|
8,747
|
||||
Specific reserves
|
674
|
822
|
March 31, 2012
|
December 31, 2011
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due
|
past due
|
past due
|
|||||||||
Debt
|
2.8
|
%
|
2.3
|
%
|
2.4
|
%
|
2.3
|
%
|
||||
Business Properties
|
3.7
|
3.0
|
3.9
|
3.0
|
||||||||
Total
|
3.1
|
2.5
|
2.8
|
2.5
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
Debt
|
$
|
6,010
|
$
|
6,351
|
$
|
522
|
$
|
541
|
||||
Business Properties
|
541
|
598
|
239
|
249
|
||||||||
Total
|
$
|
6,551
|
$
|
6,949
|
$
|
761
|
$
|
790
|
||||
Allowance for losses percentage
|
14.2
|
%
|
15.7
|
%
|
122.1
|
%
|
137.8
|
%
|
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment
|
investment
|
principal
|
Associated
|
investment
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
in loans
|
in loans
|
balance
|
allowance
|
in loans
|
|||||||||||||
March 31, 2012
|
||||||||||||||||||||
Debt
|
$
|
3,752
|
$
|
3,803
|
$
|
3,655
|
$
|
3,914
|
$
|
3,993
|
$
|
585
|
$
|
4,237
|
||||||
Business Properties
|
201
|
201
|
217
|
372
|
372
|
89
|
385
|
|||||||||||||
Total
|
$
|
3,953
|
$
|
4,004
|
$
|
3,872
|
$
|
4,286
|
$
|
4,365
|
$
|
674
|
$
|
4,622
|
||||||
December 31, 2011
|
||||||||||||||||||||
Debt
|
$
|
3,558
|
$
|
3,614
|
$
|
3,568
|
$
|
4,560
|
$
|
4,652
|
$
|
717
|
$
|
5,435
|
||||||
Business Properties
|
232
|
232
|
215
|
397
|
397
|
105
|
460
|
|||||||||||||
Total
|
$
|
3,790
|
$
|
3,846
|
$
|
3,783
|
$
|
4,957
|
$
|
5,049
|
$
|
822
|
$
|
5,895
|
||||||
Loan-to-value ratio
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
Less than
|
80% to
|
Greater than
|
Less than
|
80% to
|
Greater than
|
||||||||||||
(In millions)
|
80%
|
95%
|
95%
|
80%
|
95%
|
95%
|
|||||||||||
Debt
|
$
|
14,041
|
$
|
4,578
|
$
|
4,899
|
$
|
14,454
|
$
|
4,593
|
$
|
5,454
|
|||||
Internal Risk Rating
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
(In millions)
|
A
|
B
|
C
|
A
|
B
|
C
|
|||||||||||
Business
|
|||||||||||||||||
Properties
|
$
|
7,489
|
$
|
102
|
$
|
422
|
$
|
7,628
|
$
|
110
|
$
|
510
|
Financing receivables
|
||||||
March 31,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
Non-U.S. residential mortgages
|
$
|
35,257
|
$
|
35,550
|
||
Non-U.S. installment and revolving credit
|
18,963
|
18,544
|
||||
U.S. installment and revolving credit
|
44,283
|
46,689
|
||||
Non-U.S. auto
|
5,166
|
5,691
|
||||
Other
|
7,520
|
7,244
|
||||
Total Consumer financing receivables, before allowance for losses
|
$
|
111,189
|
$
|
113,718
|
||
Non-impaired financing receivables
|
$
|
108,172
|
$
|
110,825
|
||
General reserves
|
2,692
|
2,891
|
||||
Impaired loans
|
3,017
|
2,893
|
||||
Specific reserves
|
660
|
680
|
March 31, 2012
|
December 31, 2011
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due(a)
|
past due
|
past due(a)
|
|||||||||
Non-U.S. residential mortgages
|
12.0
|
%
|
8.0
|
%
|
12.3
|
%
|
7.9
|
%
|
||||
Non-U.S. installment and revolving credit
|
4.3
|
1.2
|
4.1
|
1.2
|
||||||||
U.S. installment and revolving credit
|
4.4
|
2.0
|
5.0
|
2.2
|
||||||||
Non-U.S. auto
|
3.2
|
0.5
|
3.1
|
0.5
|
||||||||
Other
|
3.3
|
1.9
|
3.5
|
2.0
|
||||||||
Total
|
6.7
|
3.7
|
6.9
|
3.7
|
||||||||
(a)
|
Included $28 million and $45 million of loans at March 31, 2012 and December 31, 2011, respectively, which are over 90 days past due and accruing interest, mainly representing accretion on loans acquired at a discount.
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
Non-U.S. residential mortgages
|
$
|
2,975
|
$
|
2,995
|
$
|
2,863
|
$
|
2,870
|
||||
Non-U.S. installment and revolving credit
|
253
|
321
|
253
|
263
|
||||||||
U.S. installment and revolving credit
|
876
|
990
|
876
|
990
|
||||||||
Non-U.S. auto
|
30
|
43
|
30
|
43
|
||||||||
Other
|
477
|
487
|
381
|
419
|
||||||||
Total
|
$
|
4,611
|
$
|
4,836
|
$
|
4,403
|
$
|
4,585
|
||||
Allowance for losses percentage
|
72.7
|
%
|
73.8
|
%
|
76.1
|
%
|
77.9
|
%
|
Loan-to-value ratio
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
80% or
|
Greater than
|
Greater than
|
80% or
|
Greater than
|
Greater than
|
||||||||||||
(In millions)
|
less
|
80% to 90%
|
90%
|
less
|
80% to 90%
|
90%
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
residential
|
|||||||||||||||||
mortgages
|
$
|
19,670
|
$
|
6,061
|
$
|
9,526
|
$
|
19,834
|
$
|
6,087
|
$
|
9,629
|
Internal ratings translated to approximate credit bureau equivalent score
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
681 or
|
615 to
|
614 or
|
681 or
|
615 to
|
614 or
|
||||||||||||
(In millions)
|
higher
|
680
|
less
|
higher
|
680
|
less
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment and
|
|||||||||||||||||
revolving credit
|
$
|
10,391
|
$
|
4,765
|
$
|
3,807
|
$
|
9,913
|
$
|
4,838
|
$
|
3,793
|
|||||
U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
26,917
|
9,220
|
8,146
|
28,918
|
9,398
|
8,373
|
|||||||||||
Non-U.S. auto
|
3,705
|
903
|
558
|
3,927
|
1,092
|
672
|
·
|
Trinity comprises two consolidated entities that hold investment securities, the majority of which are investment grade, and are funded by the issuance of GICs. These entities were consolidated in 2003 and ceased issuing new investment contracts beginning in the first quarter of 2010. Since 2004, GECC has fully guaranteed repayment of these entities’ GIC obligations. These obligations include conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. To the extent that amounts due were to exceed the ultimate value of proceeds realized from Trinity assets, GECC would be required to provide such excess amount. Following the April 3, 2012 Moody’s downgrade of GECC’s long-term credit ratings to A1, substantially all of these GICs became redeemable by the holders. On May 1, 2012, holders of $1,989 million of GICs redeemed their holdings and GECC made related cash payments. The remaining outstanding GICs will continue to be subject to the existing terms and maturities of their respective contracts.
|
·
|
Consolidated Securitization Entities (CSEs) comprise primarily our previously unconsolidated QSPEs that were consolidated on January 1, 2010 in connection with our adoption of ASU 2009-16 & 17. These entities were created to facilitate securitization of financial assets and other forms of asset-backed financing which serve as an alternative funding source by providing access to the commercial paper and term markets. The securitization transactions executed with these entities are similar to those used by many financial institutions and substantially all are non-recourse. We provide servicing for substantially all of the assets in these entities.
|
·
|
Other remaining assets and liabilities of consolidated VIEs relate primarily to four categories of entities: (1) enterprises we acquired that had previously created asset-backed financing entities to fund commercial, middle-market and equipment loans; we are the collateral manager for these entities; (2) joint ventures that lease light industrial equipment; (3) other entities that are involved in power generating and leasing activities; and (4) insurance entities that, among other lines of business, provide property and casualty and workers’ compensation coverage for GE.
|
Consolidated Securitization Entities
|
||||||||||||||||||||
Credit
|
Real
|
Trade
|
||||||||||||||||||
(In millions)
|
Trinity
|
Cards
|
(a)
|
Equipment
|
(a)
|
Estate
|
Receivables
|
Other
|
(b)
|
Total
|
||||||||||
March 31, 2012
|
||||||||||||||||||||
Assets(c)
|
||||||||||||||||||||
Financing
|
||||||||||||||||||||
receivables, net
|
$
|
–
|
$
|
19,801
|
$
|
11,325
|
$
|
3,183
|
$
|
1,354
|
$
|
2,828
|
$
|
38,491
|
||||||
Investment securities
|
4,100
|
–
|
–
|
–
|
–
|
1,046
|
5,146
|
|||||||||||||
Other assets
|
326
|
21
|
363
|
211
|
–
|
4,050
|
4,971
|
|||||||||||||
Total
|
$
|
4,426
|
$
|
19,822
|
$
|
11,688
|
$
|
3,394
|
$
|
1,354
|
$
|
7,924
|
$
|
48,608
|
||||||
Liabilities(c)
|
||||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
3
|
$
|
26
|
$
|
–
|
$
|
1,387
|
$
|
1,416
|
||||||
Non-recourse
|
||||||||||||||||||||
borrowings
|
–
|
14,044
|
9,063
|
3,299
|
1,582
|
856
|
28,844
|
|||||||||||||
Other liabilities
|
4,333
|
83
|
–
|
3
|
11
|
1,273
|
5,703
|
|||||||||||||
Total
|
$
|
4,333
|
$
|
14,127
|
$
|
9,066
|
$
|
3,328
|
$
|
1,593
|
$
|
3,516
|
$
|
35,963
|
||||||
December 31, 2011
|
||||||||||||||||||||
Assets(c)
|
||||||||||||||||||||
Financing
|
||||||||||||||||||||
receivables, net
|
$
|
–
|
$
|
19,229
|
$
|
10,523
|
$
|
3,521
|
$
|
1,614
|
$
|
2,973
|
$
|
37,860
|
||||||
Investment securities
|
4,289
|
–
|
–
|
–
|
–
|
1,031
|
5,320
|
|||||||||||||
Other assets
|
389
|
17
|
283
|
210
|
–
|
2,636
|
3,535
|
|||||||||||||
Total
|
$
|
4,678
|
$
|
19,246
|
$
|
10,806
|
$
|
3,731
|
$
|
1,614
|
$
|
6,640
|
$
|
46,715
|
||||||
Liabilities(c)
|
||||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
2
|
$
|
25
|
$
|
–
|
$
|
821
|
$
|
848
|
||||||
Non-recourse
|
||||||||||||||||||||
borrowings
|
–
|
14,184
|
8,166
|
3,659
|
1,769
|
980
|
28,758
|
|||||||||||||
Other liabilities
|
4,456
|
37
|
–
|
19
|
23
|
1,071
|
5,606
|
|||||||||||||
Total
|
$
|
4,456
|
$
|
14,221
|
$
|
8,168
|
$
|
3,703
|
$
|
1,792
|
$
|
2,872
|
$
|
35,212
|
||||||
(a)
|
We provide servicing to the CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to 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. We are also owed amounts from the CSEs related to purchased financial assets which have yet to be funded or available excess cash flows due to GE. At March 31, 2012, the amounts owed to the CSEs and receivable from the CSEs were $6,226 million and $4,523 million, respectively.
|
(b)
|
Includes $1,333 million in other assets and $594 million of borrowings at March 31, 2012 due to the consolidation of an entity involved in power generating activities. This entity was previously subject to a leveraged lease and we consolidated this entity in March 2012 following the execution of an agreement that gave us the power to direct activities of this entity.
|
(c)
|
Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE as servicer, which are eliminated in consolidation. Such receivables provide the cash to repay the entities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation.
|
At
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
(In millions)
|
PTL
|
All other
|
Total
|
PTL
|
All other
|
Total
|
|||||||||||
Other assets and investment
|
|||||||||||||||||
securities
|
$
|
7,276
|
$
|
7,325
|
$
|
14,601
|
$
|
7,038
|
$
|
6,954
|
$
|
13,992
|
|||||
Financing receivables – net
|
–
|
2,470
|
2,470
|
–
|
2,507
|
2,507
|
|||||||||||
Total investments
|
7,276
|
9,795
|
17,071
|
7,038
|
9,461
|
16,499
|
|||||||||||
Contractual obligations to fund
|
|||||||||||||||||
investments or guarantees
|
600
|
2,144
|
2,744
|
600
|
2,253
|
2,853
|
|||||||||||
Revolving lines of credit
|
1,080
|
74
|
1,154
|
1,356
|
92
|
1,448
|
|||||||||||
Total
|
$
|
8,956
|
$
|
12,013
|
$
|
20,969
|
$
|
8,994
|
$
|
11,806
|
$
|
20,800
|
Energy Infrastructure
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
$
|
11,168
|
$
|
9,449
|
|
Segment profit
|
$
|
1,524
|
$
|
1,381
|
|
Revenues
|
|||||
Energy
|
$
|
8,042
|
$
|
7,107
|
|
Oil & Gas
|
3,416
|
2,558
|
|||
Segment profit
|
|||||
Energy
|
$
|
1,182
|
$
|
1,115
|
|
Oil & Gas
|
400
|
306
|
|||
GE Capital
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
$
|
11,442
|
$
|
13,036
|
|
Segment profit
|
$
|
1,792
|
$
|
1,790
|
GE Capital
|
||||||||
At
|
||||||||
March 31,
|
December 31,
|
March 31,
|
||||||
(In millions)
|
2012
|
2011
|
2011
|
|||||
Total assets
|
$
|
573,362
|
$
|
584,536
|
$
|
597,673
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
|||||
Commercial Lending and Leasing (CLL)
|
$
|
4,442
|
$
|
4,608
|
|
Consumer
|
3,877
|
4,823
|
|||
Real Estate
|
836
|
907
|
|||
Energy Financial Services
|
239
|
345
|
|||
GE Capital Aviation Services (GECAS)
|
1,331
|
1,325
|
|||
Segment profit
|
|||||
CLL
|
$
|
685
|
$
|
554
|
|
Consumer
|
829
|
1,241
|
|||
Real Estate
|
56
|
(358)
|
|||
Energy Financial Services
|
71
|
112
|
|||
GECAS
|
318
|
306
|
At
|
||||||||
March 31,
|
December 31,
|
March 31,
|
||||||
(In millions)
|
2012
|
2011
|
2011
|
|||||
Assets
|
||||||||
CLL
|
$
|
189,993
|
$
|
193,869
|
$
|
197,467
|
||
Consumer
|
135,926
|
138,534
|
141,853
|
|||||
Real Estate
|
59,204
|
60,873
|
70,934
|
|||||
Energy Financial Services
|
19,303
|
18,357
|
18,821
|
|||||
GECAS
|
48,720
|
48,821
|
48,560
|
Corporate Items and Eliminations
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
|||||
NBCU/NBCU LLC
|
$
|
187
|
$
|
4,800
|
|
Gains on disposed businesses
|
274
|
–
|
|||
Eliminations and other
|
(441)
|
(306)
|
|||
Total
|
$
|
20
|
$
|
4,494
|
|
Operating Profit (Cost)
|
|||||
Gains on disposed businesses
|
$
|
274
|
$
|
–
|
|
NBCU/NBCU LLC
|
187
|
3,648
|
|||
Principal retirement plans(a)
|
(771)
|
(430)
|
|||
Underabsorbed corporate overhead and other costs
|
(735)
|
(726)
|
|||
Total
|
$
|
(1,045)
|
$
|
2,492
|
|
(a)
|
Included non-operating (non-GAAP) pension income (cost) of $(0.5) billion and $(0.3) billion in the first quarters of 2012 and 2011, respectively, which includes interest costs, expected return on plan assets and non-cash amortization of actuarial gains and losses. See Exhibit 99(a) of this Form 10-Q Report.
|
Discontinued Operations
|
|||||
Three months ended March 31,
|
|||||
(In millions)
|
2012
|
2011
|
|||
Earnings (loss) from discontinued operations,
|
|||||
net of taxes
|
$
|
(217)
|
$
|
35
|
·
|
At GECC, repayments exceeded new issuances of total borrowings by $9.8 billion and collections on financing receivables exceeded originations by $6.6 billion at GECC;
|
·
|
The U.S. dollar was weaker for most major currencies at March 31, 2012 than at December 31, 2011, increasing the translated levels of our non-U.S. dollar assets and liabilities.
|
Three months ended March 31
|
|||||
(In billions)
|
2012
|
2011
|
|||
Operating cash collections(a)
|
$
|
24.2
|
$
|
20.3
|
|
Operating cash payments
|
(22.1)
|
(18.6)
|
|||
GE cash from operating activities (GE CFOA)(a)
|
$
|
2.1
|
$
|
1.7
|
|
(a)
|
GE sells customer receivables to GECC in part to fund the growth of our industrial businesses. These transactions can result in cash generation or cash use. During any given period, GE receives cash from the sale of receivables to GECC. It also foregoes collection of cash on receivables sold. The incremental amount of cash received from sale of receivables in excess of the cash GE would have otherwise collected had those receivables not been sold, represents the cash generated or used in the period relating to this activity. The incremental cash generated in GE CFOA from selling these receivables to GECC decreased GE CFOA by $0.4 billion in the three months ended March 31, 2012 and decreased GE CFOA by $0.6 billion in the three months ended March 31, 2011. See Note 19 to the condensed, consolidated financial statements for additional information about the elimination of intercompany transactions between GE and GECC.
|
Financing receivables at
|
Nonearning receivables at
|
Allowance for losses at
|
|||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
79,645
|
$
|
80,505
|
$
|
1,664
|
$
|
1,862
|
$
|
802
|
$
|
889
|
|||||
Europe
|
35,613
|
36,899
|
1,354
|
1,167
|
458
|
400
|
|||||||||||
Asia
|
11,048
|
11,635
|
245
|
269
|
112
|
157
|
|||||||||||
Other
|
382
|
436
|
9
|
11
|
2
|
4
|
|||||||||||
Total CLL
|
126,688
|
129,475
|
3,272
|
3,309
|
1,374
|
1,450
|
|||||||||||
Energy
|
|||||||||||||||||
Financial
|
|||||||||||||||||
Services
|
5,287
|
5,912
|
29
|
22
|
25
|
26
|
|||||||||||
GECAS
|
11,721
|
11,901
|
17
|
55
|
14
|
17
|
|||||||||||
Other
|
681
|
1,282
|
42
|
65
|
20
|
37
|
|||||||||||
Total
|
|||||||||||||||||
Commercial
|
144,377
|
148,570
|
3,360
|
3,451
|
1,433
|
1,530
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt(a)
|
23,518
|
24,501
|
522
|
541
|
812
|
949
|
|||||||||||
Business
|
|||||||||||||||||
Properties(b)
|
8,013
|
8,248
|
239
|
249
|
117
|
140
|
|||||||||||
Total Real Estate
|
31,531
|
32,749
|
761
|
790
|
929
|
1,089
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential
|
|||||||||||||||||
mortgages(c)
|
35,257
|
35,550
|
2,863
|
2,870
|
498
|
546
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
18,963
|
18,544
|
253
|
263
|
726
|
717
|
|||||||||||
U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
44,283
|
46,689
|
876
|
990
|
1,845
|
2,008
|
|||||||||||
Non-U.S. auto
|
5,166
|
5,691
|
30
|
43
|
88
|
101
|
|||||||||||
Other
|
7,520
|
7,244
|
381
|
419
|
195
|
199
|
|||||||||||
Total Consumer
|
111,189
|
113,718
|
4,403
|
4,585
|
3,352
|
3,571
|
|||||||||||
Total
|
$
|
287,097
|
$
|
295,037
|
$
|
8,524
|
$
|
8,826
|
$
|
5,714
|
$
|
6,190
|
|||||
(a)
|
Financing receivables included $0.1 billion of construction loans at both March 31, 2012 and December 31, 2011.
|
(b)
|
Our Business Properties portfolio is underwritten primarily by the credit quality of the borrower and secured by tenant and owner-occupied commercial properties.
|
(c)
|
At March 31, 2012, net of credit insurance, approximately 25% of our secured Consumer non-U.S. residential mortgage portfolio comprised loans with introductory, below market rates that are scheduled to adjust at future dates; with high loan-to-value ratios at inception (greater than 90%); whose terms permitted interest-only payments; or whose terms resulted in negative amortization. At origination, we underwrite loans with an adjustable rate to the reset value. Of these loans, 82% are in our U.K. and France portfolios, which comprise mainly loans with interest-only payments, high loan-to-value ratios at inception and introductory below market rates, have a delinquency rate of 15%, have a loan-to-value ratio at origination of 76% and have re-indexed loan-to-value ratios of 84% and 56%, respectively. At March 31, 2012, 7% (based on dollar values) of these loans in our U.K. and France portfolios have been restructured.
|
Nonearning financing receivables
|
Allowance for losses
|
Allowance for losses
|
|||||||||||||||
as a percent of
|
as a percent of
|
as a percent of
|
|||||||||||||||
financing receivables at
|
nonearning financing receivables at
|
total financing receivables at
|
|||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
2.1
|
%
|
2.3
|
%
|
48.2
|
%
|
47.7
|
%
|
1.0
|
%
|
1.1
|
%
|
|||||
Europe
|
3.8
|
3.2
|
33.8
|
34.3
|
1.3
|
1.1
|
|||||||||||
Asia
|
2.2
|
2.3
|
45.7
|
58.4
|
1.0
|
1.3
|
|||||||||||
Other
|
2.4
|
2.5
|
22.2
|
36.4
|
0.5
|
0.9
|
|||||||||||
Total CLL
|
2.6
|
2.6
|
42.0
|
43.8
|
1.1
|
1.1
|
|||||||||||
Energy Financial Services
|
0.5
|
0.4
|
86.2
|
118.2
|
0.5
|
0.4
|
|||||||||||
GECAS
|
0.1
|
0.5
|
82.4
|
30.9
|
0.1
|
0.1
|
|||||||||||
Other
|
6.2
|
5.1
|
47.6
|
56.9
|
2.9
|
2.9
|
|||||||||||
Total Commercial
|
2.3
|
2.3
|
42.6
|
44.3
|
1.0
|
1.0
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt
|
2.2
|
2.2
|
155.6
|
175.4
|
3.5
|
3.9
|
|||||||||||
Business Properties
|
3.0
|
3.0
|
49.0
|
56.2
|
1.5
|
1.7
|
|||||||||||
Total Real Estate
|
2.4
|
2.4
|
122.1
|
137.8
|
2.9
|
3.3
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential mortgages
|
8.1
|
8.1
|
17.4
|
19.0
|
1.4
|
1.5
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment and
|
|||||||||||||||||
revolving credit
|
1.3
|
1.4
|
287.0
|
272.6
|
3.8
|
3.9
|
|||||||||||
U.S. installment
|
|||||||||||||||||
and revolving credit
|
2.0
|
2.1
|
210.6
|
202.8
|
4.2
|
4.3
|
|||||||||||
Non-U.S. auto
|
0.6
|
0.8
|
293.3
|
234.9
|
1.7
|
1.8
|
|||||||||||
Other
|
5.1
|
5.8
|
51.2
|
47.5
|
2.6
|
2.7
|
|||||||||||
Total Consumer
|
4.0
|
4.0
|
76.1
|
77.9
|
3.0
|
3.1
|
|||||||||||
Total
|
3.0
|
3.0
|
67.0
|
70.1
|
2.0
|
2.1
|
|||||||||||
Nonaccrual
|
Nonearning
|
||||||||||
financing
|
financing
|
||||||||||
(In millions)
|
receivables
|
receivables
|
|||||||||
March 31, 2012
|
|||||||||||
Commercial
|
|||||||||||
CLL
|
$
|
4,806
|
$
|
3,272
|
|||||||
Energy Financial Services
|
29
|
29
|
|||||||||
GECAS
|
17
|
17
|
|||||||||
Other
|
87
|
42
|
|||||||||
Total Commercial
|
4,939
|
3,360
|
|||||||||
Real Estate
|
6,551
|
761
|
|||||||||
Consumer
|
4,611
|
4,403
|
|||||||||
Total
|
$
|
16,101
|
$
|
8,524
|
|||||||
(In millions)
|
At
|
||||||||||
March 31,
|
December 31,
|
||||||||||
2012
|
2011
|
||||||||||
Loans requiring allowance for losses
|
|||||||||||
Commercial(a)
|
$
|
2,206
|
$
|
2,357
|
|||||||
Real Estate
|
4,286
|
4,957
|
|||||||||
Consumer
|
2,908
|
2,824
|
|||||||||
Total loans requiring allowance for losses
|
9,400
|
10,138
|
|||||||||
Loans expected to be fully recoverable
|
|||||||||||
Commercial(a)
|
3,707
|
3,305
|
|||||||||
Real Estate
|
3,953
|
3,790
|
|||||||||
Consumer
|
109
|
69
|
|||||||||
Total loans expected to be fully recoverable
|
7,769
|
7,164
|
|||||||||
Total impaired loans
|
$
|
17,169
|
$
|
17,302
|
|||||||
Allowance for losses (specific reserves)
|
|||||||||||
Commercial(a)
|
$
|
739
|
$
|
812
|
|||||||
Real Estate
|
674
|
822
|
|||||||||
Consumer
|
660
|
680
|
|||||||||
Total allowance for losses (specific reserves)
|
$
|
2,073
|
$
|
2,314
|
|||||||
Average investment during the period
|
$
|
17,236
|
$
|
18,167
|
|||||||
Interest income earned while impaired(b)
|
190
|
733
|
|||||||||
(a)
|
Includes CLL, Energy Financial Services, GECAS and Other.
|
(b)
|
Recognized principally on a cash basis.
|
At
|
|||||||||||
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Method used to measure impairment
|
|||||||||||
Discounted cash flow
|
$
|
8,771
|
$
|
8,858
|
|||||||
Collateral value
|
8,398
|
8,444
|
|||||||||
Total
|
$
|
17,169
|
$
|
17,302
|
Rest of
|
Total
|
||||||||||||||||||||||
March 31, 2012 (In millions)
|
Spain
|
Portugal
|
Ireland
|
Italy
|
Greece
|
Hungary
|
Europe
|
Europe
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
before allowance
|
|||||||||||||||||||||||
for losses on
|
|||||||||||||||||||||||
financing receivables
|
$
|
2,263
|
$
|
576
|
$
|
421
|
$
|
7,209
|
$
|
73
|
$
|
3,136
|
$
|
79,024
|
$
|
92,702
|
|||||||
Allowance for losses on
|
|||||||||||||||||||||||
financing receivables
|
(83)
|
(23)
|
(19)
|
(266)
|
–
|
(114)
|
(1,428)
|
(1,933)
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
net of allowance
|
|||||||||||||||||||||||
for losses on
|
2,180
|
553
|
402
|
6,943
|
73
|
3,022
|
77,596
|
90,769
|
|||||||||||||||
financing receivables(a)(b)
|
|||||||||||||||||||||||
Investments(c)(d)
|
2
|
–
|
13
|
631
|
–
|
167
|
2,230
|
3,043
|
|||||||||||||||
Cost and equity method
|
|||||||||||||||||||||||
investments(e)
|
865
|
27
|
341
|
70
|
32
|
5
|
728
|
2,068
|
|||||||||||||||
Derivatives,
|
|||||||||||||||||||||||
net of collateral(c)(f)
|
43
|
–
|
–
|
78
|
–
|
–
|
110
|
231
|
|||||||||||||||
Total funded exposures(g)(h)
|
$
|
3,090
|
$
|
580
|
$
|
756
|
$
|
7,722
|
$
|
105
|
$
|
3,194
|
$
|
80,664
|
$
|
96,111
|
|||||||
Unfunded commitments
|
$
|
37
|
$
|
1
|
$
|
26
|
$
|
301
|
$
|
4
|
$
|
603
|
$
|
7,825
|
$
|
8,797
|
|||||||
(a)
|
Financing receivable amounts are classified based on the location or nature of the related obligor.
|
(b)
|
Substantially all relates to non-sovereign obligors. Includes residential mortgage loans of approximately $34.6 billion before consideration of purchased credit protection. We have third-party mortgage insurance for approximately 29% of these residential mortgage loans, substantially all of which were originated in the U.K., Poland and France.
|
(c)
|
Investments and derivatives are classified based on the location of the parent of the obligor or issuer.
|
(d)
|
Includes $1.0 billion related to financial institutions, $0.3 billion related to non-financial institutions and $1.7 billion related to sovereign issuers. Sovereign issuances totaled $0.1 billion and $0.1 billion related to Italy and Hungary, respectively. We held no investments issued by sovereign entities in the other focus countries.
|
(e)
|
Substantially all is non-sovereign.
|
(f)
|
Net of cash collateral; entire amount is non-sovereign.
|
(g)
|
Excludes $23.4 billion of cash on short-term placement with highly rated global financial institutions based in Europe, sovereign central banks and agencies or supra national entities, of which $1.2 billion is in focus countries, and $20.0 billion of cash and equivalents placed with highly rated European financial institutions on a short-term basis, secured by U.S. Treasury securities ($10.9 billion) and sovereign bonds of non-focus countries ($9.1 billion), where the value of our collateral exceeds the amount of our cash exposure.
|
(h)
|
Excludes ELTO ($11.7 billion) and real estate held for investment ($7.3 billion), of which $2.4 billion and $1.2 billion, respectively, are held in focus countries. These assets are held under long-term investment and operating strategies, and our ELTO strategies contemplate an ability to redeploy assets under lease should default by the lessee occur. The values of these assets could be subject to decline or impairment in the current environment.
|
Approximate
|
||||||||||||
dollar value
|
||||||||||||
Total number
|
of shares that
|
|||||||||||
of shares
|
may yet be
|
|||||||||||
purchased
|
purchased
|
|||||||||||
as part of
|
under our
|
|||||||||||
Total number
|
Average
|
our share
|
share
|
|||||||||
of shares
|
price paid
|
repurchase
|
repurchase
|
|||||||||
Period(a)
|
purchased
|
(a)(b)
|
per share
|
program
|
(a)(c)
|
program
|
||||||
(Shares in thousands)
|
||||||||||||
2012
|
||||||||||||
January
|
1,159
|
$
|
18.70
|
807
|
||||||||
February
|
955
|
$
|
19.11
|
712
|
||||||||
March
|
1,220
|
$
|
19.68
|
846
|
||||||||
Total
|
3,334
|
$
|
19.18
|
2,365
|
$
|
7.9
|
billion
|
|||||
(a)
|
Information is presented on a fiscal calendar basis, consistent with our quarterly financial reporting.
|
(b)
|
This category includes 969 thousand shares repurchased from our various benefit plans, primarily the GE Savings and Security Program (the S&SP). Through the S&SP, a defined contribution plan with Internal Revenue Service Code 401(k) features, we repurchase shares resulting from changes in investment options by plan participants.
|
(c)
|
This balance represents the number of shares that were repurchased through the 2007 GE Share Repurchase Program (the Program) under which we are authorized to repurchase up to $15 billion of our common stock through 2013. The Program is flexible and shares are acquired with a combination of borrowings and free cash flow from the public markets and other sources, including GE Stock Direct, a stock purchase plan that is available to the public.
|
Exhibit 11
|
Computation of Per Share Earnings*.
|
|
Exhibit 12
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
Exhibit 31(a)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 31(b)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 32
|
Certification Pursuant to 18 U.S.C. Section 1350.
|
|
Exhibit 99(a)
|
Financial Measures That Supplement Generally Accepted Accounting Principles.
|
|
Exhibit 99(b)
|
Computation of Ratio of Earnings to Fixed Charges (Incorporated by reference to Exhibit 12 to General Electric Capital Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2012 (Commission file number 001-06461)).
|
|
Exhibit 101
|
The following materials from General Electric Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Statement of Earnings for the three months ended March 31, 2012 and 2011, (ii) Condensed Consolidated Statement of Comprehensive Income for the three months ended March 31, 2012 and 2011, (iii) Condensed Consolidated Statement of Changes in Shareowners’ Equity for the three months ended March 31, 2012 and 2011, (iv) Condensed Statement of Financial Position at March 31, 2012 and December 31, 2011, (v) Condensed Statement of Cash Flows for the three months ended March 31, 2012 and 2011, and (vi) Notes to Condensed, Consolidated Financial Statements.
|
|
*
|
Data required by Financial Accounting Standards Board Accounting Standards Codification 260, Earnings Per Share, is provided in Note 14 to the Condensed, Consolidated Financial Statements in this Report.
|
General Electric Company
(Registrant)
|
|||
May 4, 2012
|
/s/ Jamie S. Miller
|
||
Date
|
Jamie S. Miller
Vice President and Controller
Duly Authorized Officer and Principal Accounting Officer
|
Three months
|
||
ended
|
||
March 31,
|
||
2012
|
||
(Dollars in millions)
|
(Unaudited)
|
|
General Electric Company and consolidated affiliates
|
||
Earnings(a)
|
$
|
3,658
|
Plus:
|
||
Interest and other financial charges included in expense(b)
|
3,358
|
|
One-third of rental expense(c)
|
134
|
|
Adjusted “earnings”
|
$
|
7,150
|
Fixed charges:
|
||
Interest and other financial charges included in expense(b)
|
$
|
3,358
|
Interest capitalized
|
6
|
|
One-third of rental expense(c)
|
134
|
|
Total fixed charges
|
$
|
3,498
|
Ratio of earnings to fixed charges
|
2.04
|
|
(a)
|
Earnings before income taxes, noncontrolling interests, discontinued operations and undistributed earnings of equity investees.
|
(b)
|
Included interest on tax deficiencies.
|
(c)
|
Considered to be representative of interest factor in rental expense.
|
I, Jeffrey R. Immelt, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of General Electric Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Jeffrey R. Immelt
|
|
Jeffrey R. Immelt
|
|
Chief Executive Officer
|
I, Keith S. Sherin, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of General Electric Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Keith S. Sherin
|
|
Keith S. Sherin
|
|
Chief Financial Officer
|
(1)
|
The report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
/s/ Jeffrey R. Immelt
|
|
Jeffrey R. Immelt
|
|
Chief Executive Officer
|
|
/s/ Keith S. Sherin
|
|
Keith S. Sherin
|
|
Chief Financial Officer
|
·
|
Operating earnings and operating earnings per share (EPS)
|
·
|
Revenues and other income excluding the impact of NBCU
|
·
|
GE Capital ending net investment (ENI), excluding cash and equivalents
|
·
|
GE Capital segment profit excluding the impact of Garanti
|
Operating Earnings and Operating EPS
|
|||||||||
Three months ended March 31
|
|||||||||
(In millions; except earnings per share)
|
2012
|
2011
|
V%
|
||||||
Earnings from continuing operations attributable to GE
|
$
|
3,251
|
$
|
3,398
|
(4)
|
%
|
|||
Adjustment (net of tax): Non-operating pension costs/(income)
|
336
|
163
|
|||||||
Operating earnings
|
$
|
3,587
|
$
|
3,561
|
1
|
%
|
|||
Earnings per share – diluted(a)
|
|||||||||
Continuing earnings per share
|
$
|
0.31
|
$
|
0.31
|
–
|
%
|
|||
Adjustment (net of tax): Non-operating pension costs/(income)
|
0.03
|
0.02
|
|||||||
Operating earnings per share
|
$
|
0.34
|
$
|
0.33
|
3
|
%
|
|||
(a)
|
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
|
Shareowners' Equity (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to noncontrolling interests |
|
Investment Securities (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2012
Residential Mortgage Backed Securities [Member]
Mortgage-backed Securities, Issued by Private Enterprises [Member]
|
Mar. 31, 2011
Residential Mortgage Backed Securities [Member]
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
|
---|---|---|---|---|
Investment [Line Items] | ||||
Investment securities | $ 47,829 | $ 47,374 | $ 903 | $ 1,607 |
OTTI previously recognized through OCI on securities held, gross unrealized losses | $ (195) |
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Held for Sale Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2011
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Jan. 28, 2011
NBC Universal [Member]
|
Mar. 31, 2011
NBC Universal [Member]
|
Jan. 28, 2011
NBCU LLC [Member]
|
Mar. 31, 2012
NBCU LLC [Member]
|
Dec. 31, 2011
NBCU LLC [Member]
|
Mar. 31, 2011
NBCU LLC [Member]
|
Mar. 31, 2011
Consumer RV Marine [Member]
|
Jun. 30, 2011
Consumer Mexico [Member]
|
Jan. 28, 2011
Comcast [Member]
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash proceeds from sale of NBCU | $ 0 | $ 1,775 | $ 6,176 | ||||||||||
Ownership Percentage In Newly Formed Entity | 49.00% | 51.00% | |||||||||||
Transaction Related Cost Reimbursements Related To Sale Of Business | 49 | ||||||||||||
Redemption Rights That Would Cause Sale Of Half Ownership | three and a half years | ||||||||||||
Redemption Rights That Would Cause Sale Of Remaining Half Ownership | seven years | ||||||||||||
Pre Tax Gain On Sale Of Business | 3,557 | ||||||||||||
Gain On Sale Of Business Net Of Tax | 400 | ||||||||||||
Tax Effect On Gain On Sale Of Business | 3,157 | ||||||||||||
Deferred Tax Liabilities | 4,912 | 4,880 | |||||||||||
Equity Method Investment, Ownership Percentage | 1.00% | ||||||||||||
Equity Method Investments | 18,134 | 17,955 | |||||||||||
Deferred income taxes | 281 | (131) | |||||||||||
Assets of businesses held for sale | 640 | 711 | |||||||||||
Liabilities of businesses held for sale | 305 | 345 | |||||||||||
Current receivables | 19,040 | 19,531 | |||||||||||
Property, plant and equipment - net | 66,000 | 65,739 | |||||||||||
Other assets, all | 108,563 | 111,701 | |||||||||||
Accounts Payable, Current | 17,031 | 16,400 | |||||||||||
Accrued Liabilities, Current | 15,030 | 14,796 | |||||||||||
Other Liabilities | 67,191 | 70,653 | |||||||||||
Consideration Received For Sale Of Business | $ 2,365 | $ 1,943 |
Shareowners' Equity (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
||||
Changes To Noncontrolling Interest | |||||
Beginning balance | $ 1,696 | [1] | $ 5,262 | ||
Net earnings | 38 | 94 | |||
Dividends | (7) | (10) | |||
NBCU share repurchase | 0 | (3,070) | |||
Dispositions | 0 | (23) | |||
AOCI and other | (6) | 1 | |||
Ending balance | $ 1,721 | [1] | $ 2,254 | ||
|
Investment Securities (Investment) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
Subsidiaries [Member]
|
Dec. 31, 2011
Subsidiaries [Member]
|
Dec. 31, 2011
Domestic Corporate Debt Securities [Member]
|
Dec. 31, 2010
Domestic Corporate Debt Securities [Member]
|
Mar. 31, 2012
Domestic Corporate Debt Securities [Member]
Subsidiaries [Member]
|
Dec. 31, 2011
Domestic Corporate Debt Securities [Member]
Subsidiaries [Member]
|
Mar. 31, 2012
Domestic Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Domestic Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
US States and Political Subdivisions Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
US States and Political Subdivisions Debt Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Residential Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Residential Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Commercial Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Commercial Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Asset-backed Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Asset-backed Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Foreign Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Foreign Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Foreign Government Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Foreign Government Debt Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
US Treasury and Government [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
US Treasury and Government [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Retained Interest [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Retained Interest [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Available-for-sale Securities [Member]
Subsidiaries [Member]
|
Dec. 31, 2011
Available-for-sale Securities [Member]
Subsidiaries [Member]
|
Mar. 31, 2012
Available-for-sale Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Available-for-sale Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Trading Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Trading Securities [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Trading Securities [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Trading Securities [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Mar. 31, 2012
Trading Securities [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Trading Securities [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Mar. 31, 2012
Consolidation, Eliminations [Member]
|
Dec. 31, 2011
Consolidation, Eliminations [Member]
|
Mar. 31, 2012
Consolidation, Eliminations [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Consolidation, Eliminations [Member]
Amortized Cost [Member]
|
Mar. 31, 2012
Consolidation, Eliminations [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Consolidation, Eliminations [Member]
Estimated Fair Value [Member]
|
Mar. 31, 2012
Sub Total [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Sub Total [Member]
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Sub Total [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Sub Total [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Mar. 31, 2012
Sub Total [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Sub Total [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Mar. 31, 2012
Total [Member]
|
Dec. 31, 2011
Total [Member]
|
Mar. 31, 2012
Total [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Total [Member]
Amortized Cost [Member]
|
Mar. 31, 2012
Total [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Total [Member]
Estimated Fair Value [Member]
|
|
Investment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities amortized cost | $ 18 | $ 18 | $ 1 | $ 0 | $ 20,758 | $ 20,748 | $ 3,179 | $ 3,027 | $ 2,555 | $ 2,711 | $ 2,989 | $ 2,913 | $ 5,376 | $ 5,102 | $ 2,514 | $ 2,414 | $ 2,171 | $ 2,488 | $ 4,073 | $ 3,974 | $ 28 | $ 25 | $ 17 | $ 18 | $ 530 | $ 713 | ||||||||||||||||||||||||||||
Investment securities gross unrealized gains | 0 | 0 | 0 | 0 | 3,236 | 3,432 | 385 | 350 | 175 | 184 | 169 | 162 | 76 | 32 | 142 | 126 | 125 | 129 | 77 | 84 | 6 | 10 | 0 | 0 | 105 | 75 | 0 | 0 | 4,496 | 4,584 | 4,496 | 4,584 | ||||||||||||||||||||||
Investment securities gross unrealized loss | 0 | 0 | 0 | 0 | (279) | (410) | (120) | (143) | (220) | (286) | (177) | (247) | (133) | (164) | (136) | (207) | (23) | (86) | (1) | 0 | 0 | 0 | 0 | 0 | (16) | (38) | 0 | 0 | (1,105) | (1,581) | (1,105) | (1,581) | ||||||||||||||||||||||
Investment securities estimated fair value | 18 | 18 | 1 | 0 | 23,715 | 23,770 | 3,444 | 3,234 | 2,510 | 2,609 | 2,981 | 2,828 | 5,319 | 4,970 | 2,520 | 2,333 | 2,273 | 2,531 | 4,149 | 4,058 | 34 | 35 | 17 | 18 | 619 | 750 | ||||||||||||||||||||||||||||
Trading Securities | 250 | 241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross unrealized gains | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross unrealized loss | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities, Fair Value Disclosure | 250 | 241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | (3) | (3) | (3) | (3) | 44,423 | 44,356 | 47,814 | 47,359 | 44,438 | 44,371 | 47,829 | 47,374 | ||||||||||||||||||||||||||||||||||||||||||
Net pre-tax gains (loss) on trading securities | (23) | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities OTTI amounts | 32 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative impairments recognized in earnings associated with debt securities | 726 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities OTTI recorded in AOCI | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Incremental Charges On Previously Impaired Investment Securities | 5 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Than Temporary Impairment Related To Equity Securities | 7 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Than Temporary First Time Impairments Of Investment Securities Recognized In Earnings | 7 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Than Temporary Impairment Related To Securities Subsequently Sold | 136 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 3,762 | $ 5,139 |
Fair Value Measurements (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Mar. 31, 2012
Cost and equity method investments [Member]
|
Mar. 31, 2011
Cost and equity method investments [Member]
|
Mar. 31, 2012
Long Lived Assets, Including Real Estate [Member]
|
Mar. 31, 2011
Long Lived Assets, Including Real Estate [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Mar. 31, 2012
Private Equity And Real Estate Funds [Member]
|
Dec. 31, 2011
Private Equity And Real Estate Funds [Member]
|
Mar. 31, 2012
Retained Interest [Member]
|
Dec. 31, 2011
Retained Interest [Member]
|
Mar. 31, 2011
Retained Interest [Member]
|
Dec. 31, 2010
Retained Interest [Member]
|
Mar. 31, 2012
Retained Interest [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2011
Retained Interest [Member]
Fair Value, Inputs, Level 3 [Member]
|
Mar. 31, 2012
Derivatives [Member]
|
Dec. 31, 2011
Derivatives [Member]
|
Mar. 31, 2011
Derivatives [Member]
|
Dec. 31, 2010
Derivatives [Member]
|
Mar. 31, 2012
Other [Member]
|
Dec. 31, 2011
Other [Member]
|
Mar. 31, 2011
Other [Member]
|
Dec. 31, 2010
Other [Member]
|
|
Cumulative gain (loss) adjustment for non performance risk | $ 21 | $ 13 | $ 21 | ||||||||||||||||||||||||
Investments, Fair Value Disclosure | 34 | 35 | |||||||||||||||||||||||||
Cash Accruals Not Included In Schedule Assets Measured For Fair Value On Recurring Basis | 4 | 12 | |||||||||||||||||||||||||
Fair value assets measured on non recurring basis | 1,439 | 73 | 403 | 1,271 | 3,282 | 17 | 123 | ||||||||||||||||||||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (3) | (5) | (21) | (50) | (152) | (568) | |||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 50 | 436 | |||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,999 | 34 | 35 | 52 | 39 | 321 | 369 | 272 | 265 | 816 | 817 | 987 | 906 | ||||||||||||||
Individually Insignificant Recurring Fair Value Measurements | 596 | ||||||||||||||||||||||||||
Individually Insignificant NonRecurring Fair Value Measurements | $ 471 |
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GECC financing receivables |
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Financing receivables |
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Schedule of allowance for losses |
|
Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Financial Instruments [Line Items] | ||
Effect of including interest rate and currency derivatives on borrowings and bank deposits | $ 6,917 | $ 9,051 |
Reinsurance Recoverables | 2,000 | 2,000 |
Loan Commitments By Notional Amount [Line Items] | ||
Ordinary course of business lending commitments | 3,010 | 3,756 |
Excluded investment commitments | 2,179 | 2,064 |
Inventory financing arrangements excluded | 11,909 | 12,354 |
Commitments Associated with Secured Financing Arrangements | 12,748 | 14,057 |
Maximum Commitments Associated with Secured Financing Arrangements | 15,521 | 17,344 |
Commercial [Member]
|
||
Loan Commitments By Notional Amount [Line Items] | ||
Unused revolving credit lines | 17,373 | 18,757 |
Consumer Principally Credit Cards [Member]
|
||
Loan Commitments By Notional Amount [Line Items] | ||
Unused revolving credit lines | 253,629 | 257,646 |
Loan Commitments By Notional Amount [Member] | Subsidiaries GECC [Member]
|
||
Financial Instruments [Line Items] | ||
Insurance - credit life | 2,121 | 1,944 |
Carrying amount (net) [Member] | Subsidiaries [Member]
|
||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 289 | 285 |
Borrowings | (11,713) | (11,589) |
Carrying amount (net) [Member] | Subsidiaries GECC [Member]
|
||
Financial Instruments [Line Items] | ||
Loans | 245,452 | 250,999 |
Other commercial mortgages | 1,438 | 1,494 |
Loans held for sale | 303 | 496 |
Other financial instruments | 1,979 | 2,071 |
Borrowings and bank deposits | (431,873) | (443,097) |
Investment contract benefits | (3,457) | (3,493) |
Guaranteed investment contracts | (4,135) | (4,226) |
Insurance - credit life | (102) | (106) |
Estimate of Fair Value, Fair Value Disclosure [Member] | Subsidiaries [Member]
|
||
Financial Instruments [Line Items] | ||
Investments and notes receivable | 289 | 285 |
Borrowings | (12,687) | (12,535) |
Estimate of Fair Value, Fair Value Disclosure [Member] | Subsidiaries GECC [Member]
|
||
Financial Instruments [Line Items] | ||
Loans | 246,781 | 251,433 |
Other commercial mortgages | 1,459 | 1,537 |
Loans held for sale | 303 | 497 |
Other financial instruments | 2,499 | 2,534 |
Borrowings and bank deposits | (443,821) | (449,403) |
Investment contract benefits | (4,191) | (4,240) |
Guaranteed investment contracts | (4,167) | (4,266) |
Insurance - credit life | $ (89) | $ (88) |
Earnings Per Share Information (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Amount attributable to the Company: | ||
Preferred stock dividends declared | $ 0 | $ (75) |
Earnings (loss) from discontinued operations for per-share calculation | (217) | 35 |
Per-share amounts | ||
Earnings (loss) from continuing operations-Basic | $ 0.31 | $ 0.31 |
Net earnings-Basic | $ 0.29 | $ 0.32 |
Earnings (loss) from continuing operations-Diluted | $ 0.31 | $ 0.31 |
Net earnings-Diluted | $ 0.29 | $ 0.31 |
Common Stock, Shares Authorized | 13,200,000,000 | |
Outstanding anti-dilutive stock awards not included in computation of diluted earnings per share | 307,000,000 | 293,000,000 |
Common stock, par value per share | $ 0.06 | |
Divided Equivalents Included In Earnings For EPS Calculation | insignificant amount | insignificant amount |
Earnings Per Share, Basic [Member]
|
||
Amount attributable to the Company: | ||
Earnings (loss) from continuing operations for per-share calculation | 3,247 | 3,391 |
Preferred stock dividends declared | 0 | (75) |
Earnings from continuing operations attributable to common shareowners for per-share calculation | 3,247 | 3,316 |
Earnings (loss) from discontinued operations for per-share calculation | (217) | 35 |
Net earnings attributable to GE common shareowners for per-share calculation | 3,030 | 3,351 |
Average equivalent shares | ||
Shares of GE common stock outstanding | 10,581,000,000 | 10,611,000,000 |
Employee compensation-related shares, including stock options | 0 | 0 |
Total average equivalent shares-Basic | 10,581,000,000 | 10,611,000,000 |
Per-share amounts | ||
Earnings (loss) from continuing operations-Basic | $ 0.31 | $ 0.31 |
Earnings (loss) from discontinued operations-Basic | $ (0.02) | $ 0 |
Net earnings-Basic | $ 0.29 | $ 0.32 |
Earnings Per Share, Diluted [Member]
|
||
Amount attributable to the Company: | ||
Earnings (loss) from continuing operations for per-share calculation | 3,247 | 3,392 |
Preferred stock dividends declared | 0 | (75) |
Earnings from continuing operations attributable to common shareowners for per-share calculation | 3,247 | 3,317 |
Earnings (loss) from discontinued operations for per-share calculation | (217) | 35 |
Net earnings attributable to GE common shareowners for per-share calculation | $ 3,030 | $ 3,351 |
Average equivalent shares | ||
Shares of GE common stock outstanding | 10,581,000,000 | 10,611,000,000 |
Employee compensation-related shares, including stock options | 30,000,000 | 30,000,000 |
Total average equivalent shares-Diluted | 10,611,000,000 | 10,641,000,000 |
Per-share amounts | ||
Earnings (loss) from continuing operations-Diluted | $ 0.31 | $ 0.31 |
Earnings (loss) from discontinued operations-Diluted | $ (0.02) | $ 0 |
Net earnings-Diluted | $ 0.29 | $ 0.31 |
Variable Interest Entities (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
May 02, 2012
|
May 01, 2012
|
Mar. 31, 2012
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Loans and Finance Receivables [Member]
|
Mar. 31, 2012
Investment Securities [Member]
|
Dec. 31, 2011
Investment Securities [Member]
|
Mar. 31, 2012
Assets Other [Member]
|
Dec. 31, 2011
Assets Other [Member]
|
Mar. 31, 2012
Assets, Total [Member]
|
Dec. 31, 2011
Assets, Total [Member]
|
Mar. 31, 2012
Borrowings [Member]
|
Dec. 31, 2011
Borrowings [Member]
|
Mar. 31, 2012
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Nonrecourse Borrowings [Member]
|
Mar. 31, 2012
Liabilities Other [Member]
|
Dec. 31, 2011
Liabilities Other [Member]
|
Mar. 31, 2012
Liabilities, Total [Member]
|
Dec. 31, 2011
Liabilities, Total [Member]
|
Mar. 31, 2012
Consolidated Variable Interest Entities [Member]
|
Mar. 31, 2011
Consolidated Variable Interest Entities [Member]
|
Mar. 31, 2012
Power Generating Activities Entity [Member]
Assets Other [Member]
|
Mar. 31, 2012
Power Generating Activities Entity [Member]
Borrowings [Member]
|
Mar. 31, 2012
Subsidiaries GECC [Member]
|
Mar. 31, 2011
Subsidiaries GECC [Member]
|
Mar. 31, 2012
Subsidiaries GECC [Member]
Consolidated Variable Interest Entities [Member]
|
Mar. 31, 2011
Subsidiaries GECC [Member]
Consolidated Variable Interest Entities [Member]
|
May 01, 2012
Trinity [Member]
|
Mar. 31, 2012
Trinity [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Trinity [Member]
Loans and Finance Receivables [Member]
|
Mar. 31, 2012
Trinity [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Trinity [Member]
Investment Securities [Member]
|
Mar. 31, 2012
Trinity [Member]
Assets Other [Member]
|
Dec. 31, 2011
Trinity [Member]
Assets Other [Member]
|
Mar. 31, 2012
Trinity [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Trinity [Member]
Assets, Total [Member]
|
Mar. 31, 2012
Trinity [Member]
Borrowings [Member]
|
Dec. 31, 2011
Trinity [Member]
Borrowings [Member]
|
Mar. 31, 2012
Trinity [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Trinity [Member]
Nonrecourse Borrowings [Member]
|
Mar. 31, 2012
Trinity [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Trinity [Member]
Liabilities Other [Member]
|
Mar. 31, 2012
Trinity [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Trinity [Member]
Liabilities, Total [Member]
|
Mar. 31, 2012
Consolidated Securitization Entities [Member]
|
Mar. 31, 2012
Other [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Other [Member]
Loans and Finance Receivables [Member]
|
Mar. 31, 2012
Other [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Other [Member]
Investment Securities [Member]
|
Mar. 31, 2012
Other [Member]
Assets Other [Member]
|
Dec. 31, 2011
Other [Member]
Assets Other [Member]
|
Mar. 31, 2012
Other [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Other [Member]
Assets, Total [Member]
|
Mar. 31, 2012
Other [Member]
Borrowings [Member]
|
Dec. 31, 2011
Other [Member]
Borrowings [Member]
|
Mar. 31, 2012
Other [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Other [Member]
Nonrecourse Borrowings [Member]
|
Mar. 31, 2012
Other [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Other [Member]
Liabilities Other [Member]
|
Mar. 31, 2012
Other [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Other [Member]
Liabilities, Total [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Mar. 31, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Mar. 31, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Mar. 31, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Mar. 31, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
|
Assets And Liabilities Of Consolidated VIEs [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Amount Of GICs Redeemed | $ 133 | $ 1,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount Of GICs For Which Contractual Redemption Period Has Not ended | 788 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 38,491 | 37,860 | 5,146 | 5,320 | 4,971 | 3,535 | 48,608 | 46,715 | 1,333 | 0 | 0 | 4,100 | 4,289 | 326 | 389 | 4,426 | 4,678 | 2,828 | 2,973 | 1,046 | 1,031 | 4,050 | 2,636 | 7,924 | 6,640 | 19,801 | 19,229 | 0 | 0 | 21 | 17 | 19,822 | 19,246 | 11,325 | 10,523 | 0 | 0 | 363 | 283 | 11,688 | 10,806 | 3,183 | 3,521 | 0 | 0 | 211 | 210 | 3,394 | 3,731 | 1,354 | 1,614 | 0 | 0 | 0 | 0 | 1,354 | 1,614 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | 1,416 | 848 | 28,844 | 28,758 | 5,703 | 5,606 | 35,963 | 35,212 | 594 | 0 | 0 | 0 | 0 | 4,333 | 4,456 | 4,333 | 4,456 | 1,387 | 821 | 856 | 980 | 1,273 | 1,071 | 3,516 | 2,872 | 0 | 0 | 14,044 | 14,184 | 83 | 37 | 14,127 | 14,221 | 3 | 2 | 9,063 | 8,166 | 0 | 0 | 9,066 | 8,168 | 26 | 25 | 3,299 | 3,659 | 3 | 19 | 3,328 | 3,703 | 0 | 0 | 1,582 | 1,769 | 11 | 23 | 1,593 | 1,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues of consolidated VIEs | 35,182 | 38,329 | 11,442 | 13,036 | 1,587 | 1,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Loan and Lease Losses | 863 | 1,140 | 863 | 1,140 | 200 | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest And Other Financial Charges | 3,358 | 3,796 | 133 | 156 | 3,196 | 3,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities Of Consolidated Securitization Entity | 6,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivable From Consolidated Securitization Entities | $ 4,523 |
Investment Securities (Contractual maturities) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
---|---|
Amortized Cost [Member]
|
|
Investment [Line Items] | |
2011 | $ 2,717 |
2012-2015 | 7,832 |
2016-2020 | 4,373 |
2021 and later | 17,766 |
Estimated Fair Value [Member]
|
|
Investment [Line Items] | |
2011 | 2,748 |
2012-2015 | 7,925 |
2016-2020 | 4,730 |
2021 and later | $ 20,691 |
Fair Value Measurements (Non-Recurring) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
Financing receivables and loans held for sale [Member]
|
Mar. 31, 2011
Financing receivables and loans held for sale [Member]
|
Mar. 31, 2012
Cost and equity method investments [Member]
|
Mar. 31, 2011
Cost and equity method investments [Member]
|
Mar. 31, 2012
Long Lived Assets, Including Real Estate [Member]
|
Mar. 31, 2011
Long Lived Assets, Including Real Estate [Member]
|
Mar. 31, 2012
Total [Member]
|
Mar. 31, 2011
Total [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 2 [Member]
Financing receivables and loans held for sale [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Financing receivables and loans held for sale [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 2 [Member]
Cost and equity method investments [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Cost and equity method investments [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 2 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 2 [Member]
Total [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Total [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Financing receivables and loans held for sale [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Financing receivables and loans held for sale [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Mar. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Total [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Total [Member]
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||||||||
Fair value assets measured on non recurring basis | $ 1,439 | $ 196 | $ 158 | $ 0 | $ 0 | $ 127 | $ 1,343 | $ 323 | $ 1,501 | $ 2,015 | $ 5,159 | $ 73 | $ 403 | $ 1,271 | $ 3,282 | $ 3,359 | $ 8,844 | |||||||||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | $ (3) | $ (5) | $ (126) | $ (363) | $ (21) | $ (50) | $ (152) | $ (568) | $ (299) | $ (981) |
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Commercial) (Details) (Commercial Portfolio Segment [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
|
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | $ 144,377 | $ 148,570 | |
General reserves | 694 | 718 | |
Total impaired loans | 5,913 | 5,662 | |
Allowance for losses (specific reserves) | 739 | 812 | |
Past Due Financing Receivables | |||
Over 30 days past due | 1.80% | 1.80% | |
Over 90 days past due | 1.10% | 1.10% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 4,939 | 4,718 | |
Nonearning financing receivables | 3,360 | 3,451 | |
Allowance for losses as a percent of nonaccrual financing receivables | 29.00% | 32.40% | |
Allowance for losses as a percent of nonearning financing receivables | 42.60% | 44.30% | |
Impaired Loans | |||
Total impaired loans | 5,913 | 5,662 | |
Allowance for losses (specific reserves) | 739 | 812 | |
Average investment in loans | 5,787 | 5,866 | |
Interest income recognized | 57 | 42 | 193 |
Interest income recognized on a cash basis | 23 | 10 | 59 |
Changes In Loans Modified As Troubled Debt Restructurings | 794 | ||
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 144,377 | 148,570 | |
Performing Financing Receivable [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 138,464 | 142,908 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 138,464 | 142,908 | |
Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 133,313 | 135,463 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 133,313 | 135,463 | |
Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 3,773 | 5,006 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 3,773 | 5,006 | |
Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 5,850 | 6,432 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 5,850 | 6,432 | |
Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 142,936 | 146,901 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 142,936 | 146,901 | |
Unsecured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 308 | 325 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 308 | 325 | |
Unsecured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 697 | 748 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 697 | 748 | |
Unsecured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 436 | 596 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 436 | 596 | |
Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 3,707 | 3,305 | |
Impaired Loans | |||
Total impaired loans | 3,707 | 3,305 | |
Unpaid principal balance | 3,787 | 3,515 | |
Average investment in loans | 3,506 | 3,382 | |
Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 2,206 | 2,357 | |
Allowance for losses (specific reserves) | 739 | 812 | |
Impaired Loans | |||
Total impaired loans | 2,206 | 2,357 | |
Unpaid principal balance | 2,244 | 2,364 | |
Allowance for losses (specific reserves) | 739 | 812 | |
Average investment in loans | 2,281 | 2,484 | |
Nonaccrual Financing Receivables [Member]
|
|||
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 4,939 | 4,718 | |
Amount of nonaccrual loans currently paying in accordance with contractual terms | 1,539 | 1,227 | |
TDR Modifications [Member]
|
|||
Impaired Loans | |||
Financing Receivable, Modifications, Recorded Investment | 2,384 | ||
Energy Financial Services Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 5,287 | 5,912 | |
Past Due Financing Receivables | |||
Over 30 days past due | 0.30% | 0.30% | |
Over 90 days past due | 0.30% | 0.30% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 29 | 22 | |
Nonearning financing receivables | 29 | 22 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 5,287 | 5,912 | |
Energy Financial Services Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 5,010 | 5,727 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 5,010 | 5,727 | |
Energy Financial Services Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 69 | 24 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 69 | 24 | |
Energy Financial Services Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 82 | 18 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 82 | 18 | |
Energy Financial Services Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 5,161 | 5,769 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 5,161 | 5,769 | |
Energy Financial Services Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 3 | 4 | |
Impaired Loans | |||
Total impaired loans | 3 | 4 | |
Unpaid principal balance | 3 | 4 | |
Average investment in loans | 3 | 20 | |
Energy Financial Services Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 18 | 18 | |
Allowance for losses (specific reserves) | 10 | 9 | |
Impaired Loans | |||
Total impaired loans | 18 | 18 | |
Unpaid principal balance | 18 | 18 | |
Allowance for losses (specific reserves) | 10 | 9 | |
Average investment in loans | 18 | 87 | |
GECAS Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 11,721 | 11,901 | |
Past Due Financing Receivables | |||
Over 30 days past due | 0.00% | 0.00% | |
Over 90 days past due | 0.00% | 0.00% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 17 | 69 | |
Nonearning financing receivables | 17 | 55 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 11,721 | 11,901 | |
GECAS Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 11,226 | 10,881 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 11,226 | 10,881 | |
GECAS Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 447 | 970 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 447 | 970 | |
GECAS Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 48 | 50 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 48 | 50 | |
GECAS Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 11,721 | 11,901 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 11,721 | 11,901 | |
GECAS Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 14 | 28 | |
Impaired Loans | |||
Total impaired loans | 14 | 28 | |
Unpaid principal balance | 14 | 28 | |
Average investment in loans | 21 | 59 | |
GECAS Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 0 | 0 | |
Allowance for losses (specific reserves) | 0 | 0 | |
Impaired Loans | |||
Total impaired loans | 0 | 0 | |
Unpaid principal balance | 0 | 0 | |
Allowance for losses (specific reserves) | 0 | 0 | |
Average investment in loans | 0 | 11 | |
Other Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 681 | 1,282 | |
Past Due Financing Receivables | |||
Over 30 days past due | 6.40% | 3.70% | |
Over 90 days past due | 6.10% | 3.50% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 87 | 115 | |
Nonearning financing receivables | 42 | 65 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 681 | 1,282 | |
Other Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 681 | 1,282 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 681 | 1,282 | |
Other Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 0 | 0 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 0 | 0 | |
Other Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 0 | 0 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 0 | 0 | |
Other Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 681 | 1,282 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 681 | 1,282 | |
Other Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 18 | 62 | |
Impaired Loans | |||
Total impaired loans | 18 | 62 | |
Unpaid principal balance | 18 | 63 | |
Average investment in loans | 40 | 67 | |
Other Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 69 | 75 | |
Allowance for losses (specific reserves) | 18 | 29 | |
Impaired Loans | |||
Total impaired loans | 69 | 75 | |
Unpaid principal balance | 69 | 75 | |
Allowance for losses (specific reserves) | 18 | 29 | |
Average investment in loans | 72 | 97 | |
Americas CLL Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 79,645 | 80,505 | |
Past Due Financing Receivables | |||
Over 30 days past due | 1.10% | 1.30% | |
Over 90 days past due | 0.70% | 0.80% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 2,473 | 2,417 | |
Nonearning financing receivables | 1,664 | 1,862 | |
Impaired Loans | |||
Financing Receivable, Modifications, Recorded Investment | 3,017 | 2,746 | |
Changes In Loans Modified As Troubled Debt Restructurings | 592 | ||
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 79,645 | 80,505 | |
Americas CLL Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 73,845 | 73,103 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 73,845 | 73,103 | |
Americas CLL Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 1,967 | 2,816 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 1,967 | 2,816 | |
Americas CLL Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 3,833 | 4,586 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 3,833 | 4,586 | |
Americas CLL Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 79,645 | 80,505 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 79,645 | 80,505 | |
Americas CLL Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 2,566 | 2,136 | |
Impaired Loans | |||
Total impaired loans | 2,566 | 2,136 | |
Unpaid principal balance | 2,636 | 2,219 | |
Average investment in loans | 2,352 | 2,128 | |
Americas CLL Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 1,127 | 1,367 | |
Allowance for losses (specific reserves) | 362 | 425 | |
Impaired Loans | |||
Total impaired loans | 1,127 | 1,367 | |
Unpaid principal balance | 1,162 | 1,415 | |
Allowance for losses (specific reserves) | 362 | 425 | |
Average investment in loans | 1,247 | 1,468 | |
Europe CLL Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 35,613 | 36,899 | |
Past Due Financing Receivables | |||
Over 30 days past due | 4.40% | 3.80% | |
Over 90 days past due | 2.40% | 2.10% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 1,854 | 1,599 | |
Nonearning financing receivables | 1,354 | 1,167 | |
Impaired Loans | |||
Changes In Loans Modified As Troubled Debt Restructurings | 104 | ||
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 35,613 | 36,899 | |
Europe CLL Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 32,060 | 33,481 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 32,060 | 33,481 | |
Europe CLL Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 1,182 | 1,080 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 1,182 | 1,080 | |
Europe CLL Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 1,228 | 1,002 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 1,228 | 1,002 | |
Europe CLL Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 34,470 | 35,563 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 34,470 | 35,563 | |
Europe CLL Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 981 | 936 | |
Impaired Loans | |||
Total impaired loans | 981 | 936 | |
Unpaid principal balance | 986 | 1,060 | |
Average investment in loans | 958 | 1,001 | |
Europe CLL Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 858 | 730 | |
Allowance for losses (specific reserves) | 297 | 263 | |
Impaired Loans | |||
Total impaired loans | 858 | 730 | |
Unpaid principal balance | 862 | 717 | |
Allowance for losses (specific reserves) | 297 | 263 | |
Average investment in loans | 794 | 602 | |
Asia CLL Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 11,048 | 11,635 | |
Past Due Financing Receivables | |||
Over 30 days past due | 1.20% | 1.30% | |
Over 90 days past due | 0.60% | 1.00% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 415 | 428 | |
Nonearning financing receivables | 245 | 269 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 11,048 | 11,635 | |
Asia CLL Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 10,196 | 10,644 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 10,196 | 10,644 | |
Asia CLL Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 108 | 116 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 108 | 116 | |
Asia CLL Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 572 | 685 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 572 | 685 | |
Asia CLL Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 10,876 | 11,445 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 10,876 | 11,445 | |
Asia CLL Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 63 | 85 | |
Impaired Loans | |||
Total impaired loans | 63 | 85 | |
Unpaid principal balance | 61 | 83 | |
Average investment in loans | 74 | 94 | |
Asia CLL Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 134 | 156 | |
Allowance for losses (specific reserves) | 52 | 84 | |
Impaired Loans | |||
Total impaired loans | 134 | 156 | |
Unpaid principal balance | 133 | 128 | |
Allowance for losses (specific reserves) | 52 | 84 | |
Average investment in loans | 145 | 214 | |
Other CLL Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 382 | 436 | |
Past Due Financing Receivables | |||
Over 30 days past due | 0.20% | 2.00% | |
Over 90 days past due | 0.00% | 0.10% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 64 | 68 | |
Nonearning financing receivables | 9 | 11 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 382 | 436 | |
Other CLL Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 295 | 345 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 295 | 345 | |
Other CLL Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 0 | 0 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 0 | 0 | |
Other CLL Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 87 | 91 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 87 | 91 | |
Other CLL Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 382 | 436 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 382 | 436 | |
Other CLL Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 62 | 54 | |
Impaired Loans | |||
Total impaired loans | 62 | 54 | |
Unpaid principal balance | 69 | 58 | |
Average investment in loans | 58 | 13 | |
Other CLL Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 0 | 11 | |
Allowance for losses (specific reserves) | 0 | 2 | |
Impaired Loans | |||
Total impaired loans | 0 | 11 | |
Unpaid principal balance | 0 | 11 | |
Allowance for losses (specific reserves) | 0 | 2 | |
Average investment in loans | 5 | 5 | |
CLL Financing Receivables [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 126,688 | 129,475 | |
Past Due Financing Receivables | |||
Over 30 days past due | 2.00% | 2.00% | |
Over 90 days past due | 1.20% | 1.20% | |
Nonaccrual Financing Receivables | |||
Nonaccrual loans | 4,806 | 4,512 | |
Nonearning financing receivables | 3,272 | 3,309 | |
Impaired Loans | |||
Financing Receivable, Modifications, Recorded Investment | 3,985 | 3,642 | |
Loans Modified As Troubled Debt Restructuring That Have Subsequently Experienced Payment Default | 108 | ||
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 126,688 | 129,475 | |
CLL Financing Receivables [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 116,396 | 117,573 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 116,396 | 117,573 | |
CLL Financing Receivables [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 3,257 | 4,012 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 3,257 | 4,012 | |
CLL Financing Receivables [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 5,720 | 6,364 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 5,720 | 6,364 | |
CLL Financing Receivables [Member] | Secured Credit Quality Indicator [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Loans and leases receivable, Gross | 125,373 | 127,949 | |
Credit Quality Indicators | |||
Loans and leases receivable, Gross | 125,373 | 127,949 | |
CLL Financing Receivables [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 3,672 | 3,211 | |
Impaired Loans | |||
Total impaired loans | 3,672 | 3,211 | |
Unpaid principal balance | 3,752 | 3,420 | |
Average investment in loans | 3,442 | 3,236 | |
CLL Financing Receivables [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables and Allowance for Losses | |||
Total impaired loans | 2,119 | 2,264 | |
Allowance for losses (specific reserves) | 711 | 774 | |
Impaired Loans | |||
Total impaired loans | 2,119 | 2,264 | |
Unpaid principal balance | 2,157 | 2,271 | |
Allowance for losses (specific reserves) | 711 | 774 | |
Average investment in loans | $ 2,191 | $ 2,289 |
Financial Instruments (Fair value hedges) (Details) (Fair Value Hedges [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Fair value hedges | ||
Hedge ineffectiveness gain (loss) | $ (105) | $ (73) |
Hedge amount excluded from assessment of effectiveness | insignificant amounts | insignificant amounts |
Interest Rate Contract [Member]
|
||
Fair value hedges | ||
Gain (loss) on derivatives | (1,447) | (1,731) |
Gain (loss) on hedged items | 1,350 | 1,661 |
Foreign Exchange Contract [Member]
|
||
Fair value hedges | ||
Gain (loss) on derivatives | (48) | 24 |
Gain (loss) on hedged items | $ 40 | $ (27) |
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Real Estate) (Details) (Commercial Real Estate Portfolio Segment [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
|
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | $ 31,531 | $ 32,749 | |
General reserves | 255 | 267 | |
Total impaired loans | 8,239 | 8,747 | |
Allowance for losses (specific reserves) | 674 | 822 | |
Past Due Financing Receivables [Abstract] | |||
Financing Receivable, Recorded Investment, Equal to Greater than 30 Days Past Due | 3.10% | 2.80% | |
Financing Receivable, Recorded Investments, Equal to Greater than 90 Days Past Due | 2.50% | 2.50% | |
Nonaccrual Financing Receivables [Abstract] | |||
Nonaccrual loans | 6,551 | 6,949 | |
Nonearning financing receivables | 761 | 790 | |
Allowance for losses as a percent of nonaccrual financing receivables | 14.20% | 15.70% | |
Allowance for losses as a percent of nonearning financing receivables | 122.10% | 137.80% | |
Impaired Loans | |||
Total impaired loans | 8,239 | 8,747 | |
Allowance for losses (specific reserves) | 674 | 822 | |
Average investment during the period | 8,494 | 9,678 | |
Interest income recognized | 90 | 105 | 399 |
Interest income recognized on a cash basis | 68 | 105 | 339 |
Financing Receivable, Modifications, Recorded Investment | 6,606 | 7,006 | |
Changes In Loans Modified As Troubled Debt Restructurings | 1,067 | ||
Loans Modified As Troubled Debt Restructuring That Have Subsequently Experienced Payment Default | 183 | ||
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 31,531 | 32,749 | |
Loan To Value Ratio Of Real Estate Loans Paying In Accordance With Contractual Terms | 95.00% | ||
Performing Financing Receivable [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 23,292 | 24,002 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 23,292 | 24,002 | |
Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Total impaired loans | 3,953 | 3,790 | |
Impaired Loans | |||
Total impaired loans | 3,953 | 3,790 | |
Unpaid principal balance | 4,004 | 3,846 | |
Average investment during the period | 3,872 | 3,783 | |
Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Total impaired loans | 4,286 | 4,957 | |
Allowance for losses (specific reserves) | 674 | 822 | |
Impaired Loans | |||
Total impaired loans | 4,286 | 4,957 | |
Unpaid principal balance | 4,365 | 5,049 | |
Allowance for losses (specific reserves) | 674 | 822 | |
Average investment during the period | 4,622 | 5,895 | |
Nonaccrual Financing Receivables [Member]
|
|||
Nonaccrual Financing Receivables [Abstract] | |||
Nonaccrual loans | 6,551 | 6,949 | |
Amount of nonaccrual loans currently paying in accordance with contractual terms | 5,575 | 6,061 | |
TDR Modifications [Member]
|
|||
Impaired Loans | |||
Financing Receivable, Modifications, Recorded Investment | 3,107 | ||
Debt Real Estate [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 23,518 | 24,501 | |
Past Due Financing Receivables [Abstract] | |||
Financing Receivable, Recorded Investment, Equal to Greater than 30 Days Past Due | 2.80% | 2.40% | |
Financing Receivable, Recorded Investments, Equal to Greater than 90 Days Past Due | 2.30% | 2.30% | |
Nonaccrual Financing Receivables [Abstract] | |||
Nonaccrual loans | 6,010 | 6,351 | |
Nonearning financing receivables | 522 | 541 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 23,518 | 24,501 | |
Debt Real Estate [Member] | Loan To Value Ratio Less Than 80 Percent [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 14,041 | 14,454 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 14,041 | 14,454 | |
Debt Real Estate [Member] | Loan To Value Ratio From 80 To 95 Percent [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 4,578 | 4,593 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 4,578 | 4,593 | |
Debt Real Estate [Member] | Loan To Value Ratio Greater Than 95 Percent [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 4,899 | 5,454 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 4,899 | 5,454 | |
Debt Real Estate [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Total impaired loans | 3,752 | 3,558 | |
Impaired Loans | |||
Total impaired loans | 3,752 | 3,558 | |
Unpaid principal balance | 3,803 | 3,614 | |
Average investment during the period | 3,655 | 3,568 | |
Debt Real Estate [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Total impaired loans | 3,914 | 4,560 | |
Allowance for losses (specific reserves) | 585 | 717 | |
Impaired Loans | |||
Total impaired loans | 3,914 | 4,560 | |
Unpaid principal balance | 3,993 | 4,652 | |
Allowance for losses (specific reserves) | 585 | 717 | |
Average investment during the period | 4,237 | 5,435 | |
Business Properties Real Estate [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 8,013 | 8,248 | |
Past Due Financing Receivables [Abstract] | |||
Financing Receivable, Recorded Investment, Equal to Greater than 30 Days Past Due | 3.70% | 3.90% | |
Financing Receivable, Recorded Investments, Equal to Greater than 90 Days Past Due | 3.00% | 3.00% | |
Nonaccrual Financing Receivables [Abstract] | |||
Nonaccrual loans | 541 | 598 | |
Nonearning financing receivables | 239 | 249 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 8,013 | 8,248 | |
Business Properties Real Estate [Member] | Secured Credit Quality Indicator Low Risk [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 7,489 | 7,628 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 7,489 | 7,628 | |
Business Properties Real Estate [Member] | Secured Credit Quality Indicator Moderate Risk [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 102 | 110 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 102 | 110 | |
Business Properties Real Estate [Member] | Secured Credit Quality Indicator High Risk [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Loans and leases receivable, Gross | 422 | 510 | |
Credit Quality Indicators [Abstract] | |||
Loans and leases receivable, Gross | 422 | 510 | |
Business Properties Real Estate [Member] | Impaired Financing Receivable with No Related Allowance [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Total impaired loans | 201 | 232 | |
Impaired Loans | |||
Total impaired loans | 201 | 232 | |
Unpaid principal balance | 201 | 232 | |
Average investment during the period | 217 | 215 | |
Business Properties Real Estate [Member] | Impaired Financing Receivable with Related Allowance [Member]
|
|||
Financing Receivables And Allowance For Losses [Abstract] | |||
Total impaired loans | 372 | 397 | |
Allowance for losses (specific reserves) | 89 | 105 | |
Impaired Loans | |||
Total impaired loans | 372 | 397 | |
Unpaid principal balance | 372 | 397 | |
Allowance for losses (specific reserves) | 89 | 105 | |
Average investment during the period | $ 385 | $ 460 |
Fair Value Measurements (Non-Recurring Measurement) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Financing receivables and loans held for sale [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Weighted Average Capitalization Rate Used For Level Three Valuation | 8.20% |
Financing receivables and loans held for sale [Member] | Lower Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Capitalization Rate Used For Level Three Valuation | 6.70% |
Financing receivables and loans held for sale [Member] | Upper Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Capitalization Rate Used For Level Three Valuation | 12.80% |
Cost and equity method investments [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Weighted Average Capitalization Rate Used For Level Three Valuation | 8.60% |
Cost and equity method investments [Member] | Lower Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Capitalization Rate Used For Level Three Valuation | 8.60% |
Cost and equity method investments [Member] | Upper Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Capitalization Rate Used For Level Three Valuation | 8.60% |
Long Lived Assets, Including Real Estate [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Weighted Average Capitalization Rate Used For Level Three Valuation | 6.20% |
Long Lived Assets, Including Real Estate [Member] | Lower Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Capitalization Rate Used For Level Three Valuation | 4.80% |
Long Lived Assets, Including Real Estate [Member] | Upper Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Capitalization Rate Used For Level Three Valuation | 10.60% |
Domestic Corporate Debt Securities [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Weighted Average Discount Rate Used For Level Three Valuation | 10.30% |
Domestic Corporate Debt Securities [Member] | Lower Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Discount Rate Used For Level Three Valuation | 2.00% |
Domestic Corporate Debt Securities [Member] | Upper Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Discount Rate Used For Level Three Valuation | 20.90% |
Asset-backed Securities [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Weighted Average Discount Rate Used For Level Three Valuation | 4.40% |
Asset-backed Securities [Member] | Lower Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Discount Rate Used For Level Three Valuation | 1.90% |
Asset-backed Securities [Member] | Upper Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Discount Rate Used For Level Three Valuation | 18.00% |
Foreign Corporate Debt Securities [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Weighted Average Discount Rate Used For Level Three Valuation | 9.90% |
Foreign Corporate Debt Securities [Member] | Lower Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Discount Rate Used For Level Three Valuation | 2.30% |
Foreign Corporate Debt Securities [Member] | Upper Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Discount Rate Used For Level Three Valuation | 27.20% |
Other [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Weighted Average Cost Of Capital Used For Level Three Valuation | 8.80% |
Other [Member] | Lower Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Cost Of Capital Used For Level Three Valuation | 8.80% |
Other [Member] | Upper Limit [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Range Cost Of Capital Used For Level Three Valuation | 11.50% |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Domestic Corporate Debt Securities [Member] | Income Approach Valuation Technique [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Investments, Fair Value Disclosure | 1,539 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Income Approach Valuation Technique [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Investments, Fair Value Disclosure | 4,358 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Corporate Debt Securities [Member] | Income Approach Valuation Technique [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Investments, Fair Value Disclosure | 713 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | Income Approach Valuation Technique [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Investments, Fair Value Disclosure | 381 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Financing receivables and loans held for sale [Member] | Income Approach Valuation Technique [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Investments, Fair Value Disclosure | 1,221 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Cost and equity method investments [Member] | Income Approach Valuation Technique [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Investments, Fair Value Disclosure | 28 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Long Lived Assets, Including Real Estate [Member] | Income Approach Valuation Technique [Member]
|
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Investments, Fair Value Disclosure | 200 |
Shareowners' Equity (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Jan. 31, 2011
NBC Universal [Member]
|
|
Noncontrolling Interest [Line Items] | |||
Percentage of Entities Outstanding Shares Purchased from Minority Owner | 12.30% | ||
NBCU share repurchase | $ 0 | $ 3,070 |
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On
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Mar. 31, 2012
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Credit Quality Financing Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables | 17. SUPPLEMENTAL INFORMATION ABOUT THE CREDIT QUALITY OF FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES We provide further detailed information about the credit quality of our Commercial, Real Estate and Consumer financing receivables portfolios. For each portfolio, we describe the characteristics of the financing receivables and provide information about collateral, payment performance, credit quality indicators, and impairment. We manage these portfolios using delinquency and nonearning data as key performance indicators. The categories used within this section such as impaired loans, troubled debt restructuring (TDR) and nonaccrual financing receivables are defined by the authoritative guidance and we base our categorization on the related scope and definitions contained in the related standards. The categories of nonearning and delinquent are defined by us and are used in our process for managing our financing receivables. Definitions of these categories are provided in Note 1 in our 2011 consolidated financial statements.
COMMERCIAL
Financing Receivables and Allowance for Losses The following table provides further information about general and specific reserves related to Commercial financing receivables.
Past Due Financing Receivables The following table displays payment performance of Commercial financing receivables.
Nonaccrual Financing Receivables The following table provides further information about Commercial financing receivables that are classified as nonaccrual. Of our $4,939 million and $4,718 million of nonaccrual financing receivables at March 31, 2012 and December 31, 2011, respectively, $1,539 million and $1,227 million, respectively, are currently paying in accordance with their contractual terms.
Impaired Loans The following table provides information about loans classified as impaired and specific reserves related to Commercial.
We recognized $57 million, $193 million and $42 million of interest income, including $23 million, $59 million and $10 million on a cash basis, for the three months ended March 31, 2012, the year ended December 31, 2011 and the three months ended March 31, 2011, respectively, principally in our CLL Americas business. The total average investment in impaired loans for the three months ended March 31, 2012 and the year ended December 31, 2011 was $5,787 million and $5,866 million, respectively.
Impaired loans classified as TDRs in our CLL business were $3,985 million and $3,642 million at March 31, 2012 and December 31, 2011, respectively, and were primarily attributable to CLL Americas ($3,017 million and $2,746 million, respectively). For the three months ended March 31, 2012, we modified $794 million of loans classified as TDRs, primarily in CLL Americas ($592 million) and CLL EMEA ($104 million). Changes to these loans primarily included debt to equity exchange, extensions, interest only payment periods and forbearance or other actions, which are in addition to, or sometimes in lieu of, fees and rate increases. Of our $2,384 million of modifications classified as TDRs in the last twelve months, $108 million have subsequently experienced a payment default in the last three months. Credit Quality Indicators Substantially all of our Commercial financing receivables portfolio is secured lending and we assess the overall quality of the portfolio based on the potential risk of loss measure. The metric incorporates both the borrower's credit quality along with any related collateral protection.
Our internal risk ratings process is an important source of information in determining our allowance for losses and represents a comprehensive, statistically validated approach to evaluate risk in our financing receivables portfolios. In deriving our internal risk ratings, we stratify our Commercial portfolios into twenty-one categories of default risk and/or six categories of loss given default to group into three categories: A, B and C. Our process starts by developing an internal risk rating for our borrowers, which are based upon our proprietary models using data derived from borrower financial statements, agency ratings, payment history information, equity prices and other commercial borrower characteristics. We then evaluate the potential risk of loss for the specific lending transaction in the event of borrower default, which takes into account such factors as applicable collateral value, historical loss and recovery rates for similar transactions, and our collection capabilities. Our internal risk ratings process and the models we use are subject to regular monitoring and validation controls. The frequency of rating updates is set by our credit risk policy, which requires annual Audit Committee approval. The models are updated on a regular basis and statistically validated annually, or more frequently as circumstances warrant.
The table below summarizes our Commercial financing receivables by risk category. As described above, financing receivables are assigned one of twenty-one risk ratings based on our process and then these are grouped by similar characteristics into three categories in the table below. Category A is characterized by either high credit quality borrowers or transactions with significant collateral coverage which substantially reduces or eliminates the risk of loss in the event of borrower default. Category B is characterized by borrowers with weaker credit quality than those in Category A, or transactions with moderately strong collateral coverage which minimizes but may not fully mitigate the risk of loss in the event of default. Category C is characterized by borrowers with higher levels of default risk relative to our overall portfolio or transactions where collateral coverage may not fully mitigate a loss in the event of default.
For our secured financing receivables portfolio, our collateral position and ability to work out problem accounts mitigates our losses. Our asset managers have deep industry expertise that enables us to identify the optimum approach to default situations. We price risk premiums for weaker credits at origination, closely monitor changes in creditworthiness through our risk ratings and watch list process, and are engaged early with deteriorating credits to minimize economic loss. Secured financing receivables within risk Category C are predominantly in our CLL businesses and are primarily composed of senior term lending facilities and factoring programs secured by various asset types including inventory, accounts receivable, cash, equipment and related business facilities as well as franchise finance activities secured by underlying equipment.
Loans within Category C are reviewed and monitored regularly, and classified as impaired when it is probable that they will not pay in accordance with contractual terms. Our internal risk rating process identifies credits warranting closer monitoring; and as such, these loans are not necessarily classified as nonearning or impaired.
Substantially all of our unsecured Commercial financing receivables portfolio is attributable to our Interbanca S.p.A. and GE Sanyo Credit acquisitions in Europe and Asia, respectively. At March 31, 2012 and December 31, 2011, these financing receivables included $308 million and $325 million rated A, $697 million and $748 million rated B, and $436 million and $596 million rated C, respectively. REAL ESTATE
Financing Receivables and Allowance for Losses The following table provides further information about general and specific reserves related to Real Estate financing receivables.
Past Due Financing Receivables The following table displays payment performance of Real Estate financing receivables.
Nonaccrual Financing Receivables The following table provides further information about Real Estate financing receivables that are classified as nonaccrual. Of our $6,551 million and $6,949 million of nonaccrual financing receivables at March 31, 2012 and December 31, 2011, respectively, $5,575 million and $6,061 million, respectively, are currently paying in accordance with their contractual terms.
Impaired Loans The following table provides information about loans classified as impaired and specific reserves related to Real Estate.
We recognized $90 million, $399 million and $105 million of interest income, including $68 million, $339 million and $105 million on a cash basis, for the three months ended March 31, 2012, the year ended December 31, 2011 and the three months ended March 31, 2011, respectively, principally in our Real Estate-Debt portfolio. The total average investment in impaired loans for the three months ended March 31, 2012 and the year ended December 31, 2011 was $8,494 million and $9,678 million, respectively.
Real Estate TDRs decreased from $7,006 million at December 31, 2011 to $6,606 million at March 31, 2012, primarily driven by resolution of TDRs through paydowns, restructurings and foreclosures, partially offset by extensions of loans scheduled to mature during 2012, some of which were classified as TDRs upon modification. We deem loan modifications to be TDRs when we have granted a concession to a borrower experiencing financial difficulty and we do not receive adequate compensation in the form of an effective interest rate that is at current market rates of interest given the risk characteristics of the loan or other consideration that compensates us for the value of the concession. The limited liquidity and higher return requirements in the real estate market for loans with higher loan-to-value (LTV) ratios has typically resulted in the conclusion that the modified terms are not at current market rates of interest, even if the modified loans are expected to be fully recoverable. For the three months ended March 31, 2012, we modified $1,067 million of loans classified as TDRs, substantially all in our Debt portfolio. Changes to these loans primarily included maturity extensions, principal payment acceleration, changes to collateral or covenant terms and cash sweeps, which are in addition to, or sometimes in lieu of, fees and rate increases. Of our $3,107 million of modifications classified as TDRs in the last twelve months, $183 million have subsequently experienced a payment default in the last three months. Credit Quality Indicators Due to the primarily non-recourse nature of our Debt portfolio, loan-to-value ratios provide the best indicators of the credit quality of the portfolio. By contrast, the credit quality of the Business Properties portfolio is primarily influenced by the strength of the borrower's general credit quality, which is reflected in our internal risk rating process, consistent with the process we use for our Commercial portfolio.
Within Real Estate-Debt, these financing receivables are primarily concentrated in our North American and European Lending platforms and are secured by various property types. A substantial majority of the Real Estate-Debt financing receivables with loan-to-value ratios greater than 95% are paying in accordance with contractual terms. Substantially all of these loans and substantially all of the Real Estate-Business Properties financing receivables included in Category C are impaired loans which are subject to the specific reserve evaluation process described in Note 1 in our 2011 consolidated financial statements. The ultimate recoverability of impaired loans is driven by collection strategies that do not necessarily depend on the sale of the underlying collateral and include full or partial repayments through third-party refinancing and restructurings. CONSUMER At March 31, 2012, our U.S. consumer financing receivables included private-label credit card and sales financing for approximately 51 million customers across the U.S. with no metropolitan area accounting for more than 6% of the portfolio. Of the total U.S. consumer financing receivables, approximately 64% relate to credit card loans, which are often subject to profit and loss sharing arrangements with the retailer (which are recorded in revenues), and the remaining 36% are sales finance receivables, which provide financing to customers in areas such as electronics, recreation, medical and home improvement.
Financing Receivables and Allowance for Losses The following table provides further information about general and specific reserves related to Consumer financing receivables.
Past Due Financing Receivables The following table displays payment performance of Consumer financing receivables.
Nonaccrual Financing Receivables The following table provides further information about Consumer financing receivables that are classified as nonaccrual.
Impaired Loans The vast majority of our Consumer nonaccrual financing receivables are smaller balance homogeneous loans evaluated collectively, by portfolio, for impairment and therefore are outside the scope of the disclosure requirement for impaired loans. Accordingly, impaired loans in our Consumer business represent restructured smaller balance homogeneous loans meeting the definition of a TDR, and are therefore subject to the disclosure requirement for impaired loans, and commercial loans in our Consumer–Other portfolio. The recorded investment of these impaired loans totaled $3,017 million (with an unpaid principal balance of $2,984 million) and comprised $109 million with no specific allowance, primarily all in our Consumer–Other portfolio, and $2,908 million with a specific allowance of $660 million at March 31, 2012. The impaired loans with a specific allowance included $314 million with a specific allowance of $100 million in our Consumer–Other portfolio and $2,594 million with a specific allowance of $560 million across the remaining Consumer business and had an unpaid principal balance and average investment of $2,882 million and $2,866 million, respectively, at March 31, 2012. We recognized $43 million, $141 million and $32 million of interest income, including $4 million, $15 million and $1 million on a cash basis, for the three months ended March 31, 2012, the year ended December 31, 2011 and the three months ended March 31, 2011, respectively, principally in our Consumer–U.S. installment and revolving credit portfolios. The total average investment in impaired loans for the three months ended March 31, 2012 and the year ended December 31, 2011 was $2,955 million and $2,623 million, respectively.
Impaired loans classified as TDRs in our Consumer business were $2,888 million and $2,723 million at March 31, 2012 and December 31, 2011, respectively. We utilize certain loan modification programs for borrowers experiencing financial difficulties in our Consumer loan portfolio. These loan modification programs primarily include interest rate reductions and payment deferrals in excess of three months, which were not part of the terms of the original contract, and are primarily concentrated in our non-U.S. residential mortgage and U.S. credit card portfolios. For the three months ended March 31, 2012, we modified $503 million of consumer loans for borrowers experiencing financial difficulties, which are classified as TDRs, and included $346 million of non-U.S. consumer loans, primarily residential mortgages, credit cards and personal loans and $157 million of U.S. consumer loans, primarily credit cards. We expect borrowers whose loans have been modified under these programs to continue to be able to meet their contractual obligations upon the conclusion of the modification. Of our $2,073 million of modifications classified as TDRs in the last twelve months, $168 million have subsequently experienced a payment default in the last three months, primarily in our installment and revolving credit portfolios.
Credit Quality Indicators Our Consumer financing receivables portfolio comprises both secured and unsecured lending. Secured financing receivables comprise residential loans and lending to small and medium-sized enterprises predominantly secured by auto and equipment, inventory finance, and cash flow loans. Unsecured financing receivables include private-label credit card financing. A substantial majority of these cards are not for general use and are limited to the products and services sold by the retailer. The private label portfolio is diverse with no metropolitan area accounting for more than 5% of the related portfolio. Non-U.S. residential mortgages For our secured non-U.S. residential mortgage book, we assess the overall credit quality of the portfolio through loan-to-value ratios (the ratio of the outstanding debt on a property to the value of that property at origination). In the event of default and repossession of the underlying collateral, we have the ability to remarket and sell the properties to eliminate or mitigate the potential risk of loss. The table below provides additional information about our non-U.S. residential mortgages based on loan-to-value ratios.
The majority of these financing receivables are in our U.K. and France portfolios and have re-indexed loan-to-value ratios of 84% and 56%, respectively. We have third-party mortgage insurance for approximately 69% of the balance of Consumer non-U.S. residential mortgage loans with loan-to-value ratios greater than 90% at March 31, 2012. Such loans were primarily originated in the U.K., Poland and France. Installment and Revolving Credit For our unsecured lending products, including the non-U.S. and U.S. installment and revolving credit and non-U.S. auto portfolios, we assess overall credit quality using internal and external credit scores. Our internal credit scores imply a probability of default which we consistently translate into three approximate credit bureau equivalent credit score categories, including (a) 681 or higher, which are considered the strongest credits; (b) 615 to 680, considered moderate credit risk; and (c) 614 or less, which are considered weaker credits.
Of those financing receivable accounts with credit bureau equivalent scores of 614 or less at March 31, 2012, 96% relate to installment and revolving credit accounts. These smaller balance accounts have an average outstanding balance less than one thousand U.S. dollars and are primarily concentrated in our retail card and sales finance receivables in the U.S. (which are often subject to profit and loss sharing arrangements), and closed-end loans outside the U.S., which minimizes the potential for loss in the event of default. For lower credit scores, we adequately price for the incremental risk at origination and monitor credit migration through our risk ratings process. We continuously adjust our credit line underwriting management and collection strategies based on customer behavior and risk profile changes.
Consumer – Other Secured lending in Consumer – Other comprises loans to small and medium-sized enterprises predominantly secured by auto and equipment, inventory finance, and cash flow loans. We develop our internal risk ratings for this portfolio in a manner consistent with the process used to develop our Commercial credit quality indicators, described above. We use the borrower's credit quality and underlying collateral strength to determine the potential risk of loss from these activities.
At March 31, 2012, Consumer – Other financing receivables of $6,170 million, $429 million and $921 million were rated A, B, and C, respectively. At December 31, 2011, Consumer – Other financing receivables of $5,580 million, $757 million and $907 million were rated A, B, and C, respectively. |
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Discontinued Operations Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
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Operations | |||
Benefit (provision) for income taxes | $ (637) | $ (3,942) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | (217) | 35 | |
Disposal | |||
Earnings (loss) from discontinued operations, net of taxes | (217) | 35 | |
Assets | |||
All other assets | 108,563 | 111,701 | |
Assets of discontinued operations | 1,341 | 1,721 | |
Liabilities | |||
Deferred income taxes | 281 | (131) | |
All other liabilities | 67,191 | 70,653 | |
Liabilities of discontinued operations | 1,384 | 1,629 | |
GECC Disc Ops [Member]
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Operations | |||
Total revenues | (1) | 207 | |
Earnings (loss) from discontinued operations before income taxes | (58) | 0 | |
Benefit (provision) for income taxes | 6 | (4) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | (52) | (4) | |
Disposal | |||
Gain (loss) on disposal before income taxes | (194) | 11 | |
Benefit for income taxes | 29 | 28 | |
Gain (loss) on disposal, net of taxes | (165) | 39 | |
Earnings (loss) from discontinued operations, net of taxes | (217) | 35 | |
Assets | |||
Cash and cash equivalents | 120 | 121 | |
Loans and leases receivable, Gross | 274 | 521 | |
All other assets | 6 | 6 | |
Other | 941 | 1,073 | |
Assets of discontinued operations | 1,341 | 1,721 | |
Liabilities | |||
Amounts payable, principally trade accounts | 9 | 7 | |
Deferred income taxes | 210 | 205 | |
All other liabilities | 1,165 | 1,417 | |
Other | 0 | 0 | |
Liabilities of discontinued operations | $ 1,384 | $ 1,629 |
Fair Value Measurements (Tables)
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities at fair value |
(a) There were no securities transferred between Level 1 and Level 2 during the three months ended March 31, 2012. (b) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists and when collateral is posted to us. (c) Includes investments in our CLL business in asset-backed securities collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries. (d) The fair value of derivatives included an adjustment for non-performance risk. The cumulative adjustment was a loss of $21 million and $13 million at March 31, 2012 and December 31, 2011, respectively. See Note 16 for additional information on the composition of our derivative portfolio. (e) Included private equity investments and loans designated under the fair value option. (f) Primarily represented the liability associated with certain of our deferred incentive compensation plans.
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Changes in level 3 instruments |
(a) Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings. (b) Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity. (c) Represented the amount of unrealized gains or losses for the period included in earnings. (d) Represented derivative assets net of derivative liabilities and included cash accruals of $4 million not reflected in the fair value hierarchy table. (e) Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
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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 |
(a) Includes the fair value of private equity and real estate funds included in Level 3 of $17 million and $123 million at March 31, 2012 and December 31, 2011, respectively.
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Significant Unobservable Inputs Used For Level Three Recurring And Nonrecurring Measurements [Table Text Block] |
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Fair value adjustments to assets measured on a non-recurring basis |
(a) Includes fair value adjustments associated with private equity and real estate funds of $(3) million and $(5) million in the three months ended March 31, 2012 and 2011, respectively. (b) Includes impairments related to real estate equity properties and investments recorded in other costs and expenses of $50 million and $436 million in the three months ended March 31, 2012 and 2011, respectively. |
Fair Value Measurements (Changes in Level 3 Instruments) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | $ 2,999 | |||
Domestic Corporate Debt Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 3,252 | 3,120 | 3,235 | 3,199 |
Net realized/unrealized gains (losses) included in earnings | 26 | 87 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 38 | (23) | ||
Purchases | 13 | 45 | ||
Sales | (31) | (114) | ||
Settlements | (16) | (74) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (13) | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Residential Mortgage Backed Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 107 | 118 | 41 | 66 |
Net realized/unrealized gains (losses) included in earnings | (3) | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 3 | 3 | ||
Purchases | 0 | 1 | ||
Sales | 0 | (4) | ||
Settlements | (1) | (1) | ||
Transfers into Level 3 | 68 | 71 | ||
Transfers out of Level 3 | (1) | (18) | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Commercial Mortgage Backed Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 1 | 11 | 4 | 49 |
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 | 7 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 3 | ||
Transfers out of Level 3 | (3) | (48) | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
US States and Political Subdivisions Debt Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 79 | 210 | 77 | 225 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 2 | (5) | ||
Purchases | 0 | 4 | ||
Sales | 0 | 0 | ||
Settlements | 0 | (3) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | (11) | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Foreign Corporate Debt Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 1,249 | 1,479 | 1,204 | 1,486 |
Net realized/unrealized gains (losses) included in earnings | (9) | (27) | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 60 | 54 | ||
Purchases | 10 | 12 | ||
Sales | 0 | (28) | ||
Settlements | (26) | (29) | ||
Transfers into Level 3 | 14 | 11 | ||
Transfers out of Level 3 | (4) | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Asset-backed Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 4,404 | 2,826 | 4,040 | 2,540 |
Net realized/unrealized gains (losses) included in earnings | (4) | 3 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 42 | 74 | ||
Purchases | 341 | 371 | ||
Sales | (31) | (109) | ||
Settlements | 0 | (10) | ||
Transfers into Level 3 | 16 | 1 | ||
Transfers out of Level 3 | 0 | (44) | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Foreign Government Debt Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 52 | 162 | 84 | 156 |
Net realized/unrealized gains (losses) included in earnings | (34) | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 35 | 6 | ||
Purchases | 52 | 0 | ||
Sales | (71) | 0 | ||
Settlements | (14) | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
US Treasury and Government [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 260 | 201 | 253 | 210 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 7 | (9) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Retained Interest [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 34 | 52 | 35 | 39 |
Net realized/unrealized gains (losses) included in earnings | 0 | (19) | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (4) | 34 | ||
Purchases | 5 | 0 | ||
Sales | (1) | (1) | ||
Settlements | (1) | (1) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Available-for-sale Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 15 | 21 | 17 | 24 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (1) | (1) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1) | 0 | ||
Transfers into Level 3 | 0 | 1 | ||
Transfers out of Level 3 | 0 | (3) | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Trading [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Derivatives [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 321 | 272 | 369 | 265 |
Net realized/unrealized gains (losses) included in earnings | 0 | 28 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 1 | 4 | ||
Purchases | (2) | 4 | ||
Sales | 0 | 0 | ||
Settlements | (2) | (185) | ||
Transfers into Level 3 | 0 | 150 | ||
Transfers out of Level 3 | (45) | 6 | ||
Net change in unrealized gains (losses) relating to instruments still held | (3) | 33 | ||
Other [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 816 | 987 | 817 | 906 |
Net realized/unrealized gains (losses) included in earnings | 5 | 59 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 16 | ||
Purchases | 1 | 6 | ||
Sales | (7) | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 5 | 57 | ||
Total [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3 | 10,590 | 9,459 | 10,176 | 9,165 |
Net realized/unrealized gains (losses) included in earnings | (19) | 131 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 183 | 153 | ||
Purchases | 420 | 450 | ||
Sales | (141) | (256) | ||
Settlements | (61) | (303) | ||
Transfers into Level 3 | 98 | 237 | ||
Transfers out of Level 3 | (66) | (118) | ||
Net change in unrealized gains (losses) relating to instruments still held | $ 2 | $ 90 |
Postretirement Benefit Plans (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on operations of the pension plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on operations of principal retiree health and life insurance plans |
|
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (GE Money Japan Narrative) (Details)
In Millions, unless otherwise specified |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2012
USD ($)
|
Mar. 31, 2011
USD ($)
|
Mar. 31, 2012
GE Money Japan [Member]
USD ($)
|
Dec. 31, 2011
GE Money Japan [Member]
USD ($)
|
Mar. 31, 2011
GE Money Japan [Member]
USD ($)
|
Mar. 31, 2012
GE Money Japan [Member]
JPY (¥)
|
|
Financial Information For Discontinued Operations [Line Items] | ||||||
Tax Credit Carryforward, Expiration Dates | 2017 | |||||
Other Tax Carryforward, Expiration Dates | 2019 | |||||
Threshold above which claims become company's responsibility | $ 3,000 | ¥ 258,000 | ||||
Increase Adjustment To Liability For Reimbursement Of Claims In Excess Of Statutory Interest Rate | 26 | |||||
Liability For Reimbursement Of Claims In Excess Of Statutory Interest Rate | 496 | |||||
Adverse Incoming Daily Claim Rate Reduction Assumption Sensitivity Test For Liability Calculation | 20.00% | |||||
Sensitivity Analysis Potential Increase (Decrease) To Estimated Contingent Liability | 110 | |||||
Losses from discontinued operations, net of tax | $ (217) | $ 35 | $ 27 | $ 1 |
GECC Borrowings and Bank Deposits (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
May 02, 2012
|
May 01, 2012
|
Apr. 03, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|---|
Borrowings And Bank Deposits [Line Items] | |||||
Long-term borrowings | $ 233,487 | $ 243,459 | |||
Principal Amount Of GICs Redeemed | 133 | ||||
Amount Of GICs For Which Contractual Redemption Period Has Not ended | 788 | ||||
Amount Of GICs Redeemable By Holder | 1,103 | ||||
Bank deposits | 41,106 | 43,115 | |||
Short-term borrowings | 138,659 | 137,611 | |||
Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
GECC issued and outstanding senior, unsecured debt guaranteed by the FDIC | 27,896 | 35,040 | |||
Long-term borrowings | 229,195 | 234,391 | |||
Secured Debt | 8,598 | 8,538 | |||
Amount GECC would be required to partially cash collateralize for covered bonds if the short-term credit rating of GECC were reduced below A-1/P-1 | 725 | ||||
U.S. dollar equivalent of subordinated debentures hedged at issuance | 7,725 | ||||
Bank deposits | 41,106 | 43,115 | |||
Short-term borrowings | 132,028 | 136,333 | |||
Guaranteed investment contracts [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Long-term borrowings | 1,284 | 1,845 | |||
Subordinated Notes Guaranteed By GE [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Long-term debt, current maturities | 117 | ||||
Subordinated Notes Guaranteed By GE [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Long-term borrowings | 417 | 417 | |||
Covered Bonds Included in Other Long Term Borrowings [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Long-term borrowings | 1,958 | 1,955 | |||
Long Term Borrowings Issued By Consolidated Liquidating Securitization Entities [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Long-term borrowings | 20,042 | 18,544 | |||
Non US Banks [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Bank deposits | 16,682 | 16,281 | |||
Current Portion Of Long Term Borrowings [Member] | Long Term Borrowings Issued By Consolidated Liquidating Securitization Entities [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Long-term debt, current maturities | 9,502 | 10,714 | |||
Non Recourse [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Secured Debt | 3,408 | 2,983 | |||
Certificates of Deposit [Member] | Subsidiaries GECC [Member]
|
|||||
Borrowings And Bank Deposits [Line Items] | |||||
Secured Debt | $ 16,596 | $ 17,201 |
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Net Investment in Financing Leases) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2011
|
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivables - net | $ 272,694 | $ 279,918 | |
Commercial Portfolio Segment [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 144,377 | 148,570 | |
Commercial Portfolio Segment [Member] | Americas CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 79,645 | 80,505 | |
Commercial Portfolio Segment [Member] | Europe CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 35,613 | 36,899 | |
Commercial Portfolio Segment [Member] | Asia CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,048 | 11,635 | |
Commercial Portfolio Segment [Member] | Other CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 382 | 436 | |
Commercial Portfolio Segment [Member] | CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 126,688 | 129,475 | |
Commercial Portfolio Segment [Member] | Energy Financial Services Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,287 | 5,912 | |
Commercial Portfolio Segment [Member] | GECAS Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,721 | 11,901 | |
Commercial Portfolio Segment [Member] | Other Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 681 | 1,282 | |
Commercial Real Estate Portfolio Segment [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 31,531 | 32,749 | |
Commercial Real Estate Portfolio Segment [Member] | Debt Real Estate [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 23,518 | 24,501 | |
Commercial Real Estate Portfolio Segment [Member] | Business Properties Real Estate [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 8,013 | 8,248 | |
Consumer Portfolio Segment [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 111,189 | 113,718 | |
Consumer Portfolio Segment [Member] | Non US residential mortgages [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 35,257 | 35,550 | |
Consumer Portfolio Segment [Member] | Non US installment and revolving credit [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 18,963 | 18,544 | |
Consumer Portfolio Segment [Member] | US installment and revolving credit [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 44,283 | 46,689 | |
Consumer Portfolio Segment [Member] | Non US auto [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,166 | 5,691 | |
Consumer Portfolio Segment [Member] | Consumer Other Financing Receivable [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 7,520 | 7,244 | |
Subsidiaries GECC [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 287,097 | 295,037 | |
Less allowance for losses | (5,714) | (6,190) | (7,487) |
Financing receivables - net | 281,383 | 288,847 | |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 144,377 | 148,570 | |
Less allowance for losses | (1,433) | (1,530) | (2,034) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | Americas CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 79,645 | 80,505 | |
Less allowance for losses | (802) | (889) | (1,254) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | Europe CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 35,613 | 36,899 | |
Less allowance for losses | (458) | (400) | (443) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | Asia CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,048 | 11,635 | |
Less allowance for losses | (112) | (157) | (228) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | Other CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 382 | 436 | |
Less allowance for losses | (2) | (4) | (6) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | CLL Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 126,688 | 129,475 | |
Less allowance for losses | (1,374) | (1,450) | (1,931) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | Energy Financial Services Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,287 | 5,912 | |
Less allowance for losses | (25) | (26) | (36) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | GECAS Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,721 | 11,901 | |
Less allowance for losses | (14) | (17) | (12) |
Subsidiaries GECC [Member] | Commercial Portfolio Segment [Member] | Other Financing Receivables [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 681 | 1,282 | |
Less allowance for losses | (20) | (37) | (55) |
Subsidiaries GECC [Member] | Commercial Real Estate Portfolio Segment [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 31,531 | 32,749 | |
Less allowance for losses | (929) | (1,089) | (1,299) |
Subsidiaries GECC [Member] | Commercial Real Estate Portfolio Segment [Member] | Debt Real Estate [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 23,518 | 24,501 | |
Less allowance for losses | (812) | (949) | (1,118) |
Subsidiaries GECC [Member] | Commercial Real Estate Portfolio Segment [Member] | Business Properties Real Estate [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 8,013 | 8,248 | |
Less allowance for losses | (117) | (140) | (181) |
Subsidiaries GECC [Member] | Consumer Portfolio Segment [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 111,189 | 113,718 | |
Less allowance for losses | (3,352) | (3,571) | (4,154) |
Subsidiaries GECC [Member] | Consumer Portfolio Segment [Member] | Non US residential mortgages [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 35,257 | 35,550 | |
Less allowance for losses | (498) | (546) | (692) |
Subsidiaries GECC [Member] | Consumer Portfolio Segment [Member] | Non US installment and revolving credit [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 18,963 | 18,544 | |
Less allowance for losses | (726) | (717) | (930) |
Subsidiaries GECC [Member] | Consumer Portfolio Segment [Member] | US installment and revolving credit [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 44,283 | 46,689 | |
Less allowance for losses | (1,845) | (2,008) | (2,141) |
Subsidiaries GECC [Member] | Consumer Portfolio Segment [Member] | Non US auto [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,166 | 5,691 | |
Less allowance for losses | (88) | (101) | (152) |
Subsidiaries GECC [Member] | Consumer Portfolio Segment [Member] | Consumer Other Financing Receivable [Member]
|
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 7,520 | 7,244 | |
Less allowance for losses | $ (195) | $ (199) | $ (239) |
Summary of Significant Accounting Policies (Details)
|
Feb. 22, 2012
|
---|---|
Summary of Significant Accounting Policies [Abstract] | |
Number Of Converted Shares Of Common Stock | 1,000 |
Summary of Significant Accounting Policies
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Summary of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Notes to Condensed, Consolidated Financial Statements (Unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed, 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 statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (2011 consolidated financial statements), which discusses our consolidation and financial statement presentation. As used in this report on Form 10-Q (Report), “GE” represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or financial services), which is presented on a one-line basis; GECC consists of General Electric Capital Corporation and all of its affiliates; and “Consolidated” represents the adding together of GE and GECC with the effects of transactions between the two eliminated. Unless otherwise indicated, we refer to the caption revenues and other income simply as “revenues” throughout Item 1 of this Form 10-Q.
On February 22, 2012, we merged our wholly-owned subsidiary, General Electric Capital Services, Inc. (GECS), with and into GECS' wholly-owned subsidiary, GECC. The merger simplified our financial services' corporate structure by consolidating financial services entities and assets within our organization and simplifying Securities and Exchange Commission and regulatory reporting. Upon completion of the merger, (i) all outstanding shares of GECC common stock were cancelled, (ii) all outstanding GECS common stock and all GECS preferred stock held by the Company were converted into an aggregate of 1,000 shares of GECC common stock, and (iii) all treasury shares of GECS and all outstanding preferred stock of GECS held by GECC were cancelled. As a result, GECC became the surviving corporation, assumed all of GECS' rights and obligations and became wholly-owned directly by the Company.
Because we wholly-owned both GECS and GECC, the merger was accounted for as a transfer of assets between entities under common control. Transfers of net assets or exchanges of shares between entities under common control are accounted for at historical value, and as if the transfer occurred at the beginning of the period.
Our financial services segment, GE Capital, will continue to comprise the continuing operations of GECC, which now includes the run-off insurance operations previously held and managed in GECS. Unless otherwise indicated, references to GECC and the GE Capital segment in this Form 10-Q Report relate to the entities or segment as they exist subsequent to the February 22, 2012 merger. In addition, during the first quarter of 2012, we announced the planned disposition of the Consumer mortgage lending business in Ireland (Consumer Ireland). This disposition is reported as a discontinued operation, which requires retrospective restatement of prior periods to classify the assets, liabilities and results of operations as discontinued operations.
On January 28, 2011, we sold the assets of our NBC Universal (NBCU) business in exchange for cash and a 49% interest in a new entity, NBCUniversal LLC (see Note 2). Results of our formerly consolidated subsidiary, NBCU, and our current equity method investment in NBCUniversal LLC are reported in the Corporate items and eliminations line on the Summary of Operating Segments.
We have reclassified certain prior-period amounts to conform to the current-period presentation. Unless otherwise indicated, information in these notes to the condensed, consolidated financial statements relates to continuing operations.
Accounting Changes On January 1, 2012, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2011-05, an amendment to Accounting Standards Codification (ASC) 220, Comprehensive Income. ASU 2011-05 introduces a new statement, the Consolidated Statement of Comprehensive Income, which begins with net earnings and adds or deducts other recognized changes in assets and liabilities that are not included in net earnings, but are reported directly to equity, under GAAP. For example, unrealized changes in currency translation adjustments are included in the measure of comprehensive income but are excluded from net earnings. The amendments became effective for the first quarter 2012 financial statements. The amendments affect only the display of those components of equity categorized as other comprehensive income and do not change existing recognition and measurement requirements that determine net earnings.
On January 1, 2012, we adopted FASB ASU 2011-04, an amendment to ASC 820, Fair Value Measurements. ASU 2011-04 clarifies or changes the application of existing fair value measurements, including: that the highest and best use valuation premise in a fair value measurement is relevant only when measuring the fair value of nonfinancial assets; that a reporting entity should measure the fair value of its own equity instrument from the perspective of a market participant that holds that instrument as an asset; to permit an entity to measure the fair value of certain financial instruments on a net basis rather than based on its gross exposure when the reporting entity manages its financial instruments on the basis of such net exposure; that in the absence of a Level 1 input, a reporting entity should apply premiums and discounts when market participants would do so when pricing the asset or liability consistent with the unit of account; and that premiums and discounts related to size as a characteristic of the reporting entity's holding are not permitted in a fair value measurement. Adopting these amendments had no effect on the financial statements. For a description of how we estimate fair value and our process for reviewing fair value measurements classified as Level 3 in the fair value hierarchy, see Note 1 in our 2011 consolidated financial statements.
See Note 1 in our 2011 consolidated financial statements for a summary of our significant accounting policies.
Interim Period Presentation The condensed, consolidated financial statements and notes thereto are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these condensed, consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. It is suggested that these condensed, consolidated financial statements be read in conjunction with the financial statements and notes thereto included in our 2011 consolidated financial statements. We label our quarterly information using a calendar convention, that is, first quarter is labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is our longstanding practice to establish interim quarterly closing dates using a fiscal calendar, which requires our businesses to close their books on either a Saturday or Sunday, depending on the business. The effects of this practice are modest and only exist within a reporting year. The fiscal closing calendar from 1993 through 2013 is available on our website, www.ge.com/secreports. |
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Allowance for Losses on Financing Receivables ) (Details) (Subsidiaries GECC [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
|
Mar. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
|
Dec. 31, 2010
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Real Estate Portfolio Segment [Member]
|
Mar. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
|
Dec. 31, 2010
Commercial Real Estate Portfolio Segment [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
|
Mar. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
|
Dec. 31, 2010
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
|
Mar. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
|
Dec. 31, 2010
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Consumer Portfolio Segment [Member]
|
Mar. 31, 2011
Consumer Portfolio Segment [Member]
|
Dec. 31, 2011
Consumer Portfolio Segment [Member]
|
Dec. 31, 2010
Consumer Portfolio Segment [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Consumer Portfolio Segment [Member]
Non US residential mortgages [Member]
|
Mar. 31, 2011
Consumer Portfolio Segment [Member]
Non US residential mortgages [Member]
|
Dec. 31, 2011
Consumer Portfolio Segment [Member]
Non US residential mortgages [Member]
|
Dec. 31, 2010
Consumer Portfolio Segment [Member]
Non US residential mortgages [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Consumer Portfolio Segment [Member]
Non US installment and revolving credit [Member]
|
Mar. 31, 2011
Consumer Portfolio Segment [Member]
Non US installment and revolving credit [Member]
|
Dec. 31, 2011
Consumer Portfolio Segment [Member]
Non US installment and revolving credit [Member]
|
Dec. 31, 2010
Consumer Portfolio Segment [Member]
Non US installment and revolving credit [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Consumer Portfolio Segment [Member]
US installment and revolving credit [Member]
|
Mar. 31, 2011
Consumer Portfolio Segment [Member]
US installment and revolving credit [Member]
|
Dec. 31, 2011
Consumer Portfolio Segment [Member]
US installment and revolving credit [Member]
|
Dec. 31, 2010
Consumer Portfolio Segment [Member]
US installment and revolving credit [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Consumer Portfolio Segment [Member]
Non US auto [Member]
|
Mar. 31, 2011
Consumer Portfolio Segment [Member]
Non US auto [Member]
|
Dec. 31, 2011
Consumer Portfolio Segment [Member]
Non US auto [Member]
|
Dec. 31, 2010
Consumer Portfolio Segment [Member]
Non US auto [Member]
Scenario, Adjustment [Member]
|
Mar. 31, 2012
Consumer Portfolio Segment [Member]
Consumer Other Financing Receivable [Member]
|
Mar. 31, 2011
Consumer Portfolio Segment [Member]
Consumer Other Financing Receivable [Member]
|
Dec. 31, 2011
Consumer Portfolio Segment [Member]
Consumer Other Financing Receivable [Member]
|
Dec. 31, 2010
Consumer Portfolio Segment [Member]
Consumer Other Financing Receivable [Member]
Scenario, Adjustment [Member]
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total balance | $ 5,714 | $ 7,487 | $ 6,190 | $ 7,919 | $ 1,433 | $ 2,034 | $ 1,530 | $ 2,045 | $ 802 | $ 1,254 | $ 889 | $ 1,288 | $ 458 | $ 443 | $ 400 | $ 429 | $ 112 | $ 228 | $ 157 | $ 222 | $ 2 | $ 6 | $ 4 | $ 6 | $ 1,374 | $ 1,931 | $ 1,450 | $ 1,945 | $ 25 | $ 36 | $ 26 | $ 22 | $ 14 | $ 12 | $ 17 | $ 20 | $ 20 | $ 55 | $ 37 | $ 58 | $ 929 | $ 1,299 | $ 1,089 | $ 1,488 | $ 812 | $ 1,118 | $ 949 | $ 1,292 | $ 117 | $ 181 | $ 140 | $ 196 | $ 3,352 | $ 4,154 | $ 3,571 | $ 4,386 | $ 498 | $ 692 | $ 546 | $ 689 | $ 726 | $ 930 | $ 717 | $ 937 | $ 1,845 | $ 2,141 | $ 2,008 | $ 2,333 | $ 88 | $ 152 | $ 101 | $ 168 | $ 195 | $ 239 | $ 199 | $ 259 |
Provision charged | 863 | 1,140 | 158 | 244 | 66 | 139 | 83 | 30 | 11 | 60 | 0 | 0 | 160 | 229 | (1) | 19 | (3) | (8) | 2 | 4 | 38 | 85 | 28 | 59 | 10 | 26 | 667 | 811 | 29 | 21 | 124 | 153 | 478 | 585 | 10 | 15 | 26 | 37 | ||||||||||||||||||||||||||||||||||||||
Other | (9) | 81 | (43) | 22 | (20) | (1) | 1 | 19 | (5) | 4 | 0 | 0 | (24) | 22 | 0 | (1) | 0 | 0 | (19) | 1 | (12) | 6 | (12) | 7 | 0 | (1) | 46 | 53 | 8 | 21 | 28 | 23 | 0 | 0 | (6) | 5 | 16 | 4 | ||||||||||||||||||||||||||||||||||||||
Gross write-offs | (1,702) | (2,059) | (259) | (326) | (156) | (194) | (45) | (51) | (56) | (69) | (2) | 0 | (259) | (314) | 0 | (4) | 0 | 0 | 0 | (8) | (188) | (285) | (154) | (243) | (34) | (42) | (1,255) | (1,448) | (103) | (54) | (273) | (327) | (772) | (913) | (41) | (68) | (66) | (86) | ||||||||||||||||||||||||||||||||||||||
Recoveries | $ 372 | $ 406 | $ 47 | $ 49 | $ 23 | $ 22 | $ 19 | $ 16 | $ 5 | $ 11 | $ 0 | $ 0 | $ 47 | $ 49 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2 | $ 5 | $ 1 | $ 3 | $ 1 | $ 2 | $ 323 | $ 352 | $ 18 | $ 15 | $ 130 | $ 144 | $ 131 | $ 136 | $ 24 | $ 32 | $ 20 | $ 25 |