Investment Securities (Tables)
|
6 Months Ended |
Jun. 30, 2014
|
Investments, Debt and Equity Securities [Abstract] |
|
Investments |
| June 30, 2014 | | December 31, 2013 | | | | 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 | $ | 22 | | $ | 7 | | $ | - | | $ | 29 | | $ | 21 | | $ | 14 | | $ | - | | $ | 35 | Corporate – non-U.S. | | 13 | | | - | | | (1) | | | 12 | | | 13 | | | - | | | (1) | | | 12 | Equity | | | | | | | | | | | | | | | | | | | | | | | | Available-for-sale | | 305 | | | 9 | | | (97) | | | 217 | | | 302 | | | 9 | | | (41) | | | 270 | Trading | | - | | | - | | | - | | | - | | | 6 | | | - | | | - | | | 6 | | | 340 | | | 16 | | | (98) | | | 258 | | | 342 | | | 23 | | | (42) | | | 323 | | | | | | | | | | | | | | | | | | | | | | | | | GECC | | | | | | | | | | | | | | | | | | | | | | | | Debt | | | | | | | | | | | | | | | | | | | | | | | | U.S. corporate | | 19,800 | | | 3,510 | | | (91) | | | 23,219 | | | 19,600 | | | 2,323 | | | (217) | | | 21,706 | State and municipal | | 5,144 | | | 497 | | | (96) | | | 5,545 | | | 4,245 | | | 235 | | | (191) | | | 4,289 | Residential mortgage-backed(a) | | 1,755 | | | 153 | | | (30) | | | 1,878 | | | 1,819 | | | 139 | | | (48) | | | 1,910 | Commercial mortgage-backed | | 2,933 | | | 207 | | | (42) | | | 3,098 | | | 2,929 | | | 188 | | | (82) | | | 3,035 | Asset-backed | | 7,685 | | | 33 | | | (36) | | | 7,682 | | | 7,373 | | | 60 | | | (46) | | | 7,387 | Corporate – non-U.S. | | 1,666 | | | 179 | | | (50) | | | 1,795 | | | 1,741 | | | 103 | | | (86) | | | 1,758 | Government – non-U.S. | | 2,011 | | | 118 | | | (3) | | | 2,126 | | | 2,336 | | | 81 | | | (7) | | | 2,410 | U.S. government and federal | | | | | | | | | | | | | | | | | | | | | | | | agency | | 698 | | | 50 | | | (1) | | | 747 | | | 752 | | | 45 | | | (27) | | | 770 | Retained interests | | 60 | | | 13 | | | - | | | 73 | | | 64 | | | 8 | | | - | | | 72 | Equity | | | | | | | | | | | | | | | | | | | | | | | | Available-for-sale | | 215 | | | 71 | | | (2) | | | 284 | | | 203 | | | 51 | | | (3) | | | 251 | Trading | | 53 | | | - | | | - | | | 53 | | | 74 | | | - | | | - | | | 74 | | | 42,020 | | | 4,831 | | | (351) | | | 46,500 | | | 41,136 | | | 3,233 | | | (707) | | | 43,662 | | | | | | | | | | | | | | | | | | | | | | | | | Eliminations | | (4) | | | - | | | - | | | (4) | | | (4) | | | - | | | - | | | (4) | Total | $ | 42,356 | | $ | 4,847 | | $ | (449) | | $ | 46,754 | | $ | 41,474 | | $ | 3,256 | | $ | (749) | | $ | 43,981 | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Substantially collateralized by U.S. mortgages. At June 30, 2014, $1,238 million related to securities issued by government-sponsored entities and $640 million related to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions. |
Schedule of investments, by type and length in continuous loss position |
| In loss position for | | | Less than 12 months | | 12 months or more | | | | | Gross | | | | Gross | | | Estimated | | unrealized | | Estimated | | unrealized | | (In millions) | fair value | (a) | losses(a)(b) | | fair value | | losses(b) | | | | | | | | | | | | | | | June 30, 2014 | | | | | | | | | | | | | Debt | | | | | | | | | | | | | U.S. corporate | $ | 234 | | $ | (4) | | $ | 1,523 | | $ | (87) | | State and municipal | | 115 | | | (2) | | | 766 | | | (94) | | Residential mortgage-backed | | 47 | | | (1) | | | 471 | | | (29) | | Commercial mortgage-backed | | 5 | | | - | | | 931 | | | (42) | | Asset-backed | | 3 | | | - | | | 321 | | | (36) | | Corporate – non-U.S. | | 32 | | | (1) | | | 444 | | | (50) | | Government – non-U.S. | | 984 | | | (3) | | | 89 | | | - | | U.S. government and federal agency | | - | | | - | | | 255 | | | (1) | | Retained interests | | 7 | | | - | | | 1 | | | - | | Equity | | 229 | | | (99) | | | - | | | - | | Total | $ | 1,656 | | $ | (110) | | $ | 4,801 | | $ | (339) | (c) | | | | | | | | | | | | | | December 31, 2013 | | | | | | | | | | | | | Debt | | | | | | | | | | | | | U.S. corporate | $ | 2,170 | | $ | (122) | | $ | 598 | | $ | (95) | | State and municipal | | 1,076 | | | (82) | | | 367 | | | (109) | | Residential mortgage-backed | | 232 | | | (11) | | | 430 | | | (37) | | Commercial mortgage-backed | | 396 | | | (24) | | | 780 | | | (58) | | Asset-backed | | 112 | | | (2) | | | 359 | | | (44) | | Corporate – non-U.S. | | 108 | | | (4) | | | 454 | | | (83) | | Government – non-U.S. | | 1,479 | | | (6) | | | 42 | | | (1) | | U.S. government and federal agency | | 229 | | | (27) | | | 254 | | | - | | Retained interests | | 2 | | | - | | | - | | | - | | Equity | | 253 | | | (44) | | | - | | | - | | Total | $ | 6,057 | | $ | (322) | | $ | 3,284 | | $ | (427) | | | | | | | | | | | | | | |
(a) Includes the estimated fair value of and gross unrealized losses on Corporate-non-U.S. and Equity securities held by GE. At June 30, 2014, the estimated fair value of and gross unrealized losses on Corporate-non-U.S. securities were $12 million and $(1) million, respectively. The estimated fair value of and gross unrealized losses on Equity securities were $183 million and $(97) million, respectively. At December 31, 2013, the estimated fair value of and gross unrealized losses on Corporate-non-U.S. securities were $12 million and $(1) million, respectively. The estimated fair value of and gross unrealized losses on Equity securities were $222 million and $(41) million, respectively. (b) Included gross unrealized losses related to securities that had other-than-temporary impairments previously recognized of $(66) million at June 30, 2014. (c) The majority relate to debt securities held to support obligations to holders of GICs and more than 70% are debt securities that were considered to be investment-grade by the major rating agencies at June 30, 2014. |
Pre Tax Other Than Temporary Impairments On Investment Securities [TableTextBlock] |
Pre-tax, Other-Than-Temporary Impairments on Investment Securities | | | | | | | | | | | | | | | | Three months ended June 30 | | Six months ended June 30 | (In millions) | | 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | Total pre-tax, OTTI recognized | | $ | 9 | | $ | 159 | | $ | 47 | | $ | 461 | Less pre-tax, OTTI recognized in AOCI | | | - | | | (19) | | | (4) | | | (30) | Pre-tax, OTTI recognized in earnings(a) | | $ | 9 | | $ | 140 | | $ | 43 | | $ | 431 | | | | | | | | | | | | | |
(a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $2 million and an insignificant amount in the three months ended June 30, 2014 and 2013, respectively, and $3 million and $1 million in the six months ended June 30, 2014 and 2013, respectively. |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] |
Changes in Cumulative Credit Loss Impairments Recognized on Debt Securities Still Held | | | | | | | | | | | | | | | | Three months ended June 30 | | Six months ended June 30 | (In millions) | | 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | Cumulative credit loss impairments recognized, | | | | | | | | | | | | | beginning of period | | $ | 1,171 | | $ | 862 | | $ | 1,193 | | $ | 588 | Credit loss impairments recognized on securities | | | | | | | | | | | | | not previously impaired | | | 1 | | | 122 | | | 1 | | | 385 | Incremental credit loss impairments recognized | | | | | | | | | | | | | on securities previously impaired | | | 2 | | | 7 | | | 31 | | | 19 | Less credit loss impairments previously | | | | | | | | | | | | | recognized on securities sold during the period | | | (3) | | | (46) | | | (54) | | | (47) | Cumulative credit loss impairments recognized, | | | | | | | | | | | | | end of period | | $ | 1,171 | | $ | 945 | | $ | 1,171 | | $ | 945 | | | | | | | | | | | | | |
|
Schedule of contractual maturities |
Contractual Maturities of Investment in Available-for-Sale Debt Securities
(Excluding Mortgage-Backed and Asset-Backed Securities) | | | | | | | | | Amortized | | Estimated | (In millions) | | | | | | | cost | | fair value | | | | | | | | | | | | | Due | | | | | | | | | | | | Within one year | | | | | | | $ | 1,969 | | $ | 1,981 | After one year through five years | | | | | | | | 3,681 | | | 4,020 | After five years through ten years | | | | | | | | 5,241 | | | 5,592 | After ten years | | | | | | | | 18,463 | | | 21,880 | | | | | | | | | | | | |
|
Supplemental gross realized gains losses on available-for-sale investment securities |
| | Three months ended June 30 | | Six months ended June 30 | (In millions) | | 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | GE | | | | | | | | | | | | | Gains | | $ | 2 | | $ | - | | $ | 2 | | $ | 1 | Losses, including impairments | | | - | | | (7) | | | - | | | (20) | Net | | | 2 | | | (7) | | | 2 | | | (19) | | | | | | | | | | | | | | GECC | | | | | | | | | | | | | Gains | | | 43 | | | 123 | | | 62 | | | 185 | Losses, including impairments | | | (9) | | | (139) | | | (45) | | | (417) | Net | | | 34 | | | (16) | | | 17 | | | (232) | Total | | $ | 36 | | $ | (23) | | $ | 19 | | $ | (251) | | | | | | | | | | | | | |
|