Businesses Held For Sale and Discontinued Operations (Tables)
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9 Months Ended |
Sep. 30, 2016 |
Financial Information For Businesses Held For Sale [Line Items] |
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Businesses held for sale |
FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE | | | | | (In millions) | September 30, 2016 | | December 31, 2015 | | | | | | | Assets | | | | | | Current receivables | $ | 10 | | $ | 79 | Inventories | | 130 | | | 583 | Property, plant, and equipment – net | | 81 | | | 1,208 | Goodwill | | 28 | | | 370 | Other intangible assets – net | | 36 | | | 162 | Contract assets | | 313 | | | - | Other | | 13 | | | 416 | Assets of businesses held for sale | $ | 611 | | $ | 2,818 | | | | | | | Liabilities | | | | | | Accounts payable(a) | $ | 17 | | $ | 503 | Other current liabilities | | 3 | | | 325 | Other | | 8 | | | 33 | Liabilities of businesses held for sale | $ | 28 | | $ | 861 | | | | | | |
(a) Certain transactions in our Industrial businesses were made on an arms-length basis with GE Capital, consisting primarily of GE Capital services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements.
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Financial Information for Discontinued Operations |
FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | (In millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | | | | | | | | Operations | | | | | | | | | | | | Total revenues and other income (loss) | $ | 633 | | $ | 6,483 | | $ | 2,494 | | $ | 18,772 | | | | | | | | | | | | | Earnings (loss) from discontinued operations before income taxes | $ | 6 | | $ | 2,267 | | $ | (154) | | $ | (476) | Benefit (provision) for income taxes | | 278 | | | (650) | | | 460 | | | (208) | Earnings (loss) from discontinued operations, net of taxes | $ | 284 | | $ | 1,617 | | $ | 306 | | $ | (684) | | | | | | | | | | | | | Disposal | | | | | | | | | | | | Gain (loss) on disposal before income taxes | $ | (50) | | $ | (2,616) | | $ | (591) | | $ | (9,652) | Benefit (provision) for income taxes | | (339) | | | 1,629 | | | (670) | | | (916) | Gain (loss) on disposal, net of taxes | $ | (389) | | $ | (987) | | $ | (1,261) | | $ | (10,568) | | | | | | | | | | | | | Earnings (loss) from discontinued operations, net of taxes(a)(b) | $ | (105) | | $ | 629 | | $ | (954) | | $ | (11,253) | | | | | | | | | | | | |
(a) The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GE Capital earnings (loss) from discontinued operations, net of taxes, after adjusting for earnings (loss) attributable to noncontrolling interests related to discontinued operations, is reported within GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Earnings (Loss). (b) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $(43) million and $(438) million for the three months ended September 30, 2016 and 2015, respectively, and $(746) million and $(10,398) million for the nine months ended September 30, 2016 and 2015, respectively. (In millions) | September 30, 2016 | | December 31, 2015 | | | | | | | Assets | | | | Cash and equivalents | $ | 2,915 | | $ | 20,395 | Investment securities | | 5,096 | | | 8,478 | Financing receivables – net | | 1,344 | | | 3,205 | Other receivables | | 949 | | | 1,221 | Property, plant and equipment – net | | 598 | | | 7,537 | Goodwill | | 391 | | | 7,764 | Other intangible assets - net | | 35 | | | 80 | Deferred income taxes | | 1,746 | | | 2,447 | Financing receivables held for sale | | 16,666 | | | 69,847 | Valuation allowance on disposal group classified as discontinued operations | | (1,859) | | | (6,374) | Other | | 3,050 | | | 6,350 | Assets of discontinued operations | $ | 30,930 | | $ | 120,951 | | | | | | | Liabilities | | | | | | Short-term borrowings | $ | 201 | | $ | 739 | Accounts payable | | 664 | | | 2,870 | Non-recourse borrowings | | 877 | | | 3,994 | Bank deposits | | 4,153 | | | 25,613 | Long-term borrowings | | 583 | | | 730 | All other liabilities | | 2,580 | | | 11,053 | Deferred income taxes | | 675 | | | 1,437 | Other | | 49 | | | 52 | Liabilities of discontinued operations | $ | 9,782 | | $ | 46,487 |
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CLL |
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Financial Information For Businesses Held For Sale [Line Items] |
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Financial Information for Discontinued Operations |
FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | (In millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | | | | | | | | Operations | | | | | | | | | | | | Total revenues and other income (loss) | $ | 334 | | $ | 2,691 | | $ | 1,535 | | $ | 8,664 | | | | | | | | | | | | | Interest | $ | (74) | | $ | (576) | | $ | (476) | | $ | (1,919) | Selling, general and administrative expenses | | (176) | | | (893) | | | (1,222) | | | (2,834) | Cost of services sold | | - | | | - | | | - | | | (1,735) | Provision for losses on financing receivables | | - | | | 13 | | | (2) | | | (1,744) | Other costs and expenses | | (11) | | | (7) | | | (25) | | | (104) | Earnings (loss) from discontinued operations, before income taxes | | 74 | | | 1,228 | | | (191) | | | 328 | Benefit (provision) for income taxes | | 40 | | | (484) | | | 254 | | | (169) | Earnings (loss) from discontinued operations, net of taxes | $ | 114 | | $ | 744 | | $ | 63 | | $ | 159 | | | | | | | | | | | | | Disposal | | | | | | | | | | | | Gain (loss) on disposal before income taxes | $ | (22) | | $ | (2,834) | | $ | (652) | | $ | (8,059) | Benefit (provision) for income taxes | | 21 | | | 1,629 | | | (133) | | | (298) | Gain (loss) on disposal, net of taxes | $ | (1) | | $ | (1,205) | | $ | (785) | | $ | (8,357) | | | | | | | | | | | | | Earnings (loss) from discontinued operations, net of taxes(a) | $ | 113 | | $ | (461) | | $ | (722) | | $ | (8,198) | | | | | | | | | | | | |
(a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $52 million and $(1,608) million for the three months ended September 30, 2016 and 2015, respectively, and $(846) million and $(7,736) million for the nine months ended September 30, 2016 and 2015, respectively.
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Real Estate |
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Financial Information For Businesses Held For Sale [Line Items] |
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Financial Information for Discontinued Operations |
FINANCIAL INFORMATION FOR REAL ESTATE | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | (In millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | | | | | | | | Operations | | | | | | | | | | | | Total revenues and other income (loss) | $ | 21 | | $ | 81 | | $ | 47 | | $ | 893 | | | | | | | | | | | | | Interest | $ | (4) | | $ | (64) | | $ | (40) | | $ | (437) | Selling, general and administrative | | (20) | | | (149) | | | (98) | | | (373) | Cost of services sold | | - | | | - | | | - | | | (5) | Provision for losses on financing receivables | | - | | | - | | | - | | | 4 | Other costs and expenses | | (1) | | | (7) | | | (7) | | | (147) | Earnings (loss) from discontinued operations, before income taxes | | (5) | | | (139) | | | (98) | | | (65) | Benefit (provision) for income taxes | | 30 | | | 53 | | | 88 | | | 95 | Earnings (loss) from discontinued operations, net of taxes | $ | 25 | | $ | (86) | | $ | (10) | | $ | 30 | | | | | | | | | | | | | Disposal | | | | | | | | | | | | Gain (loss) on disposal before income taxes | $ | 1 | | $ | 218 | | $ | (62) | | $ | (1,593) | Benefit (provision) for income taxes | | - | | | - | | | 62 | | | (618) | Gain (loss) on disposal, net of taxes | $ | 1 | | $ | 218 | | $ | - | | $ | (2,211) | | | | | | | | | | | | | Earnings (loss) from discontinued operations, net of taxes(a) | $ | 26 | | $ | 132 | | $ | (10) | | $ | (2,181) | | | | | | | | | | | | |
(a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $(4) million and $81 million for the three months ended September 30, 2016 and 2015, respectively, and $(160) million and $(1,658) million for the nine months ended September 30, 2016 and 2015, respectively.
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WMC |
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Financial Information For Businesses Held For Sale [Line Items] |
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Rollfoward of WMC's reserve and pending claims for WMC representation and warranty obligations |
ROLLFORWARD OF THE RESERVE | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | (In millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | | | | | | | | Balance, beginning of period | $ | 860 | | $ | 825 | | $ | 875 | | $ | 809 | Provision | | - | | | 28 | | | 84 | | | 46 | Claim resolutions / rescissions | | (195) | | | (21) | | | (294) | | | (23) | Balance, end of period | $ | 665 | | $ | 832 | | $ | 665 | | $ | 832 | | | | | | | | | | | | |
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Financial Information for Discontinued Operations |
FINANCIAL INFORMATION FOR WMC | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | | Nine months ended September 30 | (In millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | | | | | | | | Total revenues and other income (loss) | $ | 19 | | $ | (22) | | $ | (38) | | $ | (26) | | | | | | | | | | | | | Earnings (loss) from discontinued operations, net of taxes | $ | (8) | | $ | (21) | | $ | (60) | | $ | (37) |
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Consumer |
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Financial Information For Businesses Held For Sale [Line Items] |
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Financial Information for Discontinued Operations |
FINANCIAL INFORMATION FOR CONSUMER | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | (In millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | | | | | | | | Operations | | | | | | | | | | | | Total revenues and other income (loss) | $ | 271 | | $ | 3,652 | | $ | 957 | | $ | 9,237 | | | | | | | | | | | | | Interest | $ | (42) | | $ | (564) | | $ | (139) | | $ | (1,748) | Selling, general, and administrative expenses | | (245) | | | (1,045) | | | (580) | | | (3,216) | Cost of services sold | | - | | | - | | | - | | | - | Provision for losses on financing receivables | | 1 | | | (727) | | | 1 | | | (4,596) | Investment contracts, insurance losses and insurance annuity benefits | | (1) | | | (3) | | | (2) | | | (10) | Other costs and expenses | | (25) | | | (105) | | | (89) | | | (345) | Earnings (loss) from discontinued operations, before income taxes | | (39) | | | 1,207 | | | 149 | | | (679) | Benefit (provision) for income taxes | | (26) | | | (231) | | | (127) | | | (238) | Earnings (loss) from discontinued operations, net of taxes | $ | (65) | | $ | 976 | | $ | 22 | | $ | (917) | | | | | | | | | | | | | Disposal | | | | | | | | | | | | Gain (loss) on disposal before income taxes | $ | (29) | | $ | - | | $ | 124 | | $ | - | Benefit (provision) for income taxes | | (360) | | | - | | | (599) | | | - | Gain (loss) on disposal, net of taxes | $ | (389) | | $ | - | | $ | (475) | | $ | - | | | | | | | | | | | | | Earnings (loss) from discontinued operations, net of taxes(a) | $ | (454) | | $ | 976 | | $ | (453) | | $ | (917) | | | | | | | | | | | | |
(a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $(67) million and $1,119 million for the three months ended September 30, 2016 and 2015, respectively, and $273 million and $(943) million for the nine months ended September 30, 2016 and 2015, respectively.
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