0000040545-13-000084.txt : 20131018 0000040545-13-000084.hdr.sgml : 20131018 20131018101122 ACCESSION NUMBER: 0000040545-13-000084 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131018 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131018 DATE AS OF CHANGE: 20131018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL ELECTRIC CAPITAL CORP CENTRAL INDEX KEY: 0000040554 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 131500700 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06461 FILM NUMBER: 131158502 BUSINESS ADDRESS: STREET 1: 3135 EASTON TURNPIKE CITY: FAIRFIELD STATE: CT ZIP: 06828-0001 BUSINESS PHONE: 203-373-2211 MAIL ADDRESS: STREET 1: 3135 EASTON TURNPIKE CITY: FAIRFIELD STATE: CT ZIP: 06828-0001 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL ELECTRIC CREDIT CORP DATE OF NAME CHANGE: 19871216 8-K 1 geccform8k102013.htm GECC FORM 8K 10-2013 geccform8k102013.htm
 
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 


Date of Report (Date of earliest event reported) October 18, 2013
 
 
General Electric Capital Corporation
  
 
(Exact name of registrant as specified in its charter)
  
 
Delaware
  
01-06461
  
13-1500700
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
         
901 Main Avenue, Norwalk, Connecticut
      
06851-1168
(Address of principal executive offices)
      
(Zip Code)
         
Registrant’s telephone number, including area code   (203) 840-6300
 
 
Not applicable
  
(Former name or former address, if changed since last report.)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
(1)
 
 

 
Item 8.01 Other Events.
 
On October 18, 2013, our parent, General Electric Company (GE), issued a press release setting forth GE’s third-quarter 2013 earnings. Attached hereto as Exhibit 99 and hereby incorporated by reference is a schedule of selected financial information related to the results of operation for the three and nine months ended September 30, 2013 and financial position at September 30, 2013 of General Electric Capital Corporation.

Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits
 
The following exhibit is being furnished as part of this report:
 
Exhibit Description
 
Exhibit 99 Selected financial information of General Electric Capital Corporation
   
   


 
(2)
 
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
General Electric Capital Corporation
  
   
(Registrant)
  
       
 
Date: October 18, 2013
    /s/ Walter Ielusic  
   
Walter Ielusic
  
   
Senior Vice President and Controller
  


 
(3)
 
 

EX-99 2 exhibit99.htm EXHIBIT 99 TO GECC FORM 8K 10-2013 exhibit99.htm
 
 
Exhibit 99
 
General Electric Capital Corporation
Condensed Statement of Earnings
 


   
Three months ended September 30,
    
Nine months ended September 30,
  
(Dollars in millions, Unaudited)
    
2013 
    
2012 
  
V
%
    
2013 
    
2012 
  
V
%
                                     
Revenues
                                    
Revenues from services
  
$
10,637 
  
$
11,240 
        
$
33,095 
  
$
33,878 
      
Sales of goods
    
33 
    
34 
          
90 
    
90 
      
   Total revenues
    
10,670 
    
11,274 
  
(5)
%
    
33,185 
    
33,968 
  
 (2)
%
                                     
Costs and expenses
                                    
Costs of sales, operating and administrative expenses
    
4,988 
    
4,781 
          
14,794 
    
13,993 
      
Interest
    
2,241 
    
2,798 
          
7,046 
    
8,962 
      
Investment contracts, insurance losses and insurance
                                    
   annuity benefits
    
714 
    
798 
          
2,131 
    
2,271 
      
Provision for losses on financing receivables
    
821 
    
1,122 
          
3,338 
    
2,728 
      
   Total costs and expenses
    
8,764 
    
9,499 
  
(8)
%
    
27,309 
    
27,954 
  
 (2)
%
                                     
Earnings from continuing operations before
                                    
   income taxes
    
1,906 
    
1,775 
  
7 
%
    
5,876 
    
6,014 
  
 (2)
%
Benefit (provision) for income taxes
    
(1)
    
(80)
          
(94)
    
(399)
      
Earnings from continuing operations
    
1,905 
    
1,695 
  
12 
%
    
5,782 
    
5,615 
  
 3 
%
                                     
Earnings (loss) from discontinued operations,
                                    
   net of taxes
    
(83)
    
(107)
          
(313)
    
(857)
      
                                     
Net earnings
    
1,822 
    
1,588 
  
15 
%
    
5,469 
    
4,758 
  
 15 
%
Less net earnings attributable to
                                    
    noncontrolling interests
    
10 
    
20 
          
38 
    
46 
      
Net earnings attributable to GECC
    
1,812 
    
1,568 
  
16 
%
    
5,431 
    
4,712 
  
 15 
%
Preferred stock dividends declared
    
— 
    
— 
          
(135)
    
— 
      
Net earnings attributable to GECC common shareowner
  
$
1,812 
  
$
1,568 
  
16 
%
  
$
5,296 
  
$
4,712 
  
 12 
%
                                     
                                     
Amounts attributable to GECC
                                    
Earnings from continuing operations
  
$
1,895 
  
$
1,675 
  
13 
%
  
$
5,744 
  
$
5,569 
  
 3 
%
Earnings (loss) from discontinued operations, net of taxes
    
(83)
    
(107)
          
(313)
    
(857)
      
Net earnings attributable to GECC
  
$
1,812 
  
$
1,568 
  
16 
%
  
$
5,431 
  
$
4,712 
  
 15 
%

 
(1)
 
 
 

 
General Electric Capital Corporation
Summary of Operating Segments
 


   
Three months ended September 30,
    
Nine months ended September 30,
  
(Dollars in millions, Unaudited)
    
2013 
    
2012 
  
V
%
    
2013 
    
2012 
  
V
%
                                     
Revenues
                                    
   Commercial Lending and Leasing (CLL)
  
$
3,677 
  
$
4,028 
  
 (9)%
    
$
11,091 
  
$
12,406 
  
 (11)%
  
   Consumer
    
3,747 
    
3,911 
  
 (4)%
      
11,353 
    
11,600 
  
 (2)%
  
   Real Estate
    
689 
    
948 
  
 (27)%
      
3,218 
    
2,660 
  
21%
  
   Energy Financial Services
    
438 
    
401 
  
9%
      
1,084 
    
1,086 
  
 -%
  
   GE Capital Aviation Services (GECAS)
    
1,312 
    
1,249 
  
5%
      
3,973 
    
3,897 
  
2%
  
      Total segment revenues
    
9,863 
    
10,537 
  
 (6)%
      
30,719 
    
31,649 
  
 (3)%
  
   GECC corporate items and eliminations
    
807 
    
737 
  
9%
      
2,466 
    
2,319 
  
6%
  
Total revenues
  
$
10,670 
  
$
11,274 
  
 (5)%
    
$
33,185 
  
$
33,968 
  
 (2)%
  
                                     
Segment profit
                                    
   CLL
  
$
479 
  
$
563 
  
 (15)%
    
$
1,702 
  
$
1,855 
  
 (8)%
  
   Consumer
    
889 
    
749 
  
19%
      
2,240 
    
2,485 
  
 (10)%
  
   Real Estate
    
464 
    
217 
  
F
      
1,589 
    
494 
  
F
  
   Energy Financial Services
    
150 
    
132 
  
14%
      
293 
    
325 
  
 (10)%
  
   GECAS
    
173 
    
251 
  
 (31)%
      
825 
    
877 
  
 (6)%
  
      Total segment profit
    
2,155 
    
1,912 
  
13%
      
6,649 
    
6,036 
  
10%
  
   GECC corporate items and eliminations
    
(260)
    
(237)
  
 (10)%
      
(905)
    
(467)
  
 (94)%
  
Earnings from continuing operations
                                    
   attributable to GECC
    
1,895 
    
1,675 
  
13%
      
5,744 
    
5,569 
  
3%
  
Earnings (loss) from discontinued operations,
                                    
   net of taxes, attributable to GECC
    
(83)
    
(107)
  
22%
      
(313)
    
(857)
  
63%
  
Net earnings attributable to GECC
  
$
1,812 
  
$
1,568 
  
16%
    
$
5,431 
  
$
4,712 
  
15%
  
                                     

 
(2)
 
 

 
General Electric Capital Corporation
Condensed Statement of Financial Position
 


 
September 30,
  
December 31,
(In billions, Unaudited)
2013 
  
2012 
         
Assets
          
   Cash & marketable securities
$
120.1 
  
$
110.4 
   Inventories
  
0.1 
    
0.1 
   Financing receivables - net
  
254.2 
    
269.0 
   Property, plant & equipment - net
  
51.7 
    
53.0 
   Goodwill & intangible assets
  
27.9 
    
28.3 
   Other assets
  
64.9 
    
76.0 
   Assets of businesses held for sale
  
0.1 
    
0.2 
   Assets of discontinued operations
  
1.7 
    
2.3 
           
Total assets
$
520.7 
  
$
539.3 
           
           
Liabilities and equity
          
   Borrowings and bank deposits
$
376.1 
  
$
397.3 
   Investment contracts, insurance liabilities and insurance annuity benefits
  
27.2 
    
28.7 
   Other liabilities
  
30.5 
    
28.1 
   Liabilities of businesses held for sale
  
— 
    
0.2 
   Liabilities of discontinued operations
  
2.3 
    
2.4 
   GECC shareowners' equity
  
84.1 
    
81.9 
   Noncontrolling interests
  
0.5 
    
0.7 
           
Total liabilities and equity
$
520.7 
  
$
539.3 
           



 
(3)