0000040545-14-000019.txt : 20140718 0000040545-14-000019.hdr.sgml : 20140718 20140718101635 ACCESSION NUMBER: 0000040545-14-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140718 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140718 DATE AS OF CHANGE: 20140718 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: 14981911 BUSINESS ADDRESS: STREET 1: 901 MAIN AVENUE CITY: NORWALK STATE: CT ZIP: 06851-1168 BUSINESS PHONE: 203-840-6300 MAIL ADDRESS: STREET 1: 901 MAIN AVENUE CITY: NORWALK STATE: CT ZIP: 06851-1168 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL ELECTRIC CREDIT CORP DATE OF NAME CHANGE: 19871216 8-K 1 geccform8k71814.htm GECC FORM 8K 7/18/14 geccform8k71814.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) July 18, 2014
 
 
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 July 18, 2014, our parent, General Electric Company (GE), issued a press release setting forth GE’s second-quarter 2014 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 six months ended June 30, 2014 and financial position at June 30, 2014 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: July 18, 2014
  
/s/ Walter Ielusic
  
   
Walter Ielusic
  
   
Senior Vice President and Controller
  
 

 
(3)
 
 

EX-99 2 exhibit99.htm EXHIBIT 99 PRESS RELEASE FINANCIALS exhibit99.htm

Exhibit 99
 
General Electric Capital Corporation
 
Condensed Statement of Earnings
 
 
 
   
Three months ended June 30
  
Six months ended June 30
(Dollars in millions, Unaudited)
    
2014 
    
2013 
  
V%
    
2014 
    
2013 
  
V%
                                 
Revenues
                                
Revenues from services
  
$
 10,213 
  
$
 10,885 
      
$
 20,701 
  
$
 22,327 
    
Sales of goods
    
 34 
    
 31 
        
 61 
    
 57 
    
   Total revenues
    
 10,247 
    
 10,916 
  
 (6)%
    
 20,762 
    
 22,384 
  
 (7)%
                                 
Costs and expenses
                                
Costs of sales, operating and administrative expenses
    
 4,852 
    
 4,836 
        
 9,451 
    
 9,743 
    
Interest
    
 2,071 
    
 2,388 
        
 4,232 
    
 4,770 
    
Investment contracts, insurance losses and insurance
                                
   annuity benefits
    
 698 
    
 728 
        
 1,341 
    
 1,417 
    
Provision for losses on financing receivables
    
 968 
    
 1,010 
        
 1,938 
    
 2,467 
    
   Total costs and expenses
    
 8,589 
    
 8,962 
  
 (4)%
    
 16,962 
    
 18,397 
  
 (8)%
                                 
Earnings from continuing operations before
                                
   income taxes
    
 1,658 
    
 1,954 
  
 (15)%
    
 3,800 
    
 3,987 
  
 (5)%
Benefit (provision) for income taxes
    
 216 
    
 (13)
        
 18 
    
 (97)
    
Earnings from continuing operations
    
 1,874 
    
 1,941 
  
 (3)%
    
 3,818 
    
 3,890 
  
 (2)%
                                 
Earnings (loss) from discontinued operations, net of taxes
    
 (36)
    
 (123)
        
 (24)
    
 (243)
    
                                 
Net earnings
    
 1,838 
    
 1,818 
  
1%
    
 3,794 
    
 3,647 
  
4%
Less net earnings attributable to noncontrolling interests
    
 10 
    
 17 
        
 21 
    
 28 
    
Net earnings attributable to GECC
    
 1,828 
    
 1,801 
  
1%
    
 3,773 
    
 3,619 
  
4%
Preferred stock dividends declared
    
 (161)
    
 (135)
        
 (161)
    
 (135)
    
Net earnings attributable to GECC common shareowner
  
$
 1,667 
  
$
 1,666 
  
- %
  
$
 3,612 
  
$
 3,484 
  
4%
                                 
                                 
Amounts attributable to GECC common shareowner:
                                
Earnings from continuing operations
  
$
 1,874 
  
$
 1,941 
  
 (3)%
  
$
 3,818 
  
$
 3,890 
  
 (2)%
Less net earnings attributable to noncontrolling interests
    
 10 
    
 17 
        
 21 
    
 28 
    
Earnings from continuing operations attributable to GECC
    
 1,864 
    
 1,924 
  
 (3)%
    
 3,797 
    
 3,862 
  
 (2)%
Preferred stock dividends declared
    
 (161)
    
 (135)
        
 (161)
    
 (135)
    
Earnings from continuing operations attributable
                                
   to GECC common shareowner
    
 1,703 
    
 1,789 
  
 (5)%
    
 3,636 
    
 3,727 
  
 (2)%
Earnings (loss) from discontinued operations, net of taxes
    
 (36)
    
 (123)
        
 (24)
    
 (243)
    
Net earnings attributable to GECC common shareowner
  
$
 1,667 
  
$
 1,666 
  
- %
  
$
 3,612 
  
$
 3,484 
  
4%

 
(4)
 
 

 
General Electric Capital Corporation
 
Summary of Operating Segments
 
 
 
     
Three months ended June 30
  
Six months ended June 30
(Dollars in millions, Unaudited)
      
2014 
    
2013 
  
V%
    
2014 
    
2013 
  
V%
                                   
Revenues
                                  
   Commercial Lending and Leasing (CLL)
    
$
 3,611 
  
$
 3,907 
  
 (8)%
  
$
 7,193 
  
$
 7,414 
  
 (3)%
   Consumer
      
 3,598 
    
 3,650 
  
 (1)%
    
 7,200 
    
 7,475 
  
 (4)%
   Real Estate
      
 664 
    
 872 
  
 (24)%
    
 1,295 
    
 2,529 
  
 (49)%
   Energy Financial Services
      
 307 
    
 303 
  
1%
    
 776 
    
 646 
  
20%
   GE Capital Aviation Services (GECAS)
      
 1,345 
    
 1,282 
  
5%
    
 2,690 
    
 2,661 
  
1%
      Total segment revenues
      
 9,525 
    
 10,014 
  
 (5)%
    
 19,154 
    
 20,725 
  
 (8)%
   GECC corporate items and eliminations
      
 722 
    
 902 
  
 (20)%
    
 1,608 
    
 1,659 
  
 (3)%
Total revenues
    
$
 10,247 
  
$
 10,916 
  
 (6)%
  
$
 20,762 
  
$
 22,384 
  
 (7)%
                                   
Segment profit
                                  
   CLL
    
$
 541 
  
$
 825 
  
 (34)%
  
$
 1,105 
  
$
 1,223 
  
 (10)%
   Consumer
      
 472 
    
 830 
  
 (43)%
    
 1,258 
    
 1,364 
  
 (8)%
   Real Estate
      
 289 
    
 435 
  
 (34)%
    
 528 
    
 1,125 
  
 (53)%
   Energy Financial Services
      
 76 
    
 60 
  
27%
    
 229 
    
 143 
  
60%
   GECAS
      
 343 
    
 304 
  
13%
    
 695 
    
 652 
  
7%
      Total segment profit
      
 1,721 
    
 2,454 
  
 (30)%
    
 3,815 
    
 4,507 
  
 (15)%
   GECC corporate items and eliminations
      
 143 
    
 (530)
  
F
    
 (18)
    
 (645)
  
97%
Earnings from continuing operations
                                  
   attributable to GECC
      
 1,864 
    
 1,924 
  
 (3)%
    
 3,797 
    
 3,862 
  
 (2)%
Preferred stock dividends declared
      
 (161)
    
 (135)
  
 (19)%
    
 (161)
    
 (135)
  
 (19)%
Earnings from continuing operations attributable
                                  
   to GECC common shareowner
      
 1,703 
    
 1,789 
  
 (5)%
    
 3,636 
    
 3,727 
  
 (2)%
Earnings (loss) from discontinued operations, net of taxes
      
 (36)
    
 (123)
  
71%
    
 (24)
    
 (243)
  
90%
Net earnings attributable to GECC
   common shareowner
    
$
 1,667 
  
$
 1,666 
  
- %
  
$
 3,612 
  
$
 3,484 
  
4%
                                   

 
(5)
 
 

 
General Electric Capital Corporation
 
Condensed Statement of Financial Position
 
 
 
 
June 30,
  
December 31,
(In billions, Unaudited)
2014 
  
2013 
         
Assets
          
   Cash & marketable securities
$
 122.8 
  
$
 118.5 
   Inventories
  
 0.1 
    
 0.1 
   Financing receivables - net
  
 241.7 
    
 253.0 
   Property, plant & equipment - net
  
 50.7 
    
 51.6 
   Goodwill & intangible assets
  
 27.3 
    
 27.3 
   Other assets
  
 62.2 
    
 63.9 
   Assets of businesses held for sale
  
 3.3 
    
 0.1 
   Assets of discontinued operations
  
 1.5 
    
 2.3 
           
Total assets
$
 509.6 
  
$
 516.8 
           
           
Liabilities and equity
          
   Borrowings and bank deposits
$
 363.0 
  
$
 371.1 
   Investment contracts, insurance liabilities and insurance annuity benefits
  
 27.9 
    
 27.0 
   Other liabilities
  
 31.2 
    
 31.8 
   Liabilities of businesses held for sale
  
 0.3 
    
 -   
   Liabilities of discontinued operations
  
 1.0 
    
 3.8 
   GECC shareowners' equity
  
 85.8 
    
 82.7 
   Noncontrolling interests
  
 0.4 
    
 0.4 
           
Total liabilities and equity
$
 509.6 
  
$
 516.8 
           
 

 
(6)
 
 

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