0000040545-15-000103.txt : 20151016 0000040545-15-000103.hdr.sgml : 20151016 20151016100811 ACCESSION NUMBER: 0000040545-15-000103 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20151016 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151016 DATE AS OF CHANGE: 20151016 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: 151161265 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 gecc8k3q2015.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 16, 2015
 
 
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))
 

Item 8.01 Other Events.
On October 16, 2015, our parent, General Electric Company (GE), released its third-quarter 2015 financial results on its investor relations website at www.ge.com/investor. 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, 2015 and financial position at September 30, 2015 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
   
   

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 16, 2015
  
/s/ Walter Ielusic
  
   
Walter Ielusic
  
   
Senior Vice President and Controller
  


EX-99 2 gecc8k3q2015ex99.htm


EXHIBIT 99

                               
                               
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
                               
 
Three months ended September 30
  
Nine months ended September 30
(Dollars in millions)
  
2015
    
2014
  
V%
    
2015
    
2014
  
V%
                               
Revenues
                              
Revenues from services
$
6,290
  
$
6,356
      
$
17,388
  
$
19,134
    
Sales of goods
  
21
    
28
        
64
    
89
    
   Total revenues
  
6,312
    
6,384
  
(1)%
    
17,452
    
19,223
  
(9)%
                               
Costs and expenses
                              
Costs of sales, operating and administrative expense
  
2,936
    
2,882
        
8,613
    
8,086
    
Interest
  
1,151
    
1,061
        
3,096
    
3,184
    
Investment contracts, insurance losses and insurance
                              
  annuity benefits
  
717
    
700
        
2,070
    
2,041
    
Provision for losses on financing receivables
  
738
    
858
        
4,636
    
2,693
    
   Total costs and expenses
  
5,542
    
5,501
  
1%
    
18,415
    
16,004
  
15%
                               
Earnings (loss) from continuing operations before income taxes
  
769
    
883
  
(13)%
    
(963)
    
3,219
  
U
Benefit (provision) for income taxes
  
48
    
15
        
(6,164)
    
109
    
                               
Earnings (loss) from continuing operations
  
817
    
898
  
(9)%
    
(7,127)
    
3,328
  
U
Earnings (loss) from discontinued operations, net of taxes
  
(347)
    
706
        
(10,332)
    
2,070
    
                               
Net earnings (loss)
  
470
    
1,604
  
(71)%
    
(17,459)
    
5,398
  
U
 Less net earnings (loss) attributable to noncontrolling interests
  
83
    
55
        
267
    
76
    
Net earnings (loss) attributable to GECC
  
387
    
1,549
  
(75)%
    
(17,726)
    
5,322
  
U
Preferred stock dividends declared
  
-
    
-
        
(161)
    
(161)
    
Net earnings (loss) attributable to GECC common shareowner
$
387
  
$
1,549
  
(75)%
  
$
(17,887)
  
$
5,161
  
U
                               
Amounts attributable to GECC common shareowner:
                              
Earnings (loss) from continuing operations
$
817
  
$
898
  
(9)%
  
$
(7,127)
  
$
3,328
  
U
Less net earnings (loss) attributable to noncontrolling interests
  
83
    
55
        
267
    
76
    
Earnings (loss) from continuing operations attributable to GECC
  
734
    
843
  
(13)%
    
(7,394)
    
3,252
  
U
Preferred stock dividends declared
  
-
    
-
  
-%
    
(161)
    
(161)
  
 - %
Earnings (loss) from continuing operations attributable to GECC
                              
  common shareowner
  
734
    
843
  
(13)%
    
(7,555)
    
3,091
  
U
Earnings (loss) from discontinued operations, net of taxes
  
(347)
    
706
        
(10,332)
    
2,070
    
Net earnings (loss) attributable to GECC common shareowner
$
387
  
$
1,549
  
(75)%
  
$
(17,887)
  
$
5,161
  
U

Amounts may not add due to rounding.


                               
                               
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
SUMMARY OF OPERATING SEGMENTS (UNAUDITED)
                               
 
Three months ended September 30
  
Nine months ended September 30
(Dollars in millions)
2015
  
2014
  
V%
  
2015
  
2014
  
V%
                               
Revenues
                              
Commercial Lending & Leasing
$
285
  
$
251
  
 14 %
  
$
790
  
$
743
  
 6 %
Consumer
  
3,652
    
3,622
  
 1 %
    
9,237
    
10,822
  
 (15)%
Energy Financial Services
  
225
    
344
  
 (35)%
    
906
    
1,120
  
 (19)%
GECAS
  
1,307
    
1,262
  
 4 %
    
3,935
    
3,952
  
-%
Total segment revenues
  
5,468
    
5,479
  
-%
    
14,867
    
16,637
  
 (11)%
GECC corporate items and eliminations
  
843
    
905
  
 (7)%
    
2,585
    
2,586
  
-%
Total revenues
$
6,312
  
$
6,384
  
 (1)%
  
$
17,452
  
$
19,223
  
 (9)%
                               
Segment profit (loss)
                              
Commercial Lending & Leasing
$
111
    
90
  
 23 %
  
$
286
  
$
252
  
 13 %
Consumer
  
795
    
621
  
 28 %
    
(1,521)
    
1,879
  
U
Energy Financial Services
  
(38)
    
61
  
U
    
106
    
290
  
 (63)%
GECAS
  
313
    
133
  
F
    
981
    
828
  
 18 %
Total segment profit (loss)
  
1,180
    
905
  
 30 %
    
(149)
    
3,249
  
U
GECC Corporate items and eliminations
  
(445)
    
(62)
  
U
    
(7,245)
    
3
  
U
Earnings (loss) from continuing operations,
                              
   attributable to GECC
  
734
    
843
  
 (13)%
    
(7,394)
    
3,252
  
U
Preferred stock dividends declared
  
-
    
-
  
-%
    
(161)
    
(161)
  
 -%
Earnings (loss) from continuing operations attributable
                              
   to GECC common shareowner
  
734
    
843
  
 (13)%
    
(7,555)
    
3,091
  
U
Earnings (loss) from discontinued operations, net of taxes,
                              
   attributable to GECC
  
(347)
    
706
  
U
    
(10,332)
    
2,070
  
U
Net earnings (loss) attributable to GECC common shareowner
$
387
  
$
1,549
  
 (75)%
  
$
(17,887)
  
$
5,161
  
U
                               
Amounts may not add due to rounding.



GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
           
           
(Dollars in billions)
September 30, 2015
  
December 31, 2014
       
Assets
          
Cash & marketable securities
$
119.1
  
$
107.3
Inventories
  
0.1
    
0.1
Financing receivables - net
  
83.7
    
122.5
Property, plant and equipment - net
  
34.5
    
31.5
Goodwill & intangible assets - net
  
12.6
    
12.3
Other assets
  
33.2
    
37.7
Financing receivables held for sale
  
23.7
    
0.8
Assets of businesses held for sale
  
4.9
    
3.5
Assets of discontinued operations
  
121.9
    
186.9
Total assets
$
433.8
  
$
502.6
           
Liabilities and equity
          
Borrowings and bank deposits
$
255.7
  
$
298.3
Investment contracts, insurance liabilities and insurance annuity benefits
  
26.6
    
28.0
Other liabilities
  
36.2
    
34.7
Liabilities of businesses held for sale
  
0.3
    
2.4
Liabilities of discontinued operations
  
43.6
    
48.7
GECC shareowners' equity
  
68.2
    
87.5
Noncontrolling interests(a)
  
3.2
    
2.9
Total liabilities and equity
$
433.8
  
$
502.6
           
(a)
Included $2.4 billion related to the Synchrony Financial initial public offering.
Amounts may not add due to rounding.