FORM 10-Q
|
(Mark One)
|
|||||
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
||||
THE SECURITIES EXCHANGE ACT OF 1934
|
|||||
For the quarterly period ended March 31, 2013
|
|||||
OR
|
|||||
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
||||
For the transition period from ___________to ___________
|
|||||
_____________________________
Commission file number 001-06461
_____________________________
_____________________________ |
|||||
GENERAL ELECTRIC CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
|
Delaware
|
13-1500700
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
901 Main Avenue, Norwalk, CT
|
06851-1168
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer ¨
|
Accelerated filer ¨
|
Non-accelerated filer þ
|
Smaller reporting company ¨
|
Part I – Financial Information
|
Page
|
||
Item 1.
|
Financial Statements
|
||
Condensed Statement of Earnings
|
3
|
||
Condensed Statement of Comprehensive Income
|
4
|
||
Condensed Statement of Changes in Shareowners’ Equity
|
4
|
||
Condensed Statement of Financial Position
|
5
|
||
Condensed Statement of Cash Flows
|
6
|
||
Summary of Operating Segments
|
7
|
||
Notes to Condensed Financial Statements (Unaudited)
|
8
|
||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
48
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
67
|
|
Item 4.
|
Controls and Procedures
|
68
|
|
Part II – Other Information
|
|||
Item 1.
|
Legal Proceedings
|
68
|
|
Item 6.
|
Exhibits
|
69
|
|
Signatures
|
70
|
||
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Revenues
|
|||||||||||
Revenues from services (a)
|
$
|
11,787
|
$
|
11,342
|
|||||||
Other-than-temporary impairment on investment securities:
|
|||||||||||
Total other-than-temporary impairment on investment securities
|
(289)
|
(32)
|
|||||||||
Less: portion of other-than-temporary impairment recognized in
|
|||||||||||
accumulated other comprehensive income
|
11
|
–
|
|||||||||
Net other-than-temporary impairment on investment securities
|
|||||||||||
recognized in earnings
|
(278)
|
(32)
|
|||||||||
Revenues from services (Note 9)
|
11,509
|
11,310
|
|||||||||
Sales of goods
|
26
|
30
|
|||||||||
Total revenues
|
11,535
|
11,340
|
|||||||||
Costs and expenses
|
|||||||||||
Interest
|
2,400
|
3,185
|
|||||||||
Operating and administrative
|
3,219
|
2,845
|
|||||||||
Cost of goods sold
|
21
|
25
|
|||||||||
Investment contracts, insurance losses and insurance annuity benefits
|
689
|
771
|
|||||||||
Provision for losses on financing receivables
|
1,488
|
863
|
|||||||||
Depreciation and amortization
|
1,698
|
1,652
|
|||||||||
Total costs and expenses
|
9,515
|
9,341
|
|||||||||
Earnings from continuing operations before income taxes
|
2,020
|
1,999
|
|||||||||
Benefit (provision) for income taxes
|
(82)
|
(215)
|
|||||||||
Earnings from continuing operations
|
1,938
|
1,784
|
|||||||||
Earnings (loss) from discontinued operations, net of taxes (Note 2)
|
(109)
|
(197)
|
|||||||||
Net earnings
|
1,829
|
1,587
|
|||||||||
Less: net earnings (loss) attributable to noncontrolling interests
|
11
|
12
|
|||||||||
Net earnings attributable to GECC
|
$
|
1,818
|
$
|
1,575
|
|||||||
Amounts attributable to GECC
|
|||||||||||
Earnings from continuing operations
|
$
|
1,927
|
$
|
1,772
|
|||||||
Earnings (loss) from discontinued operations, net of taxes
|
(109)
|
(197)
|
|||||||||
Net earnings attributable to GECC
|
$
|
1,818
|
$
|
1,575
|
|||||||
(a)
|
Excluding net other-than-temporary impairment on investment securities.
|
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Net earnings
|
$
|
1,829
|
$
|
1,587
|
|||||||
Less: net earnings (loss) attributable to noncontrolling interests
|
11
|
12
|
|||||||||
Net earnings attributable to GECC
|
$
|
1,818
|
$
|
1,575
|
|||||||
Other comprehensive income
|
|||||||||||
Investment securities
|
$
|
66
|
$
|
332
|
|||||||
Currency translation adjustments
|
8
|
133
|
|||||||||
Cash flow hedges
|
92
|
72
|
|||||||||
Benefit plans
|
13
|
(24)
|
|||||||||
Other comprehensive income
|
179
|
513
|
|||||||||
Less: other comprehensive income (loss) attributable to noncontrolling interests
|
(3)
|
10
|
|||||||||
Other comprehensive income attributable to GECC
|
$
|
182
|
$
|
503
|
|||||||
Comprehensive income
|
2,008
|
2,100
|
|||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests
|
8
|
22
|
|||||||||
Comprehensive income attributable to GECC
|
$
|
2,000
|
$
|
2,078
|
|||||||
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
GECC shareowners' equity balance at January 1
|
$
|
81,890
|
$
|
77,110
|
|||||||
Increases from net earnings attributable to GECC
|
1,818
|
1,575
|
|||||||||
Other comprehensive income (loss) attributable to GECC
|
182
|
504
|
|||||||||
Changes in additional paid-in capital
|
(8)
|
3
|
|||||||||
Ending balance at March 31
|
83,882
|
79,192
|
|||||||||
Noncontrolling interests
|
587
|
767
|
|||||||||
Total equity balance at March 31
|
$
|
84,469
|
$
|
79,959
|
|||||||
March 31,
|
December 31,
|
||||||||||
(In millions, except share information)
|
2013
|
2012
|
|||||||||
(Unaudited)
|
|||||||||||
Assets
|
|||||||||||
Cash and equivalents
|
$
|
67,721
|
$
|
61,942
|
|||||||
Investment securities (Note 3)
|
48,261
|
48,439
|
|||||||||
Inventories
|
80
|
79
|
|||||||||
Financing receivables – net (Notes 4 and 12)
|
258,324
|
268,951
|
|||||||||
Other receivables
|
14,400
|
13,917
|
|||||||||
Property, plant and equipment, less accumulated amortization of $26,009
|
|||||||||||
and $26,113
|
52,452
|
52,974
|
|||||||||
Goodwill (Note 5)
|
26,895
|
27,032
|
|||||||||
Other intangible assets – net (Note 5)
|
1,311
|
1,294
|
|||||||||
Other assets
|
58,047
|
62,201
|
|||||||||
Assets of businesses held for sale (Note 2)
|
171
|
211
|
|||||||||
Assets of discontinued operations (Note 2)
|
1,856
|
2,299
|
|||||||||
Total assets(a)
|
$
|
529,518
|
$
|
539,339
|
|||||||
Liabilities and equity
|
|||||||||||
Short-term borrowings (Note 6)
|
$
|
82,662
|
$
|
95,940
|
|||||||
Accounts payable
|
7,079
|
6,259
|
|||||||||
Non-recourse borrowings of consolidated securitization entities (Note 6)
|
30,488
|
30,123
|
|||||||||
Bank deposits (Note 6)
|
49,427
|
46,461
|
|||||||||
Long-term borrowings (Note 6)
|
223,001
|
224,776
|
|||||||||
Investment contracts, insurance liabilities and insurance annuity benefits
|
28,681
|
28,696
|
|||||||||
Other liabilities
|
15,878
|
15,961
|
|||||||||
Deferred income taxes
|
5,522
|
5,988
|
|||||||||
Liabilities of businesses held for sale (Note 2)
|
4
|
157
|
|||||||||
Liabilities of discontinued operations (Note 2)
|
2,307
|
2,381
|
|||||||||
Total liabilities(a)
|
445,049
|
456,742
|
|||||||||
Preferred stock, $0.01 par value (750,000 shares authorized at both March 31, 2013
|
|||||||||||
and December 31, 2012 and 40,000 shares issued and outstanding
|
–
|
–
|
|||||||||
at both March 31, 2013 and December 31, 2012, respectively)
|
|||||||||||
Common stock, $14 par value (4,166,000 shares authorized at
|
|||||||||||
both March 31, 2013 and December 31, 2012 and 1,000 shares
|
|||||||||||
issued and outstanding at both March 31, 2013 and December 31, 2012, respectively)
|
–
|
–
|
|||||||||
Accumulated other comprehensive income (loss) – net(b)
|
|||||||||||
Investment securities
|
738
|
673
|
|||||||||
Currency translation adjustments
|
(119)
|
(131)
|
|||||||||
Cash flow hedges
|
(654)
|
(746)
|
|||||||||
Benefit plans
|
(723)
|
(736)
|
|||||||||
Additional paid-in capital
|
31,578
|
31,586
|
|||||||||
Retained earnings
|
53,062
|
51,244
|
|||||||||
Total GECC shareowners' equity
|
83,882
|
81,890
|
|||||||||
Noncontrolling interests(c)(Note 8)
|
587
|
707
|
|||||||||
Total equity
|
84,469
|
82,597
|
|||||||||
Total liabilities and equity
|
$
|
529,518
|
$
|
539,339
|
|||||||
(a)
|
Our consolidated assets at March 31, 2013 include total assets of $47,033 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets include net financing receivables of $40,079 million and investment securities of $4,494 million. Our consolidated liabilities at March 31, 2013 include liabilities of certain VIEs for which the VIE creditors do not have recourse to GECC. These liabilities include non-recourse borrowings of consolidated securitization entities (CSEs) of $29,187 million. See Note 13.
|
(b)
|
The sum of accumulated other comprehensive income (loss) attributable to GECC was $(758) million and $(940) million at March 31, 2013 and December 31, 2012, respectively.
|
(c)
|
Included accumulated other comprehensive income (loss) attributable to noncontrolling interests of $(131) million and $(129) million at March 31, 2013 and December 31, 2012, respectively.
|
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Cash flows – operating activities
|
|||||||||||
Net earnings
|
$
|
1,829
|
$
|
1,587
|
|||||||
Less: net earnings (loss) attributable to noncontrolling interests
|
11
|
12
|
|||||||||
Net earnings attributable to GECC
|
1,818
|
1,575
|
|||||||||
(Earnings) loss from discontinued operations
|
109
|
197
|
|||||||||
Adjustments to reconcile net earnings attributable to GECC
|
|||||||||||
to cash provided from operating activities
|
|||||||||||
Depreciation and amortization of property, plant and equipment
|
1,698
|
1,652
|
|||||||||
Increase (decrease) in accounts payable
|
611
|
574
|
|||||||||
Provision for losses on financing receivables
|
1,488
|
863
|
|||||||||
All other operating activities
|
(2,557)
|
(180)
|
|||||||||
Cash from (used for) operating activities – continuing operations
|
3,167
|
4,681
|
|||||||||
Cash from (used for) operating activities – discontinued operations
|
(112)
|
(27)
|
|||||||||
Cash from (used for) operating activities
|
3,055
|
4,654
|
|||||||||
Cash flows – investing activities
|
|||||||||||
Additions to property, plant and equipment
|
(2,696)
|
(2,328)
|
|||||||||
Dispositions of property, plant and equipment
|
829
|
1,819
|
|||||||||
Increase in loans to customers
|
(69,805)
|
(74,327)
|
|||||||||
Principal collections from customers – loans
|
73,474
|
76,912
|
|||||||||
Investment in equipment for financing leases
|
(1,899)
|
(1,941)
|
|||||||||
Principal collections from customers – financing leases
|
3,015
|
3,454
|
|||||||||
Net change in credit card receivables
|
1,504
|
2,468
|
|||||||||
Proceeds from principal business dispositions
|
161
|
84
|
|||||||||
Net cash from (payments for) principal businesses purchased
|
6,392
|
-
|
|||||||||
All other investing activities
|
6,231
|
284
|
|||||||||
Cash from (used for) investing activities – continuing operations
|
17,206
|
6,425
|
|||||||||
Cash from (used for) investing activities – discontinued operations
|
113
|
26
|
|||||||||
Cash from (used for) investing activities
|
17,319
|
6,451
|
|||||||||
Cash flows – financing activities
|
|||||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less)
|
(9,457)
|
(1,259)
|
|||||||||
Net increase (decrease) in bank deposits
|
(3,252)
|
(2,641)
|
|||||||||
Newly issued debt (maturities longer than 90 days)
|
|||||||||||
Short-term (91 to 365 days)
|
190
|
9
|
|||||||||
Long-term (longer than one year)
|
17,240
|
16,758
|
|||||||||
Repayments and other debt reductions (maturities longer than 90 days)
|
|||||||||||
Short-term (91 to 365 days)
|
(16,541)
|
(22,551)
|
|||||||||
Long-term (longer than one year)
|
(1,642)
|
(2,477)
|
|||||||||
Non-recourse, leveraged lease
|
(269)
|
(254)
|
|||||||||
All other financing activities
|
(166)
|
(153)
|
|||||||||
Cash from (used for) financing activities – continuing operations
|
(13,897)
|
(12,568)
|
|||||||||
Cash from (used for) financing activities – discontinued operations
|
-
|
-
|
|||||||||
Cash from (used for) financing activities
|
(13,897)
|
(12,568)
|
|||||||||
Effect of currency exchange rate changes on cash and equivalents
|
(697)
|
925
|
|||||||||
Increase (decrease) in cash and equivalents
|
5,780
|
(538)
|
|||||||||
Cash and equivalents at beginning of year
|
62,044
|
76,823
|
|||||||||
Cash and equivalents at March 31
|
67,824
|
76,285
|
|||||||||
Less: cash and equivalents of discontinued operations at March 31
|
103
|
120
|
|||||||||
Cash and equivalents of continuing operations at March 31
|
$
|
67,721
|
$
|
76,165
|
|||||||
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Revenues
|
|||||||||||
CLL
|
$
|
3,507
|
$
|
4,340
|
|||||||
Consumer
|
3,891
|
3,877
|
|||||||||
Real Estate
|
1,657
|
836
|
|||||||||
Energy Financial Services
|
343
|
239
|
|||||||||
GECAS
|
1,379
|
1,331
|
|||||||||
Total segment revenues
|
10,777
|
10,623
|
|||||||||
Corporate items and eliminations
|
758
|
717
|
|||||||||
Total revenues
|
$
|
11,535
|
$
|
11,340
|
|||||||
Segment profit
|
|||||||||||
CLL
|
$
|
398
|
$
|
664
|
|||||||
Consumer
|
523
|
829
|
|||||||||
Real Estate
|
690
|
56
|
|||||||||
Energy Financial Services
|
83
|
71
|
|||||||||
GECAS
|
348
|
318
|
|||||||||
Total segment profit
|
2,042
|
1,938
|
|||||||||
Corporate items and eliminations
|
(115)
|
(166)
|
|||||||||
Earnings from continuing operations
|
|||||||||||
attributable to GECC
|
1,927
|
1,772
|
|||||||||
Earnings (loss) from discontinued operations,
|
|||||||||||
net of taxes, attributable to GECC
|
(109)
|
(197)
|
|||||||||
Total net earnings attributable to GECC
|
$
|
1,818
|
$
|
1,575
|
|||||||
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
|
|||||||||||
Assets
|
|
||||||||||
Cash and equivalents
|
$
|
10
|
$
|
74
|
|||||||
Financing receivables – net
|
117
|
47
|
|||||||||
Property, plant and equipment – net
|
|
–
|
|
|
31
|
||||||
All other
|
44
|
59
|
|||||||||
Assets of businesses held for sale
|
$
|
171
|
$
|
211
|
|||||||
|
|
||||||||||
Liabilities
|
|
|
|||||||||
Short-term borrowings
|
$
|
–
|
$
|
138
|
|||||||
All other
|
|
4
|
|
|
19
|
||||||
Liabilities of businesses held for sale
|
$
|
4
|
|
$
|
157
|
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Operations
|
|||||||||||
Total revenues (loss)
|
$
|
(13)
|
$
|
101
|
|||||||
Earnings (loss) from discontinued operations before income taxes
|
$
|
(128)
|
$
|
(66)
|
|||||||
Benefit (provision) for income taxes
|
121
|
34
|
|||||||||
Earnings (loss) from discontinued operations, net of taxes
|
$
|
(7)
|
$
|
(32)
|
|||||||
Disposal
|
|||||||||||
Gain (loss) on disposal before income taxes
|
$
|
(187)
|
$
|
(194)
|
|||||||
Benefit (provision) for income taxes
|
85
|
29
|
|||||||||
Gain (loss) on disposal, net of taxes
|
$
|
(102)
|
$
|
(165)
|
|||||||
Earnings (loss) from discontinued operations, net of taxes
|
$
|
(109)
|
$
|
(197)
|
|||||||
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Assets
|
|||||||||||
Cash and equivalents
|
$
|
103
|
$
|
102
|
|||||||
Property, plant and equipment – net
|
520
|
699
|
|||||||||
All other
|
1,233
|
1,498
|
|||||||||
Assets of discontinued operations
|
$
|
1,856
|
$
|
2,299
|
|||||||
Liabilities
|
|||||||||||
Deferred income taxes
|
$
|
374
|
$
|
374
|
|||||||
All other
|
1,933
|
2,007
|
|||||||||
Liabilities of discontinued operations
|
$
|
2,307
|
$
|
2,381
|
|||||||
Reserve at
|
Pending claims at
|
|||||||||
(In millions)
|
March 31, 2013
|
(In millions)
|
March 31, 2013
|
|||||||
|
|
|
|
|
|
|||||
Reserve, beginning of period
|
$
|
633
|
Pending claims, beginning of period
|
$
|
5,357
|
|||||
Provision
|
107
|
New claims
|
853
|
|||||||
Claim resolutions
|
|
–
|
Claim resolutions
|
|
–
|
|||||
Reserve, end of period
|
$
|
740
|
Pending claims, end of period
|
$
|
6,210
|
|||||
|
|
|
|
|
|
|
|
March 31, 2013
|
December 31, 2012
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
Gross
|
||||||||||||||||||||
Amortized
|
unrealized
|
unrealized
|
Estimated
|
Amortized
|
unrealized
|
unrealized
|
Estimated
|
||||||||||||||||
(In millions)
|
cost
|
gains
|
losses
|
fair value
|
cost
|
gains
|
losses
|
fair value
|
|||||||||||||||
Debt
|
|||||||||||||||||||||||
U.S. corporate
|
$
|
20,098
|
$
|
3,889
|
$
|
(88)
|
$
|
23,899
|
$
|
20,233
|
$
|
4,201
|
$
|
(302)
|
$
|
24,132
|
|||||||
State and municipal
|
4,207
|
553
|
(112)
|
4,648
|
4,084
|
575
|
(113)
|
4,546
|
|||||||||||||||
Residential mortgage-backed(a)
|
2,123
|
184
|
(90)
|
2,217
|
2,198
|
183
|
(119)
|
2,262
|
|||||||||||||||
Commercial mortgage-backed
|
2,941
|
263
|
(78)
|
3,126
|
2,930
|
259
|
(95)
|
3,094
|
|||||||||||||||
Asset-backed
|
5,621
|
36
|
(55)
|
5,602
|
5,784
|
31
|
(77)
|
5,738
|
|||||||||||||||
Corporate – non-U.S.
|
2,409
|
155
|
(110)
|
2,454
|
2,391
|
150
|
(126)
|
2,415
|
|||||||||||||||
Government – non-U.S.
|
1,904
|
131
|
(3)
|
2,032
|
1,617
|
149
|
(3)
|
1,763
|
|||||||||||||||
U.S. government and
|
|||||||||||||||||||||||
federal agency
|
3,404
|
86
|
–
|
3,490
|
3,462
|
103
|
–
|
3,565
|
|||||||||||||||
Retained interests
|
74
|
17
|
–
|
91
|
76
|
7
|
–
|
83
|
|||||||||||||||
Equity
|
|||||||||||||||||||||||
Available-for-sale
|
404
|
122
|
(10)
|
516
|
513
|
86
|
(3)
|
596
|
|||||||||||||||
Trading
|
186
|
–
|
–
|
186
|
245
|
–
|
–
|
245
|
|||||||||||||||
Total
|
$
|
43,371
|
$
|
5,436
|
$
|
(546)
|
$
|
48,261
|
$
|
43,533
|
$
|
5,744
|
$
|
(838)
|
$
|
48,439
|
|||||||
(a)
|
Substantially collateralized by U.S. mortgages. Of our total RMBS portfolio at March 31, 2013, $1,413 million relates to securities issued by government sponsored entities and $804 million relates 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.
|
In loss position for
|
||||||||||||
Less than 12 months
|
12 months or more
|
|||||||||||
|
Gross
|
|
Gross
|
|||||||||
Estimated
|
unrealized
|
Estimated
|
unrealized
|
|||||||||
(In millions)
|
fair value
|
losses
|
(a)
|
fair value
|
losses
|
(a)
|
||||||
March 31, 2013
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
722
|
$
|
(15)
|
$
|
414
|
$
|
(73)
|
||||
State and municipal
|
232
|
(4)
|
327
|
(108)
|
||||||||
Residential mortgage-backed
|
96
|
(1)
|
663
|
(89)
|
||||||||
Commercial mortgage-backed
|
117
|
(1)
|
921
|
(77)
|
||||||||
Asset-backed
|
11
|
(1)
|
568
|
(54)
|
||||||||
Corporate – non-U.S.
|
240
|
(4)
|
606
|
(106)
|
||||||||
Government – non-U.S.
|
554
|
(1)
|
38
|
(2)
|
||||||||
U.S. government and federal agency
|
253
|
–
|
–
|
–
|
||||||||
Retained interests
|
5
|
–
|
–
|
–
|
||||||||
Equity
|
22
|
(10)
|
–
|
–
|
||||||||
Total
|
$
|
2,252
|
$
|
(37)
|
$
|
3,537
|
$
|
(509)
|
||||
December 31, 2012
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
434
|
$
|
(7)
|
$
|
813
|
$
|
(295)
|
||||
State and municipal
|
146
|
(2)
|
326
|
(111)
|
||||||||
Residential mortgage-backed
|
98
|
(1)
|
691
|
(118)
|
||||||||
Commercial mortgage-backed
|
37
|
–
|
979
|
(95)
|
||||||||
Asset-backed
|
18
|
(1)
|
658
|
(76)
|
||||||||
Corporate – non-U.S.
|
167
|
(8)
|
602
|
(118)
|
||||||||
Government – non-U.S.
|
201
|
(1)
|
37
|
(2)
|
||||||||
U.S. government and federal agency
|
–
|
–
|
–
|
–
|
||||||||
Retained interests
|
3
|
–
|
–
|
–
|
||||||||
Equity
|
26
|
(3)
|
–
|
–
|
||||||||
Total
|
$
|
1,130
|
$
|
(23)
|
$
|
4,106
|
$
|
(815)
|
||||
(a)
|
Includes gross unrealized losses at March 31, 2013 of $(111) million related to securities that had other-than-temporary impairments previously recognized.
|
(In millions)
|
Amortized
|
Estimated
|
|||||||||
cost
|
fair value
|
||||||||||
Due
|
|||||||||||
Within one year
|
$
|
2,957
|
$
|
2,972
|
|||||||
After one year through five years
|
5,962
|
6,212
|
|||||||||
After five years through ten years
|
5,271
|
5,762
|
|||||||||
After ten years
|
17,832
|
21,577
|
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Gains
|
$
|
62
|
$
|
38
|
|||||||
Losses, including impairments
|
(278)
|
(70)
|
|||||||||
Net
|
$
|
(216)
|
$
|
(32)
|
|||||||
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Loans, net of deferred income(a)
|
$
|
232,456
|
$
|
241,465
|
|||||||
Investment in financing leases, net of deferred income
|
31,227
|
32,471
|
|||||||||
263,683
|
273,936
|
||||||||||
Less allowance for losses
|
(5,359)
|
(4,985)
|
|||||||||
Financing receivables – net(b)
|
$
|
258,324
|
$
|
268,951
|
|||||||
(a)
|
Deferred income was $1,945 million and $2,182 million at March 31, 2013 and December 31, 2012, respectively.
|
(b)
|
Financing receivables at March 31, 2013 and December 31, 2012 included $699 million and $750 million, respectively, relating to loans that had been acquired in a transfer but have been subject to credit deterioration since origination per ASC 310, Receivables.
|
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Commercial
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
72,318
|
$
|
72,517
|
|||||||
Europe
|
35,435
|
37,035
|
|||||||||
Asia
|
10,158
|
11,401
|
|||||||||
Other
|
534
|
605
|
|||||||||
Total CLL
|
118,445
|
121,558
|
|||||||||
Energy Financial Services
|
4,734
|
4,851
|
|||||||||
GECAS
|
10,557
|
10,915
|
|||||||||
Other
|
456
|
486
|
|||||||||
Total Commercial
|
134,192
|
137,810
|
|||||||||
Real Estate
|
19,733
|
20,946
|
|||||||||
Consumer
|
|||||||||||
Non-U.S. residential mortgages
|
31,689
|
33,451
|
|||||||||
Non-U.S. installment and revolving credit
|
18,050
|
18,546
|
|||||||||
U.S. installment and revolving credit
|
48,523
|
50,853
|
|||||||||
Non-U.S. auto
|
3,937
|
4,260
|
|||||||||
Other
|
7,559
|
8,070
|
|||||||||
Total Consumer
|
109,758
|
115,180
|
|||||||||
Total financing receivables
|
263,683
|
273,936
|
|||||||||
Less allowance for losses
|
(5,359)
|
(4,985)
|
|||||||||
Total financing receivables – net
|
$
|
258,324
|
$
|
268,951
|
|||||||
Balance at
|
Provision
|
Balance at
|
|||||||||||||||
January 1,
|
charged to
|
Gross
|
March 31,
|
||||||||||||||
(In millions)
|
2013
|
operations
|
Other
|
(a)
|
write-offs
|
(b)
|
Recoveries
|
(b)
|
2013
|
||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
490
|
$
|
74
|
$
|
(1)
|
$
|
(103)
|
$
|
30
|
$
|
490
|
|||||
Europe
|
445
|
83
|
(5)
|
(132)
|
20
|
411
|
|||||||||||
Asia
|
80
|
11
|
(5)
|
(18)
|
4
|
72
|
|||||||||||
Other
|
6
|
(3)
|
–
|
–
|
–
|
3
|
|||||||||||
Total CLL
|
1,021
|
165
|
(11)
|
(253)
|
54
|
976
|
|||||||||||
Energy Financial Services
|
9
|
(1)
|
–
|
–
|
–
|
8
|
|||||||||||
GECAS
|
8
|
(1)
|
–
|
–
|
–
|
7
|
|||||||||||
Other
|
3
|
–
|
–
|
(1)
|
–
|
2
|
|||||||||||
Total Commercial
|
1,041
|
163
|
(11)
|
(254)
|
54
|
993
|
|||||||||||
Real Estate
|
320
|
(20)
|
(6)
|
(29)
|
–
|
265
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S. residential
|
|||||||||||||||||
mortgages
|
480
|
56
|
(16)
|
(55)
|
12
|
477
|
|||||||||||
Non-U.S. installment
|
|||||||||||||||||
and revolving credit
|
623
|
211
|
(15)
|
(252)
|
145
|
712
|
|||||||||||
U.S. installment and
|
|||||||||||||||||
revolving credit
|
2,282
|
1,014
|
(50)
|
(744)
|
163
|
2,665
|
|||||||||||
Non-U.S. auto
|
67
|
17
|
(5)
|
(30)
|
17
|
66
|
|||||||||||
Other
|
172
|
47
|
7
|
(52)
|
7
|
181
|
|||||||||||
Total Consumer
|
3,624
|
1,345
|
(79)
|
(1,133)
|
344
|
4,101
|
|||||||||||
Total
|
$
|
4,985
|
$
|
1,488
|
$
|
(96)
|
$
|
(1,416)
|
$
|
398
|
$
|
5,359
|
|||||
(a)
|
Other primarily included the effects of currency exchange.
|
(b)
|
Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables.
|
Balance at
|
Provision
|
Balance at
|
|||||||||||||||
January 1,
|
charged to
|
Gross
|
March 31,
|
||||||||||||||
(In millions)
|
2012
|
operations
|
Other
|
(a)
|
write-offs
|
(b)
|
Recoveries
|
(b)
|
2012
|
||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
889
|
$
|
66
|
$
|
(20)
|
$
|
(156)
|
$
|
23
|
$
|
802
|
|||||
Europe
|
400
|
83
|
1
|
(45)
|
19
|
458
|
|||||||||||
Asia
|
157
|
11
|
(5)
|
(56)
|
5
|
112
|
|||||||||||
Other
|
4
|
–
|
–
|
(2)
|
–
|
2
|
|||||||||||
Total CLL
|
1,450
|
160
|
(24)
|
(259)
|
47
|
1,374
|
|||||||||||
Energy Financial Services
|
26
|
(1)
|
–
|
–
|
–
|
25
|
|||||||||||
GECAS
|
17
|
(3)
|
–
|
–
|
–
|
14
|
|||||||||||
Other
|
37
|
2
|
(19)
|
–
|
–
|
20
|
|||||||||||
Total Commercial
|
1,530
|
158
|
(43)
|
(259)
|
47
|
1,433
|
|||||||||||
Real Estate
|
1,089
|
38
|
(12)
|
(188)
|
2
|
929
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S. residential
|
|||||||||||||||||
mortgages
|
546
|
29
|
8
|
(103)
|
18
|
498
|
|||||||||||
Non-U.S. installment
|
|||||||||||||||||
and revolving credit
|
717
|
124
|
28
|
(273)
|
130
|
726
|
|||||||||||
U.S. installment and
|
|||||||||||||||||
revolving credit
|
2,008
|
478
|
–
|
(772)
|
131
|
1,845
|
|||||||||||
Non-U.S. auto
|
101
|
10
|
(6)
|
(41)
|
24
|
88
|
|||||||||||
Other
|
199
|
26
|
16
|
(66)
|
20
|
195
|
|||||||||||
Total Consumer
|
3,571
|
667
|
46
|
(1,255)
|
323
|
3,352
|
|||||||||||
Total
|
$
|
6,190
|
$
|
863
|
$
|
(9)
|
$
|
(1,702)
|
$
|
372
|
$
|
5,714
|
|||||
(a)
|
Other primarily included transfers to held for sale and the effects of currency exchange.
|
(b)
|
Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables.
|
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Goodwill
|
$
|
26,895
|
$
|
27,032
|
|||||||
Other intangible assets - net
|
|||||||||||
Intangible assets subject to amortization
|
$
|
1,311
|
$
|
1,294
|
|||||||
Dispositions,
|
|||||||||||
Balance at
|
currency
|
Balance at
|
|||||||||
January 1,
|
exchange
|
March 31,
|
|||||||||
(In millions)
|
2013
|
Acquisitions
|
and other
|
2013
|
|||||||
CLL
|
$
|
13,454
|
|
$
|
–
|
|
$
|
72
|
$
|
13,526
|
|
Consumer
|
10,943
|
|
21
|
(98)
|
10,866
|
||||||
Real Estate
|
926
|
–
|
(131)
|
795
|
|||||||
Energy Financial Services
|
1,562
|
–
|
–
|
1,562
|
|||||||
GECAS
|
147
|
–
|
(1)
|
146
|
|||||||
Total
|
$
|
27,032
|
$
|
21
|
$
|
(158)
|
$
|
26,895
|
|||
March 31, 2013
|
December 31, 2012
|
||||||||||||||||
Gross
|
Gross
|
||||||||||||||||
carrying
|
Accumulated
|
carrying
|
Accumulated
|
||||||||||||||
(In millions)
|
amount
|
amortization
|
Net
|
amount
|
amortization
|
Net
|
|||||||||||
Customer-related
|
$
|
1,207
|
$
|
(802)
|
$
|
405
|
$
|
1,227
|
$
|
(808)
|
$
|
419
|
|||||
Patents, licenses and
|
|||||||||||||||||
trademarks
|
190
|
(160)
|
30
|
191
|
(160)
|
31
|
|||||||||||
Capitalized software
|
2,200
|
(1,705)
|
495
|
2,126
|
(1,681)
|
445
|
|||||||||||
Lease valuations
|
1,027
|
(690)
|
337
|
1,163
|
(792)
|
371
|
|||||||||||
Present value of
|
|||||||||||||||||
future profits (a)
|
539
|
(539)
|
–
|
530
|
(530)
|
–
|
|||||||||||
All other
|
298
|
(254)
|
44
|
283
|
(255)
|
28
|
|||||||||||
Total
|
$
|
5,461
|
$
|
(4,150)
|
$
|
1,311
|
$
|
5,520
|
$
|
(4,226)
|
$
|
1,294
|
|||||
(a)
|
Balances at March 31, 2013 and December 31, 2012 reflect adjustments of $344 million and $353 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized in accordance with ASC 320-10-S99-2.
|
(In millions)
|
March 31,
|
December 31,
|
|||||||||
2013
|
2012
|
||||||||||
Short-term borrowings
|
|||||||||||
Commercial paper
|
|||||||||||
U.S.
|
$
|
30,727
|
$
|
33,686
|
|||||||
Non-U.S.
|
8,323
|
9,370
|
|||||||||
Current portion of long-term borrowings(a)(b)
|
34,715
|
44,264
|
|||||||||
GE Interest Plus notes(c)
|
8,580
|
8,189
|
|||||||||
Other(b)
|
317
|
431
|
|||||||||
Total short-term borrowings
|
$
|
82,662
|
$
|
95,940
|
|||||||
Long-term borrowings
|
|||||||||||
Senior unsecured notes(a)
|
$
|
197,946
|
$
|
199,646
|
|||||||
Subordinated notes(d)
|
4,839
|
4,965
|
|||||||||
Subordinated debentures(e)(f)
|
7,183
|
7,286
|
|||||||||
Other(b)
|
13,033
|
12,879
|
|||||||||
Total long-term borrowings
|
$
|
223,001
|
$
|
224,776
|
|||||||
Non-recourse borrowings of consolidated securitization entities(g)
|
$
|
30,488
|
$
|
30,123
|
|||||||
Bank deposits(h)
|
$
|
49,427
|
$
|
46,461
|
|||||||
Total borrowings and bank deposits
|
$
|
385,578
|
$
|
397,300
|
|||||||
(a)
|
Included in total long-term borrowings were $591 million and $604 million of obligations to holders of GICs at March 31, 2013 and December 31, 2012, respectively. These obligations included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3. The remaining outstanding GICs will continue to be subject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC’s ratings, among other things.
|
(b)
|
Included $9,401 million and $9,757 million of funding secured by real estate, aircraft and other collateral at March 31, 2013 and December 31, 2012, respectively, of which $3,451 million and $3,294 million is non-recourse to GECC at March 31, 2013 and December 31, 2012, respectively.
|
(c)
|
Entirely variable denomination floating-rate demand notes.
|
(d)
|
Included $300 million of subordinated notes guaranteed by GE at both March 31, 2013 and December 31, 2012.
|
(e)
|
Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.
|
(f)
|
Includes $2,868 million of subordinated debentures, which constitute the sole assets of wholly-owned trusts who have issued trust preferred securities. Obligations associated with these trusts are unconditionally guaranteed by GECC.
|
(g)
|
Included at March 31, 2013 and December 31, 2012, were $9,091 million and $7,707 million of current portion of long-term borrowings, respectively, and $21,397 million and $22,416 million of long-term borrowings, respectively. See Note 13.
|
(h)
|
Included $16,316 million and $16,157 million of deposits in non-U.S. banks at March 31, 2013 and December 31, 2012, respectively, and $17,293 million and $17,291 million of certificates of deposits with maturities greater than one year at March 31, 2013 and December 31, 2012, respectively.
|
March 31,
|
December 31,
|
||||
(In millions)
|
2013
|
2012
|
|||
Unrecognized tax benefits
|
$
|
3,057
|
$
|
3,106
|
|
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
2,233
|
2,253
|
|||
Accrued interest on unrecognized tax benefits
|
570
|
559
|
|||
Accrued penalties on unrecognized tax benefits
|
96
|
101
|
|||
Reasonably possible reduction to the balance of unrecognized
|
|||||
tax benefits in succeeding 12 months
|
0-500
|
0-400
|
|||
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
0-450
|
0-350
|
|||
(a)
|
Some portion of such reduction may be reported as discontinued operations.
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
Three months ended March 31,
|
||||||||
(In millions)
|
2013
|
2012
|
||||||
|
||||||||
Investment securities
|
||||||||
Balance at January 1
|
$
|
673
|
$
|
(33)
|
||||
Other comprehensive income (OCI) before reclassifications – net of
|
||||||||
deferred taxes of $(34) and $176
|
(56)
|
306
|
||||||
Reclassifications from OCI – net of deferred taxes of $94 and $6
|
122
|
26
|
||||||
Other comprehensive income(a)
|
66
|
332
|
||||||
Less: OCI attributable to noncontrolling interests
|
1
|
1
|
||||||
Balance at March 31
|
$
|
738
|
$
|
298
|
||||
Currency translation adjustments (CTA)
|
||||||||
Balance at January 1
|
$
|
(131)
|
$
|
(399)
|
||||
OCI before reclassifications – net of deferred taxes of $(191) and $(45)
|
(9)
|
137
|
||||||
Reclassifications from OCI – net of deferred taxes of $(33) and $(5)
|
17
|
(3)
|
||||||
Other comprehensive income(a)
|
8
|
134
|
||||||
Less: OCI attributable to noncontrolling interests
|
(4)
|
9
|
||||||
Balance at March 31
|
$
|
(119)
|
$
|
(274)
|
||||
Cash flow hedges
|
||||||||
Balance at January 1
|
$
|
(746)
|
$
|
(1,101)
|
||||
OCI before reclassifications – net of deferred taxes of $56 and $27
|
(97)
|
514
|
||||||
Reclassifications from OCI – net of deferred taxes of $(42) and $(35)
|
189
|
(442)
|
||||||
Other comprehensive income(a)
|
92
|
72
|
||||||
Less: OCI attributable to noncontrolling interests
|
–
|
–
|
||||||
Balance at March 31
|
$
|
(654)
|
$
|
(1,029)
|
||||
Benefit plans
|
||||||||
Balance at January 1
|
$
|
(736)
|
$
|
(563)
|
||||
Net actuarial gain (loss) – net of deferred taxes of $18 and $(13)
|
2
|
(31)
|
||||||
Net actuarial gain (loss) amortization – net of deferred taxes of $3 and $3
|
11
|
7
|
||||||
Other comprehensive income(a)
|
13
|
(24)
|
||||||
Less: OCI attributable to noncontrolling interests
|
–
|
–
|
||||||
Balance at March 31
|
$
|
(723)
|
$
|
(587)
|
||||
Accumulated other comprehensive income (loss) at March 31
|
$
|
(758)
|
$
|
(1,592)
|
||||
(a)
|
Total other comprehensive income was $179 million and $514 million for the three months ended March 31, 2013 and 2012, respectively.
|
Components of AOCI
|
Three months ended March 31,
|
Statement of Earnings Caption
|
||||||
2013
|
2012
|
|||||||
Available-for-sale securities
|
||||||||
Realized gains (losses) on sale/impairment of securities
|
$
|
(216)
|
$
|
(32)
|
GECC revenues from services
|
|||
94
|
6
|
Tax (expense) or benefit
|
||||||
$
|
(122)
|
$
|
(26)
|
Net of tax
|
||||
Currency translation adjustments
|
$
|
16
|
$
|
8
|
Costs and expenses
|
|||
Gains (losses) on dispositions
|
(33)
|
(5)
|
Tax (expense) or benefit
|
|||||
$
|
(17)
|
$
|
3
|
Net of tax
|
||||
Cash flow hedges
|
||||||||
Gains (losses) on interest rate derivatives
|
$
|
(102)
|
$
|
(140)
|
Interest
|
|||
Foreign exchange contracts
|
(45)
|
617
|
(a)
|
|||||
(147)
|
477
|
Total before tax
|
||||||
(42)
|
(35)
|
Tax (expense) or benefit
|
||||||
$
|
(189)
|
$
|
442
|
Net of tax
|
||||
Benefit plan items
|
||||||||
Amortization of actuarial gains (losses)
|
$
|
(14)
|
$
|
(10)
|
Total before tax(b)
|
|||
3
|
3
|
Tax (expense) or benefit
|
||||||
$
|
(11)
|
$
|
(7)
|
Net of tax
|
||||
Total reclassification adjustments
|
$
|
(339)
|
$
|
412
|
Net of tax
|
|||
(a)
|
Includes $(33) million and $648 million in revenue from services and $(12) million and $(31) million in interest for the three months ended March 31, 2013 and 2012, respectively.
|
(b)
|
Amortization of actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs.
|
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Beginning balance
|
$
|
707
|
$
|
690
|
|||||||
Net earnings
|
11
|
12
|
|||||||||
Dividends
|
(16)
|
(4)
|
|||||||||
Dispositions
|
(104)
|
–
|
|||||||||
AOCI and other
|
(11)
|
69
|
|||||||||
Ending balance
|
$
|
587
|
$
|
767
|
|||||||
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Interest on loans
|
$
|
4,546
|
$
|
4,858
|
|||||||
Equipment leased to others
|
2,529
|
2,643
|
|||||||||
Fees
|
1,135
|
1,160
|
|||||||||
Investment income
|
414
|
667
|
|||||||||
Financing leases
|
436
|
534
|
|||||||||
Associated companies(a)
|
173
|
270
|
|||||||||
Premiums earned by insurance activities
|
395
|
445
|
|||||||||
Real estate investments(b)
|
1,300
|
356
|
|||||||||
Other items
|
581
|
377
|
|||||||||
Total
|
$
|
11,509
|
$
|
11,310
|
|||||||
(a)
|
Aggregate summarized financial information for significant associated companies assuming a 100% ownership interest included total assets at March 31, 2013 and December 31, 2012 of $111,597 million and $110,695 million, respectively. Assets were primarily financing receivables of $67,619 million and $66,878 million at March 31, 2013 and December 31, 2012, respectively. Total liabilities were $82,377 million and $81,784 million, consisted primarily of bank deposits of $28,458 million and $26,386 million at March 31, 2013 and December 31, 2012, respectively, and debt of $41,491 million and $42,664 million at March 31, 2013 and December 31, 2012, respectively. Revenues for the three months ended March 31, 2013 and 2012 totaled $4,010 million and $4,490 million, respectively, and net earnings for the three months ended March 31, 2013 and 2012 totaled $565 million and $529 million, respectively.
|
(b)
|
During the three months ended March 31, 2013, we sold real estate comprising certain floors located at 30 Rockefeller Center, New York for a pre-tax gain of $902 million.
|
(In millions)
|
Netting
|
|||||||||||||
Level 1
|
(a)
|
Level 2
|
(a)
|
Level 3
|
adjustment
|
(b)
|
Net balance
|
|||||||
March 31, 2013
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
20,357
|
$
|
3,542
|
$
|
–
|
$
|
23,899
|
||||
State and municipal
|
–
|
4,558
|
90
|
–
|
4,648
|
|||||||||
Residential mortgage-backed
|
–
|
2,121
|
96
|
–
|
2,217
|
|||||||||
Commercial mortgage-backed
|
–
|
3,120
|
6
|
–
|
3,126
|
|||||||||
Asset-backed(c)
|
–
|
686
|
4,916
|
–
|
5,602
|
|||||||||
Corporate - non-U.S.
|
69
|
1,049
|
1,336
|
–
|
2,454
|
|||||||||
Government - non-U.S.
|
1,088
|
903
|
41
|
–
|
2,032
|
|||||||||
U.S. government and federal agency
|
–
|
3,226
|
264
|
–
|
3,490
|
|||||||||
Retained interests
|
–
|
–
|
91
|
–
|
91
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
488
|
17
|
11
|
–
|
516
|
|||||||||
Trading
|
184
|
2
|
–
|
–
|
186
|
|||||||||
Derivatives(d)
|
–
|
10,157
|
183
|
(6,354)
|
3,986
|
|||||||||
Other(e)
|
–
|
–
|
409
|
–
|
409
|
|||||||||
Total
|
$
|
1,829
|
$
|
46,196
|
$
|
10,985
|
$
|
(6,354)
|
$
|
52,656
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
3,070
|
$
|
17
|
$
|
(2,820)
|
$
|
267
|
||||
Other
|
–
|
22
|
–
|
–
|
22
|
|||||||||
Total
|
$
|
–
|
$
|
3,092
|
$
|
17
|
$
|
(2,820)
|
$
|
289
|
||||
December 31, 2012
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
20,580
|
$
|
3,552
|
$
|
–
|
$
|
24,132
|
||||
State and municipal
|
–
|
4,469
|
77
|
–
|
4,546
|
|||||||||
Residential mortgage-backed
|
–
|
2,162
|
100
|
–
|
2,262
|
|||||||||
Commercial mortgage-backed
|
–
|
3,088
|
6
|
–
|
3,094
|
|||||||||
Asset-backed(c)
|
–
|
715
|
5,023
|
–
|
5,738
|
|||||||||
Corporate - non-U.S.
|
71
|
1,132
|
1,212
|
–
|
2,415
|
|||||||||
Government - non-U.S.
|
702
|
1,019
|
42
|
–
|
1,763
|
|||||||||
U.S. government and federal agency
|
–
|
3,288
|
277
|
–
|
3,565
|
|||||||||
Retained interests
|
–
|
–
|
83
|
–
|
83
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
569
|
14
|
13
|
–
|
596
|
|||||||||
Trading
|
245
|
–
|
–
|
–
|
245
|
|||||||||
Derivatives(d)
|
–
|
10,934
|
280
|
(7,657)
|
3,557
|
|||||||||
Other(e)
|
–
|
–
|
432
|
–
|
432
|
|||||||||
Total
|
$
|
1,587
|
$
|
47,401
|
$
|
11,097
|
$
|
(7,657)
|
$
|
52,428
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
3,040
|
$
|
20
|
$
|
(2,908)
|
$
|
152
|
||||
Other
|
–
|
23
|
–
|
–
|
23
|
|||||||||
Total
|
$
|
–
|
$
|
3,063
|
$
|
20
|
$
|
(2,908)
|
$
|
175
|
||||
(a)
|
The fair value of securities transferred between Level 1 and Level 2 was $2 million in the three months ended March 31, 2013.
|
(b)
|
The netting of derivative receivables and payables (including the effects of any collateral posted or received) is permitted when a legally enforceable master netting agreement exists.
|
(c)
|
Includes investments in our CLL business in asset-backed securities collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries.
|
(d)
|
The fair value of derivatives included an adjustment for non-performance risk. The cumulative adjustment was a gain (loss) of $(18) million and $(15) million at March 31, 2013 and December 31, 2012, respectively. See Note 11 for additional information on the composition of our derivative portfolio.
|
(e)
|
Included private equity investments and loans designated under the fair value option.
|
Net
|
|||||||||||||||||||||||||||||||
(In millions)
|
change in
|
||||||||||||||||||||||||||||||
Net realized/
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
unrealized
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
gains (losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
gains
|
accumulated
|
instruments
|
|||||||||||||||||||||||||||||
Balance at
|
(losses)
|
other
|
Transfers
|
Transfers
|
Balance at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included in
|
comprehensive
|
into
|
out of
|
March 31,
|
March 31,
|
|||||||||||||||||||||||||
2013
|
earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2013
|
2013
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,552
|
$
|
(258)
|
$
|
218
|
$
|
61
|
$
|
(6)
|
$
|
(45)
|
$
|
93
|
$
|
(73)
|
$
|
3,542
|
$
|
–
|
|||||||||||
State and municipal
|
77
|
–
|
–
|
4
|
–
|
(1)
|
10
|
–
|
90
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
100
|
–
|
(3)
|
–
|
–
|
(1)
|
–
|
–
|
96
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
6
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
6
|
–
|
|||||||||||||||||||||
Asset-backed
|
5,023
|
1
|
(2)
|
144
|
–
|
(262)
|
12
|
–
|
4,916
|
–
|
|||||||||||||||||||||
Corporate – non-U.S.
|
1,212
|
8
|
13
|
126
|
(3)
|
(35)
|
15
|
–
|
1,336
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
42
|
–
|
(1)
|
–
|
–
|
–
|
–
|
–
|
41
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
277
|
–
|
(13)
|
–
|
–
|
–
|
–
|
–
|
264
|
–
|
|||||||||||||||||||||
Retained interests
|
83
|
3
|
10
|
–
|
–
|
(5)
|
–
|
–
|
91
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
13
|
–
|
–
|
–
|
–
|
–
|
–
|
(2)
|
11
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
262
|
(38)
|
–
|
(1)
|
–
|
(53)
|
–
|
–
|
170
|
(7)
|
|||||||||||||||||||||
Other
|
432
|
(2)
|
–
|
33
|
(54)
|
–
|
–
|
–
|
409
|
(1)
|
|||||||||||||||||||||
Total
|
$
|
11,079
|
$
|
(286)
|
$
|
222
|
$
|
367
|
$
|
(63)
|
$
|
(402)
|
$
|
130
|
$
|
(75)
|
$
|
10,972
|
$
|
(8)
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “Revenues from services” and “Interest” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $4 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 11.
|
Net
|
|||||||||||||||||||||||||||||||
(In millions)
|
change in
|
||||||||||||||||||||||||||||||
Net realized/
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
unrealized
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
gains (losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
gains
|
accumulated
|
instruments
|
|||||||||||||||||||||||||||||
Balance at
|
(losses)
|
other
|
Transfers
|
Transfers
|
Balance at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included in
|
comprehensive
|
into
|
out of
|
March 31,
|
March 31,
|
|||||||||||||||||||||||||
2012
|
earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2012
|
2012
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,235
|
$
|
26
|
$
|
37
|
$
|
13
|
$
|
(31)
|
$
|
(16)
|
$
|
–
|
$
|
(13)
|
$
|
3,251
|
$
|
–
|
|||||||||||
State and municipal
|
77
|
–
|
2
|
–
|
–
|
–
|
–
|
–
|
79
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
41
|
(3)
|
3
|
–
|
–
|
(1)
|
68
|
(1)
|
107
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
4
|
–
|
–
|
–
|
–
|
–
|
–
|
(3)
|
1
|
–
|
|||||||||||||||||||||
Asset-backed
|
4,040
|
(4)
|
42
|
341
|
(31)
|
–
|
16
|
–
|
4,404
|
–
|
|||||||||||||||||||||
Corporate – non-U.S.
|
1,204
|
(9)
|
60
|
10
|
–
|
(26)
|
14
|
(4)
|
1,249
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
84
|
(34)
|
35
|
52
|
(71)
|
(14)
|
–
|
–
|
52
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
253
|
–
|
7
|
–
|
–
|
–
|
–
|
–
|
260
|
–
|
|||||||||||||||||||||
Retained interests
|
35
|
–
|
(4)
|
5
|
(1)
|
(1)
|
–
|
–
|
34
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
17
|
–
|
(1)
|
–
|
–
|
(1)
|
–
|
–
|
15
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
141
|
(25)
|
1
|
–
|
–
|
–
|
–
|
–
|
117
|
(26)
|
|||||||||||||||||||||
Other
|
388
|
2
|
–
|
–
|
–
|
–
|
–
|
–
|
390
|
2
|
|||||||||||||||||||||
Total
|
$
|
9,519
|
$
|
(47)
|
$
|
182
|
$
|
421
|
$
|
(134)
|
$
|
(59)
|
$
|
98
|
$
|
(21)
|
$
|
9,959
|
$
|
(24)
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “Revenues from services” and “Interest” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $4 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 11.
|
Remeasured during
|
Remeasured during
|
|||||||||||
the three months ended
|
the year ended
|
|||||||||||
March 31, 2013
|
December 31, 2012
|
|||||||||||
(In millions)
|
Level 2
|
Level 3
|
Level 2
|
Level 3
|
||||||||
Financing receivables and loans held for sale
|
$
|
116
|
$
|
2,281
|
$
|
366
|
$
|
4,094
|
||||
Cost and equity method investments(a)
|
–
|
203
|
8
|
313
|
||||||||
Long-lived assets, including real estate
|
312
|
2,050
|
702
|
2,182
|
||||||||
Total
|
$
|
428
|
$
|
4,534
|
$
|
1,076
|
$
|
6,589
|
||||
(a)
|
Includes the fair value of private equity and real estate funds included in Level 3 of $20 million and $84 million at March 31, 2013 and December 31, 2012, respectively.
|
Three months ended March 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Financing receivables and loans held for sale
|
$
|
(128)
|
$
|
(126)
|
|||||||
Cost and equity method investments(a)
|
(72)
|
(21)
|
|||||||||
Long-lived assets, including real estate(b)
|
(359)
|
(151)
|
|||||||||
Total
|
$
|
(559)
|
$
|
(298)
|
|||||||
(a)
|
Includes fair value adjustments associated with private equity and real estate funds of $(3) million in both the three months ended March 31, 2013 and 2012.
|
(b)
|
Includes impairments related to real estate equity properties and investments recorded in operating and administrative expenses of $223 million and $50 million in the three months ended March 31, 2013 and 2012, respectively.
|
Range
|
|||||||||
Fair value at
|
Valuation
|
Unobservable
|
(weighted
|
||||||
(Dollars in millions)
|
March 31, 2013
|
technique
|
inputs
|
average)
|
|||||
Recurring fair value measurements
|
|||||||||
Investment securities
|
|||||||||
Debt
|
|||||||||
U.S. corporate
|
$
|
1,585
|
Income approach
|
Discount rate
|
(a)
|
1.8%-38.0% (11.3%)
|
|||
Asset-backed
|
4,869
|
Income approach
|
Discount rate
|
(a)
|
1.7%-13.1% (3.6%)
|
||||
Corporate-non-U.S.
|
1,016
|
Income approach
|
Discount rate
|
(a)
|
2.3%-23.9% (11.8%)
|
||||
Other financial assets
|
358
|
Income approach
|
Weighted average
|
8.1%-9.4% (8.8%)
|
|||||
cost of capital
|
|||||||||
Non-recurring fair value measurements
|
|||||||||
Financing receivables and loans held for sale
|
$
|
1,513
|
Income approach
|
Capitalization rate
|
(b)
|
5.4%-13.7% (8.0%)
|
|||
106
|
Business enterprise
|
EBITDA multiple
|
4.3X-7.0X (5.7X)
|
||||||
value
|
|||||||||
Cost and equity method investments
|
38
|
Income approach
|
Capitalization rate
|
(b)
|
7.7%-10.6% (10.3%)
|
||||
Long-lived assets, including real estate
|
1,078
|
Income approach
|
Capitalization rate
|
(b)
|
7.7%-14.5% (7.8%)
|
||||
Range
|
|||||||||
Fair value at
|
Valuation
|
Unobservable
|
(weighted
|
||||||
December 31, 2012
|
technique
|
inputs
|
average)
|
||||||
Recurring fair value measurements
|
|||||||||
Investment securities
|
|||||||||
Debt
|
|||||||||
U.S. corporate
|
$
|
1,652
|
Income approach
|
Discount rate
|
(a)
|
1.3%-29.9% (11.1%)
|
|||
Asset-backed
|
4,977
|
Income approach
|
Discount rate
|
(a)
|
2.1%-13.1% (3.8%)
|
||||
Corporate non-U.S.
|
865
|
Income approach
|
Discount rate
|
(a)
|
1.5%-25.0% (13.2%)
|
||||
Other financial assets
|
360
|
Income approach
|
Weighted average
|
8.7%-10.2% (8.7%)
|
|||||
cost of capital
|
|||||||||
Non-recurring fair value measurements
|
|||||||||
Financing receivables and loans held for sale
|
$
|
2,633
|
Income approach
|
Capitalization rate
|
(b)
|
3.8%-14.0% (8.0%)
|
|||
202
|
Business enterprise
|
EBITDA multiple
|
2.0X-6.0X (4.8X)
|
||||||
value
|
|||||||||
Cost and equity method investments
|
72
|
Income approach
|
Capitalization rate
|
(b)
|
9.2%-12.8% (12.0%)
|
||||
Long-lived assets, including real estate
|
985
|
Income approach
|
Capitalization rate
|
(b)
|
4.8%-14.6% (7.3%)
|
||||
(a)
|
Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value.
|
(b)
|
Represents the rate of return on net operating income which is considered acceptable for an investor and is used to determine a property’s capitalized value. An increase in the capitalization rate would result in a decrease in the fair value.
|
March 31, 2013
|
December 31, 2012
|
||||||||||||||||
Assets (liabilities)
|
Assets (liabilities)
|
||||||||||||||||
Notional
|
Carrying
|
Estimated
|
Notional
|
Carrying
|
Estimated
|
||||||||||||
(In millions)
|
amount
|
amount (net)
|
fair value
|
amount
|
amount (net)
|
fair value
|
|||||||||||
Assets
|
|||||||||||||||||
Loans
|
$
|
(a)
|
$
|
227,297
|
$
|
230,609
|
$
|
(a)
|
|
$
|
236,678
|
$
|
239,084
|
||||
Other commercial mortgages
|
(a)
|
1,663
|
1,678
|
(a)
|
|
|
2,222
|
2,249
|
|||||||||
Loans held for sale
|
(a)
|
1,147
|
1,153
|
(a)
|
1,180
|
1,181
|
|||||||||||
Other financial instruments(c)
|
(a)
|
1,852
|
2,343
|
(a)
|
1,858
|
2,276
|
|||||||||||
Liabilities
|
|
|
|||||||||||||||
Borrowings and bank
|
|||||||||||||||||
deposits(b)(d)
|
(a)
|
(385,578)
|
(401,481)
|
(a)
|
(397,300)
|
(414,533)
|
|||||||||||
Investment contract benefits
|
(a)
|
(3,277)
|
(4,030)
|
(a)
|
|
|
(3,321)
|
(4,150)
|
|||||||||
Guaranteed investment contracts
|
(a)
|
(1,580)
|
(1,596)
|
(a)
|
(1,644)
|
(1,674)
|
|||||||||||
Insurance - credit life(e)
|
2,284
|
(120)
|
(103)
|
2,277
|
(120)
|
(104)
|
|||||||||||
(a)
|
These financial instruments do not have notional amounts.
|
(b)
|
See Note 6.
|
(c)
|
Principally cost method investments.
|
(d)
|
Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at March 31, 2013 and December 31, 2012 would have been reduced by $6,173 million and $7,937 million, respectively.
|
(e)
|
Net of reinsurance of $1,250 million and $2,000 million at March 31, 2013 and December 31, 2012, respectively.
|
Notional amount at
|
|||||||||||
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Ordinary course of business lending commitments(a)
|
$
|
3,329
|
$
|
3,708
|
|||||||
Unused revolving credit lines(b)
|
|||||||||||
Commercial(c)
|
15,818
|
17,929
|
|||||||||
Consumer - principally credit cards
|
272,476
|
271,387
|
|||||||||
(a)
|
Excluded investment commitments of $1,440 million and $1,276 million as of March 31, 2013 and December 31, 2012, respectively.
|
(b)
|
Excluded inventory financing arrangements, which may be withdrawn at our option, of $12,066 million and $12,813 million as of March 31, 2013 and December 31, 2012, respectively.
|
(c)
|
Included commitments of $10,970 million and $12,923 million as of March 31, 2013 and December 31, 2012, respectively, associated with secured financing arrangements that could have increased to a maximum of $14,503 million and $15,731 million at March 31, 2013 and December 31, 2012, respectively, based on asset volume under the arrangement.
|
March 31, 2013
|
December 31, 2012
|
||||||||||
Fair value
|
Fair value
|
||||||||||
(In millions)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||
Derivatives accounted for as hedges
|
|||||||||||
Interest rate contracts
|
$
|
7,055
|
$
|
691
|
$
|
8,443
|
$
|
719
|
|||
Currency exchange contracts
|
1,819
|
885
|
827
|
1,762
|
|||||||
Other contracts
|
-
|
-
|
-
|
-
|
|||||||
8,874
|
1,576
|
9,270
|
2,481
|
||||||||
Derivatives not accounted for as hedges
|
|||||||||||
Interest rate contracts
|
386
|
180
|
452
|
195
|
|||||||
Currency exchange contracts
|
1,037
|
1,306
|
1,457
|
358
|
|||||||
Other contracts
|
43
|
25
|
35
|
26
|
|||||||
1,466
|
1,511
|
1,944
|
579
|
||||||||
Gross derivatives recognized in statement of
|
|||||||||||
financial position
|
|||||||||||
Gross derivatives
|
10,340
|
3,087
|
11,214
|
3,060
|
|||||||
Gross accrued interest
|
1,258
|
16
|
1,683
|
14
|
|||||||
11,598
|
3,103
|
12,897
|
3,074
|
||||||||
Amounts offset in statement of financial position
|
|||||||||||
Netting adjustments(a)
|
(2,626)
|
(2,608)
|
(2,532)
|
(2,517)
|
|||||||
Cash collateral(b)
|
(3,728)
|
(212)
|
(5,125)
|
(391)
|
|||||||
(6,354)
|
(2,820)
|
(7,657)
|
(2,908)
|
||||||||
Net derivatives recognized in statement of
|
|||||||||||
financial position
|
|||||||||||
Net derivatives
|
5,244
|
283
|
5,240
|
166
|
|||||||
Amounts not offset in statement of
|
|||||||||||
financial position
|
|||||||||||
Securities held as collateral(c)
|
(4,371)
|
-
|
(5,060)
|
-
|
|||||||
Net amount
|
$
|
873
|
$
|
283
|
$
|
180
|
$
|
166
|
|||
(a)
|
The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts included fair value adjustments related to our own and counterparty non-performance risk. At March 31, 2013 and December 31, 2012, the cumulative adjustment for non-performance risk was a gain (loss) of $(18) million and $(15) million, respectively.
|
(b)
|
Excludes excess cash collateral received and posted of $78 million and $13 million at March 31, 2013, respectively, and $42 million and $10 million at December 31, 2012, respectively.
|
(c)
|
Excludes excess securities collateral received of $97 million and $359 million at March 31, 2013 and December 31, 2012, respectively.
|
Three months ended March 31,
|
|||||||||||
2013
|
2012
|
||||||||||
(In millions)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
|||||||
on hedging
|
on hedged
|
on hedging
|
on hedged
|
||||||||
derivatives
|
items
|
derivatives
|
items
|
||||||||
Interest rate contracts
|
$
|
(909)
|
$
|
881
|
$
|
(1,447)
|
$
|
1,350
|
|||
Currency exchange contracts
|
(9)
|
8
|
(48)
|
40
|
|||||||
Gain (loss) reclassified
|
|||||||||||
Gain (loss) recognized in AOCI
|
from AOCI into earnings
|
||||||||||
for the three months ended March 31,
|
for the three months ended March 31,
|
||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||
(In millions)
|
|||||||||||
Cash flow hedges
|
|||||||||||
Interest rate contracts
|
$
|
(11)
|
$
|
(27)
|
$
|
(102)
|
$
|
(140)
|
|||
Currency exchange contracts
|
(34)
|
685
|
(45)
|
617
|
|||||||
Total
|
$
|
(45)
|
$
|
658
|
$
|
(147)
|
$
|
477
|
|||
Gain (loss) recognized
|
Gain (loss) reclassified
|
||||||||||
in CTA for the
|
from CTA for the
|
||||||||||
three months ended March 31,
|
three months ended March 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
2013
|
2012
|
|||||||
Net investment hedges
|
|||||||||||
Currency exchange contracts
|
$
|
2,105
|
$
|
(1,502)
|
$
|
(124)
|
$
|
(10)
|
|||
Financing receivables
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
||||||||||
CLL
|
||||||||||||
Americas
|
$
|
72,318
|
$
|
72,517
|
||||||||
Europe
|
35,435
|
37,035
|
||||||||||
Asia
|
10,158
|
11,401
|
||||||||||
Other
|
534
|
605
|
||||||||||
Total CLL
|
118,445
|
121,558
|
||||||||||
Energy Financial Services
|
4,734
|
4,851
|
||||||||||
GECAS
|
10,557
|
10,915
|
||||||||||
Other
|
456
|
486
|
||||||||||
Total Commercial financing receivables, before allowance for losses
|
$
|
134,192
|
$
|
137,810
|
||||||||
Non-impaired financing receivables
|
$
|
129,345
|
$
|
132,741
|
||||||||
General reserves
|
563
|
554
|
||||||||||
Impaired loans
|
4,847
|
5,069
|
||||||||||
Specific reserves
|
430
|
487
|
||||||||||
March 31, 2013
|
December 31, 2012
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due
|
past due
|
past due
|
|||||||||
CLL
|
||||||||||||
Americas
|
1.1
|
%
|
0.6
|
%
|
1.1
|
%
|
0.5
|
%
|
||||
Europe
|
3.9
|
2.2
|
3.7
|
2.1
|
||||||||
Asia
|
0.8
|
0.4
|
0.9
|
0.6
|
||||||||
Other
|
–
|
–
|
0.1
|
–
|
||||||||
Total CLL
|
1.9
|
1.0
|
1.9
|
1.0
|
||||||||
Energy Financial Services
|
–
|
–
|
–
|
–
|
||||||||
GECAS
|
–
|
–
|
–
|
–
|
||||||||
Other
|
1.6
|
1.3
|
2.8
|
2.8
|
||||||||
Total
|
1.7
|
0.9
|
1.7
|
0.9
|
||||||||
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2013
|
2012
|
2013
|
2012
|
||||||||
CLL
|
||||||||||||
Americas
|
$
|
1,896
|
$
|
1,951
|
$
|
1,401
|
$
|
1,333
|
||||
Europe
|
1,573
|
1,740
|
1,122
|
1,299
|
||||||||
Asia
|
408
|
395
|
170
|
193
|
||||||||
Other
|
9
|
52
|
9
|
52
|
||||||||
Total CLL
|
3,886
|
4,138
|
2,702
|
2,877
|
||||||||
Energy Financial Services
|
–
|
–
|
–
|
–
|
||||||||
GECAS
|
–
|
3
|
–
|
–
|
||||||||
Other
|
14
|
25
|
13
|
13
|
||||||||
Total
|
$
|
3,900
|
$
|
4,166
|
$
|
2,715
|
$
|
2,890
|
||||
Allowance for losses percentage
|
25.5
|
%
|
25.0
|
%
|
36.6
|
%
|
36.0
|
%
|
||||
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment in
|
investment
|
principal
|
Associated
|
investment in
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
loans
|
in loans
|
balance
|
allowance
|
loans
|
|||||||||||||
March 31, 2013
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,363
|
$
|
2,798
|
$
|
2,425
|
$
|
610
|
$
|
751
|
$
|
173
|
$
|
584
|
||||||
Europe
|
1,058
|
1,879
|
1,094
|
551
|
911
|
236
|
597
|
|||||||||||||
Asia
|
158
|
167
|
110
|
82
|
84
|
17
|
95
|
|||||||||||||
Other
|
–
|
–
|
–
|
9
|
13
|
3
|
31
|
|||||||||||||
Total CLL
|
3,579
|
4,844
|
3,629
|
1,252
|
1,759
|
429
|
1,307
|
|||||||||||||
Energy Financial Services
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||
GECAS
|
–
|
–
|
–
|
–
|
–
|
–
|
2
|
|||||||||||||
Other
|
9
|
20
|
13
|
7
|
9
|
1
|
7
|
|||||||||||||
Total
|
$
|
3,588
|
$
|
4,864
|
$
|
3,642
|
$
|
1,259
|
$
|
1,768
|
$
|
430
|
$
|
1,316
|
||||||
December 31, 2012
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,487
|
$
|
2,927
|
$
|
2,535
|
$
|
557
|
$
|
681
|
$
|
178
|
$
|
987
|
||||||
Europe
|
1,131
|
1,901
|
1,009
|
643
|
978
|
278
|
805
|
|||||||||||||
Asia
|
62
|
64
|
62
|
109
|
120
|
23
|
134
|
|||||||||||||
Other
|
–
|
–
|
43
|
52
|
68
|
6
|
16
|
|||||||||||||
Total CLL
|
3,680
|
4,892
|
3,649
|
1,361
|
1,847
|
485
|
1,942
|
|||||||||||||
Energy Financial Services
|
–
|
–
|
2
|
–
|
–
|
–
|
7
|
|||||||||||||
GECAS
|
–
|
–
|
17
|
3
|
3
|
–
|
5
|
|||||||||||||
Other
|
17
|
28
|
26
|
8
|
8
|
2
|
40
|
|||||||||||||
Total
|
$
|
3,697
|
$
|
4,920
|
$
|
3,694
|
$
|
1,372
|
$
|
1,858
|
$
|
487
|
$
|
1,994
|
||||||
Secured
|
|||||||||||
(In millions)
|
A
|
B
|
C
|
Total
|
|||||||
March 31, 2013
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
68,586
|
$
|
1,616
|
$
|
2,116
|
$
|
72,318
|
|||
Europe
|
32,230
|
1,144
|
1,209
|
34,583
|
|||||||
Asia
|
9,737
|
54
|
209
|
10,000
|
|||||||
Other
|
137
|
33
|
9
|
179
|
|||||||
Total CLL
|
110,690
|
2,847
|
3,543
|
117,080
|
|||||||
Energy Financial Services
|
4,603
|
–
|
–
|
4,603
|
|||||||
GECAS
|
10,344
|
66
|
147
|
10,557
|
|||||||
Other
|
456
|
–
|
–
|
456
|
|||||||
Total
|
$
|
126,093
|
$
|
2,913
|
$
|
3,690
|
$
|
132,696
|
December 31, 2012
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
68,360
|
$
|
1,775
|
$
|
2,382
|
$
|
72,517
|
|||
Europe
|
33,754
|
1,188
|
1,256
|
36,198
|
|||||||
Asia
|
10,732
|
117
|
372
|
11,221
|
|||||||
Other
|
161
|
–
|
94
|
255
|
|||||||
Total CLL
|
113,007
|
3,080
|
4,104
|
120,191
|
|||||||
Energy Financial Services
|
4,725
|
–
|
–
|
4,725
|
|||||||
GECAS
|
10,681
|
223
|
11
|
10,915
|
|||||||
Other
|
486
|
–
|
–
|
486
|
|||||||
Total
|
$
|
128,899
|
$
|
3,303
|
$
|
4,115
|
$
|
136,317
|
|||
Financing receivables
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
||||||||||
Real Estate financing receivables, before allowance for losses
|
$
|
19,733
|
$
|
20,946
|
||||||||
Non-impaired financing receivables
|
$
|
14,478
|
$
|
15,253
|
||||||||
General reserves
|
107
|
132
|
||||||||||
Impaired loans
|
5,255
|
5,693
|
||||||||||
Specific reserves
|
158
|
188
|
||||||||||
March 31, 2013
|
December 31, 2012
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due
|
past due
|
past due
|
|||||||||
Real Estate
|
2.2
|
%
|
2.0
|
%
|
2.3
|
%
|
2.2
|
%
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2013
|
2012
|
2013
|
2012
|
||||||||
Real Estate
|
$
|
4,417
|
$
|
4,885
|
$
|
456
|
$
|
444
|
||||
Allowance for losses percentage
|
6.0
|
%
|
6.6
|
%
|
58.1
|
%
|
72.1
|
%
|
||||
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment
|
investment
|
principal
|
Associated
|
investment
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
in loans
|
in loans
|
balance
|
allowance
|
in loans
|
|||||||||||||
March 31, 2013
|
||||||||||||||||||||
Real Estate
|
$
|
3,186
|
$
|
3,577
|
$
|
3,338
|
$
|
2,069
|
$
|
2,462
|
$
|
158
|
$
|
2,136
|
||||||
December 31, 2012
|
||||||||||||||||||||
Real Estate
|
$
|
3,491
|
$
|
3,712
|
$
|
3,773
|
$
|
2,202
|
$
|
2,807
|
$
|
188
|
$
|
3,752
|
Loan-to-value ratio
|
|||||||||||||||||
March 31, 2013
|
December 31, 2012
|
||||||||||||||||
Less than
|
80% to
|
Greater than
|
Less than
|
80% to
|
Greater than
|
||||||||||||
(In millions)
|
80%
|
95%
|
95%
|
80%
|
95%
|
95%
|
|||||||||||
Debt
|
$
|
13,177
|
$
|
2,336
|
$
|
3,085
|
$
|
13,570
|
$
|
2,572
|
$
|
3,604
|
|||||
Financing receivables
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
(In millions)
|
2013
|
2012
|
||||||||||
Non-U.S. residential mortgages
|
$
|
31,689
|
$
|
33,451
|
||||||||
Non-U.S. installment and revolving credit
|
18,050
|
18,546
|
||||||||||
U.S. installment and revolving credit
|
48,523
|
50,853
|
||||||||||
Non-U.S. auto
|
3,937
|
4,260
|
||||||||||
Other
|
7,559
|
8,070
|
||||||||||
Total Consumer financing receivables, before allowance for losses
|
$
|
109,758
|
$
|
115,180
|
||||||||
Non-impaired financing receivables
|
$
|
106,556
|
$
|
111,960
|
||||||||
General reserves
|
3,399
|
2,950
|
||||||||||
Impaired loans
|
3,202
|
3,220
|
||||||||||
Specific reserves
|
702
|
674
|
||||||||||
March 31, 2013
|
December 31, 2012
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due(a)
|
past due
|
past due(a)
|
|||||||||
Non-U.S. residential mortgages
|
11.2
|
%
|
7.6
|
%
|
12.0
|
%
|
7.5
|
%
|
||||
Non-U.S. installment and revolving credit
|
4.1
|
1.2
|
3.9
|
1.1
|
||||||||
U.S. installment and revolving credit
|
4.2
|
1.9
|
4.6
|
2.0
|
||||||||
Non-U.S. auto
|
3.2
|
0.5
|
3.1
|
0.5
|
||||||||
Other
|
2.9
|
1.7
|
2.8
|
1.7
|
||||||||
Total
|
6.1
|
3.4
|
6.5
|
3.4
|
||||||||
(a)
|
Included $18 million and $24 million of loans at March 31, 2013 and December 31, 2012, respectively, which are over 90 days past due and accruing interest, mainly representing accretion on loans acquired at a discount.
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2013
|
2012
|
2013
|
2012
|
||||||||
Non-U.S. residential mortgages
|
$
|
2,489
|
$
|
2,600
|
$
|
2,452
|
$
|
2,569
|
||||
Non-U.S. installment and revolving credit
|
231
|
224
|
231
|
224
|
||||||||
U.S. installment and revolving credit
|
931
|
1,026
|
931
|
1,026
|
||||||||
Non-U.S. auto
|
23
|
24
|
23
|
24
|
||||||||
Other
|
398
|
427
|
342
|
351
|
||||||||
Total
|
$
|
4,072
|
$
|
4,301
|
$
|
3,979
|
$
|
4,194
|
||||
Allowance for losses percentage
|
100.7
|
%
|
84.3
|
%
|
103.1
|
%
|
86.4
|
%
|
||||
Loan-to-value ratio
|
|||||||||||||||||
March 31, 2013
|
December 31, 2012
|
||||||||||||||||
80% or
|
Greater than
|
Greater than
|
80% or
|
Greater than
|
Greater than
|
||||||||||||
(In millions)
|
less
|
80% to 90%
|
90%
|
less
|
80% to 90%
|
90%
|
|||||||||||
Non-U.S. residential mortgages
|
$
|
17,722
|
$
|
5,343
|
$
|
8,624
|
$
|
18,613
|
$
|
5,739
|
$
|
9,099
|
Internal ratings translated to approximate credit bureau equivalent score
|
|||||||||||||||||
March 31, 2013
|
December 31, 2012
|
||||||||||||||||
681 or
|
615 to
|
614 or
|
681 or
|
615 to
|
614 or
|
||||||||||||
(In millions)
|
higher
|
680
|
less
|
higher
|
680
|
less
|
|||||||||||
Non-U.S. installment and
|
|||||||||||||||||
revolving credit
|
$
|
10,393
|
$
|
4,247
|
$
|
3,410
|
$
|
10,493
|
$
|
4,496
|
$
|
3,557
|
|||||
U.S. installment and
|
|||||||||||||||||
revolving credit
|
31,132
|
9,638
|
7,753
|
33,204
|
9,753
|
7,896
|
|||||||||||
Non-U.S. auto
|
2,947
|
588
|
402
|
3,141
|
666
|
453
|
·
|
Trinity comprises two consolidated entities that hold investment securities, the majority of which are investment grade, and were funded by the issuance of GICs. The GICs included conditions under which certain holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. The outstanding GICs are subject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC’s ratings, among other things, and are reported in investment contracts, insurance liabilities and insurance annuity benefits.
|
·
|
Consolidated Securitization Entities (CSEs) comprise primarily our previously unconsolidated QSPEs that were consolidated on January 1, 2010 in connection with our adoption of ASU 2009-16 & 17. These entities were created to facilitate securitization of financial assets and other forms of asset-backed financing, which serve as an alternative funding source by providing access to variable funding notes and term markets. The securitization transactions executed with these entities are similar to those used by many financial institutions and substantially all are non-recourse. We provide servicing for substantially all of the assets in these entities.
|
|
The financing receivables in these entities have similar risks and characteristics to our other financing receivables and were underwritten to the same standard. Accordingly, the performance of these assets has been similar to our other financing receivables; however, the blended performance of the pools of receivables in these entities reflects the eligibility criteria that we apply to determine which receivables are selected for transfer. Contractually the cash flows from these financing receivables must first be used to pay third-party debt holders as well as other expenses of the entity. Excess cash flows are available to GECC. The creditors of these entities have no claim on other assets of GECC.
|
·
|
Other remaining assets and liabilities of consolidated VIEs relate primarily to three categories of entities: (1) joint ventures that lease light industrial equipment of $1,525 million of assets and $865 million of liabilities; (2) other entities that are involved in power generating and leasing activities of $874 million of assets and no liabilities; and (3) insurance entities that, among other lines of business, provide property and casualty and workers’ compensation coverage for GE of $1,198 million of assets and $556 million of liabilities.
|
Consolidated Securitization Entities
|
|||||||||||||||||||
Credit
|
Trade
|
||||||||||||||||||
(In millions)
|
Trinity
|
(a)
|
cards
|
(b)
|
Equipment
|
(b)
|
receivables
|
Other
|
Total
|
||||||||||
March 31, 2013
|
|||||||||||||||||||
Assets(c)
|
|||||||||||||||||||
Financing receivables, net
|
$
|
–
|
$
|
23,076
|
$
|
13,440
|
$
|
2,256
|
$
|
1,973
|
$
|
40,745
|
|||||||
Investment securities
|
3,450
|
–
|
–
|
–
|
1,044
|
4,494
|
|||||||||||||
Other assets
|
133
|
28
|
375
|
24
|
2,058
|
2,618
|
|||||||||||||
Total
|
$
|
3,583
|
$
|
23,104
|
$
|
13,815
|
$
|
2,280
|
$
|
5,075
|
$
|
47,857
|
|||||||
Liabilities(c)
|
|||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
733
|
$
|
733
|
|||||||
Non-recourse borrowings
|
–
|
16,723
|
10,495
|
1,916
|
53
|
29,187
|
|||||||||||||
Other liabilities
|
1,593
|
191
|
51
|
–
|
1,430
|
3,265
|
|||||||||||||
Total
|
$
|
1,593
|
$
|
16,914
|
$
|
10,546
|
$
|
1,916
|
$
|
2,216
|
$
|
33,185
|
|||||||
December 31, 2012
|
|||||||||||||||||||
Assets(c)
|
|||||||||||||||||||
Financing receivables, net
|
$
|
–
|
$
|
24,169
|
$
|
12,456
|
$
|
2,339
|
$
|
1,952
|
$
|
40,916
|
|||||||
Investment securities
|
3,435
|
–
|
–
|
–
|
1,051
|
4,486
|
|||||||||||||
Other assets
|
217
|
29
|
360
|
–
|
1,873
|
2,479
|
|||||||||||||
Total
|
$
|
3,652
|
$
|
24,198
|
$
|
12,816
|
$
|
2,339
|
$
|
4,876
|
$
|
47,881
|
|||||||
Liabilities(c)
|
|||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
707
|
$
|
707
|
|||||||
Non-recourse borrowings
|
–
|
17,208
|
9,811
|
2,050
|
54
|
29,123
|
|||||||||||||
Other liabilities
|
1,656
|
146
|
11
|
8
|
1,315
|
3,136
|
|||||||||||||
Total
|
$
|
1,656
|
$
|
17,354
|
$
|
9,822
|
$
|
2,058
|
$
|
2,076
|
$
|
32,966
|
|||||||
(a)
|
Excludes intercompany advances from GECC to Trinity, which are eliminated in consolidation of $2,366 million and $2,441 million at March 31, 2013 and December 31, 2012, respectively.
|
(b)
|
We provide servicing to the CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to CSE investors with our own cash prior to payment to a CSE, provided our short-term credit rating does not fall below A-1/P-1. These CSEs also owe us amounts for purchased financial assets and scheduled interest and principal payments. At March 31, 2013 and December 31, 2012, the amounts of commingled cash owed to the CSEs were $6,018 million and $6,225 million, respectively, and the amounts owed to us by CSEs were $5,546 million and $6,143 million, respectively.
|
(c)
|
Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE as servicer, which are eliminated in consolidation. Such receivables provide the cash to repay the entities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition, other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation.
|
(In millions)
|
March 31, 2013
|
December 31, 2012
|
||||||||||
Other assets and investment
|
||||||||||||
securities
|
$
|
8,428
|
$
|
10,386
|
||||||||
Financing receivables – net
|
2,580
|
2,654
|
||||||||||
Total investments
|
11,008
|
13,040
|
||||||||||
Contractual obligations to fund
|
||||||||||||
investments or guarantees
|
2,703
|
2,602
|
||||||||||
Revolving lines of credit
|
52
|
41
|
||||||||||
Total
|
$
|
13,763
|
$
|
15,683
|
||||||||
Three months ended March 31,
|
||||||||||||
(In millions)
|
2013
|
2012
|
||||||||||
Revenues
|
$
|
3,507
|
$
|
4,340
|
||||||||
Segment profit
|
$
|
398
|
$
|
664
|
||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
2012
|
|||||||||
Total assets
|
$
|
175,757
|
$
|
181,375
|
$
|
188,820
|
||||||
Three months ended March 31,
|
||||||||||||
(In millions)
|
2013
|
2012
|
||||||||||
Revenues
|
||||||||||||
Americas
|
$
|
2,161
|
$
|
2,774
|
||||||||
Europe
|
792
|
852
|
||||||||||
Asia
|
558
|
598
|
||||||||||
Other
|
(4)
|
116
|
||||||||||
Segment profit
|
||||||||||||
Americas
|
$
|
267
|
$
|
542
|
||||||||
Europe
|
40
|
59
|
||||||||||
Asia
|
136
|
86
|
||||||||||
Other
|
(45)
|
(23)
|
||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
2012
|
|||||||||
Total assets
|
||||||||||||
Americas
|
$
|
107,634
|
$
|
108,895
|
$
|
113,920
|
||||||
Europe
|
46,065
|
47,995
|
45,512
|
|||||||||
Asia
|
15,402
|
16,831
|
16,996
|
|||||||||
Other
|
6,656
|
7,654
|
12,392
|
|||||||||
Three months ended March 31,
|
|||||||||
(In millions)
|
2013
|
2012
|
|||||||
Revenues
|
$
|
3,891
|
$
|
3,877
|
|||||
Segment profit
|
$
|
523
|
$
|
829
|
|||||
March 31,
|
December 31,
|
March 31,
|
|||||||
(In millions)
|
2013
|
2012
|
2012
|
||||||
Total assets
|
$
|
137,354
|
$
|
138,997
|
$
|
135,926
|
|||
Three months ended March 31,
|
|||||||||
(In millions)
|
2013
|
2012
|
|||||||
Revenues
|
$
|
1,657
|
$
|
836
|
|||||
Segment profit
|
$
|
690
|
$
|
56
|
|||||
March 31,
|
December 31,
|
March 31,
|
|||||||
(In millions)
|
2013
|
2012
|
2012
|
||||||
Total assets
|
$
|
42,760
|
$
|
46,247
|
$
|
59,204
|
|||
Three months ended March 31,
|
|||||||||
(In millions)
|
2013
|
2012
|
|||||||
Revenues
|
$
|
343
|
$
|
239
|
|||||
Segment profit
|
$
|
83
|
$
|
71
|
|||||
March 31,
|
December 31,
|
March 31,
|
|||||||
(In millions)
|
2013
|
2012
|
2012
|
||||||
Total assets
|
$
|
18,627
|
$
|
19,185
|
$
|
19,303
|
|||
Three months ended March 31,
|
|||||||||
(In millions)
|
2013
|
2012
|
|||||||
Revenues
|
$
|
1,379
|
$
|
1,331
|
|||||
Segment profit
|
$
|
348
|
$
|
318
|
|||||
March 31,
|
December 31,
|
March 31,
|
|||||||
(In millions)
|
2013
|
2012
|
2012
|
||||||
Total assets
|
$
|
48,884
|
$
|
49,420
|
$
|
48,720
|
|||
Three months ended March 31,
|
||||||
(In millions)
|
2013
|
2012
|
||||
Earnings (loss) from discontinued operations,
|
||||||
net of taxes
|
$
|
(109)
|
$
|
(197)
|
·
|
Repayments exceeded new issuances of total borrowings by $10.5 billion and collections (which includes sales) on financing receivables exceeded originations by $6.3 billion.
|
·
|
The U.S. dollar was stronger for most major currencies at March 31, 2013 than at December 31, 2012, decreasing the translated levels of our non-U.S. dollar assets and liabilities.
|
Financing receivables
|
Nonearning receivables
|
Allowance for losses
|
|||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
||||||||||||
(In millions)
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
|||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
72,318
|
$
|
72,517
|
$
|
1,401
|
$
|
1,333
|
$
|
490
|
$
|
490
|
|||||
Europe
|
35,435
|
37,035
|
1,122
|
1,299
|
411
|
445
|
|||||||||||
Asia
|
10,158
|
11,401
|
170
|
193
|
72
|
80
|
|||||||||||
Other
|
534
|
605
|
9
|
52
|
3
|
6
|
|||||||||||
Total CLL
|
118,445
|
121,558
|
2,702
|
2,877
|
976
|
1,021
|
|||||||||||
Energy
|
|||||||||||||||||
Financial
|
|||||||||||||||||
Services
|
4,734
|
4,851
|
–
|
–
|
8
|
9
|
|||||||||||
GECAS
|
10,557
|
10,915
|
–
|
–
|
7
|
8
|
|||||||||||
Other
|
456
|
486
|
13
|
13
|
2
|
3
|
|||||||||||
Total Commercial
|
134,192
|
137,810
|
2,715
|
2,890
|
993
|
1,041
|
|||||||||||
Real Estate
|
19,733
|
20,946
|
456
|
444
|
265
|
320
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential
|
|||||||||||||||||
mortgages(a)
|
31,689
|
33,451
|
2,452
|
2,569
|
477
|
480
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
18,050
|
18,546
|
231
|
224
|
712
|
623
|
|||||||||||
U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
48,523
|
50,853
|
931
|
1,026
|
2,665
|
2,282
|
|||||||||||
Non-U.S. auto
|
3,937
|
4,260
|
23
|
24
|
66
|
67
|
|||||||||||
Other
|
7,559
|
8,070
|
342
|
351
|
181
|
172
|
|||||||||||
Total Consumer
|
109,758
|
115,180
|
3,979
|
4,194
|
4,101
|
3,624
|
|||||||||||
Total
|
$
|
263,683
|
$
|
273,936
|
$
|
7,150
|
$
|
7,528
|
$
|
5,359
|
$
|
4,985
|
|||||
(a)
|
Included financing receivables of $11,460 million and $12,221 million, nonearning receivables of $975 million and $1,036 million and allowance for losses of $156 million and $142 million at March 31, 2013 and December 31, 2012, respectively, primarily related to loans, net of credit insurance, whose terms permitted interest-only payments and high loan-to-value ratios at inception (greater than 90%). At origination, we underwrite loans with an adjustable rate to the reset value. Of these loans, about 85% are in our U.K. and France portfolios, have a delinquency rate of 15%, have a loan-to-value ratio at origination of 82% and have re-indexed loan-to-value ratios of 90% and 65%, respectively. At March 31, 2013, 11% (based on dollar values) of these loans in our U.K. and France portfolios have been restructured.
|
Nonearning financing receivables
|
Allowance for losses
|
Allowance for losses
|
|||||||||||||||
as a percent of
|
as a percent of
|
as a percent of
|
|||||||||||||||
financing receivables
|
nonearning financing receivables
|
total financing receivables
|
|||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
||||||||||||
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
1.9
|
%
|
1.8
|
%
|
35.0
|
%
|
36.8
|
%
|
0.7
|
%
|
0.7
|
%
|
|||||
Europe
|
3.2
|
3.5
|
36.6
|
34.3
|
1.2
|
1.2
|
|||||||||||
Asia
|
1.7
|
1.7
|
42.4
|
41.5
|
0.7
|
0.7
|
|||||||||||
Other
|
1.7
|
8.6
|
33.3
|
11.5
|
0.6
|
1.0
|
|||||||||||
Total CLL
|
2.3
|
2.4
|
36.1
|
35.5
|
0.8
|
0.8
|
|||||||||||
Energy Financial Services
|
–
|
–
|
–
|
–
|
0.2
|
0.2
|
|||||||||||
GECAS
|
–
|
–
|
–
|
–
|
0.1
|
0.1
|
|||||||||||
Other
|
2.9
|
2.7
|
15.4
|
23.1
|
0.4
|
0.6
|
|||||||||||
Total Commercial
|
2.0
|
2.1
|
36.6
|
36.0
|
0.7
|
0.8
|
|||||||||||
Real Estate
|
2.3
|
2.1
|
58.1
|
72.1
|
1.3
|
1.5
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential mortgages(a)
|
7.7
|
7.7
|
19.5
|
18.7
|
1.5
|
1.4
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment and
|
|||||||||||||||||
revolving credit
|
1.3
|
1.2
|
308.2
|
278.1
|
3.9
|
3.4
|
|||||||||||
U.S. installment and
|
|||||||||||||||||
revolving credit
|
1.9
|
2.0
|
286.3
|
222.4
|
5.5
|
4.5
|
|||||||||||
Non-U.S. auto
|
0.6
|
0.6
|
287.0
|
279.2
|
1.7
|
1.6
|
|||||||||||
Other
|
4.5
|
4.3
|
52.9
|
49.0
|
2.4
|
2.1
|
|||||||||||
Total Consumer
|
3.6
|
3.6
|
103.1
|
86.4
|
3.7
|
3.1
|
|||||||||||
Total
|
2.7
|
2.7
|
75.0
|
66.2
|
2.0
|
1.8
|
|||||||||||
(a)
|
Included nonearning financing receivables as a percent of financing receivables of 8.5% and 8.5%, allowance for losses as a percent of nonearning receivables of 16.0% and 13.7% and allowance for losses as a percent of total financing receivables of 1.4% and 1.2% at March 31, 2013 and December 31, 2012, respectively, primarily related to loans, net of credit insurance, whose terms permitted interest-only payments and high loan-to-value ratios at inception (greater than 90%). Compared to the overall Non-U.S. residential mortgage loan portfolio, the ratio of allowance for losses as a percent of financing receivables and ratio of allowance for losses as a percent of nonearning financing receivables for these loans are lower, driven primarily by the higher mix of such products in the U.K. and France portfolios and as a result of the better performance and collateral realization experience in these markets.
|
Nonaccrual
|
Nonearning
|
||||||||||
financing
|
financing
|
||||||||||
(In millions)
|
receivables
|
receivables
|
|||||||||
March 31, 2013
|
|||||||||||
Commercial
|
|||||||||||
CLL
|
$
|
3,886
|
$
|
2,702
|
|||||||
Energy Financial Services
|
–
|
–
|
|||||||||
GECAS
|
–
|
–
|
|||||||||
Other
|
14
|
13
|
|||||||||
Total Commercial
|
3,900
|
2,715
|
|||||||||
Real Estate
|
4,417
|
456
|
|||||||||
Consumer
|
4,072
|
3,979
|
|||||||||
Total
|
$
|
12,389
|
$
|
7,150
|
|||||||
(In millions)
|
March 31,
|
December 31,
|
|||||||||
2013
|
2012
|
||||||||||
Loans requiring allowance for losses
|
|||||||||||
Commercial(a)
|
$
|
1,259
|
$
|
1,372
|
|||||||
Real Estate
|
2,069
|
2,202
|
|||||||||
Consumer
|
3,110
|
3,115
|
|||||||||
Total loans requiring allowance for losses
|
6,438
|
6,689
|
|||||||||
Loans expected to be fully recoverable
|
|||||||||||
Commercial(a)
|
3,588
|
3,697
|
|||||||||
Real Estate
|
3,186
|
3,491
|
|||||||||
Consumer
|
92
|
105
|
|||||||||
Total loans expected to be fully recoverable
|
6,866
|
7,293
|
|||||||||
Total impaired loans
|
$
|
13,304
|
$
|
13,982
|
|||||||
Allowance for losses (specific reserves)
|
|||||||||||
Commercial(a)
|
$
|
430
|
$
|
487
|
|||||||
Real Estate
|
158
|
188
|
|||||||||
Consumer
|
702
|
674
|
|||||||||
Total allowance for losses (specific reserves)
|
$
|
1,290
|
$
|
1,349
|
|||||||
Average investment during the period
|
$
|
13,643
|
$
|
16,269
|
|||||||
Interest income earned while impaired(b)
|
168
|
751
|
|||||||||
(a)
|
Includes CLL, Energy Financial Services, GECAS and Other.
|
(b)
|
Recognized principally on an accrual basis.
|
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2013
|
2012
|
|||||||||
Method used to measure impairment
|
|||||||||||
Discounted cash flow
|
$
|
6,440
|
$
|
6,704
|
|||||||
Collateral value
|
6,864
|
7,278
|
|||||||||
Total
|
$
|
13,304
|
$
|
13,982
|
Rest of
|
Total
|
||||||||||||||||||||||
March 31, 2013 (In millions)
|
Spain
|
Portugal
|
Ireland
|
Italy
|
Greece
|
Hungary
|
Europe
|
Europe
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
before allowance
|
|||||||||||||||||||||||
for losses on
|
|||||||||||||||||||||||
financing receivables
|
$
|
1,736
|
$
|
435
|
$
|
282
|
$
|
6,625
|
$
|
2
|
$
|
2,887
|
$
|
73,789
|
$
|
85,756
|
|||||||
Allowance for losses on
|
|||||||||||||||||||||||
financing receivables
|
(101)
|
(19)
|
(7)
|
(247)
|
-
|
(105)
|
(1,110)
|
(1,589)
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
net of allowance
|
|||||||||||||||||||||||
for losses on
|
1,635
|
416
|
275
|
6,378
|
2
|
2,782
|
72,679
|
84,167
|
|||||||||||||||
financing receivables(a)(b)
|
|||||||||||||||||||||||
Investments(c)(d)
|
119
|
-
|
-
|
450
|
-
|
118
|
1,839
|
2,526
|
|||||||||||||||
Cost and equity method
|
|||||||||||||||||||||||
investments(e)
|
391
|
9
|
396
|
65
|
33
|
7
|
651
|
1,552
|
|||||||||||||||
Derivatives,
|
|||||||||||||||||||||||
net of collateral(c)(f)
|
3
|
-
|
-
|
86
|
-
|
-
|
153
|
242
|
|||||||||||||||
ELTO(g)
|
455
|
98
|
297
|
798
|
250
|
341
|
9,862
|
12,101
|
|||||||||||||||
Real estate held for
|
|||||||||||||||||||||||
investment(g)
|
785
|
-
|
-
|
408
|
-
|
-
|
5,739
|
6,932
|
|||||||||||||||
Total funded exposures(h)
|
$
|
3,388
|
$
|
523
|
$
|
968
|
$
|
8,185
|
$
|
285
|
$
|
3,248
|
$
|
90,923
|
$
|
107,520
|
|||||||
Unfunded commitments(i)
|
$
|
17
|
$
|
8
|
$
|
138
|
$
|
282
|
$
|
4
|
$
|
650
|
$
|
8,528
|
$
|
9,627
|
|||||||
(a)
|
Financing receivable amounts are classified based on the location or nature of the related obligor.
|
(b)
|
Substantially all relates to non-sovereign obligors. Includes residential mortgage loans of approximately $31.4 billion before consideration of purchased credit protection. We have third-party mortgage insurance for less than 15% of these residential mortgage loans, substantially all of which were originated in the U.K., Poland and France.
|
(c)
|
Investments and derivatives are classified based on the location of the parent of the obligor or issuer.
|
(d)
|
Includes $0.8 billion related to financial institutions, $0.3 billion related to non-financial institutions and $1.4 billion related to sovereign issuers. Sovereign issuances totaled $0.1 billion and $0.1 billion related to Italy and Hungary, respectively. We held no investments issued by sovereign entities in the other focus countries.
|
(e)
|
Substantially all is non-sovereign.
|
(f)
|
Net of cash collateral; entire amount is non-sovereign.
|
(g)
|
These assets are held under long-term investment and operating strategies, and our equipment leased to others (ELTO) strategies contemplate an ability to redeploy assets under lease should default by the lessee occur. The values of these assets could be subject to decline or impairment in the current environment.
|
(h)
|
Excludes $31.0 billion of cash and equivalents, which is composed of $16.9 billion of cash on short-term placement with highly rated global financial institutions based in Europe, sovereign central banks and agencies or supranational entities, of which $1.2 billion is in focus countries, and $14.1 billion of cash and equivalents placed with highly rated European financial institutions on a short-term basis, secured by U.S. Treasury securities ($11.5 billion) and sovereign bonds of non-focus countries ($2.6 billion), where the value of our collateral exceeds the amount of our cash exposure.
|
(i)
|
Includes ordinary course of business lending commitments, commercial and consumer unused revolving credit lines, inventory financing arrangements and investment commitments.
|
Exhibit 12
|
Computation of Ratio of Earnings to Fixed Charges and Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.
|
|
Exhibit 31(a)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 31(b)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 32
|
Certification Pursuant to 18 U.S.C. Section 1350.
|
|
Exhibit 99
|
Financial Measures That Supplement Generally Accepted Accounting Principles.
|
|
Exhibit 101
|
The following materials from General Electric Capital Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Statement of Earnings for the three months ended March 31, 2013 and 2012, (ii) Condensed Statement of Comprehensive Income for the three months ended March 31, 2013 and 2012, (iii) Condensed Statement of Changes in Shareowners’ Equity for the three months ended March 31, 2013 and 2012, (iv) Condensed Statement of Financial Position at March 31, 2013 and December 31, 2012, (v) Condensed Statement of Cash Flows for the three months ended March 31, 2013 and 2012, and (vi) Notes to Condensed, Financial Statements.*
|
|
*
|
Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
|
General Electric Capital Corporation
(Registrant)
|
|||
May 7, 2013
|
/s/ Walter Ielusic
|
||
Date
|
Walter Ielusic
Senior Vice President and Controller
Duly Authorized Officer and Principal Accounting Officer
|
||
Ratio of
|
|||||||||||
earnings to
|
|||||||||||
combined
|
|||||||||||
Ratio of
|
fixed charges
|
||||||||||
earnings to
|
and preferred
|
||||||||||
fixed charges
|
stock dividends
|
||||||||||
(Dollars in millions)
|
|||||||||||
Earnings(a)
|
$
|
1,983
|
$
|
1,983
|
|||||||
Plus:
|
|||||||||||
Interest included in expense(b)
|
2,400
|
2,400
|
|||||||||
One-third of rental expense(c)
|
41
|
41
|
|||||||||
Adjusted “earnings”
|
$
|
4,424
|
$
|
4,424
|
|||||||
Fixed charges:
|
|||||||||||
Interest included in expense(b)
|
$
|
2,400
|
$
|
2,400
|
|||||||
Interest capitalized
|
6
|
6
|
|||||||||
One-third of rental expense(c)
|
41
|
41
|
|||||||||
Total fixed charges
|
$
|
2,447
|
$
|
2,447
|
|||||||
Ratio of earnings to fixed charges
|
1.81
|
||||||||||
Preferred stock dividend requirements
|
$
|
–
|
|||||||||
Ratio of earnings before provision for income taxes to
|
|||||||||||
earnings from continuing operations
|
1.04
|
||||||||||
Preferred stock dividend factor on pre-tax basis
|
–
|
||||||||||
Fixed charges
|
$
|
2,447
|
|||||||||
Total fixed charges and preferred stock dividend requirements
|
$
|
2,447
|
|||||||||
Ratio of earnings to combined fixed charges and
|
|||||||||||
preferred stock dividends
|
1.81
|
||||||||||
(a)
|
Earnings before income taxes, noncontrolling interests, discontinued operations and undistributed earnings of equity investees.
|
(b)
|
Included interest on tax deficiencies.
|
(c)
|
Considered to be representative of interest factor in rental expense.
|
I, Michael A. Neal, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of General Electric Capital Corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Michael A. Neal
|
|
Michael A. Neal
|
|
Chief Executive Officer
|
I, Jeffrey S. Bornstein, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of General Electric Capital Corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Jeffrey S. Bornstein
|
|
Jeffrey S. Bornstein
|
|
Chief Financial Officer
|
(1)
|
The report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
May 7, 2013
|
|
/s/ Michael A. Neal
|
|
Michael A. Neal
Chief Executive Officer
|
|
/s/ Jeffrey S. Bornstein
|
|
Jeffrey S. Bornstein
Chief Financial Officer
|
March 31,
|
|||||
(In billions)
|
2013
|
||||
GECC total assets
|
$
|
529.5
|
|||
Less assets of discontinued operations
|
(1.9)
|
||||
Less non-interest bearing liabilities
|
(57.8)
|
||||
GE Capital ENI
|
469.8
|
||||
Less cash and equivalents
|
(67.7)
|
||||
GE Capital ENI, excluding cash and equivalents
|
$
|
402.1
|
|||
Financing Receivables and Allowance For Losses On Financing Receivables (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|
Financing Receivables And Allowance For Losses On Financing Receivables [Abstract] | ||||
Loans net of deferred income | $ 232,456 | $ 241,465 | ||
Investment In Financing Leases, Net Of Deferred Income | 31,227 | 32,471 | ||
Loans and leases receivable, Gross | 263,683 | 273,936 | ||
Less allowance for losses | (5,359) | (4,985) | (5,714) | (6,190) |
Financing receivables, net | 258,324 | 268,951 | ||
Deferred income | 1,945 | 2,182 | ||
Loans that have been acquired in a transfer but have been subject to credit deterioration since origination per ASC 310, Receivables | $ 699 | $ 750 |
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Income Tax Disclosure [Line Items] | ||
Unrecognized tax benefits | $ 3,057 | $ 3,106 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 2,233 | 2,253 |
Accrued interest on unrecognized tax benefits | 570 | 559 |
Accrued penalties on unrecognized tax benefits | 96 | 101 |
Lower Limit [Member]
|
||
Income Tax Disclosure [Line Items] | ||
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 |
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | 0 | 0 |
Upper Limit [Member]
|
||
Income Tax Disclosure [Line Items] | ||
Portion that, if recognized, would reduce tax expense and effective tax rate | 450 | 350 |
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months upper limit | $ 500 | $ 400 |
Variable Interest Entities (Unconsolidated Variable Interest Entities) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Variable Interest Entity [Line Items] | ||
Financing receivables | $ 258,324 | $ 268,951 |
Unconsolidated VIEs [Member]
|
||
Variable Interest Entity [Line Items] | ||
Real Estate Investments, Net | 2,572 | |
Debt Investment Fund | 5,011 | |
Factored Receivables | 2,232 | |
PTL [Member]
|
||
Variable Interest Entity [Line Items] | ||
Non Controlling Stake In VIE | 868 | |
Total [Member] | Investment in Unconsolidated VIEs [Member]
|
||
Variable Interest Entity [Line Items] | ||
Other assets and investment securities | 8,428 | 10,386 |
Financing receivables | 2,580 | 2,654 |
Total investment | 11,008 | 13,040 |
Contractual obligations to fund new investments or guarantees | 2,703 | 2,602 |
Revolving lines of credit | 52 | 41 |
Total | $ 13,763 | $ 15,683 |
Investment Securities (Contractual maturities) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
---|---|
Amortized Cost [Member]
|
|
Investment [Line Items] | |
Within one year | $ 2,957 |
After one year through five years | 5,962 |
After five years through ten years | 5,271 |
After ten years | 17,832 |
Estimated Fair Value [Member]
|
|
Investment [Line Items] | |
Within one year | 2,972 |
After one year through five years | 6,212 |
After five years through ten years | 5,762 |
After ten years | $ 21,577 |
Financial Instruments (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value of assets and liabilities |
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Loan commitments |
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Fair value of derivatives by contract type |
Derivatives are classified in the captions “Other assets” and “Other liabilities” and related accrued interest is classified in “Other receivables” and “Other liabilities” in our financial statements.
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Fair value hedges |
Fair value hedges resulted in $(29) million and $(105) million of ineffectiveness in the three months ended March 31, 2013 and 2012, respectively. In both the three months ended March 31, 2013 and 2012, there were insignificant amounts excluded from the assessment of effectiveness.
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Cash flow hedges |
The total pre-tax amount in AOCI related to cash flow hedges of forecasted transactions was a $724 million loss at March 31, 2013. We expect to transfer $367 million to earnings as an expense in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. In both the three months ended March 31, 2013 and 2012, we recognized insignificant gains and losses related to hedged forecasted transactions and firm commitments that did not occur by the end of the originally specified period. At March 31, 2013 and 2012, the maximum term of derivative instruments that hedge forecasted transactions was 20 years and 21 years, respectively.
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Net investment hedges |
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Financial Instruments (Counterparty credit risk) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
---|---|
Counterparty credit risk | |
Total Collateral | $ 8,099 |
Fair value of collateral posted to counterparties for derivataive obligations | 212 |
Exposure To Counterparties Including Interest Net Collateral Excluding Derivatives | 862 |
Derivative Liability After Collateral And Outstanding Interest Payments Excluding Embedded Derivatives | 265 |
Cash [Member]
|
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Counterparty credit risk | |
Total Collateral | 3,728 |
Securities Held By Third Parties [Member]
|
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Counterparty credit risk | |
Securities Held as Collateral, at Fair Value | $ 4,371 |
Variable Interest Entities (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
|||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets | $ 529,518 | [1] | $ 539,339 | [1] | |||
Liabilities | 445,049 | [1] | 456,742 | [1] | |||
Total revenues of consolidated VIEs | 11,535 | 11,340 | |||||
Provision for Loan and Lease Losses | 1,488 | 863 | |||||
Loans and Finance Receivables [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 40,745 | 40,916 | |||||
Investment Securities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 4,494 | 4,486 | |||||
Assets Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 2,618 | 2,479 | |||||
Assets, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 47,857 | 47,881 | |||||
Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 733 | 707 | |||||
Nonrecourse Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 29,187 | 29,123 | |||||
Liabilities Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 3,265 | 3,136 | |||||
Liabilities, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 33,185 | 32,966 | |||||
Consolidated Variable Interest Entities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Total revenues of consolidated VIEs | 1,580 | ||||||
Provision for Loan and Lease Losses | 414 | 200 | |||||
Interest And Other Financial Charges | 89 | 133 | |||||
Power Generating Activities Entity [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 874 | ||||||
Industrial Equipment Joint Venture [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 1,525 | ||||||
Liabilities VIE | 865 | ||||||
Insurance Entities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 1,198 | ||||||
Liabilities VIE | 556 | ||||||
Trinity [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Intercompany Advances Eliminated In Consolidation | 2,366 | 2,441 | |||||
Trinity [Member] | Loans and Finance Receivables [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 0 | 0 | |||||
Trinity [Member] | Investment Securities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 3,450 | 3,435 | |||||
Trinity [Member] | Assets Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 133 | 217 | |||||
Trinity [Member] | Assets, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 3,583 | 3,652 | |||||
Trinity [Member] | Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 0 | 0 | |||||
Trinity [Member] | Nonrecourse Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 0 | 0 | |||||
Trinity [Member] | Liabilities Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 1,593 | 1,656 | |||||
Trinity [Member] | Liabilities, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 1,593 | 1,656 | |||||
Consolidated Securitization Entities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Total revenues of consolidated VIEs | 1,703 | ||||||
Commingled cash amounts owed to CSEs | 6,018 | 6,225 | |||||
Commingled cash receivable from CSEs | 5,546 | 6,143 | |||||
Other 1 [Member] | Loans and Finance Receivables [Member]
|
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Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 1,973 | 1,952 | |||||
Other 1 [Member] | Investment Securities [Member]
|
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Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 1,044 | 1,051 | |||||
Other 1 [Member] | Assets Other [Member]
|
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Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 2,058 | 1,873 | |||||
Other 1 [Member] | Assets, Total [Member]
|
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Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 5,075 | 4,876 | |||||
Other 1 [Member] | Borrowings [Member]
|
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Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 733 | 707 | |||||
Other 1 [Member] | Nonrecourse Borrowings [Member]
|
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Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 53 | 54 | |||||
Other 1 [Member] | Liabilities Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 1,430 | 1,315 | |||||
Other 1 [Member] | Liabilities, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 2,216 | 2,076 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Loans and Finance Receivables [Member]
|
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Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 23,076 | 24,169 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Investment Securities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 0 | 0 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Assets Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 28 | 29 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Assets, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 23,104 | 24,198 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 0 | 0 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Nonrecourse Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 16,723 | 17,208 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Liabilities Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 191 | 146 | |||||
Credit Card Receivable [Member] | Consolidated Securitization Entities [Member] | Liabilities, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 16,914 | 17,354 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Loans and Finance Receivables [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 13,440 | 12,456 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Investment Securities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 0 | 0 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Assets Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 375 | 360 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Assets, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 13,815 | 12,816 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 0 | 0 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Nonrecourse Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 10,495 | 9,811 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Liabilities Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 51 | 11 | |||||
Equipment [Member] | Consolidated Securitization Entities [Member] | Liabilities, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 10,546 | 9,822 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Loans and Finance Receivables [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 2,256 | 2,339 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Investment Securities [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 0 | 0 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Assets Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 24 | 0 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Assets, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Assets VIE | 2,280 | 2,339 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 0 | 0 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Nonrecourse Borrowings [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 1,916 | 2,050 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Liabilities Other [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | 0 | 8 | |||||
Trade Accounts Receivable [Member] | Consolidated Securitization Entities [Member] | Liabilities, Total [Member]
|
|||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | |||||||
Liabilities VIE | $ 1,916 | $ 2,058 | |||||
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Financial Instruments (Net investment hedges in foreign operations) (Details) (Net Investment Hedge [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
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Net investment hedges in foreign operation | ||
Hedge ineffectiveness gain (loss) | $ (166) | $ (220) |
Foreign Exchange Contract [Member]
|
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Net investment hedges in foreign operation | ||
Gain (loss) recognized in AOCI | 2,105 | (1,502) |
Gain (loss) reclassified from AOCI into earnings | $ (124) | $ (10) |
Investment Securities (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Investment Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments |
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Schedule of investments, by type and length in continuous loss position |
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Schedule of contractual maturities |
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Supplemental gross realized gains losses on available-for-sale investment securities |
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Financing Receivables and Allowance For Losses On Financing Receivables (Allowance for Losses on Financing Receivables ) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||
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Mar. 31, 2013
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Mar. 31, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | $ 5,359 | $ 5,714 | $ 4,985 | $ 6,190 |
Provision charged | 1,488 | 863 | ||
Other | (96) | (9) | ||
Gross write-offs | (1,416) | (1,702) | ||
Recoveries | 398 | 372 | ||
Commercial Portfolio Segment [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 993 | 1,433 | 1,041 | 1,530 |
Provision charged | 163 | 158 | ||
Other | (11) | (43) | ||
Gross write-offs | (254) | (259) | ||
Recoveries | 54 | 47 | ||
Commercial Portfolio Segment [Member] | Americas CLL Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 490 | 802 | 490 | 889 |
Provision charged | 74 | 66 | ||
Other | (1) | (20) | ||
Gross write-offs | (103) | (156) | ||
Recoveries | 30 | 23 | ||
Commercial Portfolio Segment [Member] | Europe CLL Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 411 | 458 | 445 | 400 |
Provision charged | 83 | 83 | ||
Other | (5) | 1 | ||
Gross write-offs | (132) | (45) | ||
Recoveries | 20 | 19 | ||
Commercial Portfolio Segment [Member] | Asia CLL Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 72 | 112 | 80 | 157 |
Provision charged | 11 | 11 | ||
Other | (5) | (5) | ||
Gross write-offs | (18) | (56) | ||
Recoveries | 4 | 5 | ||
Commercial Portfolio Segment [Member] | Other CLL Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 3 | 2 | 6 | 4 |
Provision charged | (3) | 0 | ||
Other | 0 | 0 | ||
Gross write-offs | 0 | (2) | ||
Recoveries | 0 | 0 | ||
Commercial Portfolio Segment [Member] | CLL Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 976 | 1,374 | 1,021 | 1,450 |
Provision charged | 165 | 160 | ||
Other | (11) | (24) | ||
Gross write-offs | (253) | (259) | ||
Recoveries | 54 | 47 | ||
Commercial Portfolio Segment [Member] | Energy Financial Services Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 8 | 25 | 9 | 26 |
Provision charged | (1) | (1) | ||
Other | 0 | 0 | ||
Gross write-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Commercial Portfolio Segment [Member] | GECAS Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 7 | 14 | 8 | 17 |
Provision charged | (1) | (3) | ||
Other | 0 | 0 | ||
Gross write-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Other Financing Receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 2 | 20 | 3 | 37 |
Provision charged | 0 | 2 | ||
Other | 0 | (19) | ||
Gross write-offs | (1) | 0 | ||
Recoveries | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 265 | 929 | 320 | 1,089 |
Provision charged | (20) | 38 | ||
Other | (6) | (12) | ||
Gross write-offs | (29) | (188) | ||
Recoveries | 0 | 2 | ||
Consumer Portfolio Segment [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 4,101 | 3,352 | 3,624 | 3,571 |
Provision charged | 1,345 | 667 | ||
Other | (79) | 46 | ||
Gross write-offs | (1,133) | (1,255) | ||
Recoveries | 344 | 323 | ||
Consumer Portfolio Segment [Member] | Non US residential mortgages [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 477 | 498 | 480 | 546 |
Provision charged | 56 | 29 | ||
Other | (16) | 8 | ||
Gross write-offs | (55) | (103) | ||
Recoveries | 12 | 18 | ||
Consumer Portfolio Segment [Member] | Non US installment and revolving credit [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 712 | 726 | 623 | 717 |
Provision charged | 211 | 124 | ||
Other | (15) | 28 | ||
Gross write-offs | (252) | (273) | ||
Recoveries | 145 | 130 | ||
Consumer Portfolio Segment [Member] | US installment and revolving credit [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 2,665 | 1,845 | 2,282 | 2,008 |
Provision charged | 1,014 | 478 | ||
Other | (50) | 0 | ||
Gross write-offs | (744) | (772) | ||
Recoveries | 163 | 131 | ||
Consumer Portfolio Segment [Member] | Non US auto [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 66 | 88 | 67 | 101 |
Provision charged | 17 | 10 | ||
Other | (5) | (6) | ||
Gross write-offs | (30) | (41) | ||
Recoveries | 17 | 24 | ||
Consumer Portfolio Segment [Member] | Consumer Other Financing Receivable [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total balance | 181 | 195 | 172 | 199 |
Provision charged | 47 | 26 | ||
Other | 7 | 16 | ||
Gross write-offs | (52) | (66) | ||
Recoveries | $ 7 | $ 20 |
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Held for Sale Narrative) (Details) (Business Property [Member], USD $)
In Millions, unless otherwise specified |
Oct. 02, 2012
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Business Property [Member]
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consideration Received For Sale Of Business | $ 2,406 |
Financial Instruments (Securities Repurchase and Reverse Repurchase Arrangements) (Details) (USD $)
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3 Months Ended |
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Mar. 31, 2013
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Derivative Instrument Detail [Abstract] | |
Securities For Repurchase Agreements | $ 71,000,000 |
Reverse Repurchase Agreements Maturities | 90 |
Securities for Reverse Repurchase Agreements | $ 20,900,000,000 |
Investment Securities (Gross Realized Gain Losses) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2013
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Mar. 31, 2012
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Investment Securities [Abstract] | ||
Gains | $ 62 | $ 38 |
Losses, including impairments | (278) | (70) |
Total | $ (216) | $ (32) |
Summary of Significant Accounting Policies
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3 Months Ended |
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Mar. 31, 2013
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Summary of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Notes to Condensed Financial Statements (Unaudited) 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Electric Company (GE Company or GE) owns all of the common stock of General Electric Capital Corporation (GECC). Our financial statements consolidate all of our affiliates – companies that we control and in which we hold a majority voting interest. We also consolidate the economic interests we hold in certain businesses within companies in which we hold a voting equity interest and are majority owned by our parent, but which we have agreed to actively manage and control. See Note 1 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (2012 consolidated financial statements), which discusses our consolidation and financial statement presentation. GECC includes Commercial Lending and Leasing (CLL), Consumer, Real Estate, Energy Financial Services and GE Capital Aviation Services (GECAS).
Effects of transactions between related companies are made on an arms-length basis and are eliminated. As a wholly-owned subsidiary, GECC enters into various operating and financing arrangements with its parent, GE. These arrangements are made on an arms-length basis and consist primarily of GECC dividends to GE; GE customer receivables sold to GECC; GECC services for trade receivables management and material procurement; buildings and equipment (including automobiles) leased between GE and GECC; information technology (IT) and other services sold to GECC by GE; aircraft engines manufactured by GE that are installed on aircraft purchased by GECC from third-party producers for lease to others; and various investments, loans and allocations of GE corporate costs.
We have reclassified certain prior-period amounts to conform to the current-period presentation. Unless otherwise indicated, information in these notes to the condensed, consolidated financial statements relates to continuing operations.
Accounting Changes On January 1, 2012, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2011-05, an amendment to Accounting Standards Codification (ASC) 220, Comprehensive Income. ASU 2011-05 introduced a new statement, the Consolidated Statement of Comprehensive Income. The amendments affect only the display of those components of equity categorized as other comprehensive income and do not change existing recognition and measurement requirements that determine net earnings.
On January 1, 2012, we adopted FASB ASU 2011-04, an amendment to ASC 820, Fair Value Measurements. ASU 2011-04 clarifies or changes the application of existing fair value measurements, including: that the highest and best use valuation premise in a fair value measurement is relevant only when measuring the fair value of nonfinancial assets; that a reporting entity should measure the fair value of its own equity instrument from the perspective of a market participant that holds that instrument as an asset; to permit an entity to measure the fair value of certain financial instruments on a net basis rather than based on its gross exposure when the reporting entity manages its financial instruments on the basis of such net exposure; that in the absence of a Level 1 input, a reporting entity should apply premiums and discounts when market participants would do so when pricing the asset or liability consistent with the unit of account; and that premiums and discounts related to size as a characteristic of the reporting entity's holding are not permitted in a fair value measurement. Adopting these amendments had no effect on the financial statements. For a description of how we estimate fair value and our process for reviewing fair value measurements classified as Level 3 in the fair value hierarchy, see Note 1 in our 2012 consolidated financial statements.
See Note 1 in our 2012 consolidated financial statements for a summary of our significant accounting policies.
Interim Period Presentation The condensed, consolidated financial statements and notes thereto are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these condensed, consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. It is suggested that these condensed, consolidated financial statements be read in conjunction with the financial statements and notes thereto included in our 2012 consolidated financial statements. We label our quarterly information using a calendar convention, that is, first quarter is labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is our longstanding practice to establish interim quarterly closing dates using a fiscal calendar, which requires our businesses to close their books on either a Saturday or Sunday, depending on the business. The effects of this practice are modest and only exist within a reporting year. The fiscal closing calendar for 2013 is available on our website, www.ge.com/secreports. |