2015 General Electric Annual Report
EK409 – Engineering Economy
A.J. Callis, Rachel Kinoshi, Patrick Leach, Deeplata Nand, Frank
Savoca, Michael Stephenson, Solomon Utain
Spring 2016
1
Contents
Letter ............................................................................................................................................................. 3
Introduction .................................................................................................................................................. 4
Change 1: Sales of Goods Increase by $4,400,000,000 ................................................................................ 5
Change 2: Cost of Goods Sold Decreased by $3,220,000,000 .................................................................... 10
Change 3: Inventories Decreased by $780,000,000 ................................................................................... 15
Change 4: Accounts Receivable Decreased by $3,111,000,000 ................................................................. 20
Change 5: Accounts Payable Increased by $2,625,000,000........................................................................ 25
Change 6: Depreciation Increased by $550,000,000 .................................................................................. 30
Change 7: Dividend (per share) Increased by $0.18 .................................................................................. 35
Summary (Combined Effect) ....................................................................................................................... 40
2
Letter
3
Introduction
The following report provides information regarding adjustments made to General Electric’s 2015 Annual
Report. The changes made are as follows:
Category
Change
Sales of Goods
$4,400,000,000
Cost of Goods Sold
($3,220,000,000)
Inventories
($780,000,000)
Accounts Receivable
($3,111,000,000)
Accounts Payable
$2,625,000,000
Depreciation
$550,000,000
Dividends
$0.18
The effects of those changes are highlighted in the reports for Statement of Earnings, Statement of
Financial Position, and Consolidated Statement of Changes in Shareowners’ Equity. The combined effect
of these changes are shown in the final summary report.
4
Change 1: Sales of Goods Increase by $4,400,000,000
The $4,400,000,000 increase in sales of goods increases the company’s profits. The actual products are
being sold at a higher price, but the number of goods sold remains the same. This increase the amount of
taxes paid and the earnings per share of stock. Additionally, the increase in revenue for goods sold
increases the amount of money in accounts receivable by 23 percent. Because the tax rate and account
receivable ratio sum to larger than 100 percent, cash and equivalents decreases. Retained earnings of the
company increase in the liabilities section to match the increase in assets.
5
Statement Of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
6
Old (2015)
$
$
$
$
Change
New
74,510 $
31,298
2,227
9,350
117,386
4,400 $
4,400
78,910
31,298
2,227
9,350
121,786
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145) $
4,400
(3,486)
914
914
914
914 $
59,905
22,788
17,831
3,463
2,605
2,608
109,200
12,586
(9,971)
2,614
(7,495)
(4,881)
332
(5,212)
(18)
(5,231)
1,700 $
19
1,681
(18)
1,663
(7,495)
312
(6,145) $
914 $
914
914
914 $
2,614
19
2,595
(18)
2,577
(7,495)
312
(5,231)
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$
$
0.17 $
0.17 $
$
$
$
(0.61) $
(0.62) $
0.92
$
0.09
0.09
$
$
0.26
0.26
0.09 $
0.09 $
- $
(0.52)
(0.53)
0.92
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Old (2015)
$ 128,159 $
(6,126)
(9,155)
(25)
1,644
(20,946)
4,724
98,274
1,864
$ 100,138 $
7
Change
914
914
914
New
$ 128,159
(5,212)
(9,155)
(25)
1,644
(20,946)
4,724
99,188
1,864
$ 101,052
Statement of Financial Position
Old (2015)
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
Change
$
70,483 $
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 492,692 $
$
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
8
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
$
New
(99) $
70,384
31,973
1,013
28,035
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
914 $ 493,606
- $
-
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
-
22,558
861
-
861
46,487
-
46,487
389,582
-
389,582
Redeemable noncontrolling interests
Preferred stock (5,944,250 shares outstanding at year-end 2015
and no shares outstanding at year-end 2014)
GECC preferred stock (no shares outstanding at year-end 2015
and 50,000 shares outstanding at year-end 2014)
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding
at year-end 2015 and 2014, respectively)
2,972
-
2,972
6
-
6
-
-
-
702
-
702
460
-
460
(5,499)
-
(5,499)
(80)
-
(80)
Benefit plans
(11,410)
-
(11,410)
Other capital
37,613
-
37,613
Retained earnings
140,020
914
140,934
Less common stock held in treasury
(63,539)
-
(63,539)
98,274
914
k
1,864
-
1,864
914
914
101,052
$ 493,606
Accumulated other comprehensive income (loss) - net attributable to GE (b)
Investment securities
Currency translation adjustment
Cash flow hedges
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
100,138
$ 492,692 $
9
Change 2: Cost of Goods Sold Decreased by $3,220,000,000
The $3,220,000,000 decrease in cost of goods sold cause changes in the statements of earnings. The
decrease in cost is the result of production processes becoming more efficient thus making goods cheaper
to produce. This increases profits so the amount of taxes paid and the earnings per share of stock increase.
The company’s cash and equivalents increases as a result of cheaper production. To balance the report,
liabilities were increased by a matching amount by increasing the amount of retained earnings.
10
Statement of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
11
Old (2015)
$
$
$
$
Change
New
74,510 $
31,298
2,227
9,350
117,386
- $
-
74,510
31,298
2,227
9,350
117,386
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145) $
(3,220)
(3,220)
3,220
(2,551)
669
669
669
669 $
56,685
22,788
17,831
3,463
2,605
2,608
105,980
11,406
(9,036)
2,369
(7,495)
(5,126)
332
(5,457)
(18)
(5,476)
1,700 $
19
1,681
(18)
1,663
(7,495)
312
(6,145) $
669 $
669
669
669 $
2,369
19
2,350
(18)
2,332
(7,495)
312
(5,476)
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$
$
0.17
0.17
$
$
0.07
0.07
$
$
0.24
0.24
$
$
$
(0.61)
(0.62)
0.92
$
$
$
0.07 $
0.07 $
- $
(0.54)
(0.55)
0.92
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Old (2015)
Change
New
$ 128,159 $
- $ 128,159
(6,126)
669
(5,457)
(9,155)
(9,155)
(25)
(25)
1,644
1,644
(20,946)
(20,946)
4,724
4,724
98,274
669
98,943
1,864
1,864
$ 100,138 $
669 $ 100,807
12
Statement of Financial Position
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
Old (2015)
Change
$
70,483 $
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 492,692 $
$
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
13
49,892 $
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
New
669 $
71,152
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
669 $ 493,361
- $
-
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
-
22,558
861
-
861
46,487
-
46,487
389,582
-
389,582
Redeemable
noncontrolling
interests
Preferred stock
(5,944,250 shares
outstanding at year-end 2015
and no shares outstanding at year-end 2014)
GECC preferred stock (no shares outstanding at year-end 2015
and 50,000 shares outstanding at year-end 2014)
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding
at year-end 2015 and 2014, respectively)
Accumulated other comprehensive income (loss) - net attributable to GE (b)
2,972
-
2,972
6
-
6
-
-
-
702
-
702
460
-
460
(5,499)
-
(5,499)
(80)
-
(80)
Benefit plans
(11,410)
-
(11,410)
Other capital
37,613
-
37,613
Retained earnings
140,020
669
140,689
Less common stock held in treasury
(63,539)
-
(63,539)
98,274
669
98,943
1,864
-
1,864
100,138
$ 492,692
669
669
100,807
$ 493,361
Investment securities
Currency translation adjustment
Cash flow hedges
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
14
$
Change 3: Inventories Decreased by $780,000,000
The $780,000,000 decrease in inventories is a result of the company purchasing less inventory. This results
in an increase in cash and equivalents and a decrease in inventory (finished goods). The company will
purchase less inventory, and therefore still have $780,000,000 not spent on finished good in the form of
cash and equivalents.
15
Statement Of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
16
Old (2015)
$
$
$
$
74,510
31,298
2,227
9,350
117,386
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145)
1,700
19
1,681
(18)
1,663
(7,495)
312
(6,145)
Change
$
New
-
$
-
- $
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145)
- $
- $
1,700
19
1,681
(18)
1,663
(7,495)
312
(6,145)
-
$
$
$
74,510
31,298
2,227
9,350
117,386
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$
$
0.17
0.17
$
$
- $
- $
0.17
0.17
$
$
$
(0.61)
(0.62)
0.92
$
$
$
- $
- $
- $
(0.61)
(0.62)
0.92
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Change
Old (2015)
$ 128,159 $
(6,126)
(9,155)
(25)
1,644
(20,946)
4,724
98,274
1,864
$ 100,138 $
17
New
- $ 128,159
(6,126)
(9,155)
(25)
1,644
(20,946)
4,724
98,274
1,864
- $ 100,138
Statement of Financial Position
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
Old (2015)
$
$
$
18
Change
70,483
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
492,692
$
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
861
46487
389,582
$
$
New
780 $ 71,263
31,973
27,022
(780)
21,735
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
- $ 492,692
-
$
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
861
46,487
389,582
Redeemable noncontrolling interests
Preferred stock (5,944,250 shares outstanding at year-end 2015
and no shares outstanding at year-end 2014)
GECC preferred stock (no shares outstanding at year-end 2015
and 50,000 shares outstanding at year-end 2014)
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding
at year-end 2015 and 2014, respectively)
Accumulated other comprehensive income (loss) - net attributable to GE (b)
Investment securities
Currency translation adjustment
Cash flow hedges
Benefit plans
Other capital
Retained earnings
Less common stock held in treasury
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
$
19
2,972
-
2,972
6
-
6
-
-
702
-
460
(5,499)
(80)
(11,410)
37,613
140,020
(63,539)
98,274
1,864
100,138
492,692
$
- $
702
460
(5,499)
(80)
(11,410)
37,613
140,020
(63,539)
98,274
1,864
100,138
492,692
Change 4: Accounts Receivable Decreased by $3,111,000,000
A decrease in accounts receivable means that the company was paid for more of the goods it sold, instead
of waiting to be paid for them. Therefore, the 3.111 billion dollar decrease in accounts receivable was
matched by a 3.111 billion dollar increase in cash and equivalents. This did not affect the profits or equity
of the company so only the assets of statement of financial position section were altered. The net change
in assets was zero dollars.
20
Statement Of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
21
Old (2015)
$
$
$
$
Change
New
74,510 $
31,298
2,227
9,350
117,386
-
74,510
31,298
2,227
9,350
117,386
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145) $
-
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
$ 74,510
1,700 $
19
1,681
(18)
1,663
(7,495)
312
(6,145) $
$
- $
- $
1,700
19
1,681
(18)
1,663
(7,495)
312
(6,145)
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$0.17
$0.17
$
$
-
$0.17
$0.17
($0.61)
($0.62)
$0.92
$
$
$
-
($0.61)
($0.62)
$0.92
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Old (2015)
Change
$ 128,159 $
(6,126)
(9,155)
(25)
1,644
(20,946)
4,724
98,274
1,864
$ 100,138 $
22
New
- $ 128,159
(6,126)
(9,155)
(25)
1,644
(20,946)
4,724
98,274
1,864
- $ 100,138
Statement of Financial Position
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
Old (2015)
Change
$
70,483 $
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 492,692 $
$
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
23
49,892 $
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
New
3,111 $ 73,594
31,973
(3,111)
23,911
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
- $ 492,692
-
$
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
-
22,558
861
-
861
46,487
-
46,487
389,582
-
389,582
Redeemable
noncontrolling
interests
Preferred
stock
(5,944,250 shares
outstanding at year-end 2015
and nopreferred
shares outstanding
at year-end
2014) at year-end
GECC
stock (no shares
outstanding
2,972
-
2,972
6
-
6
-
-
-
702
-
702
460
-
460
(5,499)
-
(5,499)
(80)
-
(80)
Benefit plans
(11,410)
-
(11,410)
Other capital
37,613
-
37,613
Retained earnings
140,020
-
140,020
Less common stock held in treasury
(63,539)
-
(63,539)
98,274
-
98,274
1,864
-
1,864
2015
and stock
50,000
shares outstanding
at year-end 2014)
Common
(9,379,288,000
and 10,057,380,000
shares outstanding
at year-end 2015 and 2014, respectively)
Accumulated other comprehensive income (loss) - net attributable to GE (b)
Investment securities
Currency translation adjustment
Cash flow hedges
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
100,138
$ 492,692 $
24
100,138
- $ 492,692
Change 5: Accounts Payable Increased by $2,625,000,000
The $2,625,000,000 increase in accounts payable is a result of the company taking longer to pay its
creditors for goods. This increase in accounts payable is matched by an increase in cash equivalents
because the company has more money sitting around that it has not paid out yet. This change did not
affect the statement of earnings or the statement of equity. The increases in assets and liabilities match
each other.
25
Statement Of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
26
Old (2015)
$
$
$
$
Change
New
74,510 $
31,298
2,227
9,350
117,386
- $
-
74,510
31,298
2,227
9,350
117,386
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145) $
- $
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145)
1,700 $
19
1,681
(18)
1,663
(7,495)
312
(6,145) $
- $
- $
1,700
19
1,681
(18)
1,663
(7,495)
312
(6,145)
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$0.17
$0.17
$
$
-
$0.17
$0.17
($0.61)
($0.62)
$0.92
$
$
$
-
($0.61)
($0.62)
$0.92
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Old (2015)
Change
$ 128,159 $
(6,126)
(9,155)
(25)
1,644
(20,946)
4,724
98,274
1,864
$ 100,138 $
27
New
- $ 128,159
(6,126)
(9,155)
(25)
1,644
(20,946)
4,724
98,274
1,864
- $ 100,138
Statement of Financial Position
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
Old (2015)
Change
$
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
28
New
70,483 $
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 492,692 $
2,625 $
2,625 $
73,108
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
495,317
$
- $
2,625
-
49,892
16,305
15,776
2,167
23,597
3,083
145,301
25,692
40,487
49,892 $
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
-
22,558
861
-
861
46,487
-
46,487
389,582
2,625
392,207
Redeemable
noncontrolling
interests
Preferred stock
(5,944,250 shares
outstanding at year-end 2015
and
no
shares
outstanding
at
year-end
2014) at year-end 2015
GECC preferred stock (no shares outstanding
and
50,000
shares
outstanding at
2014) shares outstanding
Common
stock
(9,379,288,000
andyear-end
10,057,380,000
at year-end 2015 and 2014, respectively)
2,972
-
2,972
6
-
6
-
-
-
702
-
702
460
-
460
(5,499)
-
(5,499)
Accumulated other comprehensive income (loss) - net attributable to GE (b)
Investment securities
Currency translation adjustment
Cash flow hedges
(80)
-
(80)
Benefit plans
(11,410)
-
(11,410)
Other capital
37,613
-
37,613
Retained earnings
140,020
-
140,020
Less common stock held in treasury
(63,539)
-
(63,539)
98,274
-
98,274
1,864
-
1,864
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
100,138
$ 492,692 $
29
2,625 $
100,138
495,317
Change 6: Depreciation Increased by $550,000,000
The $550,000,000 increase in depreciation increases the cost of goods sold. This reduces the tax provision
of the company. Depreciation reduces the book value of capital thus decreasing the equity of the
company. The cash and equivalents for the company increases, but the value of property, plant and
equipment for the company decreases. Retained earnings of the company decrease to match the decrease
in total assets.
30
Statement Of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
31
Old (2015)
$
$
$
$
Change
New
74,510 $
31,298
2,227
9,350
117,386
- $
-
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145) $
550
550
(550)
436
(114)
(114)
(114)
(114) $
1,700 $
19
1,681
(18)
1,663
(7,495)
312
(6,145) $
(114) $
(114)
(114)
(114) $
-
74,510
31,298
2,227
9,350
117,386
60,455
22,788
17,831
3,463
2,605
2,608
109,750
7,636
(6,049)
1,586
(7,495)
(5,909)
332
(6,240)
(18)
(6,259)
1,586
19
1,567
(18)
1,549
(7,495)
312
(6,259)
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$0.17
$0.17
($0.61)
($0.62)
$0.92 $
($0.01)
($0.02)
$0.16
$0.15
($0.01)
($0.02)
-
($0.62)
($0.64)
$0.92
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Old (2015)
Change
New
$
128,159 $
- $
(6,126)
436
(9,155)
(25)
1,644
(20,946)
4,724
(550)
98,274
(114)
1,864
$
100,138 $
(114) $
32
128,159
(5,690)
(9,155)
(25)
1,644
(20,946)
4,174
98,160
1,864
100,024
Statement of Financial Position
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
Old (2015)
$
$
$
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
33
Change
70,483 $
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
492,692 $
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
$
New
436 $
(550)
70,919
31,973
27,022
22,515
12,052
6,782
53,545
(114) $
65,526
16,744
21,156
37,471
3,105
2,818
120,951
492,578
- $
-
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
-
22,558
861
-
861
46,487
-
46,487
389,582
-
389,582
Redeemable
noncontrolling
interests
Preferred
stock
(5,944,250 shares
outstanding at year-end 2015
and nopreferred
shares outstanding
at year-end
2014) at year-end 2015
GECC
stock (no shares
outstanding
2,972
-
2,972
6
-
6
702
-
702
460
-
460
(5,499)
-
(5,499)
(80)
-
(80)
Benefit plans
(11,410)
-
(11,410)
Other capital
37,613
(114)
37,499
and
50,000
shares
outstanding at
2014) shares outstanding
Common
stock
(9,379,288,000
andyear-end
10,057,380,000
at year-end 2015 and 2014, respectively)
-
Accumulated other comprehensive income (loss) - net attributable to GE (b)
Investment securities
Currency translation adjustment
Cash flow hedges
Retained earnings
140,020
Less common stock held in treasury
(63,539)
-
(63,539)
98,274
(114)
98,160
1,864
-
1,864
100,138
492,692 $
(114)
(114) $
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
$
34
140,020
100,024
492,578
Change 7: Dividend (per share) Increased by $0.18
An 18 cent increase in dividends per share increases total dividends paid out by 1.688 billion dollars. The
company arrived at this number by multiplying the shares of common stock held by the increase in
dividends given. This increased payout increased dividends payable. The money for increased dividends
resulted in a decrease of cash equivalents and retained earnings.
35
Statement Of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
36
Old (2015)
$
$
$
$
74,510
31,298
2,227
9,350
117,386
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145)
1,700
19
1,681
(18)
1,663
(7,495)
312
(6,145)
Change
$
$
$
$
New
- $
-
74,510
31,298
2,227
-
9,350
117,386
- $
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145)
- $
- $
1,700
19
1,681
(18)
1,663
(7,495)
312
(6,145)
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$0.17
$0.17
$
$
-
$0.17
$0.17
($0.61)
$
($0.62)
$
$0.92 $
0.18
($0.61)
($0.62)
$1.10
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Old (2015)
Change
New
$ 128,159 $
- $ 128,159
(6,126)
(6,126)
(9,155)
(1,688)
(10,843)
(25)
(25)
1,644
1,644
(20,946)
(20,946)
4,724
4,724
98,274
(1,688)
96,586
1,864
1,864
$ 100,138 $
(1,688) $
98,450
37
Statement of Financial Position
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
Old (2015)
Change
$
70,483 $
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 492,692 $
$
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
38
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
$
New
(1,288) $
-
(1,288)
69,195
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 491,404
- $
400
-
49,892
13,680
15,776
2,567
23,597
3,083
145,301
25,692
40,487
22,558
-
22,558
861
-
861
46,487
-
46,487
389,582
400
389,982
Redeemable noncontrolling interests
Preferred stock (5,944,250 shares outstanding at year-end 2015
and no shares outstanding at year-end 2014)
GECC preferred stock (no shares outstanding at year-end 2015
and 50,000 shares outstanding at year-end 2014)
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding
at year-end 2015 and 2014, respectively)
2,972
-
2,972
6
-
6
702
-
702
460
-
460
(5,499)
-
(5,499)
(80)
-
(80)
Benefit plans
(11,410)
-
(11,410)
Other capital
37,613
-
37,613
Retained earnings
140,020
(1,688)
138,332
Less common stock held in treasury
(63,539)
-
(63,539)
98,274
(1,688)
96,586
1,864
-
1,864
(1,688)
(1,288)
98,450
$ 491,404
-
Accumulated other comprehensive income (loss) - net attributable to GE (b)
Investment securities
Currency translation adjustment
Cash flow hedges
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
100,138
$ 492,692 $
39
Summary (Combined Effect)
As seen in the introduction, the changes to the GE annual report in this assignment were increases in sales
of goods, accounts payable, depreciation, and dividend per share and decreases in cost of goods,
inventories, and accounts receivable. When combining these changes, there are several important effects
seen in the annual report. First, from the Statement of Earnings, total revenues and other income
increases due to the increase in sales of goods. Cost of goods sold decreases overall, which decreases total
costs and expenses. The increase in total revenues and decrease in total costs leads to a large increase in
earnings from continuing operations before income taxes, bringing the total earnings to $15,256,000,000
before taxes. The dividends declared per common share increased from $0.92 to $1.10 due to the increase
in earnings. On the Statement of Financial Position, total assets increase due to a large increase in cash
and equivalents. The increase in accounts payable leads to a matching increase in total liabilities. Due to
these changes, the total liabilities, redeemable non-controlling interests and equity increase by
$2,806,000,000. The Consolidated Statement of Changes in Shareowners’ Equity also reflects the increase
in net earnings attributable to the company but a decrease in dividends and other transactions with
shareowners, which lead to an overall decrease in total equity balance. The breakdown of these changes
is seen in the table below.
Changes:
sales of goods $4,400,000,000
cost of goods ($3,220,000,000)
inventories ($780,000,000)
accounts receivable ($3,111,000,000)
accounts payable $2,625,000,000
depreciation $550,000,000
dividend per share $0.18
40
Statement Of Earnings
For the years ended December 31 (in millions; per share amounts in dollars)
Revenue and other Income
Sales of goods
Sales of services
Other Income
GE Capital earnings from continuing operations
GE Capital revenues from services
Total Revenues and other income
Cost and Expenses
Cost of goods sold
Cost of services sold
Selling, general and administrative expenses
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Other costs and expenses
Total costs and expenses
Earnings from continuing operations before income taxes
Benefit (provision for income taxes)
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Less net earnings (loss) attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends
Net earnings (loss) attributable to GE common shareowners
Amounts attributable to GE common shareowners
Earnings from continuing operations
Less net earnings (loss) attributable to noncontrolling interests, continuing operations
Earnings from continuing operations attributable to the Company
Preferred stock Dividends
Earnings from continuing operations attributable to GE common shareowners
Earnings (loss) from discontinued operations, net of taxes
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
Net earnings (loss) attributable to GE common shareowners
41
Old (2015)
$
$
$
$
Change
74,510
31,298
2,227
9,350
117,386
59,905
22,788
17,831
3,463
2,605
2,608
109,200
8,186
(6,485)
1,700
(7,495)
(5,795)
332
(6,126)
(18)
(6,145) $
1,700 $
19
1,681
(18)
1,663
(7,495)
312
(6,145) $
New
4400 $
4,400
78,910
31,298
2,227
9,350
121,786
(2,670)
(2,670)
7,070
(5,601)
1,469
1,469
1,469
1,469
57,235
22,788
17,831
3,463
2,605
2,608
106,530
15,256
(12,086)
3,169
(7,495)
(4,326)
332
(4,657)
(18)
(4,676)
1,469 $
1,469
1,469
1,469 $
3,169
19
3,150
(18)
3,132
(7,495)
312
(6,145)
Per-share amounts
Earnings from continuing operations
Diluted earnings per share
Basic earnings per share
Net earnings (loss)
Diluted earnings (loss) per share
Basic earnings (loss) per share
Dividends declared per common share
$0.17
$0.17
$0.15
$0.14
$0.32
$0.31
($0.61)
($0.62)
$0.92
$0.15
$0.14
$0.18
($0.46)
($0.48)
$1.10
General Electric Company and Consolidated Affiliates Consolidated
Statement of Changes in Shareowners' Equity
(in millions)
GE shareowners' equity balance at January 1
Net earnings (loss) attributable to the Company
Dividends and other transactions with shareowners
Redemption value adjustment for redeemable noncontrolling interests
Other comprehensive income (loss) attributable to the Company
Net sales (purchases) of shares for treasury(a)
Changes in other capital
Ending balance at December 31
Noncontrolling interests
Total Equity balance at December 31
Old (2015) Change
New
$ 128,159 $
- $ 128,159
(6,126)
2,019
(4,107)
(9,155)
(1,688)
(10,843)
(25)
(25)
1,644
1,644
(20,946)
(20,946)
4,724
(550)
4,174
98,274
(219)
98,055
1,864
1,864
$ 100,138 $
(219) $
99,919
42
Statement of Financial Position
At December 31 (in millions, except share amounts)
Assets
Cash and equivalents
Investments securities
Current receivables
Inventories
Financing Receivables - net
Other GE Capital receivables
Property, plant and equipment
Receivable from GE Capital
Investment in GE Capital
Goodwill
Other intangible assets - net
Contract assets
All other assets
Deferred income taxes
Assets of businesses held for sale
Assets of discontinued operations
Total assets(a)
Liabilities and equity
Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends Payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
Non-current compensation and benefits
All other liabilities
Liabilites of businesses held for sale
Liabilities of discontinued operations
Total liabilities
Old (2015)
Change
$
70,483 $
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 492,692 $
$
43
49,892
13,680
15,776
2,167
23,597
3,083
145,301
25,692
40,487
22,558
861
46,487
389,582
$
New
6,234 $
(2,098)
(780)
(550)
2,806
76,717
31,973
27,022
22,515
12,052
6,782
54,095
65,526
16,744
21,156
37,471
3,105
2,818
120,951
$ 495,498
- $
2,625
400
3,025
49,892
16,305
15,776
2,567
23,597
3,083
145,301
25,692
40,487
22,558
861
46,487
392,607
Redeemable noncontrolling interests
Preferred stock (5,944,250 shares outstanding at year-end 2015
and no shares outstanding at year-end 2014)
GECC preferred stock (no shares outstanding at year-end 2015
and 50,000 shares outstanding at year-end 2014)
Common stock (9,379,288,000 and 10,057,380,000 shares outstanding
at year-end 2015 and 2014, respectively)
Accumulated other comprehensive income (loss) - net attributable to GE (b)
Investment securities
Currency translation adjustment
Cash flow hedges
Benefit plans
Other capital
Retained earnings
Less common stock held in treasury
Total GE shareowners' equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity
2,972
-
2,972
6
-
6
-
-
-
702
-
702
(550)
331
(219)
(219)
2,806
460
(5,499)
(80)
(11,410)
37,063
140,351
(63,539)
98,055
1,864
99,919
$ 495,498
460
(5,499)
(80)
(11,410)
37,613
140,020
(63,539)
98,274
1,864
100,138
$ 492,692 $
44