audited financial statements

Statement of Earnings
General Electric Company
and consolidated affiliates
For the years ended December 31 (In millions; per-share amounts in dollars)

2011

2010

2009

$ 66,875
27,648
5,063

47,714
147,300

$ 60,812
39,625
1,151

48,005
149,593

$ 65,067
38,710
1,006

49,655
154,438

51,455
16,823
14,545
2,912
4,083
37,384
127,202
20,098
(5,732)
14,366
77
14,443
292
14,151
(1,031)
$ 13,120

46,005
25,708
15,553
3,012
7,176
38,054
135,508
14,085
(1,033)
13,052
(873)
12,179
535
11,644
(300)
$ 11,344

50,580
25,341
17,697
3,017
10,585
37,354
144,574
9,864
1,142
11,006
219
11,225
200
11,025
(300)
$ 10,725

$ 14,074
77
$ 14,151

$ 12,517
(873)
$ 11,644

$ 10,806
219
$ 11,025

REVENUES

Sales of goods
Sales of services
Other income (Note 17)
GECS earnings from continuing operations
GECS revenues from services (Note 18)
Total revenues
COSTS AND EXPENSES (Note 19)
Cost of goods sold
Cost of services sold
Interest and other financial charges
Investment contracts, insurance losses and insurance annuity benefits
Provision for losses on financing receivables (Notes 6 and 23)
Other costs and expenses
Total costs and expenses
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

Benefit (provision) for income taxes (Note 14)

EARNINGS FROM CONTINUING OPERATIONS

Earnings (loss) from discontinued operations, net of taxes (Note 2)

NET EARNINGS

Less net earnings attributable to noncontrolling interests

NET EARNINGS ATTRIBUTABLE TO THE COMPANY

Preferred stock dividends declared

NET EARNINGS ATTRIBUTABLE TO GE COMMON SHAREOWNERS
AMOUNTS ATTRIBUTABLE TO THE COMPANY

Earnings from continuing operations

Earnings (loss) from discontinued operations, net of taxes
NET EARNINGS ATTRIBUTABLE TO THE COMPANY
PER-SHARE AMOUNTS (Note 20)

Earnings from continuing operations

Diluted earnings per share
Basic earnings per share
Net earnings
Diluted earnings per share
Basic earnings per share
DIVIDENDS DECLARED PER SHARE

1.23
1.23

1.14
1.14

0.99
0.99

1.23
1.24
0.61

1.06
1.06
0.46

1.01
1.01
0.61

2011

2010

2009

$118,936
(10,530)

$117,291
(5,701)

$104,665
(5,049)

606
219
104
(7,048)
(6,119)
14,151
8,032

116,438
1,696
$118,134

16
(3,874)
454
1,079
(2,325)
11,644
9,319
(1,973)
118,936
5,262
$124,198

2,659
4,135
1,598
(1,804)
6,588
11,025
17,613
62
117,291
7,845
$125,136

See Note 3 for other-than-temporary impairment amounts.

See accompanying notes.

Consolidated Statement of Changes in Shareowners Equity

(In millions)

CHANGES IN SHAREOWNERS EQUITY (Note 15)

GE shareowners equity balance at January 1

Dividends and other transactions with shareowners
Other comprehensive income (loss)
Investment securitiesnet
Currency translation adjustmentsnet
Cash flow hedgesnet
Benefit plansnet
Total other comprehensive income (loss)
Increases from net earnings attributable to the Company
Comprehensive income (loss)
Cumulative effect of changes in accounting principles (a)
Balance at December 31
Noncontrolling interests (b)
Total equity balance at December 31

(a) On January 1, 2010, we adopted amendments to Accounting Standards Codification (ASC) 860, Transfers and Servicing and ASC 810, Consolidation, and recorded a
cumulative effect adjustment. See Notes 15 and 24. We adopted amendments to ASC 320, InvestmentsDebt and Equity Securities, and recorded a cumulative effect
adjustment to increase retained earnings as of April 1, 2009. See Notes 3 and 15.
(b) See Note 15 for further information about the changes in noncontrolling interests.
See accompanying notes.

70

GE 2011 ANNUAL REPORT

statement of earnings

GE (a)

GECS

2011

2010

2009

2011

$ 67,012
28,024
5,269
6,432

106,737

$ 60,345
39,875
1,285
3,023

104,528

$ 64,211
39,246
1,179
1,177

105,813

51,605
17,199
1,299

17,556
87,659
19,078
(4,839)
14,239
77
14,316
165
14,151
(1,031)
$ 13,120

45,570
25,958
1,600

16,340
89,468
15,060
(2,024)
13,036
(873)
12,163
519
11,644
(300)
$ 11,344

49,886
25,878
1,478

14,841
92,083
13,730
(2,739)
10,991
219
11,210
185
11,025
(300)
$ 10,725

135

13,883
3,059
4,083
20,469
41,629
7,452
(893)
6,559
78
6,637
127
6,510

$ 6,510

501

14,526
3,197
7,176
22,433
47,833
2,048
991
3,039
(868)
2,171
16
2,155

$ 2,155

808

16,870
3,193
10,585
23,051
54,507
(2,689)
3,881
1,192
238
1,430
15
1,415

$ 1,415

$ 14,074
77
$ 14,151

$ 12,517
(873)
$ 11,644

$ 10,806
219
$ 11,025

$ 6,432
78
$ 6,510

$ 3,023
(868)
$ 2,155

$ 1,177
238
$ 1,415

148

48,933
49,081

2010

533

49,348
49,881

2009

970

50,848
51,818

(a) Represents the adding together of all affiliated companies except General Electric Capital
Services, Inc. (GECS or financial services), which is presented on a one-line basis. See Note 1.
In the consolidating data on this page, GE means the basis of consolidation as described in Note 1
to the consolidated financial statements; GECS means General Electric Capital Services, Inc. and
all of its affiliates and associated companies. Separate information is shown for GE and GECS.
Transactions between GE and GECS have been eliminated from the General Electric Company and
consolidated affiliates columns on the prior page.

GE 2011 ANNUAL REPORT

71

audited financial statements

Statement of Financial Position

General Electric Company
and consolidated affiliates
At December 31 (In millions, except share amounts)

2011

2010

Cash and equivalents

Investment securities (Note 3)
Current receivables (Note 4)
Inventories (Note 5)
Financing receivablesnet (Notes 6 and 23)
Other GECS receivables
Property, plant and equipmentnet (Note 7)
Investment in GECS
Goodwill (Note 8)
Other intangible assetsnet (Note 8)
All other assets (Note 9)
Assets of businesses held for sale (Note 2)
Assets of discontinued operations (Note 2)

$ 84,501
47,374
19,531
13,792
280,378
7,561
65,739

72,625
12,068
111,707
711
1,255

$ 78,943
43,938
18,621
11,526
303,012
7,571
66,212

64,388
9,971
94,299
36,887
12,425

Total assets (a)

$717,242

$747,793

Short-term borrowings (Note 10)

Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends payable
Other GE current liabilities
Non-recourse borrowings of consolidated securitization entities (Note 10)
Bank deposits (Note 10)
Long-term borrowings (Note 10)
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11)
All other liabilities (Note 13)
Deferred income taxes (Note 14)
Liabilities of businesses held for sale (Note 2)
Liabilities of discontinued operations (Note 2)
Total liabilities (a)
Preferred stock (0 and 30,000 shares outstanding at year-end 2011 and 2010, respectively)
Common stock (10,573,017,000 and 10,615,376,000 shares outstanding at year-end 2011 and 2010, respectively)
Accumulated other comprehensive incomenet (b)
Investment securities
Currency translation adjustments
Cash flow hedges
Benefit plans
Other capital
Retained earnings
Less common stock held in treasury
Total GE shareowners equity
Noncontrolling interests (c)
Total equity (Notes 15 and 16)

$137,611
16,400
10,402
1,797
14,796
29,258
43,115
243,459
29,774
70,647
(131)
345
1,635
599,108

702

$117,959
14,656
11,142
1,563
11,396
30,018
37,298
293,323
29,582
55,271
2,753
16,047
2,587
623,595

702

(30)
133
(1,176)
(22,901)
33,693
137,786
(31,769)
116,438
1,696
118,134

(636)
(86)
(1,280)
(15,853)
36,890
131,137
(31,938)
118,936
5,262
124,198

Total liabilities and equity

$717,242

$747,793

ASSETS

LIABILITIES AND EQUITY

(a) Our consolidated assets at December 31, 2011 include total assets of $45,514 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 $37,120 million and investment securities of $5,320 million. Our consolidated liabilities at December 31, 2011
include liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities include non-recourse borrowings of consolidated securitization
entities (CSEs) of $28,758 million. See Note 24.
(b) The sum of accumulated other comprehensive incomenet was $(23,974) million and $(17,855) million at December 31, 2011 and 2010, respectively.
(c) Included accumulated other comprehensive incomenet attributable to noncontrolling interests of $(168) million and $(153) million at December 31, 2011 and
2010, respectively.
See accompanying notes.

72

GE 2011 ANNUAL REPORT

statement of financial position

GE (a)

GECS

2011

2010

2011

2010

8,382
18
11,807
13,741

14,283
77,110
45,395
10,522
36,675

52

$ 19,241
19
10,383
11,460

12,444
68,984
36,880
8,088
17,454
33,760
50

$ 76,702
47,359

51
289,307
13,390
51,419

27,230
1,546
75,618
711
1,203

$ 60,257
43,921

66
312,234
12,919
53,768

27,508
1,883
77,197
3,127
12,375

$217,985

$218,763

$584,536

$605,255

456
11,620
11,841
1,563
11,396

9,656

37,815
(4,237)
15,455
164
95,729

702

$136,333
7,239

29,258
43,115
234,391
30,198
17,328
7,052
345
1,477
506,736

$118,797
7,035

30,018
37,298
284,407
29,993
17,554
6,990
592
2,423
535,107

(30)
133
(1,176)
(22,901)
33,693
137,786
(31,769)
116,438
1,006
117,444

(636)
(86)
(1,280)
(15,853)
36,890
131,137
(31,938)
118,936
4,098
123,034

(33)
(399)
(1,101)
(563)
27,627
51,578

77,110
690
77,800

(639)
(1,411)
(1,281)
(380)
27,626
45,068

68,984
1,164
70,148

$217,985

$218,763

$584,536

$605,255

2,184
14,209
11,349
1,797
14,796

9,405

53,826
(7,183)

158
100,541

702

(a) Represents the adding together of all affiliated companies

except General Electric Capital Services, Inc. (GECS or
financial services), which is presented on a one-line basis.
See Note 1.
In the consolidating data on this page, GE means the basis of
consolidation as described in Note 1 to the consolidated
financial statements; GECS means General Electric Capital
Services, Inc. and all of its affiliates and associated companies.
Separate information is shown for GE and GECS. Transactions
between GE and GECS have been eliminated from the General
Electric Company and consolidated affiliates columns on the
prior page.

GE 2011 ANNUAL REPORT

73

audited financial statements

Statement of Cash Flows

General Electric Company
and consolidated affiliates
For the years ended December 31 (In millions)

2011

2010

2009

$ 14,443
292
14,151
(77)

$ 12,179
535
11,644
873

$ 11,225
200
11,025
(219)

9,185

(203)
(466)
(1,168)
1,235
(1,394)
4,083
7,255
32,601
758
33,359

9,786

930
(126)
342
883
(1,177)
7,176
5,925
36,256
(132)
36,124

10,617

(2,778)
3,273
1,101
(464)
(500)
10,585
(9,828)
22,812
1,605
24,417

(12,650)
5,896
14,652
8,950
8,877
(11,202)

6,094
20,617
(735)
19,882

(9,800)
7,208
21,773
2,510
3,062
(1,212)

10,249
33,790
(1,354)
32,436

(8,636)
6,479
36,665

9,978
(7,842)

3,758
40,402
1,976
42,378

5,951
6,748
43,847
(85,706)
(3,300)
(1,456)
(6,458)

(4,578)
(1,867)
(46,819)
(44)
(46,863)
(841)
5,537
79,085
84,622
121
$ 84,501

(1,228)
4,603
47,643
(99,933)

(1,263)
(4,790)

(2,633)
(3,648)
(61,249)
(337)
(61,586)
(333)
6,641
72,444
79,085
142
$ 78,943

(26,114)
(3,784)
82,846
(83,290)

623
(8,986)

(3,204)
(41,909)
(1,604)
(43,513)
795
24,077
48,367
72,444
1,965
$ 70,479

$(15,571)
(2,919)

$(17,132)
(2,671)

$(19,601)
(2,535)

CASH FLOWSOPERATING ACTIVITIES

Net earnings
Less net earnings attributable to noncontrolling interests
Net earnings attributable to the Company
(Earnings) loss from discontinued operations
Adjustments to reconcile net earnings attributable to the
Company to cash provided from operating activities
Depreciation and amortization of property, plant and equipment
Earnings from continuing operations retained by GECS
Deferred income taxes
Decrease (increase) in GE current receivables
Decrease (increase) in inventories
Increase (decrease) in accounts payable
Increase (decrease) in GE progress collections
Provision for losses on GECS financing receivables
All other operating activities
Cash from (used for) operating activitiescontinuing operations
Cash from (used for) operating activitiesdiscontinued operations
CASH FROM (USED FOR) OPERATING ACTIVITIES
CASH FLOWSINVESTING ACTIVITIES

Additions to property, plant and equipment

Dispositions of property, plant and equipment
Net decrease (increase) in GECS financing receivables
Proceeds from sales of discontinued operations
Proceeds from principal business dispositions
Payments for principal businesses purchased
Capital contribution from GE to GECS
All other investing activities
Cash from (used for) investing activitiescontinuing operations
Cash from (used for) investing activitiesdiscontinued operations
CASH FROM (USED FOR) INVESTING ACTIVITIES
CASH FLOWSFINANCING ACTIVITIES

Net increase (decrease) in borrowings (maturities of 90 days or less)

Net increase (decrease) in bank deposits
Newly issued debt (maturities longer than 90 days)
Repayments and other reductions (maturities longer than 90 days)
Repayment of preferred stock
Net dispositions (purchases) of GE shares for treasury
Dividends paid to shareowners
Capital contribution from GE to GECS
Purchases of subsidiary shares from noncontrolling interests
All other financing activities
Cash from (used for) financing activitiescontinuing operations
Cash from (used for) financing activitiesdiscontinued operations
CASH FROM (USED FOR) FINANCING ACTIVITIES

Effect of exchange rate changes on cash and equivalents

Increase (decrease) in cash and equivalents
Cash and equivalents at beginning of year
Cash and equivalents at end of year
Less cash and equivalents of discontinued operations at end of year
Cash and equivalents of continuing operations at end of year
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION

Cash paid during the year for interest

Cash recovered (paid) during the year for income taxes
See accompanying notes.

74

GE 2011 ANNUAL REPORT

statement of cash flows

GE (a)
2011

GECS

2010

2009

$ 14,316
165
14,151
(77)

$ 12,163
519
11,644
873

$ 11,210
185
11,025
(219)

2,068
(6,432)
(327)
(390)
(1,122)
1,938
(1,146)

3,394
12,057

12,057

2,034
(3,023)
(377)
(963)
409
1,052
(1,158)

4,255
14,746

14,746

(2,957)

6,254
(11,152)

(384)
(8,239)

(8,239)

2010

2009

$ 6,637
127
6,510
(78)

$ 2,171
16
2,155
868

$ 1,430
15
1,415
(238)

2,311
(1,177)
(460)
3,056
1,188
(918)
(257)

1,856
16,405
2
16,407

7,117

124

15
50

4,083
3,281
21,102
758
21,860

7,752

1,307

5
(116)

7,176
2,487
21,634
(132)
21,502

8,306

(2,318)

(6)
(363)

10,585
(11,558)
5,823
1,603
7,426

(2,418)

1,721
(653)

(550)
(1,900)

(1,900)

(2,429)

890
(428)
(9,500)
(198)
(11,665)
(2)
(11,667)

(9,882)
5,896
14,392
8,950
2,623
(50)

7,300
29,229
(735)
28,494

(7,674)
7,208
23,061
2,510
1,171
(559)

9,947
35,664
(1,354)
34,310

(6,445)
6,479
36,927

9,088
(7,414)

4,592
43,227
1,978
45,205

1,058

177
(270)
(3,300)
(1,456)
(6,458)

(4,303)
(75)
(14,627)

(14,627)
(50)
(10,859)
19,241
8,382

$ 8,382

(671)

9,474
(2,554)

(1,263)
(4,790)

(2,000)
(330)
(2,134)

(2,134)
(125)
10,587
8,654
19,241

$ 19,241

317

1,883
(1,675)

623
(8,986)

(514)
(8,352)

(8,352)
176
(3,436)
12,090
8,654

$ 8,654

4,393
6,748
43,267
(85,436)

(275)
(1,792)
(33,095)
(44)
(33,139)
(791)
16,424
60,399
76,823
121
$ 76,702

(652)
4,603
37,971
(97,379)

(633)
(3,318)
(59,408)
(337)
(59,745)
(208)
(4,141)
64,540
60,399
142
$ 60,257

(27,255)
(3,784)
81,073
(81,615)

9,500

(2,691)
(24,772)
(1,604)
(26,376)
619
26,874
37,666
64,540
1,965
$ 62,575

$(15,018)
(616)

$(16,401)
104

$(18,833)
543

(553)
(2,303)

(731)
(2,775)

(768)
(3,078)

2011

(a) Represents the adding together of all affiliated companies except General Electric Capital
Services, Inc. (GECS or financial services), which is presented on a one-line basis. See Note 1.
In the consolidating data on this page, GE means the basis of consolidation as described in Note 1
to the consolidated financial statements; GECS means General Electric Capital Services, Inc. and
all of its affiliates and associated companies. Separate information is shown for GE and GECS.
Transactions between GE and GECS have been eliminated from the General Electric Company and
consolidated affiliates columns on the prior page and are discussed in Note 27.

GE 2011 ANNUAL REPORT

75