GE 2005 Annual Report Download - page 140

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(140)
Product warranties
We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates
are forecasts that are based on the best available information-mostly historical claims experience-claims costs may
differ from amounts provided. An analysis of changes in the liability for product warranties follows.
(In millions) 2005 2004 2003
Balance at January 1 $1,326 $1,437 $1,304
Current year provisions 448 720 751
Expenditures(a)
(699) (838 ) (749)
Other changes
–
7 131
Balance at December 31 $1,075 $1,326 $1,437
(a) Primarily related to Infrastructure and Healthcare.
Note 30
Quarterly Information (Unaudited) (Restated)
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
(In millions; per-share amounts in dollars)
2005
(Restated)
2004
(Restated)
2005
(Restated)
2004
(Restated)
2005
(Restated)
2004
(Restated) 2005
(Restated)
2004
(Restated)
CONSOLIDATED OPERATIONS
Earnings from continuing operations $ 3,787 $2,832
$4,233 $4,254
$4,742 $3,717 $ 5,871 $5,823
Earnings (loss) from
discontinued operations 403 398 275 93
108 130
(2,708) (87)
Net earnings $ 4,190 $3,230
$4,508 $4,347
$4,850 $3,847 $ 3,163 $5,736
Per-share amounts – earnings from
continuing operations
Diluted earnings per share $ 0.36 $0.28
$0.40 $0.41
$0.45 $ 0.35 $ 0.56 $0.55
Basic earnings per share 0.36 $0.28
$0.40 $0.41
$0.45 $ 0.35 $ 0.56 0.55
Per-share amounts – earnings (loss)
from discontinued operations
Diluted earnings per share 0.04 0.04 0.03 0.01 0.01 0.01
(0.26) (0.01)
Basic earnings per share 0.04 0.04 0.03 0.01 0.01 0.01
(0.26) (0.01)
Per-share amounts – net earnings
Diluted earnings per share 0.39 0.32 0.42 0.42 0.46 0.36 0.30 0.54
Basic earnings per share 0.40 0.32 0.43 0.42 0.46 0.36 0.30 0.54
SELECTED DATA
GE
Sales of goods and services $ 20,833 $ 16,680 $22,408 $ 19,995 $21,567 $ 20,967 $ 25,622 $ 24,572
Gross profit from sales 5,824 4,467 6,358 5,503 5,978 5,648 7,455 7,229
GECS
Total revenues
14,585 11,761 14,136 13,719 15,841 12,649 15,275 15,283
Earnings from continuing operations 2,090 1,436 1,885 2,027 2,750 1,899 2,774 2,832
For GE, gross profit from sales is sales of goods and services less costs of goods and services sold.