GE 2005 Annual Report Download - page 8
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(8)
2004
Income (expense);(in millions;
p
er share amounts in dollars) Total
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
GECS commercial paper interest
rate swap adjustment (a) $ 518 $ (233) $ 970 $ (381) $ 162
Interest and other financial charges 45 10 10 13 12
Provision for income taxes (222) 87 (384 ) 144 (69)
Earnings from continuing operations 341 (136) 596 (224) 105
Net earnings $ 341 $ (136) $ 596 $ (224) $ 105
(a) Included in total revenues.
2004
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Per-share amounts – earnings from
continuing operations
Diluted, as reported $ 0.29 $ 0.35 $ 0.37 $ 0.54
Adjustment (0.01) 0.06 (0.02) 0.01
Diluted, as restated $ 0.28 $ 0.41 $ 0.35 $ 0.55
Basic, as reported $ 0.29 $ 0.35 $ 0.37 $ 0.54
Adjustment (0.01) 0.06 (0.02) 0.01
Basic, as restated $ 0.28 $ 0.41 $ 0.35 $ 0.55
Per-share amounts – earnings (loss) from
discontinued operations
Diluted, as reported $ 0.04 $ 0.01 $ 0.01 $ (0.01)
Adjustment
–
–
–
–
Diluted, as restated $ 0.04 $ 0.01 $ 0.01 $ (0.01)
Basic, as reported $ 0.04 $ 0.01 $ 0.01 $ (0.01)
Adjustment
–
–
–
–
Basic, as restated $ 0.04 $ 0.01 $ 0.01 $ (0.01)
Per-share amounts – net earnings
Diluted, as reported $ 0.33 $ 0.36 $ 0.38 $ 0.53
Adjustment (0.01) 0.06 (0.02) 0.01
Diluted, as restated $ 0.32 $ 0.42 $ 0.36 $ 0.54
Basic, as reported $ 0.33 $ 0.36 $ 0.39 $ 0.53
Adjustment (0.01) 0.06 (0.03) 0.01
Basic, as restated $ 0.32 $ 0.42 $ 0.36 $ 0.54
Reversal of these cumulative adjustments will affect net earnings positively over the terms of the underlying interest
rate swaps, but to a degree that we do not expect to be significant in any individual period given the terms of the
arrangements and actions taken to eliminate the accounting volatility by modifying the documentation in a manner
that will enable the swaps to qualify for hedge accounting effective January 1, 2007.