GE 2005 Annual Report Download - page 88

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(88)
Discontinued operations
At December 31, 2005, most of GE Insurance Solutions and Genworth were classified as discontinued operations
and their results of operations, financial position and cash flows are separately reported for all periods presented.
Summarized financial information for discontinued operations is set forth below. Gain (loss) on disposal included
actual (Genworth) and estimated (GE Insurance Solutions) effects of these sales.
Total Genworth
GE Insurance
Solutions
(In millions) 2005 2004 2003
2005 2004 2003
2005 2004 2003
DISCONTINUED OPERATIONS
BEFORE DISPOSAL
Revenues from services $ 15,359 $ 18,773 $ 21,755 $7,908 $ 10,148 $ 11,790 $ 7,451 $ 8,625 $ 9,965
Earnings (loss) from discontinued
operations before minority interest
and income taxes $ (1,748) $ 1,479 $ 2,682 $1,388 $ 1,546 $ 2,039 $ (3,136) $ (67) $ 643
Minority interest 394 200 2
394 200 2
–
– –
Earnings (loss) from discontinued
operations before income taxes (2,142) 1,279 2,680 994 1,346 2,037
(3,136) (67) 643
Income tax benefit (expense) 602 (409) (623)
(618) (566) (640)
1,220 157 17
Earnings (loss) from discontinued
operations before disposal,
net of taxes $ (1,540) $ 870 $ 2,057 $376 $ 780 $ 1,397 $ (1,916) $ 90 $ 660
DISPOSAL
Gain (loss) on disposal before income taxes $ 629 $ (570) $
–
$932 $ (570) $
–
$ (303) $ – $ –
Income tax benefit (expense) (1,011) 234
–
(380) 234
–
(631) – –
Gain (loss) on disposal, net of taxes $ (382) $ (336) $
–
$552 $ (336) $
–
$ (934) $ – $ –
EARNINGS (LOSS) FROM
DISCONTINUED OPERATIONS,
NET OF TAXES $ (1,922) $ 534 $ 2,057 $928 $ 444 $ 1,397 $ (2,850) $ 90 $ 660
Total Genworth
GE Insurance
Solutions
December 31 (In millions) 2005 2004
2005 2004 2005 2004
Cash and equivalents $2,790 $ 3,176 $ – $ 1,407 $ 2,790 $ 1,769
Investment securities 26,637 78,613 2,981 54,064 23,656 24,549
Other GECS receivables 13,480 25,140 – 11,684 13,480 13,456
Other
3,849 25,337 – 20,642 3,849 4,695
Assets of discontinued operations 46,756 132,266 2,981 87,797 43,775 44,469
ELIMINATIONS
–
– –
–
–
–
Total $46,756 $ 132,266 $2,981 $ 87,797 $ 43,775 $ 44,469
Investment contracts, insurance liabilities
and insurance annuity benefits $31,043 $ 92,509 $ – $ 61,857 $ 31,043 $ 30,652
Other
5,525 16,784 – 11,437 5,525 5,347
Minority interest
–
3,780 – 3,780
–
–
Liabilities of and minority interest
in discontinued operations 36,568 113,073 – 77,074 36,568 35,999
ELIMINATIONS (236) (138)
–
–
(236) (138)
Total $36,332 $ 112,935 $ – $ 77,074 $ 36,332 $ 35,861
Accumulated gains (losses)–net
Investment securities $532 $ 869 $465 $ 707 $ 67 $ 162
Currency translation adjustments (48) 591
– 332 (48 ) 259
Cash flow hedges
–
189 – 191
–
(2 )
Total accumulated nonowner changes
other than earnings $484 $ 1,649 $465 $ 1,230 $ 19 $ 419