GE 2006 Annual Report Download - page 90

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    
Note 11
GE Current Receivables
December 31 (In millions) 2006 2005
Infrastructure $ 6,524 $ 6,827
NBC Universal 3,070 3,633
Healthcare 2,897 2,947
Industrial 1,950 2,255
Corporate items and eliminations 329 154
14,770 15,816
Less allowance for losses (492) (758)
Total $14,278 $15,058
Receivables balances at December 31, 2006 and 2005, before
allowance for losses, included $9,064 million and $10,250 million,
respectively, from sales of goods and services to customers, and
$208 million and $246 million at December 31, 2006 and 2005,
respectively, from transactions with associated companies.
Current receivables of $248 million and $563 million at
December 31, 2006 and 2005, respectively, arose from sales,
principally of Aviation goods and services on open account to
various agencies of the U.S. government, our largest single
customer. About 4% of our sales of goods and services were
to the U.S. government in 2006, 2005 and 2004.
Note 12
Inventories
December 31 (In millions) 2006 2005
GE
Raw materials and work in process
Finished goods
Unbilled shipments
$ 6,547
4,998
424
$ 5,527
5,152
333
Less revaluation to LIFO
11,969
(622)
11,012
(697)
11,347 10,315
GECS
Finished goods 54 159
Total $11,401 $10,474
As of December 31, 2006, we were obligated to acquire certain
raw materials at market prices through the year 2027 under
various take-or-pay or similar arrangements. Annual minimum
commitments under these arrangements are insignifi cant.
Note 13
GECS Financing Receivables (investments in loans
and financing leases)
December 31 (In millions) 2006 2005
Loans, net of deferred income $270,343 $227,923
Investment in financing leases, net of
deferred income 68,569 64,309
338,912 292,232
Less allowance for losses (note 14) (4,680) (4,593)
Financing receivables — net $334,232 $287,639
Included in the above are the financing receivables of consolidated,
liquidating securitization entities as follows:
December 31 (In millions) 2006 2005
Loans, net of deferred income $11,399 $15,868
Investment in financing leases, net of
deferred income 134 769
11,533 16,637
Less allowance for losses (24) (22)
Financing receivables — net $11,509 $16,615
Details of fi nancing receivables — net follow.
December 31 (In millions) 2006 2005
COMMERCIAL FINANCE
Equipment and leasing $ 76,057 $ 70,851
Commercial and industrial 49,222 41,402
Real estate 27,944 19,555
153,223 131,808
GE MONEY
Non-U.S. residential mortgages 58,237 46,205
Non-U.S. installment and revolving credit 36,279 31,849
U.S. installment and revolving credit 29,007 21,963
Non-U.S. auto 25,088 22,803
Other 8,059 7,286
156,670 130,106
INFRASTRUCTURE(a) 21,200 19,124
OTHER
(b) 7,819 11,194
338,912 292,232
Less allowance for losses (4,680) (4,593)
Total $334,232 $287,639
(a) Included loans and financing leases of $11,165 million and $11,192 million at
December 31, 2006 and 2005, respectively, related to commercial aircraft at
Aviation Financial Services and loans and financing leases of $7,574 million and
$5,419 million at December 31, 2006 and 2005, respectively, related to Energy
Financial Services.
(b) Included loans and financing leases of $6,853 million and $10,160 million at
December 31, 2006 and 2005, respectively, related to certain consolidated,
liquidating securitization entities.
88 ge 2006 annual report