GE 2007 Annual Report Download - page 90

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    
88 ge 2007 annual report
Amortization of GECS equipment leased to others was $7,222
million, $5,839 million and $5,642 million in 2007, 2006 and 2005,
respectively. Noncancellable future rentals due from customers
for equipment on operating leases at December 31, 2007, are
as follows:
(In millions)
Due in
2008 $12,423
2009 7,594
2010 6,024
2011 4,601
2012 3,582
2013 and later 10,709
Total $44,933
Note 15
Goodwill and Other Intangible Assets
December 31 (In millions) 2007 2006
GOODWILL
GE $55,689 $48,645
GECS 25,427 22,754
Total
$81,116 $71,399
December 31 (In millions) 2007 2006
OTHER INTANGIBLE ASSETS
GE
Intangible assets subject to amortization $ 9,278 $ 7,461
Indefi nite-lived intangible assets
(a) 2,355 2,278
11,633 9,739
GECS
Intangible assets subject to amortization 4,545 3,176
Total
$16,178 $12,915
(a) Indefi nite-lived intangible assets principally comprised trademarks, tradenames
and U.S. Federal Communications Commission licenses.
Note 14
Property, Plant and Equipment
Estimated
useful lives–
December 31 (Dollars in millions) new (years) 2007 2006
ORIGINAL COST
GE
Land and improvements 8 (a) $ 698 $ 523
Buildings, structures and
related equipment 8 – 40 8,400 7,448
Machinery and equipment 4 – 20 20,129 19,091
Leasehold costs and manufacturing
plant under construction 1 – 10 2,121 1,928
31,348 28,990
GECS (b)
Land and improvements, buildings,
structures and related equipment 2–40 (a) 6,083 5,027
Equipment leased to others
Aircraft 20 37,271 36,146
Vehicles 1 – 14 32,079 26,937
Mobile equipment 12 – 25 2,964 4,059
Railroad rolling stock 5 – 36 3,866 3,509
Construction and manufacturing 2 – 25 3,031 1,932
All other 2 – 40 2,961 2,771
88,255 80,381
Total
$119,603 $109,371
NET CARRYING VALUE
GE
Land and improvements $ 612 $ 457
Buildings, structures and
related equipment 4,101 3,284
Machinery and equipment 7,634 7,317
Leasehold costs and manufacturing
plant under construction 1,795 1,617
14,142 12,675
GECS (b)
Land and improvements, buildings,
structures and related equipment 3,710 2,759
Equipment leased to others
Aircraft
(c)
30,414 29,886
Vehicles 20,701 17,132
Mobile equipment 1,976 2,546
Railroad rolling stock 2,789 2,395
Construction and manufacturing 2,055 1,291
All other 2,108 1,966
63,753 57,975
Total
$ 77,895 $ 70,650
(a) Estimated useful lives exclude land.
(b) Included $1,513 million and $1,763 million of original cost of assets leased to GE
with accumulated amortization of $315 million and $293 million at December 31,
2007 and 2006, respectively.
(c) The Aviation Financial Services business of Infrastructure recognized impairment
losses of $110 million in 2007 and $51 million in 2006 recorded in the caption
“Other costs and expenses” in the Statement of Earnings to refl ect adjustments to
fair value based on current market values from independent appraisers.