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54 ge 2008 annual report
audited financial statements
Statement of Cash Flows
General Electric Company
and consolidated affiliates
For the years ended December 31 (In millions) 2008 2007 2006
CASH FLOWS — OPERATING ACTIVITIES
Net earnings $ 17,410 $ 22,208 $ 20,742
Loss (earnings) from discontinued operations 679 249 (1,398)
Adjustments to reconcile net earnings to cash provided from operating activities
Depreciation and amortization of property, plant and equipment 11,492 10,275 8,457
Earnings from continuing operations retained by GECS — — —
Deferred income taxes (1,284) 657 1,639
Decrease (increase) in GE current receivables (24) (868) (2,194)
Decrease (increase) in inventories (719) (1,562) (1,514)
Increase (decrease) in accounts payable (1,078) (997) (276)
Increase in GE progress collections 2,827 4,622 642
Provision for losses on GECS financing receivables 7,518 4,431 3,062
All other operating activities 11,020 927 3,352
Cash from operating activities— continuing operations 47,841 39,942 32,512
Cash from (used for) operating activities— discontinued operations 760 3,380 (1,057)
CASH FROM OPERATING ACTIVITIES 48,601 43,322 31,455
CASH FLOWS — INVESTING ACTIVITIES
Additions to property, plant and equipment (16,010) (17,803) (15,788)
Dispositions of property, plant and equipment 10,975 8,457 6,795
Net increase in GECS financing receivables (17,484) (44,237) (37,146)
Proceeds from sales of discontinued operations 5,423 11,574 11,009
Proceeds from principal business dispositions 4,986 2,746 1,883
Payments for principal businesses purchased (28,110) (17,215) (11,573)
All other investing activities 195 (9,910) (6,053)
Cash used for investing activities —continuing operations (40,025) (66,388) (50,873)
Cash from (used for) investing activities— discontinued operations (876) (3,116) (1,774)
Cash used for investing activities (40,901) (69,504) (52,647)
CASH FLOWS — FINANCING ACTIVITIES
Net increase (decrease) in borrowings (maturities of 90 days or less) (34,221) 2,063 4,969
Newly issued debt (maturities longer than 90 days) 122,959 100,869 88,364
Repayments and other reductions (maturities longer than 90 days) (69,050) (49,826) (49,346)
Proceeds from issuance of preferred stock and warrants 2,965 ——
Proceeds from issuance of common stock 12,006 ——
Net purchases of GE shares for treasury (1,249) (12,319) (8,554)
Dividends paid to shareowners (12,408) (11,492) (10,420)
All other financing activities 3,638 (1,204) (1,174)
Cash from (used for) financing activities— continuing operations 24,640 28,091 23,839
Cash from (used for) financing activities— discontinued operations (4) (154) (172)
CASH FROM (USED FOR) FINANCING ACTIVITIES 24,636 27,937 23,667
INCREASE (DECREASE) IN CASH AND EQUIVALENTS DURING YEAR 32,336 1,755 2,475
Cash and equivalents at beginning of year 16,031 14,276 11,801
Cash and equivalents at end of year 48,367 16,031 14,276
Less cash and equivalents of discontinued operations at end of year 180 300 190
Cash and equivalents of continuing operations at end of year $ 48,187 $ 15,731 $ 14,086
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid during the year for interest $ (25,853) $ (23,340) $(18,438)
Cash recovered (paid) during the year for income taxes (3,237) (2,912) (2,869)
See accompanying notes.