GE 2008 Annual Report Download - page 89

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ge 2008 annual report 87
notes to consolidated financial statements
57% interest in the Sundance Channel. There were no significant
non-cash transactions in 2007. In 2006, we had a significant non-
cash transaction in connection with our sale of GE Insurance
Solutions: Swiss Re assumed $1,700 million of debt, and GE
received $2,238 million of newly issued Swiss Re common stock.
See Note 2.
Amounts reported in the “All other operating activities” line
in the Statement of Cash Flows consists primarily of adjustments
to current and noncurrent accruals and deferrals of costs and
expenses, adjustments for gains and losses on assets, increases
and decreases in assets held for sale and adjustments to assets.
In 2008, GE received $300 million (12.7 million shares) worth of
its shares in connection with the disposition of NBC Universal’s
Certain supplemental information related to GE and GECS cash flows is shown below.
December 31 (In millions) 2008 2007 2006
GE
NET DISPOSITIONS (PURCHASES) OF GE SHARES FOR TREASURY
Open market purchases under share repurchase program $ (3,222) $ (13,896) $ (8,054)
Other purchases (286) (1,017) (2,458)
Dispositions 2,259 2,594 1,958
$ (1,249) $ (12,319) $ (8,554)
GECS
ALL OTHER OPERATING ACTIVITIES
Net change in other assets $ (1,461) $ (1,507) $ (1,709)
Amortization of intangible assets 994 879 599
Realized losses (gains) on investment securities 1,260 (885) (132)
Change in other liabilities 4,514 3,378 3,345
Other 3,201 (2,404) (1,068)
$ 8,508 $ (539) $ 1,035
NET INCREASE IN GECS FINANCING RECEIVABLES
Increase in loans to customers $(411,913) $(408,611) $(371,835)
Principal collections from customers— loans 363,455 322,074 296,708
Investment in equipment for financing leases (21,671) (26,489) (25,618)
Principal collections from customers— financing leases 20,159 20,868 18,791
Net change in credit card receivables (34,498) (38,405) (25,787)
Sales of financing receivables 67,093 86,399 67,471
$ (17,375) $ (44,164) $ (40,270)
ALL OTHER INVESTING ACTIVITIES
Purchases of securities by insurance activities $ (4,190) $ (13,279) $ (11,891)
Dispositions and maturities of securities by insurance activities 4,690 15,602 11,635
Other assets —investments (205) (10,218) (6,242)
Change in other receivables 3,331 (2,456) (55)
Other 2,353 1,621 558
$ 5,979 $ (8,730) $ (5,995)
NEWLY ISSUED DEBT HAVING MATURITIES LONGER THAN 90 DAYS
Short-term (91 to 365 days) $ 34,445 $ 1,226 $ 1,237
Long-term (longer than one year) 87,949 90,769 86,028
Proceeds— nonrecourse, leveraged lease 113 24 1,015
$ 122,507 $ 92,019 $ 88,280
REPAYMENTS AND OTHER REDUCTIONS OF DEBT HAVING MATURITIES LONGER THAN 90 DAYS
Short-term (91 to 365 days) $ (66,015) $ (43,937) $ (42,273)
Long-term (longer than one year) (462) (4,482) (5,576)
Principal payments —nonrecourse, leveraged lease (637) (1,109) (1,404)
$ (67,114) $ (49,528) $ (49,253)
ALL OTHER FINANCING ACTIVITIES
Proceeds from sales of investment contracts $ 11,433 $ 12,641 $ 16,418
Redemption of investment contracts (13,304) (13,862) (17,603)
Capital contribution 5,500 ——
Other 917 11
$ 3,638 $ (1,204) $ (1,174)