GE 2009 Annual Report Download - page 62

60 GE 2009 ANNUAL REPORT
  
General Electric Company
and consolidated affiliates
For the years ended December 31 (In millions; per-share amounts in dollars) 2009 2008 2007
REVENUES
Sales of goods $ 65,068 $ 69,100 $ 60,670
Sales of services 38,709 43,669 38,856
Other income (Note 17) 1,006 1,586 3,019
GECS earnings from continuing operations —— —
GECS revenues from services (Note 18) 52,000 68,160 69,943
Total revenues 156,783 182,515 172,488
COSTS AND EXPENSES (Note 19)
Cost of goods sold 50,580 54,602 47,309
Cost of services sold 25,341 29,170 25,816
Interest and other financial charges 18,769 26,209 23,762
Investment contracts, insurance losses and insurance annuity benefits 3,017 3,213 3,469
Provision for losses on financing receivables (Note 6) 10,928 7,518 4,431
Other costs and expenses 37,804 42,021 40,173
Total costs and expenses 146,439 162,733 144,960
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 10,344 19,782 27,528
Benefit (provision) for income taxes (Note 14) 1,090 (1,052) (4,155)
EARNINGS FROM CONTINUING OPERATIONS 11,434 18,730 23,373
Loss from discontinued operations, net of taxes (Note 2) (193) (679) (249)
NET EARNINGS 11,241 18,051 23,124
Less net earnings attributable to noncontrolling interests 216 641 916
NET EARNINGS ATTRIBUTABLE TO THE COMPANY 11,025 17,410 22,208
Preferred stock dividends declared (300) (75) —
NET EARNINGS ATTRIBUTABLE TO GE COMMON SHAREOWNERS $ 10,725 $ 17,335 $ 22,208
AMOUNTS ATTRIBUTABLE TO THE COMPANY
Earnings from continuing operations $ 11,218 $ 18,089 $ 22,457
Loss from discontinued operations, net of taxes (193) (679) (249)
NET EARNINGS ATTRIBUTABLE TO THE COMPANY $ 11,025 $ 17,410 $ 22,208
PER-SHARE AMOUNTS (Note 20)
Earnings from continuing operations
Diluted earnings per share $ 1.03 $ 1.78 $ 2.20
Basic earnings per share 1.03 1.79 2.21
Net earnings
Diluted earnings per share 1.01 1.72 2.17
Basic earnings per share 1.01 1.72 2.18
DIVIDENDS DECLARED PER COMMON SHARE $ 0.61 $ 1.24 $ 1.15
See Note 3 for other-than-temporary impairment amounts.
Statement of Earnings
(In millions) 2009 2008 2007
CHANGES IN SHAREOWNERS’ EQUITY (Note 15)
GE shareowners’ equity balance at January 1 $104,665 $115,559 $111,509
Dividends and other transactions with shareowners (5,049) 1,873 (23,102)
Other comprehensive income (loss)
Investment securities — net 2,659 (3,218) (1,484)
Currency translation adjustments — net 4,135 (11,007) 4,527
Cash flow hedges — net 1,598 (2,664) (539)
Benefit plans — net (1,804) (13,288) 2,566
Total other comprehensive income (loss) 6,588 (30,177) 5,070
Increases from net earnings attributable to the Company 11,025 17,410 22,208
Comprehensive income (loss) 17,613 (12,767) 27,278
Cumulative effect of changes in accounting principles (a) 62 — (126)
Balance at December 31 117,291 104,665 115,559
Noncontrolling interests (b) 7,845 8,947 8,004
Total equity balance at December 31 $125,136 $113,612 $123,563
On January 1, 2009, we adopted an amendment to ASC 810, Consolidation, that requires certain changes to the presentation of our financial statements. This amendment requires
us to classify noncontrolling interests (previously referred to as “minority interest”) as part of shareowners’ equity.
(a) We adopted amendments to ASC 320, Investments — Debt and Equity Securities, and recorded a cumulative effect adjustment to increase retained earnings as of April 1, 2009.
See Note 15.
(b) See Note 15 for an explanation of the change in noncontrolling interests for 2009.
See accompanying notes.
Consolidated Statement of Changes in Shareowners’ Equity