GE 2009 Annual Report Download - page 83

GE 2009 ANNUAL REPORT 81
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Note 7.
Property, Plant and Equipment
December 31 (Dollars in millions)
Depreciable
lives–new
(in years) 2009 2008
ORIGINAL COST
GE (a)
Land and improvements 8
(b) $ 562 $ 738
Buildings, structures and
related equipment 8–40 7,569 7,354
Machinery and equipment 4–20 20,714 22,114
Leasehold costs and
manufacturing plant under
construction 1–10 1,431 2,305
30,276 32,511
GECS (c)
Land and improvements,
buildings, structures and
related equipment 2–40 (b) 6,119 7,076
Equipment leased to others
Aircraft 20
42,634 40,478
Vehicles (d) 1–14 21,589 32,098
Railroad rolling stock 5–36 4,290 4,402
Construction and
manufacturing 2–24 2,759 3,363
Mobile equipment 12–25 2,786 2,954
All other 2–40 2,862 2,789
83,039 93,160
Total $113,315 $125,671
NET CARRYING VALUE
GE (a)
Land and improvements $ 527 $ 705
Buildings, structures and
related equipment 3,812 3,768
Machinery and equipment 6,932 7,999
Leasehold costs and
manufacturing plant under
construction 1,224 1,961
12,495 14,433
GECS (c)
Land and improvements,
buildings, structures and
related equipment 3,785 4,527
Equipment leased to others
Aircraft (e) 32,983 32,288
Vehicles (d) 11,519 18,149
Railroad rolling stock 2,887 2,915
Construction and
manufacturing 1,697 2,333
Mobile equipment 1,912 2,022
All other 1,934 1,863
56,717 64,097
Total $ 69,212 $ 78,530
(a) Excluded $3,426 million of original cost and $1,942 million of net carrying value at
December 31, 2009, classified as assets of businesses held for sale.
(b) Depreciable lives exclude land.
(c) Included $1,609 million and $1,748 million of original cost of assets leased to GE
with accumulated amortization of $572 million and $491 million at December 31,
2009 and 2008, respectively.
(d) At December 31, 2008, included $7,774 million of original cost assets and
$4,737 million net carrying value related to Penske Truck Leasing Co., L.P. (PTL),
which was deconsolidated in 2009.
(e) The GECAS business of Capital Finance recognized impairment losses of $127 million
in 2009 and $72 million in 2008 recorded in the caption “Other costs and expenses”
in the Statement of Earnings to reflect adjustments to fair value based on current
market values from independent appraisers.
Amortization of GECS equipment leased to others was $7,179 mil-
lion, $8,173 million and $7,222 million in 2009, 2008 and 2007,
respectively. Noncancellable future rentals due from customers
for equipment on operating leases at December 31, 2009, are
as follows:
(In millions)
Due in
2010 $ 7,812
2011 6,110
2012 4,724
2013 3,729
2014 3,046
2015 and later 8,820
Total $ 34,241
Note 8.
Goodwill and Other Intangible Assets
December 31 (In millions) 2009 2008
GOODWILL
GE $36,613 $56,394
GECS 28,961 25,365
Total $65,574 $81,759
December 31 (In millions) 2009 2008
OTHER INTANGIBLE ASSETS
GE
Intangible assets subject to amortization (a) $ 8,345 $ 9,010
Indefinite-lived intangible assets (b) 105 2,354
8,450 11,364
GECS
Intangible assets subject to amortization 3,479 3,613
Total $11,929 $14,977
(a) Excluded intangible assets subject to amortization of $365 million at NBCU and
$283 million at our Security business classified as held for sale at December 31,
2009, which principally consists of capitalized software and customer-related assets.
(b) Excluded $2,207 million of indefinite-lived intangible assets at NBCU classified
as held for sale at December 31, 2009, which principally comprised trademarks,
tradenames and U.S. Federal Communications Commission licenses.