GE 2009 Annual Report Download - page 96

94 GE 2009 ANNUAL REPORT
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Note 15.
Shareowners’ Equity
(In millions) 2009 2008 2007
PREFERRED STOCK ISSUED (a) (b) (c) $ — $— $ —
COMMON STOCK ISSUED (a) (b) $ 702 $ 702 $ 669
ACCUMULATED OTHER COMPREHENSIVE INCOME
Balance at January 1 $ (21,853) $ 8,324 $ 3,254
Investment securities — net of deferred taxes of $1,001, $(2,528) and $(510) 2,678 (3,813) (972)
Currency translation adjustments — net of deferred taxes of $(611), $4,082 and $(1,319) 4,174 (10,890) 4,662
Cash flow hedges — net of deferred taxes of $933, $(2,307) and $323 986 (4,907) 426
Benefit plans — net of deferred taxes of $(5), $(7,379) and $860 (d) (1,804) (13,288) 2,566
Reclassification adjustments
Investment securities — net of deferred taxes of $494, $734 and $(375) (19) 595 (512)
Currency translation adjustments (39) (117) (135)
Cash flow hedges — net of deferred taxes of $428, $620 and $(655) 612 2,243 (965)
Balance at December 31 $ (15,265) $ (21,853) $ 8,324
OTHER CAPITAL
Balance at January 1 $ 40,390 $ 26,100 $ 25,486
Common stock issuance (b) —11,972 —
Preferred stock and warrant issuance (b) —2,965 —
Gains (losses) on treasury stock dispositions and other (b) (2,661) (647) 614
Balance at December 31 $ 37,729 $ 40,390 $ 26,100
RETAINED EARNINGS
Balance at January 1 (e) $122,185 $117,362 $106,867
Net earnings attributable to the Company 11,025 17,410 22,208
Dividends (b) (f) (6,785) (12,649) (11,713)
Other (b) (g) (62) — —
Balance at December 31 $126,363 $122,123 $117,362
COMMON STOCK HELD IN TREASURY
Balance at January 1 $ (36,697) $ (36,896) $ (24,893)
Purchases (b) (214) (3,508) (14,913)
Dispositions (b) 4,673 3,707 2,910
Balance at December 31 $ (32,238) $ (36,697) $ (36,896)
TOTAL EQUITY
GE shareowners’ equity balance at December 31 $117,291 $104,665 $115,559
Noncontrolling interests balance at December 31 (h) 7,845 8,947 8,004
Total equity balance at December 31 $125,136 $113,612 $123,563
(a) Additions resulting from issuances in 2008 were inconsequential for preferred stock and $33 million for common stock.
(b) Total dividends and other transactions with shareowners, inclusive of additions to par value discussed in note (a), decreased equity by $5,049 million in 2009, increased equity
by $1,873 million in 2008 and decreased equity by $23,102 million in 2007.
(c) GE has 50 million authorized shares of preferred stock ($1.00 par value) and has issued 30 thousand shares as of December 31, 2009.
(d) For 2009, included $(9) million of prior service costs for plan amendments, $814 million of amortization of prior service costs, $(2,793) million of gains (losses) arising during
the year and $184 million of amortization of gains (losses) — net of deferred taxes of $(10) million, $434 million, $(528) million and $99 million, respectively. For 2008, included
$(43) million of prior service costs for plan amendments, $534 million of amortization of prior service costs, $(13,980) million of gains (losses) arising during the year and
$201 million of amortization of gains (losses) — net of deferred taxes of $(24) million, $441 million, $(7,893) million and $97 million, respectively.
(e) The 2009 opening balance was adjusted as of April 1, 2009, for the cumulative effect of changes in accounting principles of $62 million related to adopting amendments on
impairment guidance in ASC 320, Investments — Debt and Equity Securities. The cumulative effect of adopting ASC 825, Financial Instruments, at January 1, 2008, was
insignificant. The 2007 opening balance change reflects cumulative effect of changes in accounting principles of $(126) million related to adopting amendments to ASC 740,
Income Taxes. See Note 1 for further information.
(f) Included $300 million and $75 million of dividends on preferred stock in 2009 and 2008, respectively.
(g) Related to accretion of redeemable securities to their redemption value.
(h) On January 1, 2009, we adopted an amendment to ASC 810 that requires us to classify noncontrolling interests (previously referred to as “minority Interest”) as part of
shareowners’ equity and to disclose the amount of other comprehensive income attributable to noncontrolling interests. Changes to noncontrolling interests during 2009
resulted from net earnings $216 million, dividends paid $(548) million, deconsolidation of PTL $(331) million, dissolution of the joint venture in FANUC Ltd. $(376) million,
AOCI $(95) million and other changes of $32 million. Changes to the individual components of other AOCI attributable to noncontrolling interests were insignificant.