GE 2010 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2010 GE annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

88 GE 2010 ANNUAL REPORT
    
ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES
The following tables provide a roll-forward of our allowance for losses on financing receivables.
Balance at Adoption of Balance at Provision Balance at
December 31, ASU 2009 January 1, charged to Gross December 31,
(In millions) 2009 16 & 17
(a) 2010 operations Other
(b) write-offs
(c) Recoveries
(c) 2010
COMMERCIAL
CLL
(d)
Americas $1,179 $ 66 $1,245 $1,058 $ (10) $ (1,136) $ 130 $1,287
Europe 575 — 575 272 (40) (440) 62 429
Asia 244 (10) 234 153 (6) (181) 22 222
Other 11 — 11 (4) 1 (1) — 7
Total CLL 2,009 56 2,065 1,479 (55) (1,758) 214 1,945
Energy Financial Services 28 — 28 65 — (72) 1 22
GECAS
(d) 104 — 104 12 — (96) — 20
Other 34 — 34 32 — (9) 1 58
Total Commercial 2,175 56 2,231 1,588 (55) (1,935) 216 2,045
REAL ESTATE
Debt 1,358 (3) 1,355 764 9 (838) 2 1,292
Business properties 136 45 181 146 (7) (126) 2 196
Total Real Estate 1,494 42 1,536 910 2 (964) 4 1,488
CONSUMER
(d)
Non-U.S. residential mortgages 926 — 926 272 (40) (408) 78 828
Non-U.S. installment and revolving credit 1,116 — 1,116 1,053 (70) (1,745) 591 945
U.S. installment and revolving credit 1,551 1,602 3,153 3,018 (6) (4,300) 468 2,333
Non-U.S. auto 303 — 303 85 (60) (324) 170 174
Other 291 — 291 265 7 (394) 90 259
Total Consumer 4,187 1,602 5,789 4,693 (169) (7,171) 1,397 4,539
Total $7,856 $1,700 $9,556 $7,191 $(222) $(10,070) $1,617 $8,072
(a) Reflects the effects of our adoption of ASU 2009-16 & 17 on January 1, 2010.
(b) Other primarily included the effects of currency exchange.
(c) Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per
year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year,
which may identify further deterioration on existing financing receivables.
(d) During the first quarter of 2010, we transferred the Transportation Financial Services business from GECAS to CLL and the Consumer business in Italy from Consumer to CLL.
Prior-period amounts were reclassified to conform to the current-period presentation.
Balance at Provision Balance at
January 1, charged to Gross December 31,
(In millions) 2009 operations Other
(a) write-offs
(b) Recoveries
(b) 2009
COMMERCIAL
CLL
(c)
Americas $ 843 $ 1,399 $ (39) $(1,117) $ 93 $1,179
Europe 311 625 (14) (431) 84 575
Asia 163 257 3 (203) 24 244
Other 4 9 2 (4) — 11
Total CLL 1,321 2,290 (48) (1,755) 201 2,009
Energy Financial Services 58 33 4 (67) — 28
GECAS
(c) 58 65 (3) (16) — 104
Other 28 29 — (24) 1 34
Total Commercial 1,465 2,417 (47) (1,862) 202 2,175
REAL ESTATE
Debt 282 1,295 13 (232) — 1,358
Business properties 19 147 — (32) 2 136
Total Real Estate 301 1,442 13 (264) 2 1,494
CONSUMER
(c)
Non-U.S. residential mortgages 346 909 86 (508) 93 926
Non-U.S. installment and revolving credit 1,010 1,751 43 (2,252) 564 1,116
U.S. installment and revolving credit 1,616 3,367 (975) (2,612) 155 1,551
Non-U.S. auto 197 395 31 (530) 210 303
Other 225 346 44 (389) 65 291
Total Consumer 3,394 6,768 (771) (6,291) 1,087 4,187
Total $5,160 $10,627 $(805) $(8,417) $1,291 $7,856
(a) Other primarily included the effects of securitization activity and currency exchange.
(b) Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per
year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year,
which may identify further deterioration on existing financing receivables.
(c) During the first quarter of 2010, we transferred the Transportation Financial Services business from GECAS to CLL and the Consumer business in Italy from Consumer to CLL.
Prior-period amounts were reclassified to conform to the current-period presentation.