GE 2011 Annual Report Download - page 112

110 GE 2011 ANNUAL REPORT
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Note 15.
Shareowners’ Equity
(In millions) 2011 2010 2009
PREFERRED STOCK ISSUED (a)(b) $ — $ — $ —
COMMON STOCK ISSUED
(a) $ 702 $ 702 $ 702
ACCUMULATED OTHER COMPREHENSIVE INCOME
Balance at January 1 (c) $ (17,855) $ (15,530) $ (21,853)
Investment securities—net of deferred taxes of $341, $72 and $1,001 (d) 575 (43) 2,678
Currency translation adjustments—net of deferred taxes of $(717), $3,208 and $(560) (162) (3,937) 4,202
Cash flow hedges—net of deferred taxes of $238, $(515) and $933 (874) (603) 986
Benefit plans—net of deferred taxes of $(5,022), $(260) and $(538) (e) (9,140) (490) (2,802)
Reclassification adjustments
Investment securities—net of deferred taxes of $1, $32 and $494 31 59 (19)
Currency translation adjustments—net of deferred taxes of $357, $22 and $(51) 381 63 (67)
Cash flow hedges—net of deferred taxes of $202, $706 and $428 978 1,057 612
Benefit plans—net of deferred taxes of $1,152, $832 and $533 (f) 2,092 1,569 998
Balance at December 31 $ (23,974) $ (17,855) $ (15,265)
OTHER CAPITAL
Balance at January 1 $ 36,890 $ 37,729 $ 40,390
Gains (losses) on treasury stock dispositions and other (a) (703) (839) (2,661)
Preferred stock redemption (2,494) ——
Balance at December 31 $ 33,693 $ 36,890 $ 37,729
RETAINED EARNINGS
Balance at January 1 (g) $131,137 $124,655 $122,185
Net earnings attributable to the Company 14,151 11,644 11,025
Dividends (a)(h) (7,498) (5,212) (6,785)
Other (a)(i) (4) 50 (62)
Balance at December 31 $137,786 $131,137 $126,363
COMMON STOCK HELD IN TREASURY
Balance at January 1 $ (31,938) $ (32,238) $ (36,697)
Purchases (a) (2,067) (1,890) (214)
Dispositions (a) 2,236 2,190 4,673
Balance at December 31 $ (31,769) $ (31,938) $ (32,238)
TOTAL EQUITY
GE shareowners’ equity balance at December 31 $116,438 $118,936 $117,291
Noncontrolling interests balance at December 31 1,696 5,262 7,845
Total equity balance at December 31 $118,134 $124,198 $125,136
(a) Total dividends and other transactions with shareowners decreased equity by $10,530 million in 2011, $5,701 million in 2010 and $5,049 million in 2009.
(b) GE has 50 million authorized shares of preferred stock ($1.00 par value). No such shares were issued as of December 31, 2011. 30,000 shares were issued at December 31,
2010 and December 31, 2009.
(c) The 2010 opening balance was adjusted as of January 1, 2010, for the cumulative effect of changes in accounting principles of $265 million related to the adoption of
ASU 2009-16 & 17.
(d) Includes adjustments of $786 million and $1,171 million in 2011 and 2010, respectively, to deferred acquisition costs, present value of future profits, and investment
contracts, insurance liabilities and insurance annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related
unrealized investment securities holding gains and losses actually been realized in accordance with ASC 320-10-S99-2.
(e) For 2011, included $(495) million of prior service costs for plan amendments and $(8,645) million of gains (losses) arising during the year—net of deferred taxes of
$(276) million and $(4,746) million, respectively. For 2010, included $(3) million of prior service costs for plan amendments, $(487) million of actuarial gains (losses) arising
during the year—net of deferred taxes of $1 million and $(261) million, respectively. For 2009, included $(9) million of prior service costs for plan amendments and
$(2,793) million of actuarial gains (losses) arising during the year—net of deferred taxes of $(10) million and $(528) million, respectively.
(f) For 2011, included $514 million of amortization of prior costs and $1,578 million of amortization of actuarial gains and losses—net of deferred taxes of $341 million and
$811 million, respectively. For 2010, included $513 million of amortization of prior service costs and $1,056 million of amortization of actuarial gains and losses—net of
deferred taxes of $346 million and $486 million, respectively. For 2009, included $814 million of amortization of prior service costs and $184 million of amortization of
actuarial gains and losses—net of deferred taxes of $434 million and $99 million, respectively.
(g) The 2010 opening balance was adjusted as of January 1, 2010, for the cumulative effect of changes in accounting principles of $1,708 million related to the adoption of
ASU 2009-16 & 17. 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.
(h) Included $1,031 million ($806 million related to our preferred stock redemption), $300 million and $300 million of dividends on preferred stock in 2011, 2010 and
2009, respectively.
(i) Included the effects of accretion of redeemable securities to their redemption value of $38 million and $(62) million in 2010 and 2009, respectively.