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’   
GE 2011 ANNUAL REPORT 53
Nonearning financing
receivables as a percent of
financing receivables
Allowance for losses as a
percent of nonearning
financing receivables
Allowance for losses as a
percent of total
financing receivables
December 31 2011 2010 2011 2010 2011 2010
COMMERCIAL
CLL
Americas 2.3% 2.9% 47.7% 50.1% 1.1% 1.5%
Europe 3.2 3.3 34.3 34.6 1.1 1.1
Asia 2.3 3.4 58.4 54.7 1.3 1.9
Other 2.5 0.9 36.4 100.0 0.9 0.9
Total CLL 2.6 3.0 43.8 46.0 1.1 1.4
Energy Financial Services 0.4 0.9 118.2 35.5 0.4 0.3
GECAS 0.5 —30.9 —0.1 0.2
Other 5.1 5.7 56.9 56.9 2.9 3.2
Total Commercial 2.3 2.7 44.3 46.6 1.0 1.3
REAL ESTATE
Debt 2.2 3.2 175.4 134.4 3.9 4.3
Business Properties 3.0 3.9 56.2 50.8 1.7 2.0
Total Real Estate 2.4 3.3 137.8 110.5 3.3 3.7
CONSUMER
Non-U.S. residential mortgages 9.3 9.3 21.1 21.5 2.0 2.0
Non-U.S. installment and revolving credit 1.4 1.4 272.6 324.2 3.9 4.7
U.S. installment and revolving credit 2.1 2.7 202.8 194.3 4.3 5.3
Non-U.S. auto 0.8 0.6 234.9 365.2 1.8 2.2
Other 5.8 5.8 47.5 54.2 2.7 3.1
Total Consumer 4.4 4.8 73.7 78.2 3.3 3.8
Total 3.1 3.6 68.2 69.9 2.1 2.5
Included below is a discussion of fi nancing receivables, allowance
for losses, nonearning receivables and related metrics for each of
our signifi cant portfolios.
CLL—AMERICAS. Nonearning receivables of $1.9 billion repre-
sented 20.0% of total nonearning receivables at December 31,
2011. The ratio of allowance for losses as a percent of nonearning
receivables decreased from 50.1% at December 31, 2010, to 47.7%
at December 31, 2011, refl ecting an overall improvement in the
credit quality of the remaining portfolio and an overall decrease in
nonearning receivables. The ratio of nonearning receivables as a
percent of fi nancing receivables decreased from 2.9% at
December 31, 2010, to 2.3% at December 31, 2011, primarily due
to reduced nonearning exposures in our healthcare, media, fran-
chise and inventory fi nancing portfolios, which more than offset
deterioration in our corporate aircraft portfolio. Collateral sup-
porting these nonearning fi nancing receivables primarily includes
assets in the restaurant and hospitality, trucking and industrial
equipment industries and corporate aircraft and, for our lever-
aged fi nance business, equity of the underlying businesses.
CLL—EUROPE. Nonearning receivables of $1.2 billion represented
12.5% of total nonearning receivables at December 31, 2011. The
ratio of allowance for losses as a percent of nonearning receiv-
ables decreased from 34.6% at December 31, 2010, to 34.3% at
December 31, 2011, primarily due to an increase in nonearning
receivables in our senior secured lending portfolio, partially offset
by a reduction in nonearning receivables related to account
restructuring in our asset-backed lending portfolio and improved
delinquency in our equipment fi nance portfolio. The majority of
nonearning receivables are attributable to the Interbanca S.p.A.
portfolio, which was acquired in 2009. The loans acquired with
Interbanca S.p.A. were recorded at fair value, which incorporates
an estimate at the acquisition date of credit losses over their
remaining life. Accordingly, these loans generally have a lower
ratio of allowance for losses as a percent of nonearning receiv-
ables compared to the remaining portfolio. Excluding the
nonearning loans attributable to the 2009 acquisition of
Interbanca S.p.A., the ratio of allowance for losses as a percent of
nonearning receivables decreased from 65.7% at December 31,
2010, to 55.9% at December 31, 2011, for the reasons described
above. The ratio of nonearning receivables as a percent of fi nanc-
ing receivables decreased from 3.3% at December 31, 2010, to
3.2% at December 31, 2011, as a result of a decrease in nonearning
receivables across our equipment fi nance and asset-backed
lending portfolios, partially offset by the increase in nonearning
receivables in our senior secured lending portfolio, for the reasons
described above. Collateral supporting these secured nonearning
fi nancing receivables are primarily equity of the underlying busi-
nesses for our senior secured lending and Interbanca S.p.A.
businesses, and equipment for our equipment fi nance portfolio.
CLL—ASIA. Nonearning receivables of $0.3 billion represented 2.9%
of total nonearning receivables at December 31, 2011. The ratio of
allowance for losses as a percent of nonearning receivables
increased from 54.7% at December 31, 2010, to 58.4% at