GE 2011 Annual Report Download - page 88

86 GE 2011 ANNUAL REPORT
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At December 31, 2010, we classifi ed the NBCU assets and
liabilities of $33,758 million and $15,455 million, respectively, as
held for sale. The major classes of assets at December 31, 2010
were current receivables ($2,572 million), property, plant and
equipment—net ($2,082 million), goodwill and other intangible
assets—net ($22,263 million) and all other assets ($6,841 million),
including fi lm and television production costs of $4,423 mil-
lion. The major classes of liabilities at December 31, 2010 were
accounts payable ($492 million), other GE current liabilities
($3,983 million), long-term debt ($9,906 million) and all other liabil-
ities ($1,073 million).
OTHER
In the third quarter of 2011, we committed to sell our GE Capital
CLL marine container leasing business, which consists of our
controlling interests in the GE SeaCo joint venture along with
other owned marine container assets, and our CLL trailer fl eet
services business in Mexico. In the fourth quarter of 2011, we
completed the sale of our interest in the CLL marine container
leasing business and our CLL trailer fl eet services business in
Mexico for proceeds of $500 million and $111 million, respectively.
In the second quarter of 2011, we committed to sell our GE
Capital Consumer business banking operations in Latvia.
In 2010, we committed to sell our GE Capital Consumer busi-
nesses in Argentina, Brazil, and Canada, a CLL business in South
Korea, and our Real Estate Interpark business. The GE Capital
Consumer Canada disposition was completed during the fi rst
quarter of 2011 for proceeds of $1,429 million. The GE Capital
Consumer Brazil and Real Estate Interpark business dispositions
were completed during the second quarter of 2011 for proceeds
of $22 million and $704 million, respectively. The GE Capital
Consumer Argentina disposition was completed during the third
quarter of 2011 for proceeds of $41 million.
Summarized fi nancial information for businesses held for sale
is shown below.
December 31 (In millions) 2011 2010
ASSETS
Cash and equivalents $149 $ 63
Current receivables —2,572
Financing receivables—net 412 1,917
Property, plant and equipment—net 81 2,185
Goodwill 20 19,606
Other intangible assets—net 72,844
All other assets 87,560
Other 34 140
Assets of businesses held for sale $711 $36,887
LIABILITIES
Short-term borrowings $252 $ 146
Accounts payable 21 538
Other GE current liabilities 93,994
Long-term borrowings 810,134
All other liabilities 55 1,235
Liabilities of businesses held for sale $345 $16,047
Discontinued Operations
Discontinued operations primarily comprised BAC Credomatic
GECF Inc. (BAC) (our Central American bank and card business), GE
Money Japan (our Japanese personal loan business, Lake, and our
Japanese mortgage and card businesses, excluding our invest-
ment in GE Nissen Credit Co., Ltd.), our U.S. mortgage business
(WMC), our U.S. recreational vehicle and marine equipment
fi nancing business (Consumer RV Marine), Consumer Mexico,
Consumer Singapore and our Consumer home lending operations
in Australia and New Zealand (Australian Home Lending).
Associated results of operations, fi nancial position and cash fl ows
are separately reported as discontinued operations for all
periods presented.
Summarized fi nancial information for discontinued operations
is shown below.
(In millions) 2011 2010 2009
OPERATIONS
Total revenues $ 316 $ 2,035 $2,341
Earnings (loss) from discontinued
operations before income taxes $ (30) $ 215 $ 340
Benefit (provision) for income taxes 85 96 (18)
Earnings (loss) from discontinued
operations, net of taxes $ 55 $ 311 $ 322
DISPOSAL
Gain (loss) on disposal before
income taxes $(329) $(1,420) $ (196)
Benefit (provision) for income taxes 351 236 93
Gain (loss) on disposal, net of taxes $ 22 $(1,184) $ (103)
Earnings (loss) from discontinued
operations, net of taxes
(a) $ 77 $ (873) $ 219
(a) The sum of GE industrial earnings (loss) from discontinued operations, net of
taxes, and GECS earnings (loss) from discontinued operations, net of taxes, is
reported as GE earnings (loss) from discontinued operations, net of taxes, on the
Statement of Earnings.
December 31 (In millions) 2011 2010
ASSETS
Cash and equivalents $ 121 $ 142
Financing receivables—net 61 10,589
All other assets —168
Other 1,073 1,526
Assets of discontinued operations $1,255 $12,425
LIABILITIES
Accounts payable, principally trade accounts $ 7 $ 110
Deferred income taxes 205 230
All other liabilities 1,423 2,205
Other —42
Liabilities of discontinued operations $1,635 $ 2,587
Assets at December 31, 2011 and December 31, 2010, primarily
comprised cash, fi nancing receivables and a deferred tax asset
for a loss carryforward, which expires principally in 2017 and in
part in 2019, related to the sale of our GE Money Japan business.