GE 2011 Annual Report Download - page 93

GE 2011 ANNUAL REPORT 91
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CONTRACTUAL MATURITIES OF GECS INVESTMENT IN AVAILABLE-
FOR-SALE DEBT SECURITIES (EXCLUDING MORTGAGE-BACKED AND
ASSET-BACKED SECURITIES)
(In millions)
Amortized
cost
Estimated
fair value
Due in
2012 $ 2,641 $ 2,664
2013–2016 7,497 7,666
2017–2021 4,679 4,810
2022 and later 17,805 20,757
We expect actual maturities to differ from contractual maturi-
ties because borrowers have the right to call or prepay
certain obligations.
Supplemental information about gross realized gains and
losses on available-for-sale investment securities follows.
(In millions) 2011 2010 2009
GE
Gains $ — $ — $ 4
Losses, including impairments —— (173)
Net —— (169)
GECS
Gains 205 190 164
Losses, including impairments (402) (281) (637)
Net (197) (91) (473)
Total $(197) $ (91) $(642)
Although we generally do not have the intent to sell any specifi c
securities at the end of the period, in the ordinary course of man-
aging our investment securities portfolio, we may sell securities
prior to their maturities for a variety of reasons, including diversi-
fi cation, credit quality, yield and liquidity requirements and the
funding of claims and obligations to policyholders. In some of our
bank subsidiaries, we maintain a certain level of purchases and
sales volume principally of non-U.S. government debt securities.
In these situations, fair value approximates carrying value for
these securities.
Proceeds from investment securities sales and early redemp-
tions by issuers totaled $15,606 million, $16,238 million and
$7,823 million in 2011, 2010 and 2009, respectively, principally
from the sales of short-term securities in our bank subsidiaries
and treasury operations.
We recognized pre-tax gains (losses) on trading securities of
$22 million, $(7) million and $408 million in 2011, 2010 and 2009,
respectively.
Note 4.
Current Receivables
Consolidated (a) GE (b)
December 31 (In millions) 2011 2010 2011 2010
Energy Infrastructure $ 8,845 $ 7,377 $ 6,499 $ 5,349
Aviation 4,348 3,554 2,658 2,009
Healthcare 4,306 4,164 1,943 2,053
Transportation 441 440 347 440
Home & Business Solutions 1,493 1,426 243 240
Corporate items and
eliminations 550 2,088 563 713
19,983 19,049 12,253 10,804
Less allowance for losses (452) (428) (446) (421)
Total $19,531 $18,621 $11,807 $10,383
(a) Included GE industrial customer receivables factored through a GECS affiliate
and reported as financing receivables by GECS. See Note 27.
(b) GE current receivables balances at December 31, 2011 and 2010, before allowance
for losses, included $8,994 million and $8,134 million, respectively, from sales of
goods and services to customers, and $65 million and $24 million at December 31,
2011 and 2010, respectively, from transactions with associated companies.
GE current receivables of $112 million and $193 million at
December 31, 2011 and 2010, respectively, arose from sales,
principally of Healthcare and Aviation goods and services, on
open account to various agencies of the U.S. government. As a
percentage of GE revenues, approximately 4% of GE sales of
goods and services were to the U.S. government in 2011, com-
pared with 5% in both 2010 and 2009.
Note 5.
Inventories
December 31 (In millions) 2011 2010
GE
Raw materials and work in process $ 8,735 $ 6,973
Finished goods 4,971 4,435
Unbilled shipments 485 456
14,191 11,864
Less revaluation to LIFO (450) (404)
13,741 11,460
GECS
Finished goods 51 66
Total $13,792 $11,526