GE 2013 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2013 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 150

  • 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
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150

GE 2013 ANNUAL REPORT 91
    
CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-
SALE DEBT SECURITIES (EXCLUDING MORTGAGE-BACKED AND
ASSET-BACKED SECURITIES)
(In millions)
Amortized
cost
Estimated
fair value
Due
Within one year $ 2,397 $ 2,417
After one year through five years 3,303 3,506
After five years through ten years 4,984 5,156
After ten years 18,024 19,901
We expect actual maturities to differ from contractual
maturities 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) 2013 2012 2011
GE
Gains $ 1 $ — $ —
Losses, including impairments (20) (1) —
Net (19) (1) —
GECC
Gains 239 177 205
Losses, including impairments (762) (211) (402)
Net (523) (34) (197)
Total $ (542) $ (35) $ (197)
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
managing our investment securities portfolio, we may sell securi-
ties prior to their maturities for a variety of reasons, including
diversifi 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 securi-
ties. In these situations, fair value approximates carrying value for
these securities.
Proceeds from investment securities sales and early redemp-
tions by issuers totaled $19,276 million, $12,745 million and
$15,606 million in 2013, 2012 and 2011, respectively, principally
from the sale of Comcast guaranteed debt and short-term securi-
ties in our bank subsidiaries and treasury operations.
We recognized pre-tax gains on trading securities of
$48 million, $20 million and $22 million in 2013, 2012 and 2011,
respectively.
Note 4.
Current Receivables
Consolidated(a) GE(b)
December 31 (In millions) 2013 2012 2013 2012
Power & Water $ 3,895 $ 2,977 $ 2,335 $ 1,700
Oil & Gas 5,444 4,656 3,134 1,872
Energy Management 1,540 1,600 686 800
Aviation 4,307 4,756 2,260 2,493
Healthcare 4,398 4,253 2,029 2,012
Transportation 526 485 318 324
Appliances & Lighting 1,337 1,286 273 186
Corporate items and
eliminations 388 351 377 343
21,835 20,364 11,412 9,730
Less allowance for losses (447) (462) (442) (456)
Total $ 21,388 $ 19,902 $ 10,970 $ 9,274
(a) Included GE industrial customer receivables factored through a GECC affiliate
and reported as financing receivables by GECC. See Note 26.
(b) GE current receivables balances at December 31, 2013 and 2012, before
allowance for losses, included $7,441 million and $6,283 million, respectively,
from sales of goods and services to customers, and $37 million and $70 million
at December 31, 2013 and 2012, respectively, from transactions with
associated companies.
GE current receivables of $127 million and $114 million at
December 31, 2013 and 2012, respectively, arose from sales, prin-
cipally of 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 2013, 2012 and 2011.
Note 5.
Inventories
December 31 (In millions) 2013 2012
GE
Raw materials and work in process $ 10,220 $ 9,295
Finished goods 6,726 6,020
Unbilled shipments 584 378
17,530 15,693
Less revaluation to LIFO (273) (398)
17,257 15,295
GECC
Finished goods 68 79
Total $ 17,325 $ 15,374