GE 2014 Annual Report Download - page 100

80 GE 2014 FORM 10-K
MD&A FINANCIAL RESOURCES AND LIQUIDITY
GECC CASH FLOWS
OPERATING CASH FLOWS INVESTING CASH FLOWS FINANCING CASH FLOWS
2012 2013 2014 2012 2013 2014 2012 2013 2014
2014–2013 COMMENTARY
GECC cash from operating activities decreased $2.1 billion primarily due to the following:
x A net decrease in tax activity of $3.9 billion driven by net tax payments in 2014 compared with net tax refunds in 2013.
x A decrease in cash generated from lower net earnings from continuing operations of $0.9 billion.
x These decreases were partially offset by a $3.0 billion increase in net cash collateral activity with counterparties on
derivative contracts.
GECC cash used for investing activities was $0.8 billion in 2014, compared with cash from investing activities of
$23.4 billion in 2013, a decrease of $24.2 billion primarily due to the following:
x A net decrease in financing receivables activity of $9.3 billion driven by net originations of financing receivables in 2014 of
$5.7 billion, compared with net collections (which includes sales) of financing receivables of $3.6 billion in 2013.
x The 2013 acquisition of MetLife Bank, N.A., resulting in net cash provided of $6.4 billion.
x Lower proceeds from sales of real estate properties of $4.8 billion.
x A net decrease in investment securities activity of $2.8 billion driven by net purchases of $1.1 billion in 2014, compared
with net sales of $1.7 billion in 2013.
GECC cash used for financing activities decreased $15.8 billion primarily due to the following:
x A net increase in deposits at our banks of $11.1 billion.
x Lower dividends paid to GE driven by dividends totaling $3.0 billion and $6.0 billion, including special dividends of $1.0
billion and $4.1 billion in 2014 and 2013, respectively.
x 2014 proceeds received from the initial public offering of Synchrony Financial of $2.8 billion.