GE 2014 Annual Report Download - page 149

GE 2014 FORM 10-K 129
FINANCIAL STATEMENTS
STATEMENT OF EARNINGS
(
CONTINUED
)
For the years ended December 31 GE(a) Financial Services (GECC)
(In millions; per-share amounts in dollars) 2014 2013 2012 2014 2013 2012
Revenues and other income
Sales of goods $ 76,714 $ 71,951 $ 73,304 $ 121 $ 126 $ 119
Sales of services 30,594 29,063 27,571 - - -
Other income (Note 17) 707 2,886 2,657 - - -
GECC earnings from continuing operations 7,341 8,258 7,345 - - -
GECC revenues from services (Note 18) - - - 42,604 43,941 45,245
Total revenues and other income 115,356 112,158 110,877 42,725 44,067 45,364
Costs and expenses (Note 19)
Cost of goods sold 61,420 57,962 57,118 104 108 99
Cost of services sold 20,457 19,668 17,938 - - -
Interest and other financial charges 1,579 1,333 1,353 8,397 9,267 11,596
Investment contracts, insurance losses and
insurance annuity benefits - - - 2,678 2,779 2,984
Provision for losses on financing receivables (Note 6) - - - 3,993 4,818 3,832
Other costs and expenses 14,971 16,105 17,671 19,912 19,776 18,924
Total costs and expenses 98,427 95,068 94,080 35,084 36,748 37,435
Earnings from continuing operations
before income taxes 16,929 17,090 16,797 7,641 7,319 7,929
Benefit (provision) for income taxes (Note 14) (1,634) (1,668) (2,013) (138) 992 (521)
Earnings from continuing operations 15,295 15,422 14,784 7,503 8,311 7,408
Earnings (loss) from discontinued operations,
net of taxes (Note 2) (112) (2,120) (983) (107) (2,054) (1,130)
Net earnings 15,183 13,302 13,801 7,396 6,257 6,278
Less net earnings (loss) attributable to noncontrolling interests (50) 245 160 162 53 63
Net earnings attributable to the Company 15,233 13,057 13,641 7,234 6,204 6,215
Preferred stock dividends declared - - - (322) (298) (123)
Net earnings attributable to GE common shareowners $ 15,233 $ 13,057 $ 13,641 $ 6,912 $ 5,906 $ 6,092
A
mounts attributable to GE common shareowners:
Earnings from continuing operations $ 15,295 $ 15,422 $ 14,784 $ 7,503 $ 8,311 $ 7,408
Less net earnings (loss) attributable to
noncontrolling interests (50) 245 160 162 53 63
Earnings from continuing operations attributable
to the Company 15,345 15,177 14,624 7,341 8,258 7,345
GECC preferred stock dividends declared - - - (322) (298) (123)
Earnings from continuing operations attributable
to GE common shareowners 15,345 15,177 14,624 7,019 7,960 7,222
Earnings (loss) from discontinued operations, net of taxes (112) (2,120) (983) (107) (2,054) (1,130)
Net earnings attributable to GE common shareowners $ 15,233 $ 13,057 $ 13,641 $ 6,912 $ 5,906 $ 6,092
(a) Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-
line basis. See Note 1.
In the consolidating data on this page, “GE” means the basis of consolidation as described in Note 1 to the consolidated financial statements; “GECC” means General
Electric Capital Corporation and all of its affiliates and associated companies. Separate information is shown for “GE” and “GECC.” Transactions between GE and GECC
have been eliminated from the “General Electric Company and consolidated affiliates” columns on the prior page.