GE 2014 Annual Report Download - page 169

GE 2014 FORM 10-K 149
FINANCIAL STATEMENTS HELD FOR SALE & DISCONTINUED OPERATIONS
NOTE 2. ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE AND
DISCONTINUED OPERATIONS
ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE
In the fourth quarter of 2014, we signed an agreement to sell our Signaling business at Transportation, with assets of $267
million and liabilities of $148 million to Alstom for approximately $800 million, and our consumer finance business Budapest
Bank, with assets of $3,474 million and liabilities of $2,434 million to Hungary’s government. The transactions remain subject
to customary closing conditions and regulatory approvals, and are targeted to close in 2015.
In the third quarter of 2014, we signed an agreement to sell our Appliances business with assets of $2,538 million and
liabilities of $1,356 million to Electrolux for approximately $3,300 million. The transaction remains subject to customary closing
conditions and regulatory approvals, and is targeted to close in 2015.
In the second quarter of 2014, we committed to sell GE Money Bank AB, our consumer finance business in Sweden, Denmark
and Norway (GEMB-Nordic). We completed the sale on November 6, 2014 for proceeds of $2,320 million.
In the first quarter of 2013, we committed to sell certain of our machining & fabrication businesses at Aviation and our
Consumer auto and personal loan business in Portugal. We completed the sale of our machining & fabrication business on
December 2, 2013 for proceeds of $108 million. We completed the sale of our Consumer auto and personal loan business in
Portugal on July 15, 2013 for proceeds of $83 million.
FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE
December 31 (In millions) 2014 2013
Assets
Cash and equivalents $ 676 $ 5
Investment securities 448 7
Current receivables(a) 180 -
Inventories 588 -
Financing receivables – net 2,144 -
Property, plant, and equipment – net 1,015 -
Goodwill 539 24
Intangible assets – net 170 2
Other 540 12
Assets of businesses held for sale $ 6,300 $ 50
Liabilities
Accounts payable(a) $ 510 $ 1
Other current liabilities 348 -
Bank deposits 1,931 -
Other 586 5
Liabilities of businesses held for sale $ 3,375 $ 6
(a) Certain transactions at our Appliances and Signaling businesses are made on an arms-length basis with GECC, consisting primarily of GE customer receivables sold to
GECC and GECC services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GECC
columns of our financial statements, but are eliminated in deriving our consolidated financial statements.