GE 2014 Annual Report Download - page 170

150 GE 2014 FORM 10-K
FINANCIAL STATEMENTS HELD FOR SALE & DISCONTINUED OPERATIONS
NBCU
On March 19, 2013, we closed a transaction to sell our remaining 49% common equity interest in NBCUniversal LLC (NBCU
LLC) to Comcast Corporation (Comcast) for total consideration of $16,722 million, consisting of $11,997 million in cash,
$4,000 million in Comcast guaranteed debt and $725 million in preferred stock. The $4,000 million of debt and the $725 million
of preferred shares were both issued by a wholly-owned subsidiary of Comcast. During the three months ended March 31,
2013, both of these instruments were sold at approximately par value. In addition, Comcast is obligated to share with us
potential tax savings associated with Comcast’s purchase of our NBCU LLC interest, if realized. We did not recognize these
potential future payments as consideration for the sale, but are recording such payments in income as they are received.
GECC also sold real estate comprising certain floors located at 30 Rockefeller Center, New York and the CNBC property
located in Englewood Cliffs, New Jersey to affiliates of NBCU LLC for $1,430 million in cash.
In the first quarter of 2013, as a result of the transactions, we recognized pre-tax gains of $1,096 million ($825 million after tax)
on the sale of our 49% common equity interest in NBCU LLC and $921 million ($564 million after tax) on the sale of GECC’s
real estate properties.
DISCONTINUED OPERATIONS
Discontinued operations primarily comprised GE Money Japan (our Japanese personal loan business, Lake, and our
Japanese mortgage and card businesses, excluding our investment in GE Nissen Credit Co., Ltd.), our U.S. mortgage
business (WMC), our Commercial Lending and Leasing (CLL) trailer services business in Europe (CLL Trailer Services), our
Consumer banking business in Russia (Consumer Russia) and our Consumer mortgage lending business in Ireland
(Consumer Ireland). Results of operations, financial position and cash flows for these businesses are separately reported as
discontinued operations for all periods presented.
FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
(In millions) 2014 2013 2012
Operations
Total revenues and other income (loss) $ (268) $ 186 $ 191
Earnings (loss) from discontinued operations before income taxes $ (351) $ (494) $ (586)
Benefit (provision) for income taxes 224 155 198
Earnings (loss) from discontinued operations, net of taxes $ (127) $ (339) $ (388)
Disposal
Gain (loss) on disposal before income taxes $ 14 $ (2,027) $ (792)
Benefit (provision) for income taxes 1 246 197
Gain (loss) on disposal, net of taxes $ 15 $ (1,781) $ (595)
Earnings (loss) from discontinued operations, net of taxes(a) $ (112) $ (2,120) $ (983)
(a) The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GECC earnings (loss) from discontinued operations, net of taxes, is reported as
GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Earnings.