GE 2014 Annual Report Download - page 178

158 GE 2014 FORM 10-K
FINANCIAL STATEMENTS CURRENT RECEIVABLES & INVENTORIES
NOTE 4. CURRENT RECEIVABLES
Consolidated(a) GE(b)
December 31 (In millions) 2014 2013 2014 2013
Power & Water $ 4,984
$ 3,895 $ 2,783 $ 2,335
Oil & Gas 5,775 5,444 3,215 3,134
Energy Management 1,655 1,540 731 686
Aviation 4,656 4,307 1,997 2,260
Healthcare 4,350 4,398 2,241 2,029
Transportation 454 526 351 318
Appliances & Lighting 1,468 1,337 216 273
Corporate items and eliminations 390 388 464 377
23,732 21,835 11,998 11,412
Less Allowance for Losses (495) (447) (485) (442)
Total $ 23,237 $ 21,388 $ 11,513 $ 10,970
(a) Includes GE industrial customer receivables factored through a GECC affiliate and reported as financing receivables by GECC. See Note 26.
(b) GE current receivables of $254 million and $127 million at December 31, 2014 and 2013, respectively, arose from sales, principally of Aviation goods and services, on
open account to various agencies of the U.S. government. As a percentage of GE revenues, approximately 3% of GE sales of goods and services were to the U.S.
government in 2014, compared with 4% in 2013 and 2012.
GE current receivables balances at December 31, 2014 and 2013, before allowance for losses, included $7,808 million and
$7,441 million, respectively, from sales of goods and services to customers, and $22 million and $37 million at December 31,
2014 and 2013, respectively, from transactions with associated companies. The remainder of the balances primarily relate to
revenue sharing programs and other non-income taxes.
NOTE 5. INVENTORIES
December 31 (In millions) 2014 2013
GE
Raw materials and work in process $ 9,820 $ 9,760
Finished goods 7,126 7,161
Unbilled shipments 755 609
17,701 17,530
Less revaluation to LIFO (62) (273)
Total GE 17,639 17,257
GECC
Finished goods 50 68
Total consolidated $ 17,689 $ 17,325