GE 2014 Annual Report Download - page 183

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GE 2014 FORM 10-K 163
FINANCIAL STATEMENTS PROPERTY, PLANT AND EQUIPMENT
NOTE 7. PROPERTY, PLANT AND EQUIPMENT
Depreciable
lives-new Original Cost Net Carrying Value
December 31 (Dollars in millions) (in years) 2014 2013 2014 2013
GE
Land and improvements 8 (a) $ 700 $ 707 $ 689 $ 671
Buildings, structures and related equipment 8-40 7,683 8,910 3,048 4,205
Machinery and equipment 4-20 23,437 25,323 9,085 9,701
Leasehold costs and manufacturing plant under construction 1-10 4,731 3,309 4,385 2,997
36,551 38,249 17,207 17,574
GECC(b)
Land and improvements, buildings, structures and related
equipment 1-35 (a) 2,233 2,504 952 1,025
Equipment leased to others
Aircraft(c) 20 49,280 50,337 32,795 34,938
Vehicles 1-20 14,251 14,656 8,144 8,312
Railroad rolling stock 4-50 4,379 4,636 2,998 3,129
Construction and manufacturing 1-20 3,411 2,916 2,321 1,955
All other 6-25 3,678 3,518 2,360 2,248
77,232 78,567 49,570 51,607
Eliminations (462) (419) (390) (354)
Total $ 113,321 $ 116,397 $ 66,387 $ 68,827
(a) Depreciable lives exclude land.
(b) Included $1,845 million and $1,353 million of original cost of assets leased to GE with accumulated amortization of $560 million and $342 million at December 31, 2014
and 2013, respectively.
(c) The GECAS business of GE Capital recognized impairment losses of $445 million and $732 million in 2014 and 2013, respectively. These losses are recorded in the
caption “Other costs and expenses” in the Statement of Earnings to reflect adjustments to fair value based on an evaluation of average current market values (obtained
from third parties) of similar type and age aircraft, which are adjusted for the attributes of the specific aircraft under lease.
Consolidated depreciation and amortization related to property, plant and equipment was $9,283 million, $9,762 million and
$9,192 million in 2014, 2013 and 2012, respectively. Amortization of GECC equipment leased to others was $6,245 million,
$6,696 million and $6,097 million in 2014, 2013 and 2012, respectively.
Noncancellable future rentals due from customers for equipment on operating leases at December 31, 2014, are as follows:
(In millions)
Due in
2015 $ 6,953
2016 5,731
2017 4,658
2018 3,652
2019 2,886
2020 and later 7,375
Total $ 31,255