GE 2014 Annual Report Download - page 210

190 GE 2014 FORM 10-K
FINANCIAL STATEMENTS SHAREOWNERS' EQUITY
CHANGES TO NONCONTROLLING INTERESTS
(In millions) 2014 2013 2012
Beginning balance $ 6,217 $ 5,444 $ 1,696
Net earnings 183 298 223
GECC issuance of preferred stock - 990 3,960
GECC preferred stock dividend (322) (298) (123)
Dividends (74) (80) (42)
Dispositions (81) (175) -
Synchrony Financial IPO 2,393 - -
Other (including AOCI) (a) 358 38 (270)
Ending balance $ 8,674 $ 6,217 $ 5,444
(a) Includes research & development partner funding arrangements, acquisitions and eliminations.
OTHER
During the second quarter of 2013, GECC issued 10,000 shares of non-cumulative perpetual preferred stock with a $0.01 par
value for proceeds of $990 million. The preferred shares bear an initial fixed interest rate of 5.25% through June 15, 2023,
bear a floating rate equal to three-month LIBOR plus 2.967% thereafter and are callable on June 15, 2023. Dividends on the
GECC preferred stock are payable semiannually, in June and December, with the first payment on this issuance made in
December 2013.
During 2012, GECC issued 40,000 shares of non-cumulative perpetual preferred stock with a $0.01 par value for proceeds of
$3,960 million. Of these shares, 22,500 bear an initial fixed interest rate of 7.125% through June 15, 2022, bear a floating rate
equal to three-month LIBOR plus 5.296% thereafter and are callable on June 15, 2022, and 17,500 shares bear an initial fixed
interest rate of 6.25% through December 15, 2022, bear a floating rate equal to three-month LIBOR plus 4.704% thereafter
and are callable on December 15, 2022. Dividends on the GECC preferred stock are payable semi-annually, in June and
December, with the first payment made in December 2012.
GECC paid quarterly dividends of $2,000 million, $1,930 million and $1,926 million and special dividends of $1,000 million,
$4,055 million and $4,500 million to GE for the years ended 2014, 2013 and 2012, respectively.