GE 2015 Annual Report Download - page 112

MD&A FINANCIAL RESOURCES AND LIQUIDITY
84 GE 2015 FORM 10-K
GE CAPITAL CASH FLOWS
(Dollars in billions)
OPERATING CASH FLOWS INVESTING CASH FLOWS FINANCING CASH FLOWS
2013 2014 2015
2015±2014 COMMENTARY
GE Capital cash from operating activities decreased $4.7 billion primarily due to the following:
x A decrease in net cash collateral activity with counterparties on derivative contracts of $2.7 billion.
x A decrease in accounts payable of $0.4 billion in addition to a decrease in cash generated from earnings and other activity.
GE Capital cash from investing activities increased $49.1 billion primarily due to the following:
x In 2015, we closed the sale of certain of our CLL, Real Estate and Consumer businesses for proceeds of $35.2 billion, $27.7 billion
and $16.7 billion, respectively.
x This increase was partially offset by the investment in high quality interest bearing deposits that mature in April 2016 of $10.4
billion.
x Lower aircraft sales deposits of $2.2 billion.
x The net cash payment of $1.7 billion for the 2015 acquisition of Milestone Aviation Group.
x Lower activity in other assets-investments of $1.2 billion driven by net activity of our equity-method investments.
GE Capital cash used for financing activities increased $27.7 billion primarily due to the following:
x Higher net repayments of borrowings of $25.7 billion driven primarily by an increase in short-term and long-term debt maturities.
x Higher dividends paid to GE totaling $4.3 billion and $3.0 billion in 2015 and 2014, respectively.
2014±2013 COMMENTARY
GE Capital cash from operating activities increased $1.0 billion primarily due to the following:
x An increase in net cash collateral activity with counterparties on derivative contracts of $3.0 billion.
x An increase in cash generated from earnings and other activity.
x These increases were partially offset by a net decrease in tax activity of $3.9 billion driven by net tax payments in 2014 compared
with net tax refunds in 2013.
GE Capital cash from investing activities decreased $15.7 billion primarily due to the following:
x A net decrease in financing receivables activity of $3.2 billion driven by net originations of financing receivables in 2014 of $0.2
billion, compared with net collections (which includes sales) of financing receivables of $3.0 billion in 2013.
x A net decrease in investment securities activity of $3.4 billion driven by net sales of $0.7 billion in 2014, compared with net sales of
$4.1 billion in 2013.
x Lower activity in other assets-investments of $0.5 billion driven by net activity of our equity-method investments.
2013 2014 2015 2013 2014 2015
84 GE 2015 FORM 10-K