GE 2015 Annual Report Download - page 177

FINANCIAL STATEMENTS HELD FOR SALE & DISCONTINUED OPERATIONS
GE 2015 FORM 10-K 149
December 31 (In millions) 2015 2014
Assets
Cash and equivalents $ 20,395 $ 20,991
Investment securities 8,478 13,349
Financing receivables ± net 3,205 213,514
Other receivables 1,221 2,896
Property, plant and equipment ± net 7,537 18,354
Goodwill 7,764 23,452
Other intangible assets - net 80 987
Deferred income taxes 2,447 3,530
Financing receivables held for sale 69,847 3,475
Valuation allowance on disposal group classified as discontinued operations (6,374) -
Other 6,350 22,980
A
ssets of discontinued operations $ 120,951 $ 323,529
Liabilities
Short-term borrowings $ 739 $ 3,780
A
ccounts payable 2,870 4,280
Non-recourse borrowings 3,994 25,536
Bank deposits 25,613 62,839
Long-term borrowings 730 13,767
A
ll other liabilities 11,053 11,046
Deferred income taxes 1,437 6,810
Other 52 174
Liabilities of discontinued operations $ 46,487 $ 128,233
CONSUMER
In connection with the GE Capital Exit Plan, we announced the planned disposition of our Consumer business (including Synchrony
Financial) and classified the business as discontinued operations. On November 17, 2015, we completed the split-off of Synchrony
Financial through which GE accepted 671,366,809 shares of GE common stock from its shareholders in exchange for 705,270,833
shares of Synchrony Financial common stock that it owned. We closed certain of our other Consumer business dispositions for
proceeds of $17,550 million (excluding Synchrony Financial) for the year ended December 31, 2015. We expect to dispose of
substantially all of the remaining Consumer business in 2016.
FINANCIAL INFORMATION FOR CONSUMER
(In millions) 2015 2014 2013
Operations
Total revenues and other income (loss) $ 11,690 $ 15,023 $ 15,741
Interest $
(
2,081
)
$
(
2,611
)
$
(
2,669
)
Selling, general, and administrative expenses (3,940) (4,572) (4,349)
Cost of services sold (1) - (1)
Provision for losses on financin
g
receivables
(
5,029
)
(
3,544
)
(
4,048
)
Investment contracts, insurance losses and insurance annuit
y
(
12
)
(
18
)
(
15
)
Other costs and expenses (392) (388) (337)
Earnings (loss) from discontinued operations,
before income taxes 236 3,891 4,324
Benefit
(
provision
)
for income taxes
(
878
)
(
736
)
7
Earnings (loss) from discontinued operations, net of taxes $ (642) $ 3,155 $ 4,330
Disposal
Gain (loss) on disposal before income taxes $ 2,739 $ - $ -
Benefit (provision) for income taxes 363 - -
Gain (loss) on disposal, net of taxes(a) $ 3,102 $ - $ -
Earnings (loss) from discontinued operations, net of taxes(b) $ 2,460 $ 3,155 $ 4,330
(a) Included Synchrony Financial gain on sale of $3,429 million related to the share exchange.
(b) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $2,670 million, $3,752 million, and $4,312
million for the years ended December 31, 2015, 2014 and 2013, respectively.
GE 2015 FORM 10-K 149