GE 2015 Annual Report Download - page 224

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES
196 GE 2015 FORM 10-K
x Other remaining assets and liabilities of consolidated VIEs relate primarily to three categories of entities: (1) joint ventures that
lease equipment with $821 million of assets and $818 million of liabilities; (2) other entities that are involved in power generating
and leasing activities with $1,151 million of assets and $1,079 million of liabilities; and (3) insurance entities that, among other lines
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million of liabilities.
ASSETS AND LIABILITIES OF CONSOLIDATED VIEs
Trade
 receivables
(In millions) Trinity(a) securitization(b) Other Total
December 31, 2015
Assets(c)
Financing receivables, net $ - $ - $ 882 $ 882
Current receivables - 3,506 (d) 361 3,867
Investment securities 409 - 995 1,404
Other assets 46 24 2,934 3,004
Total $ 455 $ 3,530 $ 5,172 $ 9,157
Liabilities(c)
Borrowings $ - $ - $ 1,297 $ 1,297
Non-recourse borrowings - 3,022 61 3,083
Other liabilities 184 34 1,654 1,872
Total $ 184 $ 3,056 $ 3,012 $ 6,252
December 31, 2014
Assets(c)
Financing receivables, net $ - $ - $ 1,030 $ 1,030
Current receivables - 3,028 (d) 278 3,306
Investment securities 2,369 - 1,005 3,374
Other assets 17 2 2,259 2,278
Total $ 2,386 $ 3,030 $ 4,572 $ 9,988
Liabilities(c)
Borrowings $ - $ - $ 517 $ 517
Non-recourse borrowings - 2,692 436 3,128
Other liabilities 1,022 26 1,325 2,373
Total $ 1,022 $ 2,718 $ 2,278 $ 6,018
(a) Excluded intercompany advances from GE Capital to Trinity, which were eliminated in consolidation of $30 million and $1,565 million at
December 31, 2015 and 2014, respectively.
(b) We provide servicing to the trade receivable securitization (TRS) and are contractually permitted to commingle cash collected from customers
on financing receivables sold to the TRS investors with our own cash prior to payment to the TRS, provided our short-term credit rating does
not fall below A-1/P-1. The TRS also owes us amounts for purchased financial assets and scheduled interest and principal payments. At
December 31, 2015 and 2014, the amounts of commingled cash owed to the TRS were $1,093 million and $856 million, respectively, and the
amounts owed to us by the TRS were $7 million and $2 million, respectively.
(c) Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE Capital as servicer, which are eliminated in
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above, assets would be higher. In addition, other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in
consolidation.
(d) Included $737 million and $686 million of receivables at December 31, 2015 and 2014, respectively, originated by Appliances. We require third
party debt holder consent to sell these assets. The receivables will be included in assets of businesses held for sale when the consent is
received.
Total revenues from our consolidated VIEs were $1,638 million, $1,457 million and $994 million in 2015, 2014 and 2013, respectively.
Related expenses consisted primarily of cost of goods and services of $1,232 million, $823 million and $675 million in 2015, 2014 and
2013, respectively. These amounts do not include intercompany revenues and costs, which are eliminated in consolidation.
196 GE 2015 FORM 10-K