GE 2015 Annual Report Download - page 62

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MD&A CONSOLIDATED RESULTS
34 GE 2015 FORM 10-K
SYNCHRONY FINANCIAL EXCHANGE OFFER
On August 5, 2014, we completed the initial public offering (IPO) of our North American Retail Finance business, Synchrony Financial,
as a first step in a planned, staged exit from that business:HUHFHLYHGQHWSURFHHGVIURPWKH,32DQGXQGHUZULWHU¶VRSWLRQRI
billion and retained 84.6% of Synchrony Financial.
2Q2FWREHU*(FRPPHQFHGDQRIIHUWRH[FKDQJH*(FRPPRQVWRFNIRUFRPPRQVWRFNRI*(&DSLWDO¶VDSSUR[LPDWHO\
owned subsidiary, Synchrony Financial. On November 17, 2015, we completed the split-off of Synchrony Financial, through which the
Company 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 and recorded an after-tax gain of $3.4 billion within discontinued operations. In connection with
the public offering and sale of Synchrony Financial, GE Capital indemnified Synchrony Financial and its directors, officers, and
HPSOR\HHVDJDLQVWWKHOLDELOLWLHVRI*(&&¶VEXVLQHVVHVRWKHUWKDQKLVWRULFDOOLDELOLWLHV of the businesses that are part of Synchrony
)LQDQFLDO¶V ongoing operations. With the completion of the split-RIIDQGWKH)HGHUDO5HVHUYH%RDUG¶V)5%VXEVHTXHQWDSSURYDORI*(
&DSLWDO¶VDSSOLFDWLRQWRGHUHJLVWHUDVDVDYLQJVDQGORDQKROGLQJFRPSDQ\*( Capital is no longer a savings and loan holding
company.
34 GE 2015 FORM 10-K