GE 2015 Annual Report Download - page 94

MD&A CORPORATE ITEMS AND ELIMINATIONS
66 GE 2015 FORM 10-K
2015 ± 2014 COMMENTARY
Revenues and other income increased $1.7 billion, primarily a result of:
x $1.0 billion of higher gains from disposed businesses, which included $0.2 billion of a break-up fee paid by Electrolux AB due to the
termination of the agreement to acquire the GE Appliances business,
x $0.5 billion higher other income from a settlement related to the NBCU transaction, and
x $0.2 billion of lower eliminations and other, which was driven by $0.4 billion of lower inter-segment eliminations, partially offset by
$0.2 billion lower licensing, asset management and other income.
Operating costs decreased $1.1 billion, primarily as a result of:
x $1.0 billion of higher gains from disposed businesses, which included $0.2 billion of a break-up fee paid by Electrolux AB due to
termination of the agreement to acquire the GE Appliances business,
x $0.5 billion higher other income from a settlement related to the NBCU transaction, and
x Lower headquarter functional costs offset by higher investment in Information Technology (IT) growth initiatives.
These decreases to operating costs were partially offset by $0.4 billion higher costs associated with our principal retirement plans
including the effects of lower discount rates and updated mortality assumptions.
2014 ± 2013 COMMENTARY
Revenues and other income decreased $2.5 billion, primarily a result of:
x $1.5 billion lower revenues and other income related to NBCU LLC, which was disposed of in the first quarter of 2013,
x $0.4 billion of lower gains from disposed businesses, and
x $0.6 billion of higher eliminations and other, which was driven by $0.4 billion of higher inter-segment eliminations. Also contributing
to the decrease in revenues and other income was a $0.2 billion impairment related to an investment security in 2014 compared
with a $0.1 billion impairment of an investment in a Brazilian company in 2013.
Operating costs increased $0.2 billion, primarily as a result of:
x $1.5 billion lower NBCU LLC related income, and
x $0.4 billion of lower gains from disposed businesses.
These increases to operating costs were partially offset by the following:
x $0.9 billion of lower costs of our principal retirement plans,
x $0.2 billion of lower restructuring and other charges. Restructuring and other charges in 2014 included $0.2 billion of impairment
related to an investment security at Power, $0.1 billion of asset write-offs at a consolidated nuclear joint venture in which we hold a
51% interest at Power and $0.1 billion curtailment loss on the principal retirement plans resulting from our plan to sell the
Appliances business, and
x $0.5 billion of lower eliminations and other, which was driven by $0.4 billion of lower corporate costs, which include research and
development and functional spending in 2014. In 2013, eliminations and other costs included $0.1 billion impairment of an
investment in a Brazilian company.
66 GE 2015 FORM 10-K