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8-K - GECC FORM 8-K 04202012 - GENERAL ELECTRIC CAPITAL CORP | gecc8k04202012.htm |
Exhibit 99
General Electric Capital Corporation
Condensed Statement of Earnings
Three months ended March 31
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|||||||||||||||||
(In millions, Unaudited)
|
|
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2012
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2011
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V
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%
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|||||||||||
Revenues
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|||||||||||||||||
Revenues from services
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|
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$
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11,412
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$
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12,994
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|||||||||||
Sales of goods
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|
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30
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42
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|||||||||||||
Total revenues
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11,442
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13,036
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(12)
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%
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|||||||||||||
Costs and expenses
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|||||||||||||||||
Costs of sales, operating and administrative expenses
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4,621
|
5,293
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|||||||||||||||
Interest
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3,196
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3,584
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|||||||||||||||
Investment contracts, insurance losses and insurance
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|||||||||||||||||
annuity benefits
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771
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769
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||||||||||||||
Provision for losses on financing receivables
|
|
863
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1,140
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||||||||||||||
Total costs and expenses
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9,451
|
10,786
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(12)
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%
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|||||||||||||
Earnings from continuing operations before
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|||||||||||||||||
income taxes
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1,991
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2,250
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(12)
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%
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|||||||||||||
Benefit (provision) for income taxes
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(187)
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(429)
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|||||||||||||||
Earnings from continuing operations
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1,804
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1,821
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(1)
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%
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|||||||||||||
Earnings (loss) from discontinued operations,
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|||||||||||||||||
net of taxes
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(217)
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35
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|||||||||||||||
Net earnings
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1,587
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1,856
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(14)
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%
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|||||||||||||
Less net earnings attributable to
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|||||||||||||||||
noncontrolling interests
|
|
12
|
31
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||||||||||||||
Net earnings attributable to GECC
|
|
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$
|
1,575
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$
|
1,825
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(14)
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%
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|||||||||
Amounts attributable to GECC:
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|||||||||||||||||
Earnings from continuing operations
|
|
|
$
|
1,792
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$
|
1,790
|
—
|
%
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|||||||||
Earnings (loss) from discontinued operations, net of taxes
|
(217)
|
35
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|||||||||||||||
Net earnings attributable to GECC
|
|
|
$
|
1,575
|
$
|
1,825
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(14)
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%
|
(1)
General Electric Capital Corporation
Summary of Operating Segments
Three months ended March 31
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(In millions, Unaudited)
|
|
2012
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2011
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V
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%
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||||||||||||
Revenues
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|||||||||||||||||
Commercial Lending and Leasing (CLL)
|
|
|
$
|
4,442
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$
|
4,608
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(4)
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%
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|||||||||
Consumer
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3,877
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4,823
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(20)
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%
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|||||||||||||
Real Estate
|
836
|
907
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(8)
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%
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|||||||||||||
Energy Financial Services
|
|
239
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345
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(31)
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%
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||||||||||||
GE Capital Aviation Services (GECAS)
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1,331
|
1,325
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—
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%
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|||||||||||||
Total segment revenues
|
10,725
|
12,008
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(11)
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%
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|||||||||||||
GECC corporate items and eliminations
|
|
717
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1,028
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(30)
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%
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||||||||||||
Total revenues
|
|
|
$
|
11,442
|
$
|
13,036
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(12)
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%
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|||||||||
Segment profit
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CLL
|
|
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$
|
685
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$
|
554
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24
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%
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|||||||||
Consumer
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829
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1,241
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(33)
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%
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|||||||||||||
Real Estate
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|
56
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(358)
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F
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|||||||||||||
Energy Financial Services
|
|
71
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112
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(37)
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%
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||||||||||||
GECAS
|
|
318
|
306
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4
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%
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||||||||||||
Total segment profit
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1,959
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1,855
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6
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%
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|||||||||||||
GECC corporate items and eliminations
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(167)
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(65)
|
U
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||||||||||||||
Earnings from continuing operations
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|||||||||||||||||
attributable to GECC
|
1,792
|
1,790
|
—
|
%
|
|||||||||||||
Earnings (loss) from discontinued operations,
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|||||||||||||||||
net of taxes, attributable to GECC
|
(217)
|
35
|
U
|
||||||||||||||
Net earnings attributable to GECC
|
|
|
$
|
1,575
|
$
|
1,825
|
(14)
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%
|
|||||||||
(2)
General Electric Capital Corporation
Condensed Statement of Financial Position
March 31,
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December 31,
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(In billions, Unaudited)
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2012
|
2011
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|||
Assets
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|||||
Cash & marketable securities
|
$
|
124.0
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$
|
124.1
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|
Inventories
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–
|
0.1
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|||
Financing receivables - net
|
281.4
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288.8
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|||
Property, plant & equipment - net
|
51.5
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51.4
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|||
Goodwill & intangible assets
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28.8
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28.8
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|||
Other assets
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85.8
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88.9
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|||
Assets of businesses held for sale
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0.6
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0.7
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|||
Assets of discontinued operations
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1.3
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1.7
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|||
Total assets
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$
|
573.4
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$
|
584.5
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|
Liabilities and equity
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|||||
Borrowings and bank deposits
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$
|
431.9
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$
|
443.1
|
|
Investment contracts, insurance liabilities and insurance annuity benefits
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30.2
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30.2
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|||
Other liabilities
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29.8
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31.6
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|||
Liabilities of businesses held for sale
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0.3
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0.3
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|||
Liabilities of discontinued operations
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1.2
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1.5
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|||
GECC shareowner's equity
|
79.2
|
77.1
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|||
Noncontrolling interests
|
0.8
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0.7
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|||
Total liabilities and equity
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$
|
573.4
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$
|
584.5
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|
(3)