2015 3Q

GE 3Q’15
supplemental information
• Orders & backlog by segment
• Equipment orders
• Equipment/service revenue by segment - 3Q’15
• Equipment/service revenue by segment - 3Q’15 YTD
• GE Industrial segment organic revenue growth
• GE Industrial segment organic op profit growth
• Oil & Gas and Healthcare organic op profit growth
• Organic revenue by Segment
• Units summary – orders
• Units summary – sales
• Regional summary
• Corporate operating profit (cost)
• Industrial operating profit margins
• Operating earnings & EPS
• Industrial operating EPS
• Industrial operating plus Verticals earnings & EPS
• GE effective tax rate (ex-GECC)
• Industrial CFOA from continuing operations
• Free cash flow
Imagination at work.
• GE Capital segment results
• GE Capital Verticals results
• GE Capital segment assets
• GE Capital nonaccrual/net
charge-offs
• GECC funding
• GECC leverage ratio
• GECC tier 1 common ratio estimate
• GE Capital ending net investment
• GE Capital reserves
Orders & backlog by segment
($ in billions)
Power & Water
3Q'15
Orders
$6.9
V%
8%
3Q'15 YTD
Orders
$19.1
V%
4%
3Q'15
Backlog
$64.9
V%
1%
Oil & Gas
3.0
(38)
11.5
(22)
22.3
(7)
Energy Management
2.1
2
6.2
1
5.4
7
Aviation
6.5
(35)
21.6
1
141.7
11
Healthcare
4.5
(4)
13.4
(3)
15.9
(3)
Transportation
0.9
(77)
3.7
(51)
19.9
8
Infrastructure
$23.2
(26)%
$73.4
(9)%
$269.7
5%
2
Equipment orders
($ in billions)
3Q'15
$3.5
V%
7%
Four
qtr.
rolling
average
$3.7
(14)
1.1
(60)
2.0
(25)
1.5
6
1.6
6
1.6
-
64
4.0
37
2.8
(58)
3.8
(6)
2.3
(1)
2.7
(3)
2.6
(5)
2.8
(2)
F
0.8
(56)
0.5
(19)
0.1
(95)
0.7
(56)
0%
$12.0
$11.2
(43)%
$14.0
(12)%
4Q'14
$5.6
V%
(12)%
1Q'15
$1.8
V%
(29)%
2Q'15
$3.9
Oil & Gas
2.5
(15)
2.2
(10)
2.2
Energy Management
1.6
(5)
1.5
(6)
Aviation
4.4
8
3.9
Healthcare
3.4
2
Transportation
1.2
Infrastructure
$18.4
Power & Water
(5)%
$14.5
V%
29%
11%
V%
(3)%
Note: Individual amounts are rounded. As a result the sum of the parts presented may not add to the total year.
3
Equipment/service revenue by segment - 3Q’15
($ in billions)
3Q'15
Equipment
Power & Water
V%
3Q'15
Services
V%
3Q'15
Total
V%
$3.3
(6)%
$3.2
9%
$6.5
1%
Oil & Gas
2.0
(18)%
1.8
(14)%
3.9
(16)%
Energy Management
1.3
3%
0.5
(14)%
1.8
(2)%
Aviation
2.8
(6)%
3.2
17%
6.0
5%
Healthcare
2.3
(6)%
1.9
(4)%
4.3
(5)%
Transportation
0.8
(2)%
0.8
10%
1.6
3%
Appliances & Lighting
2.2
9%
0.1
1%
2.3
8%
$14.7
(5)%
$11.6
3%
$26.2
(1)%
Industrial segments
Note: Individual amounts are rounded. As a result the sum of the parts presented may not add to the total
4
Equipment/service revenue by segment - 3Q’15 YTD
($ in billions)
3Q'15 YTD
Equipment
Power & Water
$9.5
V%
1%
3Q'15 YTD
Services
$9.4
V%
8%
3Q'15 YTD
Total
$19.0
V%
4%
Oil & Gas
6.2
(17)
5.7
(9)
11.9
(13)
Energy Management
3.8
(1)
1.4
(4)
5.2
(2)
Aviation
8.6
(4)
9.3
9
17.9
2
Healthcare
6.9
(5)
5.8
(3)
12.7
(4)
Transportation
2.2
9
2.1
3
4.3
6
Appliances & Lighting
6.2
7
0.3
(4)
6.5
6
Industrial segments
$43.4
(3)%
$34.1
2%
$77.5
(1)%
Note: Individual amounts are rounded. As a result the sum of the parts presented may not add to the total
5
GE Industrial segment organic revenue growth
($ in millions)
Industrial segment revenue
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial segment revenues excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
3Q'15
3Q'14
V%
$26,243
$26,625
(1)%
(1,238)
76
$27,481
$26,549
YTD
$77,479 $78,082
(3,217)
4%
YTD
V%
(1)%
563
$80,696 $77,519
4%
Note: Effective September 30, 2015, certain columns and rows may not add
due to the use of rounded numbers. Percentages presented are calculated
from the underlying numbers in millions.
6
GE Industrial segment organic op profit growth
($ in millions)
3Q'15
Industrial segment op profit
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial segment op profit excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
3Q'14
$4,530
$4,331
(168)
29
$4,698
$4,302
V%
3Q'15
YTD
3Q'14
YTD
V%
5%
$12,445
$11,776
6%
(483)
89
$12,928
$11,687
9%
11%
Note: Effective September 30, 2015, certain columns and rows may not add
due to the use of rounded numbers. Percentages presented are calculated
from the underlying numbers in millions.
7
Oil & Gas and Healthcare organic op profit growth
($ in millions)
Oil and Gas
3Q'15
3Q'14
Industrial segment op profit
Less the effects of:
Acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment) & currency
exchange rates
Industrial segment op profit excluding the
effects of acquisitions, business dispositions
(other than dispositions of businesses
acquired for investment), currency
exchange rates
$584
V%
$660 (12)%
(75)
2
$659
$658
0%
Healthcare
3Q'15
3Q'14
$652
V%
$727 (10)%
(28)
20
$680
$707
(4)%
Note: Effective September 30, 2015, certain columns and rows may not add
due to the use of rounded numbers. Percentages presented are calculated
from the underlying numbers in millions.
8
Organic revenue by segment
($ in millions)
3Q'15
3Q'14
V%
3Q'15 YTD
3Q'14 YTD
V%
18,978
(1,007)
19,985
18,176
64
18,112
11,891
(990)
12,882
13,666
312
13,354
(13)%
5,226
(407)
5,633
5,341
8
5,333
(2)%
17,927
(1)
17,928
17,566
122
17,444
2%
12,666
(724)
13,390
13,166
56
13,110
(4)%
4,322
4,322
4,073
4,073
6%
6,469
(88)
6,557
6,094
6,094
6%
Power & Water
Reported Revenue
Less Acq./Disp. & FX
Organic Revenue
6,461
(355)
6,816
6,375
19
6,356
1%
3,868
(399)
4,267
4,597
29
4,568
(16)%
1,773
(142)
1,915
1,813
1,813
(2)%
6,001
(1)
6,002
5,698
7
5,691
5%
4,255
(309)
4,564
4,485
22
4,463
(5)%
1,593
1,593
1,540
1,540
3%
2,293
(32)
2,325
2,117
2,117
8%
7%
4%
10%
Oil & Gas
Reported Revenue
Less Acq./Disp. & FX
Organic Revenue
(7)%
(4)%
Energy Management
Reported Revenue
Less Acq./Disp. & FX
Organic Revenue
6%
6%
Aviation
Reported Revenue
Less Acq./Disp. & FX
Organic Revenue
5%
3%
Healthcare
Reported Revenue
Less Acq./Disp. & FX
Organic Revenue
2%
2%
Transportation
Reported Revenue
Less Acq./Disp. & FX
Organic Revenue
3%
6%
Appliances & Lighting
Reported Revenue
Less Acq./Disp. & FX
Organic Revenue
10%
8%
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are
calculated from the underlying numbers in millions.
9
Units summary – orders
3Q'15
3Q'14
V
3Q'15
YTD
3Q'14
YTD
V
Power & Water:
Gas Turbines
Wind Turbines
22
821
23
839
(1)
(18)
61
2,085
64
1,976
(3)
109
Aviation:
CEO engines
GEnx engines-a)
Military engines
Spares rate-b)
883
84
3
$39.5
1,376
16
222
$30.9
(493)
68
(219)
$8.6
3,083
169
315
$38.8
3,233
35
676
$29.7
(150)
134
(361)
$9.1
Transportation:
Locomotives
3
1,131
(1,128)
313
1,528
(1,215)
(a- GEnx engines are a subset of CEO engines
(b- Commercial spares rate in millions of dollars per day
10
Units summary – sales
3Q'15
3Q'14
3Q'15
YTD
V
3Q'14
YTD
V
Power & Water:
Gas Turbines
Wind Turbines
16
735
26
642
(10)
93
79
2,013
64
1,798
15
215
Aviation:
CEO engines
GEnx engines-a)
Military engines
Spares rate-b)
611
64
158
$37.6
615
65
295
$30.9
(4)
(1)
(137)
$6.7
1,945
201
501
$37.1
1,913
210
804
$29.3
32
(9)
(303)
$7.8
Transportation:
Locomotives
259
219
40
665
562
103
(a- GEnx engines are a subset of CEO engines
(b- Commercial spares rate in millions of dollars per day
11
Regional summary
($ in billions)
Infrastructure Orders
3Q'15
Resource Rich-a)
Asia-b)
Growth Regions
V%
$5.9
(47)%
3.3
(6)
3Q'15
YTD
$21.2
9.1
Industrial Segment Revenues
V%
3Q'15
V%
(20)%
$6.9
(7)%
(4)
2.8
(7)
$9.2
(37)%
$30.3 (16)%
Developed-c)
$13.9
(17)%
$43.1
Total
$23.2
(26)%
$73.4
3Q'15
YTD
$21.4
8.4
V%
(2)%
3
$9.7
(7)%
$29.8
0%
(3)%
$16.6
2%
$47.6
(1)%
(9)%
$26.2
(1)%
$77.5
(1)%
(a - Resource Rich: Australia & New Zealand, Canada, Latin America, MENAT, Russia/CIS, & Sub-Saharan Africa
(b - Asia: ASEAN, China & India
(c - Developed: US, Europe, Japan, & Korea
Note: Individual amounts are rounded. As a result, the sum of the parts presented may not add to the total
12
Corporate operating profit (cost)
($ in millions)
3Q'15
Gains (losses) on disposed businesses-a)
3Q'15
YTD
3Q'14
3Q'14
YTD
$-
$-
$499
$91
Principal retirement plans-b)
(659)
(582)
(2,121)
(1,745)
Restructuring and other charges
(346)
(435)
(1,167)
(1,218)
Other Corporate costs & eliminations
(554)
(533)
(1,648)
(1,694)
(1,559)
(1,550)
(4,437)
(4,566)
Less: Non-operating pension cost
(693)
(537)
(2,077)
(1,592)
Total Corporate (operating)
(866)
(1,013)
(2,360)
(2,974)
Less: restructuring & other, gains
(346)
(435)
(668)
(1,127)
($520)
($578)
($1,692)
($1,847)
Total Corporate costs (continuing)
Adjusted Total Corporate (operating)
(a– Includes NBCU settlement
(b– Includes non-operating pension
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
13
Industrial operating profit margins
($ in millions)
3Q'15
Industrial segment revenue
3Q'14
$26,243
$26,625
Plus: Corporate revenue
(875)
(902)
Less: GE-GECC eliminations
(444)
(538)
25,813
26,261
4,530
4,331
Plus: Corporate costs (continuing)
(1,559)
(1,550)
Less: Non-operating pension cost
(693)
(537)
Less: Gains and restructuring
(346)
(435)
4,010
3,753
15.5%
14.3%
Industrial revenue
Industrial segment op profit
Industrial OP profit
Industrial OP margin
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
14
Operating earnings & EPS
($ in millions except earnings per share)
3Q'15
Earnings from continuing operations
attributable to GE
Adjustment (net of tax): non-operating
pensions costs/(income)
Operating earnings
3Q'14
V%
3Q'15
YTD
3Q'14
YTD
1%
($2,091)
$8,016
1,350
1,035
V%
$2,853
$2,831
U
450
349
$3,303
$3,180
4%
($741)
$9,051
U
$0.28
$0.28
0%
($0.21)
$0.79
U
0.04
0.03
0.13
0.10
$0.32
$0.31
($0.07)
$0.89
Earnings per share - diluted-a)
Continuing earnings per share
Adjustment (net of tax): non-operating
pensions costs/(income)
Operating earnings per share
3%
U
(a - Earnings per share amounts are computed independently. As a result, the sum of per share amounts may not equal
the total
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
15
Industrial operating EPS
($ in millions except earnings per share)
3Q'15
Operating earnings
3Q'14
$3,303
$3,180
734
Industrial operating earnings
Operating earnings per share
V%
3Q'15
YTD
3Q'14
YTD
V%
4%
($741)
$9,051
U
843
(13)%
(7,555)
3,091
U
2,569
2,337
10%
6,814
5,960
14%
$0.32
$0.31
3%
($0.07)
$0.89
U
GE Capital operating EPS -a)
0.07
0.08
(13)%
(0.75)
0.31
U
Industrial operating EPS -a)
0.25
0.23
9%
0.68
0.59
15%
GE Capital operating earnings
(a- Earnings per share amounts are calculated as percent of operating earnings. Earnings per share amounts are
computed independently. As a result, the sum of per share amounts may not equal the total.
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
16
Industrial operating plus Verticals earnings & EPS
($ in millions except earnings per share)
3Q'15
3Q'14
V%
3,303
3,180
4%
384
617
2,920
351
2,569
2,563
226
2,337
Earnings per share - diluted -a)
Operating earnings per share
0.32
0.31
Less: Other GE Capital
0.04
0.06
Industrial operating plus Verticals EPS
0.29
0.25
GE Capital Verticals operating EPS -a)
Industrial operating EPS -a)
0.03
0.25
0.02
0.23
Operating earnings
Less: Other GE Capital
Industrial operating plus Verticals earnings
GE Capital Verticals earnings
Industrial operating earnings
3Q'15
YTD
3Q'14
YTD
V%
(741)
9,051
U
(8,783)
1,892
14%
55%
10%
8,042
1,228
6,814
7,159
1,199
5,960
12%
2%
14%
3%
(0.07)
0.89
U
(0.87)
0.19
16%
0.80
0.71
13%
50%
9%
0.12
0.68
0.12
0.59
15%
(a- Earnings per share amounts are calculated as percent of operating earnings. Earnings per share amounts are
computed independently. As a result, the sum of per share amounts may not equal the total.
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
17
GE effective tax rate (ex. GECC)
($ in millions)
GE earnings from continuing operations
before income taxes
Less GECC earnings from continuing ops.
attributable to the company
Adjusted earnings from continuing ops.
before income taxes
GE (ex. GECC) provision for income taxes
- continuing ops.
Effective tax rate GE (ex. GECC)
3Q'15
$3,222
3Q'14
$3,164
3Q'15
YTD
($827)
3Q'14
YTD
$9,008
$734
$843
($7,394)
$3,252
$2,488
$2,321
$6,567
$5,756
$413
$416
$1,302
$1,143
17%
18%
20%
20%
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
18
Industrial CFOA from continuing operations
($ in millions)
Cash from GE's operating activities as reported
Less GECC dividends
Cash from GE's operating activities excluding
dividends from GECC (Industrial CFOA)
3Q'15
3Q'14
$2,576
$3,804
-
805
$2,576
$2,999
V%
(32)%
(14)%
3Q'15
YTD
3Q'14
YTD
V%
$6,526
$7,175
(9)%
450
2,221
$6,076
$4,954
23%
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
19
Free cash flow
($ in millions)
Cash from GE's operating activities as reported
Less: Additions to property, plant and equipment
Plus: Dispositions of property, plant and equipment
Free cash flow
Less: GECC
Industrial free cash flow
3Q'15 YTD
3Q'14 YTD
V%
$6,526
$7,175
(9)%
2,708
525
2,806
393
$4,344
$4,762
450
2,221
$3,894
$2,542
(9)%
53%
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
20
GE Capital segment results
($ in millions – net earnings)
3Q’15
CLL
3Q’14
V%
$111
$90
23%
Consumer
795
621
28
EFS
(38)
61
U
GECAS
313
133
F
(445)
(62)
U
734
843
(13)%
-
-
-
$734
$843
(13)%
$(347)
$706
U
$387
$1,549
(75)%
GECC Corporate
Earnings from continuing ops.
Preferred stock dividends
GE Capital segment profit
Earnings (loss) from discontinued ops.
Total GECC net earnings
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
21
GE Capital - Verticals results
($ in millions – net earnings)
3Q’15
3Q’14
$313
$133
F
EFS
(38)
61
U
Other-a)
101
90
12%
Allocated corporate costs-b)
(25)
(58)
57%
$351
$226
55%
384
617
(38)%
$734
$843
(13)%
GECAS
Verticals
Other continuing operations
GE Capital segment profit
V%
(a- Includes Healthcare Equipment Finance, Working Capital Solutions, & run-off Insurance
(b- Revised estimate for allocated corporate costs
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
22
GE Capital segment assets
($ in billions)
3Q’15
3Q’14
V%
CLL
$21.6
$19.4
11%
Consumer
120.9
140.5
(14)
EFS
15.4
16.2
(5)
GECAS
45.8
43.0
7
108.2
100.7
7
$311.9
$319.7
(2)%
121.9
189.7
(36)
$433.8
$509.4
(15)%
GECC Corporate
GE Capital segment assets
Assets of discontinued operations
GECC total assets
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
23
GE Capital nonaccrual/net charge-offs -a)
($ in millions)
Nonaccrual assets/nonaccrual % fin. rec.
Total net charge-offs/net charge-offs % fin. rec.
3Q’15
2Q’15
3Q’14
$27
0.20%
$20
0.16%
$22
0.17%
GECAS
195
2.64
318
4.22
153
1.81
GECAS
(2)
(0.11)
EFS
82
3.36
28
1.00
57
2.04
EFS
Consumer
2
0.00
2
0.00
2,249
2.22
Consumer
-
-
$306
0.35%
$368
0.44%
CLL
GECC Corporate
GE Capital
$2,481
1.97%
3Q’15
CLL
GECC Corporate
GE Capital
$2
0.06%
2Q’15
$4
0.13%
3Q’14
$3
0.09%
-
4
0.19
8
1.22
5
0.73
15
2.15
662
4.24
732
4.89
717
2.82
-
13
9.19
-
$670
3.12%
$754
3.64%
$739
2.34%
(a - Real estate and the majority of CLL have been classified as discontinued operations. As a result, prior periods have been recasted accordingly.
Note: Effective September 30, 2015, certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the
underlying numbers in millions.
24
GECC funding
($ in billions)
Debt composition –a)
Non-recourse
Securitization
$327
20
Unsecured term issuances
$318
19
$32
$272-b) -c)
16
215
LT debt
Bank lines
CP coverage
Liquidity -d)
LT debt <1yr.
44
44
24
25
23
25
49
11
13
3Q'14
4Q'14
3Q'15
$44
100%+
$80
$37
$8–e)
'14
'15
206
184
Deposits/CDs
Alternative
funding/other
Comm’l. paper
$10
$44
100%+
$76
$38
$45
100%+
$97
$30
'13
• Completed $8B of LT debt issuance in 1Q’15 in
3 currencies
• No incremental LT debt issuance currently
expected in line with April 10th announcement
• Deposits/CDs and other alternative funding
~22% of total debt, securitization ~6%
• Liquidity position remains strong
(a - Continuing operations (excludes obligations issued to third parties that we reported in Discontinued operations or Held-for-Sale)
(b - Includes ~$(8.1)B YTD FX impact and ~$0.2B YTD FAS 133
(c - Includes ~$64B of Synchrony borrowings
(d - Liquidity includes cash & equivalents (including discontinued operations and held for sale balances) and ~$3.2B of debt obligations of the U.S. Treasury 25
(e - Excludes ~$2.0B of unsecured Synchrony issuance
GECC leverage ratio-a)
($ in billions)
As reported
Debt
Equity-b)
Leverage ratio
Debt
Less: Liquidity-c)
Adjusted debt
Equity-b)
Adjusted leverage ratio
3Q’15
2Q’15
3Q’14
$299.5
68.2
$326.8
67.0
$359.3
86.3
4.4
4.9
4.2
299.5
(97.0)
$202.5
326.8
(84.6)
$242.2
359.3
(80.1)
$279.2
68.2
67.0
86.3
3.0
3.6
3.2
(a - Includes discontinued operations and balances recorded as held for sale for all periods
(b - Total equity ex-non-controlling interests
(c - Liquidity includes cash & equivalents and $3.2B of debt obligations of the U.S. Treasury as of 3Q’15
26
GECC tier 1 common ratio estimate-a)
($ in billions)
As reported
Shareowners' equity –b)
- Preferred equity
- G/W & Intangibles
- Other additions/(deductions)
Tier 1 common
Estimated risk weighted assets
3Q’15
2Q’15
3Q’14
$68.2
$67.0
$86.3
(4.9)
(15.5)
1.1
(4.9)
(18.5)
1.1
(4.9)
(26.4)
0.6
48.9
44.7
55.6
356.7
393.4
447.8
Tier 1 common ratio
13.7%
11.4%
12.4%
Tangible Common Equity/Tangible Assets
11.2%
9.6%
11.2%
(a - Based on Basel 3 standardized approach on a transitional basis; includes discontinued operations for all periods
(b - Total equity ex-non-controlling interests
27
GE Capital ending net investment
($ in billions)
3Q’15
GECC total assets
2Q’15-b) 1Q’15-a) 4Q’14-a) 3Q’14-a)
$433.8
$463.3
$476.5
$500.2
$506.9
Less: assets of discontinued operations (121.9)
(154.9)
(31.3)
(1.2)
(1.3)
Less: non-interest bearing
liabilities & others
(50.3)
(51.2)
(66.0)
(60.5)
(60.9)
GE Capital ENI
261.6
257.2
379.2
438.5
444.7
Less: Liquidity-c)
(85.5)
(77.9)
(76.4)
(75.5)
(79.9)
$176.1
$179.3
$302.8
$363.0
$364.8
$270.6
$309.0
$331.4
$362.9
$364.9
GE Capital ENI (ex-Liquidity)
Memo:
GECC ENI (ex-Liquidity) incl. discontinued ops
(a - As originally reported
(b - During 2Q’15 we classified additional businesses within GECC's Commercial Lending and Leasing business as held for sale and reported in discontinued operations
(c - Liquidity includes cash & equivalents from continuing operations (excluding held for sale balances) and $3.2B of debt obligations of the U.S. Treasury as of 3Q’15
28
GE Capital reserves–a)
($ in billions)
Allowances
for losses
Commercial
Consumer
Coverage:
Reserves
Nonaccrual
$4.2
$3.4
$3.5
0.1
0.1
3.3
3.4
3Q'14
2Q'15
3Q'15
3.36%
171%
4.02%
N/M–b)
3.96%
N/M–b)
0.0
4.2
Note: Reserve components are calculated independently. As a result, the sum of the individually displayed amounts may not equal the total.
(a - Real estate and the majority of CLL have been classified as discontinued operations. As a result, prior periods have been recasted accordingly
(b - Not meaningful
29