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GENERAL ELECTRIC Company (GE) Statement of Earnings for the Year 2010. This an audited financial income statement.
GE Statement of Earnings for Year 2010
For the years ended December 31, 2010 (In millions, per-share amounts in dollars)
General Electric Company
and Consolidated affiliates
| 2010
| | REVENUES |
| Sales of goods
| $60,812 | Sales of services
| 39,625 | Other income (Note 17)
| 1,151
| GECS earnings from continuing operations
| -
| GECS revenues from services (Note 18)
| 48,623
| Total revenues
| 150,211
|
|
| COSTS AND EXPENSES (Note 19)
|
| Cost of goods sold
| 46,005 | Cost of services sold
| 25,708 | Interest and other financial charges
| 15,983
| Investment contracts, insurance losses and insurance annuity benefits
| 3,012 | Provision for losses on financing receivables (Notes 6 and 23)
| 7,191 | Other costs and expenses
| 38,104 | Total costs and expenses
| 136,003 |
|
| EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
| 14,208 | Benefit (provision) for income taxes (Note 14)
| (1,050) | EARNINGS FROM CONTINUING OPERATIONS
| 13,158 | Earnings (loss) from discounted operations, net of taxes (Note 2)
| (979) | NET EARNINGS
| 12,179 | Less net earnings attributable to noncontrolling interests
| 535
| NET EARNINGS ATTRIBUTABLE TO THE COMPANY
| 11,644 | Preferred stock dividends declared
| (300) | NET EARNINGS ATTRIBUTABLE TO GE COMMON SHAREOWNERS
| $11,344 | AMOUNTS ATTRIBUTABLE TO THE COMPANY
|
| Earnings from continuing operations
| $12,623 | Earnings (loss) from discontinued operations, net of taxes
| (979) | NET EARNINGS ATTRIBUTABLE TO THE COMPANY
| $11,644
|
|
| PER-SHARE AMOUNTS (Note 20)
|
| Earnings from continuing operations
|
| Diluted earnings per share
| $1.15 | Basic earnings per share
| 1.15 | Net earnings
|
| Diluted earnings per share
| 1.06 | Basic earnings per share
| 1.06 | DIVIDENDS DECLARED PER SHARE
| 0.46 |
Consolidated Statement of Changes in Shareowner's Equity for Year 2010
(In millions)
| 2010
| CHANGES IN SHAREWONERS' EQUITY (Note 15)
|
| GE shareowners' equity balance at January 1
| $117,291 | Dividends and other transactions with shareowners
| (5,701)
| Other comprehensive income (loss)
|
| Investment securities - net
| 16 | Currency translation adjustments - net
| (3,874) | Cash flow hedges - net
| 454 | Benefit plans - net
| 1,079 | Total other comprehensive income (loss)
| (2,325)
| Increases from net earnings attributable to the Company
| 11,644
| Comprehensive income (loss)
| 9,319
| Cumulative effect of changes in accounting principles
| (1,973)
| Balance at December 31
| 118,936 | Noncontrolling interests
| 5,262 | Total equity balance at December 31
| $124,198 |
On January 1, 2009, GE (General Electric) adopted an amendment to Accounting Standards Codification (ASC) 810, Consolidation, that requires certain changes to the presentation of their financial statements. This amendment requires GE to classify noncontrolling interests (previously referred to as "minority interest") as part of shareowners' equity.
(a) On January 1, 2010, GE adopted amendments to ASC 860, Transfers and Servicing and ASC 810, Consolidation, recorded a cumulative effect adjustment. See Notes 15 and 24. GE adopted amendments to ASC 320, Investments-Debt and Equity Securities, and recorded a cumulative effect adjustment to increase retained earnings as of April 1, 2009. See Notes 3 and 15.
(b) See Note 15 for an explanation of the changes in noncontrolling interests for 2010 and 2009.
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