FORM
10-Q
|
(Mark
One)
|
|||||
þ
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
||||
THE
SECURITIES EXCHANGE ACT OF 1934
|
|||||
For
the quarterly period ended June 30, 2007
|
|||||
OR
|
|||||
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
|
||||
For
the transition period from ___________to ___________
|
|||||
_____________________________
Commission
file number 1-6461
_____________________________
_____________________________
|
|||||
GENERAL
ELECTRIC CAPITAL CORPORATION
(Exact
name of registrant as specified in its
charter)
|
Delaware
|
13-1500700
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
3135
Easton Turnpike, Fairfield, Connecticut
|
06828-0001
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated
filer þ
|
Part
I – Financial Information
|
Page
|
|
Item
1. Financial
Statements
|
||
Condensed
Statement of Current
and Retained Earnings
|
3
|
|
Condensed
Statement of Financial
Position
|
4
|
|
Condensed
Statement of Cash
Flows
|
5
|
|
Notes
to Condensed, Consolidated
Financial Statements (Unaudited)
|
6
|
|
Item
2. Management’s Discussion
and Analysis of Financial Condition and Results of
Operations
|
11
|
|
Item
4. Controls and
Procedures
|
20
|
|
Part
II – Other Information
|
||
Item
1. Legal
Proceedings
|
20
|
|
Item
6. Exhibits
|
21
|
|
Signatures
|
22
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Revenues
|
||||||||||||
Revenues
from services (note 3)
|
$
|
15,914
|
$
|
13,767
|
$
|
31,508
|
$
|
27,195
|
||||
Sales
of goods
|
28
|
712
|
60
|
1,267
|
||||||||
Total
revenues
|
15,942
|
14,479
|
31,568
|
28,462
|
||||||||
Costs
and expenses
|
||||||||||||
Interest
|
5,458
|
4,167
|
10,716
|
8,176
|
||||||||
Operating
and administrative
|
4,753
|
4,255
|
9,160
|
8,421
|
||||||||
Cost
of goods sold
|
23
|
659
|
48
|
1,172
|
||||||||
Investment
contracts, insurance losses and insurance
|
||||||||||||
annuity
benefits
|
173
|
163
|
339
|
311
|
||||||||
Provision
for losses on financing receivables
|
1,303
|
891
|
2,545
|
1,716
|
||||||||
Depreciation
and amortization
|
1,931
|
1,565
|
3,851
|
3,051
|
||||||||
Minority
interest in net earnings of consolidated
|
||||||||||||
affiliates
|
46
|
51
|
150
|
145
|
||||||||
Total
costs and
expenses
|
13,687
|
11,751
|
26,809
|
22,992
|
||||||||
Earnings
from continuing operations before
|
||||||||||||
income
taxes
|
2,255
|
2,728
|
4,759
|
5,470
|
||||||||
Provision
for income taxes
|
(47
|
)
|
(231
|
)
|
(70
|
)
|
(629
|
)
|
||||
Earnings
from continuing operations
|
2,208
|
2,497
|
4,689
|
4,841
|
||||||||
Earnings
(loss) from discontinued operations, net of
|
||||||||||||
taxes
(note 2)
|
–
|
(103
|
)
|
(2
|
)
|
25
|
||||||
Net
earnings
|
2,208
|
2,394
|
4,687
|
4,866
|
||||||||
Dividends
|
(932
|
)
|
(1,259
|
)
|
(3,906
|
)
|
(6,008
|
)
|
||||
Retained
earnings at beginning of period
|
37,056
|
33,229
|
37,551
|
35,506
|
||||||||
Retained
earnings at end of period
|
$
|
38,332
|
$
|
34,364
|
$
|
38,332
|
$
|
34,364
|
||||
(In
millions)
|
June
30, 2007
|
December
31, 2006
|
|||||||
(Unaudited)
|
|||||||||
Assets
|
|||||||||
Cash
and equivalents
|
$
|
12,989
|
$
|
9,849
|
|||||
Investment
securities
|
21,953
|
21,345
|
|||||||
Inventories
|
55
|
54
|
|||||||
Financing
receivables – net (note 5)
|
345,185
|
329,586
|
|||||||
Other
receivables
|
40,529
|
36,059
|
|||||||
Property,
plant and equipment, less accumulated amortization of
$23,359
|
|||||||||
and
$22,528
|
62,909
|
58,162
|
|||||||
Intangible
assets – net (note 6)
|
27,476
|
25,243
|
|||||||
Other
assets
|
71,502
|
63,367
|
|||||||
Total
assets
|
$
|
582,598
|
$
|
543,665
|
|||||
Liabilities
and equity
|
|||||||||
Short-term
borrowings (note 7)
|
$
|
182,419
|
$
|
168,896
|
|||||
Accounts
payable
|
17,259
|
15,556
|
|||||||
Long-term
borrowings (note 7)
|
278,962
|
256,817
|
|||||||
Investment
contracts, insurance liabilities and insurance annuity
benefits
|
12,354
|
12,418
|
|||||||
Other
liabilities
|
22,261
|
20,486
|
|||||||
Deferred
income taxes
|
9,008
|
10,727
|
|||||||
Liabilities
of discontinued operations (note 2)
|
155
|
172
|
|||||||
Total
liabilities
|
522,418
|
485,072
|
|||||||
Minority
interest in equity of consolidated affiliates
|
1,109
|
2,008
|
|||||||
Capital
stock
|
56
|
56
|
|||||||
Accumulated
gains (losses) – net
|
|||||||||
Investment
securities
|
466
|
481
|
|||||||
Currency
translation
adjustments
|
5,832
|
4,809
|
|||||||
Cash
flow hedges
|
565
|
(199
|
)
|
||||||
Benefit
plans
|
(264
|
)
|
(278
|
)
|
|||||
Additional
paid-in capital
|
14,084
|
14,088
|
|||||||
Retained
earnings
|
38,332
|
37,628
|
|||||||
Total
shareowner’s
equity
|
59,071
|
56,585
|
|||||||
Total
liabilities and equity
|
$
|
582,598
|
$
|
543,665
|
|||||
(In
millions)
|
Six
months ended
June
30
|
|||||
2007
|
2006
|
|||||
Cash
flows – operating activities
|
||||||
Net
earnings
|
$
|
4,687
|
$
|
4,866
|
||
Loss
(earnings) from discontinued operations
|
2
|
(25
|
)
|
|||
Adjustments
to reconcile net earnings to cash provided from operating
activities
|
||||||
Depreciation
and amortization
of property, plant and equipment
|
3,851
|
3,051
|
||||
Increase
in accounts
payable
|
2,725
|
681
|
||||
Provision
for losses on
financing receivables
|
2,545
|
1,716
|
||||
All
other operating
activities
|
678
|
(887
|
)
|
|||
Cash
from operating activities – continuing operations
|
14,488
|
9,402
|
||||
Cash
used for operating activities – discontinued operations
|
(14
|
)
|
(275
|
)
|
||
Cash
from operating activities
|
14,474
|
9,127
|
||||
Cash
flows – investing activities
|
||||||
Additions
to property, plant and equipment
|
(7,378
|
)
|
(5,693
|
)
|
||
Dispositions
of property, plant and equipment
|
4,690
|
2,307
|
||||
Increase
in loans to customers
|
(164,998
|
)
|
(151,600
|
)
|
||
Principal
collections from customers – loans
|
148,689
|
140,322
|
||||
Investment
in equipment for financing leases
|
(11,942
|
)
|
(12,956
|
)
|
||
Principal
collections from customers – financing leases
|
11,126
|
8,902
|
||||
Net
change in credit card receivables
|
5,510
|
1,423
|
||||
Proceeds
from sales of discontinued operations
|
–
|
2,753
|
||||
Payments
for principal businesses purchased
|
(5,829
|
)
|
(3,509
|
)
|
||
Proceeds
from principal business dispositions
|
1,102
|
–
|
||||
All
other investing activities
|
(10,474
|
)
|
(8,287
|
)
|
||
Cash
used for investing activities – continuing operations
|
(29,504
|
)
|
(26,338
|
)
|
||
Cash
from investing activities – discontinued operations
|
14
|
278
|
||||
Cash
used for investing activities
|
(29,490
|
)
|
(26,060
|
)
|
||
Cash
flows – financing activities
|
||||||
Net
decrease in borrowings (maturities of 90 days or less)
|
(1,242
|
)
|
(2,862
|
)
|
||
Newly
issued debt
|
||||||
Short-term
(91 to 365
days)
|
775
|
422
|
||||
Long-term
(longer than one
year)
|
46,996
|
45,173
|
||||
Non-recourse,
leveraged
lease
|
24
|
80
|
||||
Repayments
and other debt reductions
|
||||||
Short-term
(91 to 365
days)
|
(20,258
|
)
|
(19,211
|
)
|
||
Long-term
(longer than one
year)
|
(3,628
|
)
|
(1,821
|
)
|
||
Non-recourse,
leveraged
lease
|
(609
|
)
|
(522
|
)
|
||
Dividends
paid to shareowner
|
(3,734
|
)
|
(5,647
|
)
|
||
All
other financing activities
|
(168
|
)
|
2,041
|
|||
Cash
from financing activities – continuing operations
|
18,156
|
17,653
|
||||
Cash
used for financing activities – discontinued operations
|
–
|
(36
|
)
|
|||
Cash
from financing activities
|
18,156
|
17,617
|
||||
Increase
in cash and equivalents
|
3,140
|
684
|
||||
Cash
and equivalents at beginning of year
|
9,849
|
6,182
|
||||
Cash
and equivalents at June 30
|
12,989
|
6,866
|
||||
Less
cash and equivalents of discontinued operations at June 30
|
–
|
153
|
||||
Cash
and equivalents of continuing operations at June
30
|
$
|
12,989
|
$
|
6,713
|
||
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Interest
on loans
|
$
|
6,107
|
$
|
5,536
|
$
|
12,066
|
$
|
10,809
|
||||
Equipment
leased to others
|
3,674
|
3,120
|
7,413
|
6,005
|
||||||||
Financing
leases
|
1,200
|
1,010
|
2,311
|
1,997
|
||||||||
Fees
|
1,246
|
996
|
2,343
|
1,964
|
||||||||
Real
estate investments
|
962
|
672
|
2,047
|
1,336
|
||||||||
Investment
income
|
275
|
201
|
757
|
492
|
||||||||
Associated
companies
|
579
|
482
|
1,008
|
931
|
||||||||
Gross
securitization gains
|
547
|
266
|
1,118
|
534
|
||||||||
Other
items
|
1,324
|
1,484
|
2,445
|
3,127
|
||||||||
Total
|
$
|
15,914
|
$
|
13,767
|
$
|
31,508
|
$
|
27,195
|
At
|
||||||
(In
millions)
|
6/30/07
|
1/1/07
|
||||
Unrecognized
tax benefits
|
$
|
3,067
|
$
|
2,835
|
||
Portion
that, if recognized,
would reduce tax expense and effective tax rate(a)
|
1,824
|
1,740
|
||||
Accrued
interest on unrecognized tax benefits
|
555
|
620
|
||||
Accrued
penalties on unrecognized tax benefits
|
66
|
96
|
||||
Reasonably
possible reduction to the balance of unrecognized tax benefits
in
|
||||||
succeeding
12
months
|
0-500
|
0-500
|
||||
Portion
that, if recognized,
would reduce tax expense and effective tax rate(a)
|
0-200
|
0-200
|
||||
(a)
|
Some
portion of such reduction might be reported as discontinued
operations.
|
At
|
||||||
(In
millions)
|
6/30/07
|
12/31/06
|
||||
Loans,
net of deferred income
|
$
|
277,444
|
$
|
266,290
|
||
Investment
in financing leases, net of deferred income
|
72,240
|
67,891
|
||||
349,684
|
334,181
|
|||||
Less
allowance for losses
|
(4,499
|
)
|
(4,595
|
)
|
||
Financing
receivables – net(a)
|
$
|
345,185
|
$
|
329,586
|
||
(a)
|
Included
$11,291 million and $11,509 million related to consolidated, liquidating
securitization entities at June 30, 2007, and December 31, 2006,
respectively.
|
At
|
||||||
(In
millions)
|
6/30/07
|
12/31/06
|
||||
Goodwill
|
$
|
24,505
|
$
|
22,578
|
||
Intangible
assets subject to amortization
|
2,971
|
2,665
|
||||
Total
|
$
|
27,476
|
$
|
25,243
|
2007
|
|||||||||||||||||||||||
(In
millions)
|
GE
Commercial
Finance
|
GE
Money
|
GE
Industrial(a)
|
GE
Infrastructure(a)
|
Total
|
||||||||||||||||||
Balance
January 1
|
$
|
11,139
|
$
|
9,845
|
$
|
1,430
|
$
|
164
|
$
|
22,578
|
|||||||||||||
Acquisitions/purchase
accounting
|
|||||||||||||||||||||||
adjustments
|
1,681
|
(30
|
)
|
12
|
200
|
1,863
|
|||||||||||||||||
Dispositions,
currency exchange
|
|||||||||||||||||||||||
and
other
|
66
|
62
|
(64
|
)
|
–
|
64
|
|||||||||||||||||
Balance
June 30
|
$
|
12,886
|
$
|
9,877
|
$
|
1,378
|
$
|
364
|
$
|
24,505
|
|||||||||||||
(a)
|
Included
only portions of the segment that are financial services
businesses.
|
At
|
|||||||||||||||||||||
6/30/07
|
12/31/06
|
||||||||||||||||||||
(In
millions)
|
Gross
carrying
amount
|
Accumulated
amortization
|
Net
|
Gross
carrying
amount
|
Accumulated
amortization
|
Net
|
|||||||||||||||
Patents,
licenses and trademarks
|
$
|
620
|
$
|
(345
|
)
|
$
|
275
|
$
|
466
|
$
|
(302
|
)
|
$
|
164
|
|||||||
Capitalized
software
|
1,773
|
(1,046
|
)
|
727
|
1,659
|
(965
|
)
|
694
|
|||||||||||||
All
other
|
3,068
|
(1,099
|
)
|
1,969
|
2,744
|
(937
|
)
|
1,807
|
|||||||||||||
Total
|
$
|
5,461
|
$
|
(2,490
|
)
|
$
|
2,971
|
$
|
4,869
|
$
|
(2,204
|
)
|
$
|
2,665
|
At
|
||||||
(In
millions)
|
6/30/07
|
12/31/06
|
||||
Short-term
borrowings
|
||||||
Commercial
paper
|
||||||
U.S.
|
||||||
Unsecured
|
$
|
58,135
|
$
|
60,141
|
||
Asset-backed(a)
|
5,480
|
6,430
|
||||
Non-U.S.
|
28,522
|
26,329
|
||||
Current
portion of long-term debt
|
57,895
|
44,518
|
||||
GE
Interest Plus notes(b)
|
9,843
|
9,161
|
||||
Other
|
22,544
|
22,317
|
||||
Total
|
182,419
|
168,896
|
||||
Long-term
borrowings
|
||||||
Senior
notes
|
||||||
Unsecured
|
261,761
|
240,105
|
||||
Asset-backed(c)
|
6,241
|
5,810
|
||||
Extendible
notes
|
6,000
|
6,000
|
||||
Subordinated
notes(d)
|
4,960
|
4,902
|
||||
Total
|
278,962
|
256,817
|
||||
Total
borrowings
|
$
|
461,381
|
$
|
425,713
|
||
(a)
|
Entirely
obligations of consolidated, liquidating securitization entities.
See note
9.
|
(b)
|
Entirely
variable denomination floating rate demand notes.
|
(c)
|
Included
$5,009 million and $4,684 million of asset-backed senior notes, issued
by
consolidated, liquidating securitization entities at June 30, 2007,
and
December 31, 2006, respectively. See note 9.
|
(d)
|
Included
$450 million of subordinated notes guaranteed by GE at June 30, 2007,
and
December 31, 2006.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Net
earnings
|
$
|
2,208
|
$
|
2,394
|
$
|
4,687
|
$
|
4,866
|
||||
Investment
securities – net
|
(74
|
)
|
(302
|
)
|
(15
|
)
|
(465
|
)
|
||||
Currency
translation adjustments – net
|
1,287
|
1,384
|
1,023
|
1,085
|
||||||||
Cash
flow hedges – net
|
695
|
166
|
764
|
380
|
||||||||
Benefit
plans – net
|
(1
|
)
|
(35
|
)
|
14
|
(45
|
)
|
|||||
Total
|
$
|
4,115
|
$
|
3,607
|
$
|
6,473
|
$
|
5,821
|
At
|
||||||
(In
millions)
|
6/30/07
|
12/31/06
|
||||
Receivables
secured by
|
||||||
Equipment
|
$
|
9,280
|
$
|
9,590
|
||
Commercial
real
estate
|
10,104
|
9,765
|
||||
Residential
real
estate
|
6,705
|
7,329
|
||||
Other
assets
|
14,857
|
14,743
|
||||
Credit
card receivables
|
20,059
|
12,947
|
||||
Trade
receivables
|
392
|
176
|
||||
Total
securitized assets
|
$
|
61,397
|
$
|
54,550
|
At
|
||||||
(In
millions)
|
6/30/07
|
12/31/06
|
||||
Off-balance
sheet(a)(b)
|
$
|
49,961
|
$
|
42,903
|
||
On-balance
sheet(c)(d)
|
11,436
|
11,647
|
||||
Total
securitized assets
|
$
|
61,397
|
$
|
54,550
|
||
(a)
|
At
June 30, 2007, and December 31, 2006, liquidity support amounted
to $199
million and $276 million, respectively. These amounts are net of
$1,676
million and $1,936 million, respectively, deferred beyond one year.
Credit
support amounted to $1,906 million and $2,240 million at June 30,
2007,
and December 31, 2006, respectively.
|
(b)
|
Liabilities
for recourse obligations related to off-balance sheet assets were
$7
million and $27 million at June 30, 2007, and December 31, 2006,
respectively.
|
(c)
|
At
June 30, 2007, and December 31, 2006, liquidity support amounted
to $5,613
million and $6,585 million, respectively. Credit support amounted
to
$2,861 million and $2,926 million at June 30, 2007, and December
31, 2006,
respectively.
|
(d)
|
Included
$11,291 million and $11,509 million of financing receivables – net related
to consolidated, liquidating securitization entities at June 30,
2007, and
December 31, 2006, respectively.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Revenues
|
||||||||||||
GE
Commercial Finance
|
$
|
6,383
|
$
|
5,527
|
$
|
12,666
|
$
|
11,011
|
||||
GE
Money
|
6,145
|
5,268
|
11,952
|
10,358
|
||||||||
GE
Industrial
|
6,220
|
6,473
|
12,048
|
12,384
|
||||||||
GE
Infrastructure
|
13,913
|
11,332
|
25,896
|
21,484
|
||||||||
Total
segment
revenues
|
32,661
|
28,600
|
62,562
|
55,237
|
||||||||
GECC
corporate items and eliminations
|
339
|
690
|
790
|
1,344
|
||||||||
Total
revenues
|
33,000
|
29,290
|
63,352
|
56,581
|
||||||||
Less
portion of GE revenues not included in GECC
|
(17,058
|
)
|
(14,811
|
)
|
(31,784
|
)
|
(28,119
|
)
|
||||
Total
revenues in GECC
|
$
|
15,942
|
$
|
14,479
|
$
|
31,568
|
$
|
28,462
|
||||
Segment
profit
|
||||||||||||
GE
Commercial Finance
|
$
|
1,250
|
$
|
1,057
|
$
|
2,671
|
$
|
2,231
|
||||
GE
Money
|
952
|
880
|
1,803
|
1,716
|
||||||||
GE
Industrial
|
482
|
478
|
841
|
813
|
||||||||
GE
Infrastructure
|
2,589
|
2,107
|
4,772
|
3,810
|
||||||||
Total
segment
profit
|
5,273
|
4,522
|
10,087
|
8,570
|
||||||||
GECC
corporate items and eliminations(a)
|
(359
|
)
|
132
|
(464
|
)
|
204
|
||||||
Less
portion of GE segment profit not
|
||||||||||||
included
in
GECC
|
(2,706
|
)
|
(2,157
|
)
|
(4,934
|
)
|
(3,933
|
)
|
||||
Earnings
in GECC from continuing operations
|
2,208
|
2,497
|
4,689
|
4,841
|
||||||||
Earnings
(loss) in GECC from discontinued
|
||||||||||||
operations,
net of
taxes
|
–
|
(103
|
)
|
(2
|
)
|
25
|
||||||
Total
net earnings in GECC
|
$
|
2,208
|
$
|
2,394
|
$
|
4,687
|
$
|
4,866
|
||||
(a)
|
Included
restructuring charges for the second quarter and first six months
of 2007
of $0.2 billion and $0.3 billion, respectively, related to the portions
of
the segment that are financial services businesses. Such charges
primarily
related to business exits at GE Commercial Finance; branch closures
at GE
Money; and a business exit at GE Industrial.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Revenues
|
$
|
6,383
|
$
|
5,527
|
$
|
12,666
|
$
|
11,011
|
||||
Less
portion of GE Commercial Finance not
|
||||||||||||
included
in
GECC
|
(244
|
)
|
(181
|
)
|
(545
|
)
|
(360
|
)
|
||||
Total
revenue in
GECC
|
$
|
6,139
|
$
|
5,346
|
$
|
12,121
|
$
|
10,651
|
||||
Segment
profit
|
$
|
1,250
|
$
|
1,057
|
$
|
2,671
|
$
|
2,231
|
||||
Less
portion of GE Commercial Finance not
|
||||||||||||
included
in GECC
|
(119
|
)
|
(96
|
)
|
(306
|
)
|
(177
|
)
|
||||
Total
segment profit in
GECC
|
$
|
1,131
|
$
|
961
|
$
|
2,365
|
$
|
2,054
|
At
|
||||||||||||
(In
millions)
|
6/30/07
|
6/30/06
|
12/31/06
|
|||||||||
Total
assets
|
$
|
259,383
|
$
|
206,510
|
$
|
233,536
|
||||||
Less
portion of GE Commercial Finance not
|
||||||||||||
included
in GECC
|
10,211
|
1,683
|
3,689
|
|||||||||
Total
assets in
GECC
|
$
|
269,594
|
$
|
208,193
|
$
|
237,225
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Revenues
in GE
|
||||||||||||
Capital
Solutions
|
$
|
3,069
|
$
|
3,047
|
$
|
5,962
|
$
|
5,867
|
||||
Real
Estate
|
1,557
|
1,047
|
3,172
|
2,122
|
||||||||
Segment
profit in GE
|
||||||||||||
Capital
Solutions
|
$
|
454
|
$
|
433
|
$
|
834
|
$
|
772
|
||||
Real
Estate
|
476
|
334
|
1,040
|
775
|
At
|
||||||||||||
(In
millions)
|
6/30/07
|
6/30/06
|
12/31/06
|
|||||||||
Assets
in GE
|
||||||||||||
Capital
Solutions
|
$
|
109,937
|
$
|
90,710
|
$
|
94,523
|
||||||
Real
Estate
|
62,057
|
44,144
|
53,786
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Revenues
|
$
|
6,145
|
$
|
5,268
|
$
|
11,952
|
$
|
10,358
|
||||
Less
portion of GE Money not included in GECC
|
–
|
–
|
–
|
–
|
||||||||
Total
revenue in
GECC
|
$
|
6,145
|
$
|
5,268
|
$
|
11,952
|
$
|
10,358
|
||||
Segment
profit
|
$
|
952
|
$
|
880
|
$
|
1,803
|
$
|
1,716
|
||||
Less
portion of GE Money not included in GECC
|
(18
|
)
|
(4
|
)
|
(41
|
)
|
(27
|
)
|
||||
Total
segment profit in
GECC
|
$
|
934
|
$
|
876
|
$
|
1,762
|
$
|
1,689
|
At
|
||||||||||||
(In
millions)
|
6/30/07
|
6/30/06
|
12/31/06
|
|||||||||
Total
assets
|
$
|
197,653
|
$
|
169,416
|
$
|
190,403
|
||||||
Less
portion of GE Money not included in GECC
|
955
|
954
|
955
|
|||||||||
Total
assets in
GECC
|
$
|
198,608
|
$
|
170,370
|
$
|
191,358
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Revenues
|
$
|
6,220
|
$
|
6,473
|
$
|
12,048
|
$
|
12,384
|
||||
Less
portion of GE Industrial not included in GECC
|
(4,465
|
)
|
(4,676
|
)
|
(8,545
|
)
|
(8,953
|
)
|
||||
Total
revenues in
GECC
|
$
|
1,755
|
$
|
1,797
|
$
|
3,503
|
$
|
3,431
|
||||
Segment
profit
|
$
|
482
|
$
|
478
|
$
|
841
|
$
|
813
|
||||
Less
portion of GE Industrial not included in GECC
|
(428
|
)
|
(418
|
)
|
(768
|
)
|
(737
|
)
|
||||
Total
segment profit in
GECC
|
$
|
54
|
$
|
60
|
$
|
73
|
$
|
76
|
||||
Revenues
in GE
|
||||||||||||
Consumer
&
Industrial
|
$
|
3,614
|
$
|
3,852
|
$
|
6,847
|
$
|
7,386
|
||||
Equipment
Services
|
1,755
|
1,797
|
3,503
|
3,431
|
||||||||
Segment
profit in GE
|
||||||||||||
Consumer
&
Industrial
|
$
|
362
|
$
|
318
|
$
|
629
|
$
|
538
|
||||
Equipment
Services
|
54
|
60
|
73
|
76
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2007
|
2006
|
2007
|
2006
|
||||||||
Revenues
|
$
|
13,913
|
$
|
11,332
|
$
|
25,896
|
$
|
21,484
|
||||
Less
portion of GE Infrastructure not
|
||||||||||||
included
in GECC
|
(12,349
|
)
|
(9,954
|
)
|
(22,694
|
)
|
(18,806
|
)
|
||||
Total
revenues in
GECC
|
$
|
1,564
|
$
|
1,378
|
$
|
3,202
|
$
|
2,678
|
||||
Segment
profit
|
$
|
2,589
|
$
|
2,107
|
$
|
4,772
|
$
|
3,810
|
||||
Less
portion of GE Infrastructure not
|
||||||||||||
included
in GECC
|
(2,141
|
)
|
(1,639
|
)
|
(3,819
|
)
|
(2,992
|
)
|
||||
Total
segment profit in
GECC
|
$
|
448
|
$
|
468
|
$
|
953
|
$
|
818
|
||||
Revenues
in GE
|
||||||||||||
Aviation
|
$
|
4,109
|
$
|
3,291
|
$
|
7,623
|
$
|
6,332
|
||||
Aviation
Financial
Services
|
1,088
|
981
|
2,337
|
1,915
|
||||||||
Energy
|
5,140
|
4,442
|
9,533
|
8,277
|
||||||||
Energy
Financial
Services
|
417
|
364
|
741
|
665
|
||||||||
Oil
&
Gas
|
1,822
|
1,094
|
2,968
|
1,866
|
||||||||
Transportation
|
1,109
|
1,002
|
2,231
|
2,025
|
||||||||
Segment
profit in GE
|
||||||||||||
Aviation
|
$
|
853
|
$
|
728
|
$
|
1,608
|
$
|
1,373
|
||||
Aviation
Financial
Services
|
266
|
310
|
654
|
516
|
||||||||
Energy
|
894
|
689
|
1,507
|
1,125
|
||||||||
Energy
Financial
Services
|
169
|
146
|
270
|
263
|
||||||||
Oil
&
Gas
|
190
|
108
|
291
|
163
|
||||||||
Transportation
|
218
|
165
|
428
|
369
|
·
|
During
the first six months of 2007, we completed the acquisitions of Sanyo
Electronic Credit Co., Ltd., DISKO and ASL, the leasing businesses
of KG
Allgemeine Leasing GmbH & Co., Trustreet Properties, Inc., Crow
Holdings and a controlling interest in Regency Energy Partners
LP.
|
·
|
The
U.S. dollar was weaker at June 30, 2007, than at December 31, 2006,
increasing the translated levels of our non-U.S. dollar assets and
liabilities.
|
Delinquency
rates at
|
||||||
6/30/07(a)
|
12/31/06
|
6/30/06
|
||||
GE
Commercial Finance
|
1.28
|
%
|
1.22
|
%
|
1.29
|
%
|
GE
Money
|
5.36
|
5.05
|
5.22
|
|||
GE
Money, excluding WMC
|
5.18
|
5.15
|
5.34
|
|||
(a)
|
Subject
to update.
|
Exhibit
12
|
Computation
of Ratio of Earnings to Fixed Charges.*
|
|
Exhibit
31(a)
|
Certification
Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange
Act of 1934, as Amended.*
|
|
Exhibit
31(b)
|
Certification
Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange
Act of 1934, as Amended.*
|
|
Exhibit
32
|
Certification
Pursuant to 18 U.S.C. Section 1350.*
|
|
Exhibit
99
|
Financial
Measures that Supplement Generally Accepted Accounting
Principles.*
|
|
*
Filed electronically herewith.
|
General
Electric Capital Corporation
(Registrant)
|
|||
July
27, 2007
|
/s/
Philip D. Ameen
|
||
Date
|
Philip
D. Ameen
Senior
Vice President and Controller
Duly
Authorized Officer and Principal Accounting
Officer
|