v2.4.0.8
Shareowners' Equity
 6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Shareowners' Equity

8. SHAREOWNERS' EQUITY

Accumulated Other Comprehensive Income (Loss)            
  Three months ended June 30, Six months ended June 30,
(In millions)  2013  2012  2013  2012
             
Investment securities            
Beginning balance $738 $298 $673 $(33)
Other comprehensive income (loss) (OCI) before reclassifications –             
    net of deferred taxes of $(330), $86, $(364) and $262  (605)  167  (661)  473
Reclassifications from OCI – net of deferred taxes             
of $13, $4, $107 and $10  3  9  125  35
Other comprehensive income (loss)(a)   (602)  176  (536)  508
Less: OCI attributable to noncontrolling interests  (2)  (2)  (1)  (1)
Balance at June 30 $138 $476 $138 $476
             
Currency translation adjustments (CTA)            
Beginning balance $(119) $(274) $(131) $(399)
OCI before reclassifications – net of deferred taxes of             
$(120), $57, $(311) and $12  112  (408)  103  (271)
Reclassifications from OCI – net of deferred taxes             
of $112, $0, $79 and $(5)  (113)  0  (96)  (3)
Other comprehensive income (loss)(a)   (1)  (408)  7  (274)
Less: OCI attributable to noncontrolling interests  (18)  (9)  (22)  0
Balance at June 30 $(102) $(673) $(102) $(673)
             
Cash flow hedges            
Beginning balance $(654) $(1,029) $(746) $(1,101)
OCI before reclassifications – net of deferred taxes of             
$28, $7, $84 and $34  252  (336)  155  178
Reclassifications from OCI – net of deferred taxes             
of $(14), $13, $(56) and $(22)  (58)  376  131  (66)
Other comprehensive income (loss)(a)   194  40  286  112
Less: OCI attributable to noncontrolling interests  1  0  1  0
Balance at June 30 $(461) $(989) $(461) $(989)
             
Benefit plans            
Beginning balance $(723) $(587) $(736) $(563)
Net actuarial gain (loss) – net of deferred taxes             
of $0, $(4), $18 and $(17)  0  10  2  (21)
Net actuarial gain (loss) amortization – net of deferred taxes             
of $4, $2, $7 and $5  9  9  20  16
Other comprehensive income (loss)(a)   9  19  22  (5)
Less: OCI attributable to noncontrolling interests  0  0  0  0
Balance at June 30 $(714) $(568) $(714) $(568)
             
Accumulated other comprehensive income (loss) at June 30 $(1,139) $(1,754) $(1,139) $(1,754)
             
             

  • Total other comprehensive income (loss) was $(400) million and $(173) million for the three months ended June 30, 2013 and 2012, respectively, and $(221) million and $341 million for the six months ended June 30, 2013 and 2012, respectively.

Reclassification out of AOCI

Components of AOCIThree months ended June 30, Six months ended June 30, Statement of Earnings Caption
 2013 2012 2013 2012  
Available-for-sale securities             
Realized gains (losses) on sale/impairment              
of securities$(16) $(13) $(232) $(45) GECC revenues from services
  13  4  107  10 Tax (expense) or benefit
 $(3) $(9) $(125) $(35) Net of tax
              
Currency translation adjustments             
Gains (losses) on dispositions$1 $0 $17 $8 Costs and expenses
  112  0  79  (5) Tax (expense) or benefit
 $113 $0 $96 $3 Net of tax
              
Cash flow hedges             
Gains (losses) on interest rate derivatives$(92) $(124) $(194) $(264) Interest
Foreign exchange contracts 164  (265)  119  352 (a)
  72  (389)  (75)  88 Total before tax
  (14)  13  (56)  (22) Tax (expense) or benefit
 $58 $(376) $(131) $66 Net of tax
              
Benefit plan items             
Amortization of actuarial gains (losses)$(13) $(11) $(27) $(21) Total before tax(b)
  4  2  7  5 Tax (expense) or benefit
 $(9) $(9) $(20) $(16) Net of tax
              
Total reclassification adjustments$159 $(394) $(180) $18 Net of tax
              
              

  • Includes $170 million and $(243) million in revenue from services and $(6) million and $(22) million in interest for the three months ended June 30, 2013 and 2012, respectively, and $137 million and $405 million in revenue from services and $(18) million and $(53) million in interest for the six months ended June 30, 2013 and 2012, respectively.
  • Amortization of actuarial gains and losses out of AOCI are included in the computation of net periodic pension costs.

 

Noncontrolling Interests

A summary of changes to noncontrolling interests follows.

  Three months ended June 30, Six months ended June 30,
(In millions)  2013  2012  2013  2012
             
Beginning balance $587 $767 $707 $690
Net earnings  17  14  28  26
Dividends  (25)  (1)  (41)  (5)
Dispositions  0  0  (104)  0
AOCI and other  (29)  (21)  (40)  48
Ending balance $550 $759 $550 $759
             

During the second quarter of 2013, we issued 10,000 shares of non-cumulative perpetual preferred stock with a $0.01 par value for proceeds of $990 million. The preferred shares bear an initial fixed interest rate of 5.25% through June 15, 2023, bear a floating rate equal to three-month LIBOR plus 2.967% thereafter and are callable on June 15, 2023. Dividends on the preferred stock are payable semi-annually, in June and December, with the first payment on this issuance beginning in December 2013.

 

During 2012, we issued 40,000 shares of non-cumulative perpetual preferred stock with a $0.01 par value for proceeds of $3,960 million. Of these shares, 22,500 bear an initial fixed interest rate of 7.125% through June 12, 2022, bear a floating rate equal to three-month LIBOR plus 5.296% thereafter and are callable on June 15, 2022 and 17,500 shares bear an initial fixed interest rate of 6.25% through December 15, 2022, bear a floating rate equal to three-month LIBOR plus 4.704% thereafter and are callable on December 15, 2022. Dividends on the preferred stock are payable semi-annually, in June and December, with the first payment on these issuances made in December 2012.

 

We paid dividends of $447 million and $475 million and special dividends of $1,500 million and $2,525 million to GE in the second quarters of 2013 and 2012, respectively.