GE 2007 Annual Report Download - page 70

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  
68 ge 2007 annual report
Statement of Cash Flows
General Electric Company
and consolidated affi liates
For the years ended December 31 (In millions)
2007 2006 2005
CASH FLOWS — OPERATING ACTIVITIES
Net earnings $ 22,208 $ 20,742 $ 16,720
Loss (earnings) from discontinued operations 260 (1,362) 634
Adjustments to reconcile net earnings to cash provided from operating activities
Depreciation and amortization of property, plant and equipment 10,278 8,459 7,841
Earnings from continuing operations retained by GECS — — —
Deferred income taxes 623 1,710 (1,063)
Decrease (increase) in GE current receivables 980 (2,205) (1,090)
Decrease (increase) in inventories (1,494) (1,481) (556)
Increase (decrease) in accounts payable 469 (36) 240
Increase in GE progress collections 4,458 927 510
Provision for losses on GECS financing receivables 4,546 3,130 3,239
All other operating activities 657 2,152 3,628
Cash from operating activities — continuing operations
42,985 32,036 30,103
Cash from (used for) operating activities — discontinued operations 2,982 (1,390) 7,588
CASH FROM OPERATING ACTIVITIES 45,967 30,646 37,691
CASH FLOWS — INVESTING ACTIVITIES
Additions to property, plant and equipment (17,870) (15,912) (13,762)
Dispositions of property, plant and equipment 8,460 6,796 6,019
Net increase in GECS financing receivables (47,121) (37,651) (15,834)
Proceeds from sales of discontinued operations 11,574 11,009 8,106
Proceeds from principal business dispositions 2,746 1,883 476
Payments for principal businesses purchased (17,215) (11,573) (11,436)
All other investing activities (10,275) (4,553) (350)
Cash used for investing activities — continuing operations
(69,701) (50,001) (26,781)
Cash from (used for) investing activities — discontinued operations (2,723) (1,401) (8,318)
CASH USED FOR INVESTING ACTIVITIES (72,424) (51,402) (35,099)
CASH FLOWS — FINANCING ACTIVITIES
Net increase (decrease) in borrowings (maturities of 90 days or less) 2,339 4,527 (4,622)
Newly issued debt (maturities longer than 90 days) 100,866 88,360 66,524
Repayments and other reductions (maturities longer than 90 days) (49,826) (49,337) (53,130)
Net purchases of GE shares for treasury (12,319) (8,554) (4,844)
Dividends paid to shareowners (11,492) (10,420) (9,352)
All other financing activities (1,204) (1,174) (1,128)
Cash from (used for) financing activities — continuing operations
28,364 23,402 (6,552)
Cash from (used for) financing activities — discontinued operations (152) (171) 433
CASH FROM (USED FOR) FINANCING ACTIVITIES 28,212 23,231 (6,119)
INCREASE (DECREASE) IN CASH AND EQUIVALENTS DURING YEAR 1,755 2,475 (3,527)
Cash and equivalents at beginning of year 14,276 11,801 15,328
Cash and equivalents at end of year
16,031 14,276 11,801
Less cash and equivalents of discontinued operations at end of year 284 177 3,139
Cash and equivalents of continuing operations at end of year
$ 15,747 $ 14,099 $ 8,662
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid during the year for interest $(23,340) $(18,438) $(16,593)
Cash recovered (paid) during the year for income taxes (2,912) (2,869) (3,254)
See accompanying notes.