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ge 2008 annual report 77
notes to consolidated financial statements
Amortization of GECS equipment leased to others was $8,173 mil-
lion, $7,222 million and $5,839 million in 2008, 2007 and 2006,
respectively. Noncancellable future rentals due from customers
for equipment on operating leases at December 31, 2008, are as
follows:
(In millions)
Due in
2009 $ 9,103
2010 7,396
2011 5,542
2012 4,157
2013 3,109
2014 and later 8,714
Total $38,021
Note 15.
Goodwill and Other Intangible Assets
December 31 (In millions) 2008 2007
GOODWILL
GE $56,394 $55,689
GECS 25,365 25,427
Total $81,759 $81,116
December 31 (In millions) 2008 2007
OTHER INTANGIBLE ASSETS
GE
Intangible assets subject to amortization $ 9,010 $ 9,278
Indefinite-lived intangible assets (a)
2,354 2,355
11,364 11,633
GECS
Intangible assets subject to amortization 3,613 4,509
Total $14,977 $16,142
(a) Indefinite-lived intangible assets principally comprised trademarks, tradenames
and U.S. Federal Communications Commission licenses.
Note 14.
Property, Plant and Equipment
Depreciable
December 31 (Dollars in millions) lives-new (in years) 2008 2007
ORIGINAL COST
GE
Land and improvements 8 (a) $ 738 $ 698
Buildings, structures and
related equipment 8–40 7,354 7,700
Machinery and equipment 4–20 22,114 20,569
Leasehold costs and manufacturing
plant under construction 1–10 2,305 2,121
32,511 31,088
GECS (b)
Land and improvements, buildings,
structures and related equipment 2–40 (a) 7,076 6,051
Equipment leased to others
Aircraft 20 40,478 37,271
Vehicles 1–14 32,098 32,079
Railroad rolling stock 5–36 4,402 3,866
Construction and manufacturing 2–25 3,363 3,031
Mobile equipment 12–25 2,954 2,964
All other 2–40 2,789 2,961
93,160 88,223
Total $125,671 $119,311
NET CARRYING VALUE
GE
Land and improvements $ 705 $ 612
Buildings, structures and
related equipment 3,768 4,101
Machinery and equipment 7,999 7,634
Leasehold costs and manufacturing
plant under construction 1,961 1,795
14,433 14,142
GECS (b)
Land and improvements, buildings,
structures and related equipment 4,527 3,703
Equipment leased to others
Aircraft(c) 32,288 30,414
Vehicles 18,149 20,701
Railroad rolling stock 2,915 2,789
Construction and manufacturing 2,333 2,055
Mobile equipment 2,022 1,976
All other 1,863 2,108
64,097 63,746
Total $ 78,530 $ 77,888
(a) Depreciable lives exclude land.
(b) Included $1,748 million and $1,513 million of original cost of assets leased to GE
with accumulated amortization of $491 million and $315 million at December 31,
2008 and 2007, respectively.
(c) The GECAS business of Capital Finance recognized impairment losses of $72 million
in 2008 and $110 million in 2007 recorded in the caption “Other costs and expenses”
in the Statement of Earnings to reflect adjustments to fair value based on current
market values from independent appraisers.