GE 2012 Annual Report Download - page 98

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96 GE 2012 ANNUAL REPORT
notes to consolidated financial statements
Note 7.
Property, Plant and Equipment
December 31 (Dollars in millions)
Depreciable
lives—new
(in years) 2012 2011
ORIGINAL COST
GE
Land and improvements 8 (a) $ 612 $ 611
Buildings, structures and
related equipment 8–40 8,361 7,823
Machinery and equipment 4–20 24,090 22,071
Leasehold costs and
manufacturing plant
under construction 1–10 2,815 2,538
35,878 33,043
GECC (b)
Land and improvements,
buildings, structures and
related equipment 1–36 (a) 2,624 3,110
Equipment leased to others
Aircraft 19–21 49,954 46,240
Vehicles 1–28 17,574 15,278
Railroad rolling stock 4–50 4,210 4,324
Construction and manufacturing 1–30 3,055 2,644
All other 3–27 3,427 3,438
80,844 75,034
ELIMINATIONS 41 40
Total $116,763 $108,117
NET CARRYING VALUE
GE
Land and improvements $ 582 $ 584
Buildings, structures and
related equipment 4,003 3,827
Machinery and equipment 9,061 7,648
Leasehold costs and manufacturing
plant under construction 2,387 2,224
16,033 14,283
GECC (b)
Land and improvements,
buildings, structures and
related equipment 1,074 1,499
Equipment leased to others
Aircraft
(c) 36,231 34,271
Vehicles 9,263 8,772
Railroad rolling stock 2,746 2,853
Construction and manufacturing 2,069 1,670
All other 2,290 2,354
53,673 51,419
ELIMINATIONS 37 37
Total $ 69,743 $ 65,739
(a) Depreciable lives exclude land.
(b) Included $1,467 million and $1,570 million of original cost of assets leased to GE
with accumulated amortization of $452 million and $445 million at December 31,
2012 and 2011, respectively.
(c) The GECAS business of GE Capital recognized impairment losses of $242 million
in 2012 and $301 million in 2011 recorded in the caption “Other costs and
expenses” in the Statement of Earnings to reflect adjustments to fair value based
on an evaluation of average current market values (obtained from third parties)
of similar type and age aircraft, which are adjusted for the attributes of the
specific aircraft under lease.
Consolidated depreciation and amortization related to property,
plant and equipment was $9,346 million, $9,185 million and
$9,786 million in 2012, 2011 and 2010, respectively.
Amortization of GECC equipment leased to others was
$6,243 million, $6,253 million and $6,786 million in 2012, 2011 and
2010, respectively. Noncancellable future rentals due from cus-
tomers for equipment on operating leases at December 31, 2012,
are as follows:
(In millions)
Due in
2013 $ 7,507
2014 6,168
2015 4,946
2016 3,863
2017 3,000
2018 and later 8,286
Total $33,770
Note 8.
Goodwill and Other Intangible Assets
December 31 (In millions) 2012 2011
GOODWILL
GE $46,143 $45,395
GECC 27,304 27,230
Total $73,447 $72,625
December 31 (In millions) 2012 2011
OTHER INTANGIBLE ASSETS
GE
Intangible assets subject to amortization $10,541 $10,317
Indefinite-lived intangible assets (a) 159 205
10,700 10,522
GECC
Intangible assets subject to amortization 1,294 1,546
ELIMINATIONS (7) —
Total $11,987 $12,068
(a) Indefinite-lived intangible assets principally comprised in-process research and
development, trademarks and tradenames.