GE 2014 Annual Report Download - page 79

GE 2014 FORM 10-K 59
MD&A CORPORATE ITEMS AND ELIMINATIONS
2014 – 2013 COMMENTARY
Revenues and other income decreased $2.4 billion, primarily a result of:
x $1.5 billion lower revenues and other income related to NBCU LLC, which was disposed of in the first quarter of 2013,
x $0.4 billion of lower gains from disposed businesses, and
x $0.5 billion of higher eliminations and other, which was driven by $0.4 billion of higher inter-segment eliminations. Also
contributing to the decrease in revenues and other income was a $0.2 billion impairment related to an investment security
in 2014 compared with a $0.1 billion impairment of an investment in a Brazilian company in 2013.
Operating costs increased $0.2 billion, primarily as a result of:
x $1.5 billion lower NBCU LLC related income, and
x $0.4 billion of lower gains from disposed businesses.
These increases to operating costs were partially offset by the following:
x $0.9 billion of lower costs of our principal retirement plans,
x $0.2 billion of lower restructuring and other charges. Restructuring and other charges in 2014 included $0.2 billion of
impairment related to an investment security at Power & Water, $0.1 billion of asset write-offs at a consolidated nuclear
joint venture in which we hold a 51% interest at Power & Water and $0.1 billion curtailment loss on the principal retirement
plans resulting from our agreement with Electrolux to sell the Appliances business, and
x $0.5 billion of lower eliminations and other, which was driven by $0.4 billion of lower corporate costs, which include
research and development and functional spending in 2014. In 2013, eliminations and other costs included $0.1 billion
impairment of an investment in a Brazilian company.
2013 – 2012 COMMENTARY
Revenues decreased $0.1 billion primarily as a result of:
x $0.1 billion lower revenue and other income related to the operations and disposition of NBCU LLC,
x $0.3 billion of higher gains from disposed businesses, which reflects the net effect of $0.5 billion of gains from industrial
business dispositions in 2013 compared with a $0.3 billion gain on joint venture formation and a $0.1 billion loss on sale of
a plant in 2012, and
x $0.3 billion of higher eliminations and other, which reflects a $0.1 billion pre-tax loss related to the impairment of an
investment in a Brazilian company and $0.2 billion of lower revenues related to a plant that was sold in 2012.
Operating costs increased $1.3 billion primarily as a result of:
x $0.1 billion of lower NBCU LLC related income,
x $0.1 billion of higher principal retirement plan costs,
x $1.3 billion of higher restructuring and other charges, and
x $0.1 billion of higher eliminations and other, which reflects the $0.1 billion of impairment referred to above.
These increases to operating costs were partially offset by $0.3 billion of higher gains on disposed businesses.