GE 2015 Annual Report Download - page 178

FINANCIAL STATEMENTS HELD FOR SALE & DISCONTINUED OPERATIONS
150 GE 2015 FORM 10-K
COMMERCIAL LENDING AND LEASING
In connection with the GE Capital Exit Plan, we announced the planned disposition of most of our CLL business and classified this
portion of the business as discontinued operations. We closed certain of our CLL business dispositions for proceeds of $48,068 million
for the year ended December 31, 2015. We expect to dispose of substantially all of the remaining CLL business in 2016.
FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING
(In millions) 2015 2014 2013
Operations
Total revenues and other income (loss) $ 10,580 $ 13,413 $ 13,144
Interest $ (2,365) $ (3,069) $ (3,300)
Selling, general and administrative expenses (3,576) (3,598) (3,538)
Cost of services sold (1,735) (3,859) (4,002)
Provision for losses on financing receivables (1,753) (456) (736)
Other costs and expenses (127) (135) (94)
Earnings (loss) from discontinued operations, before income taxes 1,024 2,296 1,474
Benefit (provision) for income taxes (186) (487) 65
Earnings (loss) from discontinued operations, net of taxes $ 838 $ 1,808 $ 1,539
Disposal
Gain (loss) on disposal before income taxes $ (8,013) $ - $ -
Benefit (provision) for income taxes (698) - -
Gain (loss) on disposal, net of taxes $ (8,711) $ - $ -
Earnings (loss) from discontinued operations, net of taxes(a) $ (7,873) $ 1,808 $ 1,539
(a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $(6,996) million, $2,279 million and
$1,457 million for the years ended December 31, 2015, 2014 and 2013, respectively.
REAL ESTATE
In connection with the GE Capital Exit Plan, we announced the planned disposition of our Real Estate business and classified the
business as discontinued operations. We closed certain of our Real Estate business dispositions for proceeds of $31,601 million for the
year ended December 31, 2015. We expect to dispose of substantially all of the remaining Real Estate business in 2016.
FINANCIAL INFORMATION FOR REAL ESTATE
(In millions) 2015 2014 2013
Operations
Total revenues and other income (loss) $ 911 $ 2,969 $ 3,915
Interest $ (457) $ (1,079) $ (1,278)
Selling, general and administrative (444) (484) (568)
Cost of services sold (5) - -
Provision for losses on financing receivables 5 86 (28)
Other costs and expenses (158) (712) (788)
Earnings (loss) from discontinued operations,
before income taxes (149) 780 1,253
Benefit (provision) for income taxes 168 224 472
Earnings (loss) from discontinued operations, net of taxes $ 19 $ 1,003 $ 1,725
Disposal
Gain (loss) on disposal before income taxes $ (1,338) $ - $ -
Benefit (provision) for income taxes (639) - -
Gain (loss) on disposal, net of taxes $ (1,977) $ - $ -
Earnings (loss) from discontinued operations, net of taxes(a) $ (1,958) $ 1,003 $ 1,725
(a) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $(1,486) million, $778 million and $1,246
million for the years ended December 31, 2015, 2014 and 2013, respectively.
150 GE 2015 FORM 10-K