GE 2015 Annual Report Download - page 205

FINANCIAL STATEMENTS 6+$5(2:1(56¶ EQUITY
GE 2015 FORM 10-K 177
Subsequent to the issuance of the preferred stock on December 3, 2015, in response to investor feedback, GE launched an exchange
offer on December 18, 2015 that allowed GE preferred stock investors to exchange their existing Series A, B and C preferred stock into
a Series D GE preferred stock. These Series D instruments bear an initial fixed interest rate of 5.00% through January 21, 2021, will
bear a floating rate equal to three-month LIBOR plus 3.33% thereafter and are callable on January 21, 2021. On January 20, 2016,
$2,687 million of Series A, $2,008 million of Series B and $999 million of Series C were exchanged into $5,694 million Series D GE
preferred stock. Post exchange, $91 million of Series A, $64 million of Series B and $95 million of Series C GE preferred stock remain
outstanding. The carrying value of the GE preferred stock at December 31, 2015 was $4,960 million and will increase to $5,944 million
through periodic accretion to the respective call dates of each series. Principal and accretion for the preferred stock is recorded in other
capital in the consolidated Statement of Financial Position.
On October 16, 2008, we issued 30,000 shares of 10% cumulative perpetual preferred stock and warrants to purchase 134,831,460
shares of common stock to Berkshire Hathaway Inc. (Berkshire Hathaway). On October 16, 2013, Berkshire Hathaway exercised their
warrants and GE delivered 10.7 million shares to Berkshire Hathaway. The transaction had equal and offsetting effects on other capital
and common stock held in treasury.
GE has 50 million authorized shares of preferred stock ($1.00 par value). 5,944,250 shares were issued and outstanding as of
December 31, 2015. No shares were issued and outstanding as of December 31, 2014 and 2013.
SHARES OF GE COMMON STOCK
On April 10, 2015, the GE Board has authorized a new repurchase program of up to $50 billion in common stock, excluding the
Synchrony Financial exchange. On November 17, 2015, we completed the split-off of Synchrony Financial through which we acquired
671,366,809 shares of GE common stock from our shareholders in exchange for 705,270,833 shares of Synchrony Financial stock we
held. Under our share purchase programs, on a book basis, we repurchased shares of 109.8 million, 73.6 million and 432.6 million for a
total of $3,320 million, $1,901 million and $10,375 million for the years ended 2015, 2014 and 2013, respectively.
*(¶VDXWKRUL]HGFRPPRQVWRFNFRQVLVWVRIVKDUHVKDYLQJDSDUYDOXHRIHDFK
Common shares issued and outstanding are summarized in the following table.
December 31 (In thousands) 2015 201
4
2013
Issued 11,693,841 11,693,841 11,693,841
In treasur
y(
a
)
(
2,314,553
)
(
1,636,461
)
(
1,632,960
)
Outstandin
g
9,379,288 10,057,380 10,060,881
(a) 2015 included (671,366,809) shares related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of
Synchrony Financial.
GE 2015 FORM 10-K 177