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Form 8-K GENERAL ELECTRIC CAPITAL For: Jul 17

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July 17, 2015 10:31 AM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) July 17, 2015
 
 
General Electric Capital Corporation
  
 
(Exact name of registrant as specified in its charter)
  
 
Delaware
  
01-06461
  
13-1500700
(State or other jurisdiction
 of incorporation)
  
(Commission
 File Number)
  
(IRS Employer
 Identification No.)
   
 
    
901 Main Avenue, Norwalk, Connecticut
      
06851-1168
(Address of principal executive offices)
      
(Zip Code)
   
 
    
Registrant's telephone number, including area code   (203) 840-6300
 
 
Not applicable
  
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.
On July 17, 2015, our parent, General Electric Company (GE), issued a press release setting forth GE's second-quarter 2015 earnings. Attached hereto as Exhibit 99 and hereby incorporated by reference is a schedule of selected financial information related to the results of operation for the three and six months ended June 30, 2015 and financial position at June 30, 2015 of General Electric Capital Corporation.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is being furnished as part of this report:
Exhibit Description
Exhibit 99 Selected financial information of General Electric Capital Corporation
   
   

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
General Electric Capital Corporation
  
   
(Registrant)
  
       
Date: July 17, 2015
  
/s/ Walter Ielusic
  
   
Walter Ielusic
  
   
Senior Vice President and Controller
  


Exhibit 99
 
                               
                               
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
                               
 
Three months ended June 30
  
Six months ended June 30
(Dollars in millions)
  
2015
    
2014
  
V%
    
2015
    
2014
  
V%
                               
Revenues
                              
Revenues from services
$
6,196
  
$
6,241
      
$
11,098
  
$
12,778
    
Sales of goods
  
22
    
34
        
43
    
61
    
   Total revenues
  
6,218
    
6,275
  
(1)%
    
11,141
    
12,839
  
(13)%
                               
Costs and expenses
                              
Costs of sales, operating and administrative expense
  
2,873
    
2,649
        
5,677
    
5,204
    
Interest
  
996
    
1,024
        
1,945
    
2,123
    
Investment contracts, insurance losses and insurance
                              
  annuity benefits
  
710
    
698
        
1,354
    
1,341
    
Provision for losses on financing receivables
  
783
    
948
        
3,898
    
1,835
    
   Total costs and expenses
  
5,362
    
5,319
  
1%
    
12,874
    
10,503
  
23%
                               
Earnings (loss) from continuing operations before income taxes
  
856
    
956
  
(10)%
    
(1,733)
    
2,336
  
U
Benefit (provision) for income taxes
  
(384)
    
217
        
(6,211)
    
94
    
                               
Earnings (loss) from continuing operations
  
472
    
1,173
  
(60)%
    
(7,944)
    
2,430
  
U
Earnings (loss) from discontinued operations, net of taxes
  
(3,747)
    
665
        
(9,985)
    
1,364
    
                               
Net earnings (loss)
  
(3,275)
    
1,838
  
U
    
(17,929)
    
3,794
  
U
 Less net earnings (loss) attributable to noncontrolling interests
  
93
    
10
        
184
    
21
    
Net earnings (loss) attributable to GECC
  
(3,368)
    
1,828
  
U
    
(18,113)
    
3,773
  
U
Preferred stock dividends declared
  
(161)
    
(161)
  
-%
    
(161)
    
(161)
  
-%
Net earnings (loss) attributable to GECC common shareowner
$
(3,529)
  
$
1,667
  
U
  
$
(18,274)
  
$
3,612
  
U
                               
Amounts attributable to GECC common shareowner:
                              
Earnings (loss) from continuing operations
$
472
  
$
1,173
  
(60)%
  
$
(7,944)
  
$
2,430
  
U
Less net earnings (loss) attributable to noncontrolling interests
  
93
    
10
        
184
    
21
    
Earnings (loss) from continuing operations attributable to GECC
  
379
    
1,163
  
(67)%
    
(8,128)
    
2,409
  
U
Preferred stock dividends declared
  
(161)
    
(161)
        
(161)
    
(161)
    
Earnings (loss) from continuing operations attributable to GECC
                              
  common shareowner
  
218
    
1,002
  
(78)%
    
(8,289)
    
2,248
  
U
Earnings (loss) from discontinued operations, net of taxes
  
(3,747)
    
665
        
(9,985)
    
1,364
    
Net earnings (loss) attributable to GECC common shareowner
$
(3,529)
  
$
1,667
  
U
  
$
(18,274)
  
$
3,612
  
U
                                 
                                 
 
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
  
SUMMARY OF OPERATING SEGMENTS (UNAUDITED)
  
                                 
 
Three months ended June 30
  
Six months ended June 30
  
(Dollars in millions)
2015
  
2014
  
V%
  
2015
  
2014
  
V%
  
                                 
Revenues
                                
Commercial Lending & Leasing
$
262
  
$
251
  
4%
  
$
505
  
$
492
  
3%
  
Consumer
  
3,527
    
3,598
  
(2)%
    
5,585
    
7,200
  
(22)%
  
Energy Financial Services
  
396
    
307
  
29%
    
681
    
776
  
(12)%
  
GECAS
  
1,345
    
1,345
  
 - %
    
2,627
    
2,690
  
(2)%
  
   Total segment revenues
  
5,530
    
5,501
  
1%
    
9,398
    
11,158
  
(16)%
  
GECC corporate items and eliminations
  
688
    
774
  
(11)%
    
1,743
    
1,681
  
4%
  
Total revenues
$
6,218
  
$
6,275
  
(1)%
  
$
11,141
  
$
12,839
  
(13)%
  
                                 
Segment profit (loss)
                                
Commercial Lending & Leasing
$
96
    
86
  
12%
  
$
175
  
$
162
  
8%
  
Consumer
  
459
    
472
  
(3)%
    
(2,316)
    
1,258
  
U
  
Energy Financial Services
  
109
    
76
  
43%
    
144
    
229
  
(37)%
  
GECAS
  
361
    
343
  
5%
    
668
    
695
  
(4)%
  
   Total segment profit (loss)
  
1,025
    
977
  
5%
    
(1,329)
    
2,344
  
U
  
GECC Corporate items and eliminations
  
(646)
    
186
  
U
    
(6,799)
    
65
  
U
  
Earnings (loss) from continuing operations,
                                
   attributable to GECC
  
379
    
1,163
  
(67)%
    
(8,128)
    
2,409
  
U
  
Preferred stock dividends declared
  
(161)
    
(161)
  
 - %
    
(161)
    
(161)
  
 - %
  
Earnings (loss) from continuing operations attributable
                                
   to GECC common shareowner
  
218
    
1,002
  
(78)%
    
(8,289)
    
2,248
  
U
  
Earnings (loss) from discontinued operations, net of taxes,
                                
   attributable to GECC
  
(3,747)
    
665
  
U
    
(9,985)
    
1,364
  
U
  
Net earnings (loss) attributable to GECC common shareowner
$
(3,529)
  
$
1,667
  
U
  
$
(18,274)
  
$
3,612
  
U
  
                                 
 
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
 
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
           
           
(Dollars in billions)
June 30, 2015
  
December 31, 2014
       
Assets
          
Cash & marketable securities
$
114.0
  
$
107.3
Inventories
  
-
    
0.1
Financing receivables - net
  
81.1
    
122.5
Property, plant and equipment - net
  
34.8
    
31.5
Goodwill & intangible assets - net
  
12.8
    
12.3
Other assets
  
32.4
    
37.7
Financing receivables held for sale
  
28.0
    
0.8
Assets of businesses held for sale
  
5.3
    
3.5
Assets of discontinued operations
  
154.9
    
186.9
Total assets
$
463.3
  
$
502.6
           
Liabilities and equity
          
Borrowings and bank deposits
$
296.4
  
$
317.7
Investment contracts, insurance liabilities and insurance annuity benefits
  
27.4
    
28.0
Other liabilities
  
20.1
    
15.4
Liabilities of businesses held for sale
  
0.4
    
2.4
Liabilities of discontinued operations
  
48.9
    
48.7
GECC shareowners' equity
  
67.0
    
87.5
Noncontrolling interests(a)
  
3.1
    
2.9
Total liabilities and equity
$
463.3
  
$
502.6
           
(a)
Included $2.4 billion related to the Synchrony Financial initial public offering.

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