Edgar Filing: GENERAL ELECTRIC CO

geform10q1q14.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file number 001-00035

GENERAL ELECTRIC COMPANY

(Exact name of registrant as specified in its charter)

New York		14-0689340
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3135 Easton Turnpike, Fairfield, CT		06828-0001
(Address of principal executive offices)		(Zip Code)

(Registrant’s telephone number, including area code) (203) 373-2211 _______________________________________________ (Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

There were 10,027,765,000 shares of common stock with a par value of $0.06 per share outstanding at March 31, 2014.

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General Electric Company

		Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Statement of Earnings		4
Condensed, Consolidated Statement of Comprehensive Income		5
Condensed, Consolidated Statement of Changes in Shareowners’ Equity		5
Condensed Statement of Financial Position		6
Condensed Statement of Cash Flows		7
Notes to Condensed, Consolidated Financial Statements (Unaudited)		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		44
Item 3. Quantitative and Qualitative Disclosures About Market Risk		66
Item 4. Controls and Procedures		66

PART II  OTHER INFORMATION
Item 1. Legal Proceedings Item 2. Purchases of Equity Securities by the Issuer and Affiliated Purchasers Item 6. Exhibits Signatures		66 68 69 70

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FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; potential market disruptions or other impacts arising in the United States or Europe from developments in sovereign debt situations; the impact of conditions in the financial and credit markets on the availability and cost of General Electric Capital Corporation’s (GECC) funding and on our ability to reduce GECC’s asset levels as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; pending and future mortgage securitization claims and litigation in connection with WMC, which may affect our estimates of liability, including possible loss estimates; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the adequacy of our cash flows and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; GECC’s ability to pay dividends to GE at the planned level, which may be affected by GECC's cash flows and earnings, financial services regulation and oversight, and other factors; our ability to convert pre-order commitments/wins into orders; the price we realize on orders since commitments/wins are stated at list prices; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, power generation, oil and gas production, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation; our capital allocation plans, as such plans may change including with respect to the timing and size of share repurchases, acquisitions, joint ventures, dispositions and other strategic actions; our success in completing announced transactions and integrating acquired businesses; our ability to complete the staged exit from our North American Retail Finance business or the acquisition of the Thermal, Renewables and Grid businesses of Alstom as planned; the impact of potential information technology or data security breaches; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

CORPORATE INFORMATION

GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

General Electric Company and consolidated affiliates

Condensed Statement of Earnings

	Three months ended March 31 (Unaudited)
	Consolidated				GE(a)				Financial Services (GECC)
(In millions, except share amounts)	2014		2013		2014		2013		2014		2013

Revenues and other income
Sales of goods	$	16,941	$	15,674	$	16,988	$	15,677	$	27	$	26
Sales of services		6,909		6,513		7,023		6,626		–		–
Other income		196		1,615		161		1,620		–		–
GECC earnings from continuing operations		–		–		1,933		1,938		–		–
GECC revenues from services		10,132		11,141		–		–		10,488		11,442
Total revenues and other income		34,178		34,943		26,105		25,861		10,515		11,468

Costs and expenses
Cost of goods sold		13,713		12,866		13,762		12,874		25		21
Cost of services sold		4,809		4,449		4,923		4,562		–		–
Interest and other financial charges		2,414		2,603		365		324		2,161		2,382
Investment contracts, insurance losses and
insurance annuity benefits		620		663		–		–		643		689
Provision for losses on financing receivables		970		1,457		–		–		970		1,457
Other costs and expenses		8,196		8,766		3,808		4,057		4,574		4,886
Total costs and expenses		30,722		30,804		22,858		21,817		8,373		9,435

Earnings from continuing operations
before income taxes		3,456		4,139		3,247		4,044		2,142		2,033
Benefit (provision) for income taxes		(516)		(508)		(318)		(424)		(198)		(84)
Earnings from continuing operations		2,940		3,631		2,929		3,620		1,944		1,949
Earnings (loss) from discontinued operations,
net of taxes		12		(120)		12		(120)		12		(120)
Net earnings		2,952		3,511		2,941		3,500		1,956		1,829
Less net earnings (loss) attributable to
noncontrolling interests		(47)		(16)		(58)		(27)		11		11
Net earnings attributable to the Company	$	2,999	$	3,527	$	2,999	$	3,527	$	1,945	$	1,818

Amounts attributable to the Company
Earnings from continuing operations	$	2,987	$	3,647	$	2,987	$	3,647	$	1,933	$	1,938
Earnings (loss) from discontinued operations,
net of taxes		12		(120)		12		(120)		12		(120)
Net earnings attributable to the Company	$	2,999	$	3,527	$	2,999	$	3,527	$	1,945	$	1,818

Per-share amounts
Earnings from continuing operations
Diluted earnings per share	$	0.29	$	0.35
Basic earnings per share	$	0.30	$	0.35

Net earnings
Diluted earnings per share	$	0.30	$	0.34
Basic earnings per share	$	0.30	$	0.34

Dividends declared per common share	$	0.22	$	0.19

(a)	Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis.

See Note 3 for other-than-temporary impairment amounts.

See accompanying notes. Separate information is shown for “GE” and “Financial Services (GECC).” Transactions between GE and GECC have been eliminated from the “Consolidated” columns.

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General Electric Company and consolidated affiliates
Condensed, Consolidated Statement of Comprehensive Income

	Three months ended March 31 (Unaudited)
(In millions)		2014		2013

Net earnings	$	2,952	$	3,511
Less: net earnings (loss) attributable to
noncontrolling interests		(47)		(16)
Net earnings attributable to the Company	$	2,999	$	3,527

Other comprehensive income (loss)
Investment securities	$	457	$	68
Currency translation adjustments		49		(459)
Cash flow hedges		68		102
Benefit plans		695		853
Other comprehensive income (loss)		1,269		564
Less: other comprehensive income (loss) attributable to
noncontrolling interests		(2)		(2)
Other comprehensive income (loss) attributable to the Company	$	1,271	$	566

Comprehensive income	$	4,221	$	4,075
Less: comprehensive income (loss) attributable to
noncontrolling interests		(49)		(18)
Comprehensive income attributable to the Company	$	4,270	$	4,093

Amounts presented net of taxes. See Note 11 for further information about other comprehensive income and noncontrolling interests.

See accompanying notes.

General Electric Company and consolidated affiliates
Condensed, Consolidated Statement of Changes in Shareowners' Equity


	Three months ended March 31 (Unaudited)
(In millions)		2014		2013

GE shareowners' equity balance at January 1	$	130,566	$	123,026
Increases from net earnings attributable to the Company		2,999		3,527
Dividends and other transactions with shareowners		(2,210)		(1,974)
Other comprehensive income (loss) attributable to the Company		1,271		566
Net sales (purchases) of shares for treasury		(840)		(1,422)
Changes in other capital		50		(9)
Ending balance at March 31		131,836		123,714
Noncontrolling interests		6,183		5,336
Total equity balance at March 31	$	138,019	$	129,050

See Note 11 for further information about changes in shareowners’ equity.

See accompanying notes.

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General Electric Company and consolidated affiliates

Condensed Statement of Financial Position

	Consolidated				GE(a)				Financial Services (GECC)
	March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
(In millions, except share amounts)	2014		2013		2014		2013		2014		2013
	(Unaudited)				(Unaudited)				(Unaudited)
Assets
Cash and equivalents	$	86,979	$	88,555	$	11,690	$	13,682	$	75,289	$	74,873
Investment securities		45,733		43,981		286		323		45,450		43,662
Current receivables		20,975		21,388		11,102		10,970		-		-
Inventories		18,881		17,325		18,819		17,257		62		68
Financing receivables – net		237,005		241,940		-		-		247,242		253,029
Other GECC receivables		9,009		9,114		-		-		15,643		16,513
Property, plant and equipment – net		67,743		68,827		17,624		17,574		50,489		51,607
Investment in GECC		-		-		79,637		77,745		-		-
Goodwill		79,129		77,648		52,793		51,453		26,336		26,195
Other intangible assets – net		14,788		14,310		13,518		13,180		1,275		1,136
All other assets		70,504		70,808		23,940		23,708		47,164		47,366
Assets of businesses held for sale		48		50		-		-		48		50
Assets of discontinued operations		1,458		2,339		9		9		1,449		2,330
Total assets(b)	$	652,252	$	656,285	$	229,418	$	225,901	$	510,447	$	516,829

Liabilities and equity
Short-term borrowings	$	76,121	$	77,890	$	1,547	$	1,841	$	75,102	$	77,298
Accounts payable, principally trade accounts		17,206		16,471		15,718		16,353		7,740		6,549
Progress collections and price adjustments accrued		12,804		13,125		12,817		13,152		-		-
Dividends payable		2,206		2,220		2,206		2,220		-		-
Other GE current liabilities		13,622		13,381		13,622		13,381		-		-
Non-recourse borrowings of consolidated
securitization entities		28,724		30,124		-		-		28,724		30,124
Bank deposits		54,743		53,361		-		-		54,743		53,361
Long-term borrowings		220,992		221,665		14,469		11,515		206,654		210,279
Investment contracts, insurance liabilities
and insurance annuity benefits		27,019		26,544		-		-		27,604		26,979
All other liabilities		59,147		61,057		40,841		40,955		18,773		20,531
Deferred income taxes		381		(275)		(4,575)		(5,061)		4,956		4,786
Liabilities of businesses held for sale		2		6		-		-		2		6
Liabilities of discontinued operations		1,266		3,933		144		143		1,122		3,790
Total liabilities(b)		514,233		519,502		96,789		94,499		425,420		433,703

GECC preferred stock (50,000 shares outstanding
at both March 31, 2014 and December 31, 2013)		-		-		-		-		-		-
Common stock (10,027,765,000 and 10,060,881,000
shares outstanding at March 31, 2014 and
December 31, 2013, respectively)		702		702		702		702		-		-
Accumulated other comprehensive income (loss) – net(c)
Investment securities		764		307		764		307		793		309
Currency translation adjustments		177		126		177		126		(773)		(687)
Cash flow hedges		(189)		(257)		(189)		(257)		(225)		(293)
Benefit plans		(8,601)		(9,296)		(8,601)		(9,296)		(381)		(363)
Other capital		32,544		32,494		32,544		32,494		32,563		32,563
Retained earnings		149,840		149,051		149,840		149,051		52,610		51,165
Less common stock held in treasury		(43,401)		(42,561)		(43,401)		(42,561)		-		-

Total GE shareowners’ equity		131,836		130,566		131,836		130,566		84,587		82,694
Noncontrolling interests(d)		6,183		6,217		793		836		440		432
Total equity		138,019		136,783		132,629		131,402		85,027		83,126

Total liabilities and equity	$	652,252	$	656,285	$	229,418	$	225,901	$	510,447	$	516,829

(a)	Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis.

(b)

Our consolidated assets at March 31, 2014 include total assets of $46,492 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets include net financing receivables of $40,749 million and investment securities of $3,797 million. Our consolidated liabilities at March 31, 2014 include liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities include non-recourse borrowings of consolidated securitization entities (CSEs) of $27,175 million. See Note 16.

(c)	The sum of accumulated other comprehensive income (loss) (AOCI) attributable to the Company was $(7,849) million and $(9,120) million at March 31, 2014 and December 31, 2013, respectively.

(d)	Included AOCI attributable to noncontrolling interests of $(180) million at both March 31, 2014 and December 31, 2013.

See accompanying notes. Separate information is shown for "GE" and "Financial Services (GECC)." Transactions between GE and GECC have been eliminated from the "Consolidated" columns.

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General Electric Company and consolidated affiliates

Condensed Statement of Cash Flows

	Three months ended March 31 (Unaudited)
	Consolidated				GE(a)				Financial Services (GECC)
(In millions)	2014		2013		2014		2013		2014		2013

Cash flows – operating activities
Net earnings	$	2,952	$	3,511	$	2,941	$	3,500	$	1,956	$	1,829
Less: net earnings (loss) attributable to noncontrolling interests		(47)		(16)		(58)		(27)		11		11
Net earnings attributable to the Company		2,999		3,527		2,999		3,527		1,945		1,818
(Earnings) loss from discontinued operations		(12)		120		(12)		120		(12)		120
Adjustments to reconcile net earnings attributable to the
Company to cash provided from operating activities
Depreciation and amortization of property,
plant and equipment		2,275		2,309		659		612		1,616		1,697
Earnings from continuing operations retained by GECC(b)		-		-		(1,433)		(1,938)		-		-
Deferred income taxes		(1,964)		(1,511)		(341)		(1,762)		(1,623)		251
Decrease (increase) in GE current receivables		482		562		(143)		(635)		-		-
Decrease (increase) in inventories		(1,445)		(977)		(1,453)		(963)		13		(1)
Increase (decrease) in accounts payable		1,007		750		165		134		887		614
Increase (decrease) in GE progress collections		(334)		598		(347)		598		-		-
Provision for losses on GECC financing receivables		970		1,457		-		-		970		1,457
All other operating activities		986		(2,124)		1,656		507		(638)		(2,802)
Cash from (used for) operating activities – continuing
operations		4,964		4,711		1,750		200		3,158		3,154
Cash from (used for) operating activities – discontinued
operations		(3)		(101)		-		(2)		(3)		(99)
Cash from (used for) operating activities		4,961		4,610		1,750		198		3,155		3,055

Cash flows – investing activities
Additions to property, plant and equipment		(3,361)		(3,644)		(1,090)		(975)		(2,361)		(2,696)
Dispositions of property, plant and equipment		1,192		829		-		-		1,192		829
Net decrease (increase) in GECC financing receivables		3,169		5,209		-		-		3,983		6,326
Proceeds from sale of discontinued operations		232		-		-		-		232		-
Proceeds from principal business dispositions		20		272		20		111		-		161
Proceeds from sale of equity interest in NBCU LLC		-		16,699		-		16,699		-		-
Net cash from (payments for) principal businesses purchased		(1,454)		6,383		(1,454)		(9)		-		6,392
All other investing activities		2,084		5,654		81		(249)		3,009		6,226
Cash from (used for) investing activities – continuing
operations		1,882		31,402		(2,443)		15,577		6,055		17,238
Cash from (used for) investing activities – discontinued
operations		(90)		83		-		2		(90)		81
Cash from (used for) investing activities		1,792		31,485		(2,443)		15,579		5,965		17,319

Cash flows – financing activities
Net increase (decrease) in borrowings (maturities of
90 days or less)		(3,330)		(9,849)		(756)		(529)		(3,750)		(9,457)
Net increase (decrease) in bank deposits		1,175		(3,237)		-		-		1,175		(3,237)
Newly issued debt (maturities longer than 90 days)		8,775		17,521		3,034		92		5,743		17,430
Repayments and other reductions (maturities longer
than 90 days)		(11,601)		(23,465)		(35)		(5,013)		(11,566)		(18,452)
Net dispositions (purchases) of GE shares for treasury		(1,337)		(1,733)		(1,337)		(1,733)		-		-
Dividends paid to shareowners		(2,223)		(1,983)		(2,223)		(1,983)		(500)		-
All other financing activities		46		(195)		37		(29)		9		(166)
Cash from (used for) financing activities – continuing
operations		(8,495)		(22,941)		(1,280)		(9,195)		(8,889)		(13,882)
Cash from (used for) financing activities – discontinued
operations		(6)		(15)		-		-		(6)		(15)
Cash from (used for) financing activities		(8,501)		(22,956)		(1,280)		(9,195)		(8,895)		(13,897)
Effect of currency exchange rate changes on cash
and equivalents		73		(714)		(19)		(17)		92		(697)
Increase (decrease) in cash and equivalents		(1,675)		12,425		(1,992)		6,565		317		5,780
Cash and equivalents at beginning of year		88,787		77,459		13,682		15,509		75,105		62,044
Cash and equivalents at March 31		87,112		89,884		11,690		22,074		75,422		67,824
Less: cash and equivalents of discontinued operations
at March 31		133		158		-		-		133		158
Cash and equivalents of continuing operations
at March 31	$	86,979	$	89,726	$	11,690	$	22,074	$	75,289	$	67,666

(a)	Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis.

(b)	Represents GECC earnings from continuing operations attributable to the Company, net of GECC dividends paid to GE.

See accompanying notes. Separate information is shown for "GE" and "Financial Services (GECC)." Transactions between GE and GECC have been eliminated from the "Consolidated" columns and are discussed in Note 17.

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NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed, consolidated financial statements represent the consolidation of General Electric Company (the Company) and all companies that we directly or indirectly control, either through majority ownership or otherwise. See Note 1 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (2013 consolidated financial statements), which discusses our consolidation and financial statement presentation. As used in this report on Form 10-Q (Report), “GE” represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), whose continuing operations are presented on a one-line basis; GECC consists of General Electric Capital Corporation and all of its affiliates; and “Consolidated” represents the adding together of GE and GECC with the effects of transactions between the two eliminated. Unless otherwise indicated, we refer to the caption revenues and other income simply as “revenues” throughout Item 1 of this Form 10-Q.

We have reclassified certain prior-period amounts to conform to the current-period presentation. Unless otherwise indicated, information in these notes to the condensed, consolidated financial statements relates to continuing operations.

Interim Period Presentation

The condensed, consolidated financial statements and notes thereto are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these condensed, consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. It is suggested that these condensed, consolidated financial statements be read in conjunction with the financial statements and notes thereto included in our 2013 consolidated financial statements. We label our quarterly information using a calendar convention, that is, first quarter is labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is our longstanding practice to establish interim quarterly closing dates using a fiscal calendar, which requires our businesses to close their books on either a Saturday or Sunday, depending on the business. The effects of this practice are modest and only exist within a reporting year. The fiscal closing calendar for 2014 is available on our website, www.ge.com/secreports.

Summary of Significant Accounting Policies

See the Notes in our 2013 consolidated financial statements for a summary of our significant accounting policies.

Accounting Changes

On January 1, 2014, we adopted Accounting Standards Update (ASU) 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. Under the revised guidance, the entire amount of the cumulative translation adjustment associated with the foreign entity will be released into earnings in the following circumstances: (a) the sale of a subsidiary or group of net assets within a foreign entity that represents a complete or substantially complete liquidation of that entity, (b) the loss of a controlling financial interest in an investment in a foreign entity, or (c) when the accounting for an investment in a foreign entity changes from the equity method to full consolidation. The revised guidance applies prospectively to transactions or events occurring on or after January 1, 2014.

On January 1, 2014, we adopted ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under the new guidance, an unrecognized tax benefit is required to be presented as a reduction to a deferred tax asset if the disallowance of the tax position would reduce the available tax loss or tax credit carryforward instead of resulting in a cash tax liability. The ASU applies prospectively to all unrecognized tax benefits that exist as of the adoption date and reduced both deferred tax assets and income tax liabilities by $1,224 million as of January 1, 2014.

(8)

2. ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS

Assets and Liabilities of Businesses Held for Sale

In the first quarter of 2013, we committed to sell certain of our machining & fabrication businesses at Aviation and our Consumer auto and personal loan business in Portugal. We completed the sale of our machining & fabrication business on December 2, 2013 for proceeds of $108 million. We completed the sale of our Consumer auto and personal loan business in Portugal on July 15, 2013 for proceeds of $83 million.

NBCU

On March 19, 2013, we closed a transaction to sell our remaining 49% common equity interest in NBCUniversal LLC (NBCU LLC) to Comcast Corporation (Comcast) for total consideration of $16,722 million, consisting of $11,997 million in cash, $4,000 million in Comcast guaranteed debt and $725 million in preferred stock. The $4,000 million of debt and the $725 million of preferred shares were both issued by a wholly-owned subsidiary of Comcast. During the three months ended March 31, 2013, both of these instruments were sold at approximately par value. In addition, Comcast is obligated to share with us potential tax savings associated with Comcast’s purchase of our NBCU LLC interest, if realized. We did not recognize these potential future payments as consideration for the sale, but are recording such payments in income as they are received. GECC also sold real estate comprising certain floors located at 30 Rockefeller Center, New York and the CNBC property located in Englewood Cliffs, New Jersey to affiliates of NBCU LLC for $1,430 million in cash.

As a result of the transactions, we recognized pre-tax gains of $1,096 million ($825 million after tax) on the sale of our 49% common equity interest in NBCU LLC and $921 million ($564 million after tax) on the sale of GECC’s real estate properties.

Discontinued Operations

Discontinued operations primarily comprised GE Money Japan (our Japanese personal loan business, Lake, and our Japanese mortgage and card businesses, excluding our investment in GE Nissen Credit Co., Ltd.), our U.S. mortgage business (WMC), our Commercial Lending and Leasing (CLL) trailer services business in Europe (CLL Trailer Services) and our Consumer banking business in Russia (Consumer Russia). Results of operations, financial position and cash flows for these businesses are separately reported as discontinued operations for all periods presented.

Financial Information for Discontinued Operations

	Three months ended March 31
(In millions)		2014		2013

Operations
Total revenues and other income (loss)	$	29	$	54

Earnings (loss) from discontinued operations
before income taxes	$	(14)	$	(142)
Benefit (provision) for income taxes		7		124
Earnings (loss) from discontinued operations,
net of taxes	$	(7)	$	(18)

Disposal
Gain (loss) on disposal before income taxes	$	18	$	(187)
Benefit (provision) for income taxes		1		85
Gain (loss) on disposal, net of taxes	$	19	$	(102)

Earnings (loss) from discontinued operations,
net of taxes(a)	$	12	$	(120)

(a)	The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GECC earnings (loss) from discontinued operations, net of taxes, is reported as GE earnings (loss) from discontinued operations, net of taxes, on the Condensed Statement of Earnings.

(9)



(In millions)	March 31, 2014		December 31, 2013

Assets
Cash and equivalents	$	133	$	232
Financing receivables – net		1		711
Other		1,324		1,396
Assets of discontinued operations	$	1,458	$	2,339

Liabilities
Deferred income taxes	$	258	$	248
Other		1,008		3,685
Liabilities of discontinued operations	$	1,266	$	3,933

Other assets at March 31, 2014 and December 31, 2013 primarily comprised a deferred tax asset for a loss carryforward, which expires principally in 2017 and in part in 2019, related to the sale of our GE Money Japan business.

GE Money Japan

During the third quarter of 2008, we completed the sale of GE Money Japan, which included our Japanese personal loan business. Under the terms of the sale, we reduced the proceeds from the sale for estimated refund claims in excess of the statutory interest rate. Proceeds from the sale were to be increased or decreased based on the actual claims experienced in accordance with loss-sharing terms specified in the sale agreement, with all claims in excess of 258 billion Japanese yen (approximately $3,000 million) remaining our responsibility. On February 26, 2014, we reached an agreement with the buyer to pay 175 billion Japanese yen (approximately $1,700 million) to extinguish this obligation. Our reserve for refund claims decreased from $1,836 million at December 31, 2013 to $56 million at March 31, 2014, reflecting payment in March 2014 of the amount required by the February 26, 2014 agreement. The $56 million liability reflects the final remaining amount payable under the February 26, 2014 agreement.

GE Money Japan earnings (loss) from discontinued operations, net of taxes, were $(1) million and $(51) million in the three months ended March 31, 2014 and 2013, respectively.

WMC

During the fourth quarter of 2007, we completed the sale of WMC, our U.S. mortgage business. WMC substantially discontinued all new loan originations by the second quarter of 2007, and is not a loan servicer. In connection with the sale, WMC retained certain representation and warranty obligations related to loans sold to third parties prior to the disposal of the business and contractual obligations to repurchase previously sold loans that had an early payment default. All claims received by WMC for early payment default have either been resolved or are no longer being pursued.

The remaining active claims have been brought by securitization trustees or administrators seeking recovery from WMC for alleged breaches of representations and warranties on mortgage loans that serve as collateral for residential mortgage-backed securities (RMBS). At March 31, 2014, such claims consisted of $4,466 million of individual claims generally submitted before the filing of a lawsuit (compared to $5,643 million at December 31, 2013) and $6,989 million of additional claims asserted against WMC in litigation without making a prior claim (Litigation Claims) (compared to $6,780 at December 31, 2013). The total amount of these claims, $11,455 million, reflects the purchase price or unpaid principal balances of the loans at the time of purchase and does not give effect to pay downs or potential recoveries based upon the underlying collateral, which in many cases are substantial, nor to accrued interest or fees. As of March 31, 2014, these amounts do not include approximately $700 million of repurchase claims relating to alleged breaches of representations that are not in litigation and that are beyond the applicable statute of limitations. WMC believes that repurchase claims brought based upon representations and warranties made more than six years before WMC was notified of the claim would be disallowed in legal proceedings under applicable statutes of limitations.

(10)

Reserves related to repurchase claims made against WMC were $550 million at March 31, 2014, reflecting a net decrease to reserves in the quarter ended March 31, 2014 of $250 million due to settlement activity. The reserve estimate takes into account recent settlement activity that reduced WMC's exposure on certain claims and is based upon WMC’s evaluation of the remaining exposures as a percentage of estimated mortgage loan losses within the pool of loans supporting each securitization. Recent settlements reduced WMC’s exposure on claims asserted in certain securitizations and the claim amounts reported above give effect to these settlements.

Rollforward of the Reserve

	Three months ended March 31
(In millions)		2014		2013

Balance, beginning of period	$	800	$	633
Provision		-		107
Claim resolutions		(250)		-
Balance, end of period	$	550	$	740

Given the significant recent claim and related litigation activity and WMC’s continuing efforts to resolve the lawsuits involving claims made against WMC, it is difficult to assess whether future losses will be consistent with WMC’s past experience. Adverse changes to WMC’s assumptions supporting the reserve may result in an increase to these reserves. Taking into account both recent settlement activity and the potential variability of settlements, WMC estimates a range of reasonably possible loss from $0 to approximately $500 million over its recorded reserve at March 31, 2014. This estimate excludes any possible loss associated with an adverse court decision on the applicable statute of limitations, as WMC is unable at this time to develop such a meaningful estimate.

At March 31, 2014, there were 14 lawsuits involving claims made against WMC arising from alleged breaches of representations and warranties on mortgage loans included in 13 securitizations. The adverse parties in these cases are securitization trustees or parties claiming to act on their behalf. Although the alleged claims for relief vary from case to case, the complaints and counterclaims in these actions generally assert claims for breach of contract, indemnification, and/or declaratory judgment, and seek specific performance (repurchase of defective mortgage loan) and/or money damages. Adverse court decisions, including in cases not involving WMC, could result in new claims and lawsuits on additional loans. However, WMC continues to believe that it has defenses to the claims asserted in litigation, including, for example, based on causation and materiality requirements and applicable statutes of limitations. It is not possible to predict the outcome or impact of these defenses and other factors, any of which could materially affect the amount of any loss ultimately incurred by WMC on these claims.

WMC has also received indemnification demands, nearly all of which are unspecified, from depositors/underwriters/sponsors of RMBS in connection with lawsuits brought by RMBS investors concerning alleged misrepresentations in the securitization offering documents to which WMC is not a party. WMC believes that it has defenses to these demands.

To the extent WMC is required to repurchase loans, WMC’s loss also would be affected by several factors, including pay downs, accrued interest and fees, and the value of the underlying collateral. The reserve and estimate of possible loss reflect judgment, based on currently available information, and a number of assumptions, including economic conditions, claim and settlement activity, pending and threatened litigation, court decisions regarding WMC’s legal defenses, indemnification demands, government activity, and other variables in the mortgage industry. Actual losses arising from claims against WMC could exceed these amounts and additional claims and lawsuits could result if actual claim rates, governmental actions, litigation and indemnification activity, adverse court decisions, actual settlement rates or losses WMC incurs on repurchased loans differ from its assumptions.

WMC revenues and other income (loss) from discontinued operations were $4 million and $(107) million in the three months ended March 31, 2014 and 2013, respectively. WMC earnings (loss) from discontinued operations, net of taxes, were $(2) million and $(71) million in the three months ended March 31, 2014 and 2013, respectively.

(11)

Other Financial Services

In the fourth quarter of 2013, we announced the planned disposition of Consumer Russia and classified the business as discontinued operations. At that time, we recorded a $170 million loss on the planned disposal. We completed the sale in the first quarter of 2014 for proceeds of $232 million. Consumer Russia revenues and other income (loss) from discontinued operations were $24 million and $67 million in the three months ended March 31, 2014 and 2013, respectively. Consumer Russia earnings (loss) from discontinued operations, net of taxes, were $1 million (including a $4 million gain on disposal) and $(11) million in the three months ended March 31, 2014 and 2013, respectively.

In the first quarter of 2013, we announced the planned disposition of CLL Trailer Services and classified the business as discontinued operations. We completed the sale in the fourth quarter of 2013 for proceeds of $528 million. CLL Trailer Services revenues and other income (loss) from discontinued operations were $1 million and $93 million in the three months ended March 31, 2014 and 2013, respectively. CLL Trailer Services earnings (loss) from discontinued operations, net of taxes, were $13 million and $14 million in the three months ended March 31, 2014 and 2013, respectively.

3. INVESTMENT SECURITIES

Substantially all of our investment securities are classified as available-for-sale. These comprise mainly investment-grade debt securities supporting obligations to annuitants, policyholders in our run-off insurance operations and supporting obligations to holders of guaranteed investment contracts (GICs) in Trinity and investments held in our CLL business collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries. We do not have any securities classified as held-to-maturity.

	March 31, 2014								December 31, 2013
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
(In millions)	cost		gains		losses		fair value		cost		gains		losses		fair value

GE
Debt
U.S. corporate	$	22	$	11	$	-	$	33	$	21	$	14	$	-	$	35
Corporate – non-U.S.		13		-		-		13		13		-		(1)		12
Equity
Available-for-sale		301		9		(70)		240		302		9		(41)		270
Trading		-		-		-		-		6		-		-		6
		336		20		(70)		286		342		23		(42)		323

GECC
Debt
U.S. corporate		19,711		3,088		(138)		22,661		19,600		2,323		(217)		21,706
State and municipal		5,115		409		(130)		5,394		4,245		235		(191)		4,289
Residential mortgage-
backed(a)		1,770		143		(39)		1,874		1,819		139		(48)		1,910
Commercial mortgage-backed		2,986		198		(61)		3,123		2,929		188		(82)		3,035
Asset-backed		7,347		32		(41)		7,338		7,373		60		(46)		7,387
Corporate – non-U.S.		1,716		137		(64)		1,789		1,741		103		(86)		1,758
Government – non-U.S.		2,058		103		(3)		2,158		2,336		81		(7)		2,410
U.S. government and federal
agency		707		48		(18)		737		752		45		(27)		770
Retained interests		64		11		-		75		64		8		-		72
Equity
Available-for-sale		195		46		(8)		233		203		51		(3)		251
Trading		68		-		-		68		74		-		-		74
		41,737		4,215		(502)		45,450		41,136		3,233		(707)		43,662

Eliminations		(3)		-		-		(3)		(4)		-		-		(4)
Total	$	42,070	$	4,235	$	(572)	$	45,733	$	41,474	$	3,256	$	(749)	$	43,981

(a)

Substantially collateralized by U.S. mortgages. At March 31, 2014, $1,225 million relates to securities issued by government-sponsored entities and $649 million relates to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.

(12)

Estimated Fair Value and Gross Unrealized Losses of Available-for-Sale Investment Securities

	In loss position for
	Less than 12 months					12 months or more
				Gross				Gross
	Estimated			unrealized		Estimated		unrealized
(In millions)	fair value		(a)	losses(a)(b)		fair value		losses(b)

March 31, 2014
Debt
U.S. corporate	$	1,578		$	(63)	$	563	$	(75)
State and municipal		942			(37)		347		(93)
Residential mortgage-backed		187			(6)		430		(33)
Commercial mortgage-backed		254			(11)		803		(50)
Asset-backed		101			(1)		294		(40)
Corporate – non-U.S.		56			(1)		430		(63)
Government – non-U.S.		1,098			(3)		52		-
U.S. government and federal agency		238			(18)		-		-
Retained interests		1			-		1		-
Equity		250			(78)		-		-
Total	$	4,705		$	(218)	$	2,920	$	(354)	(c)

December 31, 2013
Debt
U.S. corporate	$	2,170		$	(122)	$	598	$	(95)
State and municipal		1,076			(82)		367		(109)
Residential mortgage-backed		232			(11)		430		(37)
Commercial mortgage-backed		396			(24)		780		(58)
Asset-backed		112			(2)		359		(44)
Corporate – non-U.S.		108			(4)		454		(83)
Government – non-U.S.		1,479			(6)		42		(1)
U.S. government and federal agency		229			(27)		254		-
Retained interests		2			-		-		-
Equity		253			(44)		-		-
Total	$	6,057		$	(322)	$	3,284	$	(427)

(a)

Includes the estimated fair value of and gross unrealized losses on Corporate-non-U.S. and Equity securities held by GE. At March 31, 2014, the estimated fair value of and gross unrealized losses on Corporate-non-U.S. securities were $13 million and an insignificant amount, respectively. The estimated fair value of and gross unrealized losses on Equity securities were $210 million and $(70) million, respectively. At December 31, 2013, the estimated fair value of and gross unrealized losses on Corporate-non-U.S. securities were $12 million and $(1) million, respectively. The estimated fair value of and gross unrealized losses on Equity securities were $222 million and $(41) million, respectively.

(b)	Includes gross unrealized losses related to securities that had other-than-temporary impairments previously recognized of $(85) million at March 31, 2014.

(c)	The majority relate to debt securities held to support obligations to holders of GICs and more than 70% are debt securities that were considered to be investment-grade by the major rating agencies at March 31, 2014.

We regularly review investment securities for other-than-temporary impairment (OTTI) using both qualitative and quantitative criteria. For debt securities, our qualitative review considers our ability and intent to hold the security and the financial condition of and near-term prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. Our quantitative review considers whether there has been an adverse change in expected future cash flows. Unrealized losses are not indicative of the amount of credit loss that would be recognized and at March 31, 2014 are primarily due to increases in market yields subsequent to our purchase of the securities. We presently do not intend to sell the vast majority of our debt securities that are in an unrealized loss position and believe that it is not more likely than not that we will be required to sell the vast majority of these securities before anticipated recovery of our amortized cost. The methodologies and significant inputs used to measure the amount of credit loss for our investment securities during the three months ended March 31, 2014 have not changed. For equity securities, we consider the duration and the severity of the unrealized loss. We believe that the unrealized loss associated with our equity securities will be recovered within the foreseeable future.

Our corporate debt portfolio comprises securities issued by public and private corporations in various industries, primarily in the U.S. Substantially all of our corporate debt securities are rated investment grade by the major rating agencies.

(13)

Our RMBS portfolio is collateralized primarily by pools of individual, direct mortgage loans, of which substantially all are in a senior position in the capital structure of the deals, not other structured products such as collateralized debt obligations. Of the total RMBS held at March 31, 2014, $1,225 million and $649 million related to agency and non-agency securities, respectively. Additionally, $355 million was related to residential subprime credit securities, primarily supporting our guaranteed investment contracts. Substantially all of the subprime exposure is related to securities backed by mortgage loans originated in 2006 and prior. A majority of subprime RMBS have been downgraded to below investment grade and are insured by Monoline insurers (Monolines). We continue to place partial reliance on Monolines with adequate capital and claims paying resources depending on the extent of the Monoline’s anticipated ability to cover expected credit losses.

Our commercial mortgage-backed securities (CMBS) portfolio is collateralized by both diversified pools of mortgages that were originated for securitization (conduit CMBS) and pools of large loans backed by high-quality properties (large loan CMBS), a majority of which were originated in 2007 and prior. The vast majority of the securities in our CMBS portfolio have investment-grade credit ratings.

Our asset-backed securities (ABS) portfolio is collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries, as well as a variety of diversified pools of assets such as student loans and credit cards. The vast majority of the securities in our ABS portfolio are in a senior position in the capital structure of the deals.

Pre-tax, Other-Than-Temporary Impairments on Investment Securities

	Three months ended March 31
(In millions)	2014		2013

Total pre-tax, OTTI recognized	$	38	$	302
Less: pre-tax, OTTI recognized in AOCI		(4)		(11)
Pre-tax, OTTI recognized in earnings(a)	$	34	$	291

(a)	Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $1 million during both the three months ended March 31, 2014 and 2013.

Changes in Cumulative Credit Loss Impairments Recognized on Debt Securities Still Held

	Three months ended March 31
(In millions)	2014		2013

Cumulative credit loss impairments recognized,
beginning of period	$	1,192	$	588
Credit loss impairments recognized on securities
not previously impaired		-		263
Incremental credit loss impairments recognized
on securities previously impaired		29		12
Less: credit loss impairments previously
recognized on securities sold during the period		(51)		(1)
Cumulative credit loss impairments recognized,
end of period	$	1,170	$	862

(14)

Contractual Maturities of Investment in Available-for-Sale Debt Securities (Excluding Mortgage-Backed and Asset-Backed Securities)

	Amortized		Estimated
(In millions)	cost		fair value

Due
Within one year	$	1,870	$	1,887
After one year through five years		3,633		3,896
After five years through ten years		5,349		5,641
After ten years		18,490		21,361

We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations.

Gross Realized Gains and Losses on Available-for-Sale Investment Securities

	Three months ended March 31
(In millions)	2014		2013

GE
Gains	$	-	$	1
Losses, including impairments		-		(13)
Net		-		(12)

GECC
Gains		19		62
Losses, including impairments		(36)		(278)
Net		(17)		(216)
Total	$	(17)	$	(228)

Although we generally do not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing our investment securities portfolio, we may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. In some of our bank subsidiaries, we maintain a certain level of purchases and sales volume principally of non-U.S. government debt securities. In these situations, fair value approximates carrying value for these securities.

Proceeds from investment securities sales and early redemptions by issuers totaled $1,349 million for the three months ended March 31, 2014, principally from sales of short-term government securities in our bank subsidiaries and Treasury operations and redemptions of non–U.S. corporate and asset-backed securities in our CLL business.

Proceeds from investment securities sales and early redemptions by issuers totaled $7,654 million for the three months ended March 31, 2013, principally from the sale of Comcast guaranteed debt, sales of short-term securities in our bank subsidiaries and Treasury operations and redemptions of non–U.S. corporate and asset-backed securities in our CLL business.

We recognized pre-tax gains (losses) on trading securities of $(5) million and $42 million in the three months ended March 31, 2014 and 2013, respectively.

(15)

4. INVENTORIES


(In millions)	March 31, 2014		December 31, 2013

Raw materials and work in process	$	10,447	$	10,220
Finished goods		7,911		6,794
Unbilled shipments		766		584
		19,124		17,598
Less revaluation to LIFO		(243)		(273)
Total	$	18,881	$	17,325

5. GECC FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES



(In millions)	March 31, 2014		December 31, 2013

Loans, net of deferred income(a)	$	226,135	$	231,268
Investment in financing leases, net of deferred income		26,251		26,939
		252,386		258,207
Allowance for losses		(5,144)		(5,178)
Financing receivables – net(b)	$	247,242	$	253,029

(a)	Deferred income was $1,714 million and $2,013 million at March 31, 2014 and December 31, 2013, respectively.

(b)	Financing receivables at March 31, 2014 and December 31, 2013 included $532 million and $544 million, respectively, relating to loans that had been acquired in a transfer but have been subject to credit deterioration since origination.

Financing Receivables by Portfolio and Allowance for Losses

During the first quarter of 2014, we combined our CLL Europe and CLL Asia portfolios into CLL International and we transferred our CLL Other portfolio to the CLL Americas portfolio. Prior-period amounts were reclassified to conform to the current-period presentation.



(In millions)	March 31, 2014		December 31, 2013

Commercial
CLL
Americas	$	68,367	$	69,036
International		46,208		47,431
Total CLL		114,575		116,467
Energy Financial Services		2,753		3,107
GE Capital Aviation Services (GECAS)		8,851		9,377
Other		139		318
Total Commercial		126,318		129,269

Real Estate		20,236		19,899

Consumer
Non-U.S. residential mortgages		30,355		30,501
Non-U.S. installment and revolving credit		13,715		13,677
U.S. installment and revolving credit		52,887		55,854
Non-U.S. auto		1,957		2,054
Other		6,918		6,953
Total Consumer		105,832		109,039
Total financing receivables		252,386		258,207
Allowance for losses		(5,144)		(5,178)
Total financing receivables – net	$	247,242	$	253,029

(16)

Allowance for Losses on Financing Receivables

			Provision
	Balance at		charged to					Gross						Balance at
(In millions)	January 1		operations		Other		(a)	write-offs		(b)	Recoveries		(b)	March 31
2014
Commercial
CLL
Americas	$	473	$	84	$	(1)		$	(156)		$	19		$	419
International		505		18		2			(100)			24			449
Total CLL		978		102		1			(256)			43			868
Energy Financial Services		8		9		-			(2)			1			16
GECAS		17		8		-			-			-			25
Other		2		-		(2)			-			-			-
Total Commercial		1,005		119		(1)			(258)			44			909

Real Estate		192		(15)		2			(6)			2			175

Consumer
Non-U.S. residential mortgages		358		10		5			(46)			9			336
Non-U.S. installment and
revolving credit		594		71		8			(189)			104			588
U.S. installment and
revolving credit		2,823		752		18			(785)			139			2,947
Non-U.S. auto		56		12		2			(23)			14			61
Other		150		21		(17)			(40)			14			128
Total Consumer		3,981		866		16			(1,083)			280			4,060

Total	$	5,178	$	970	$	17		$	(1,347)		$	326		$	5,144

2013
Commercial
CLL
Americas	$	496	$	71	$	(1)		$	(103)		$	30		$	493
International		525		94		(10)			(150)			24			483
Total CLL		1,021		165		(11)			(253)			54			976
Energy Financial Services		9		(1)		-			-			-			8
GECAS		8		(1)		-			-			-			7
Other		3		-		-			(1)			-			2
Total Commercial		1,041		163		(11)			(254)			54			993

Real Estate		320		(20)		(6)			(29)			-			265

Consumer

Non-U.S. residential mortgages		480		56		(17)			(55)			12			476
Non-U.S. installment and
revolving credit		582		180		(14)			(231)			140			657
U.S. installment and
revolving credit		2,282		1,014		(50)			(744)			163			2,665
Non-U.S. auto		67		17		(5)			(30)			17			66
Other		172		47		7			(52)			7			181
Total Consumer		3,583		1,314		(79)			(1,112)			339			4,045

Total	$	4,944	$	1,457	$	(96)		$	(1,395)		$	393		$	5,303

(a)	Other primarily includes the effects of currency exchange.

(b)

Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as a result of losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables.

(17)

Credit Quality Indicators

We provide further detailed information about the credit quality of our Commercial, Real Estate and Consumer financing receivables portfolios. For each portfolio, we describe the characteristics of the financing receivables and provide information about collateral, payment performance, credit quality indicators, and impairment. We manage these portfolios using delinquency and nonaccrual data as key performance indicators. The categories used within this section such as impaired loans, troubled debt restructuring (TDR) and nonaccrual financing receivables are defined by the authoritative guidance and we base our categorization on the related scope and definitions contained in the related standards. The categories of nonaccrual and delinquent are used in our process for managing our financing receivables.

Past Due and Nonaccrual Financing Receivables

March 31, 2014

December 31, 2013

Over 30 days

Over 90 days

Over 30 days

Over 90 days

past due

Nonaccrual

past due

Nonaccrual

Commercial

CLL