| (In millions) | 2004 (Restated) |
2003 (Restated) |
2002 (Restated) |
||||||
|---|---|---|---|---|---|---|---|---|---|
| TOTAL EQUITY | |||||||||
| Balance at December 31 | $ | 110,821 | $ | 79,631 | $ | 64,079 | |||
| COMMON STOCK ISSUED | $ | 669 | $ | 669 | $ | 669 | |||
| ACCUMULATED NONOWNER CHANGES OTHER THAN EARNINGS | |||||||||
| Balance at January 1 | $ | 2,876 | $ | (2,960) | $ | (4,254) | |||
| Investment securities – net of deferred taxes of $503, $590 and $847 | 677 | 960 | 1,630 | ||||||
| Currency translation adjustments – net of deferred taxes of $(1,314), $(1,409) and $17 | 3,936 | 5,057 | 995 | ||||||
| Cash flow hedges – net of deferred taxes of $(97), $(464) and $(664) | (80) | (828) | (1,812) | ||||||
| Minimum pension liabilities – net of deferred taxes of $(184), $(85)and $(42) | (421) | (161) | (75) | ||||||
| Reclassification adjustments | |||||||||
| Investment securities – net of deferred taxes of $(142), $(135) and $(135) | (265) | (250) | (252) | ||||||
| Currency translation adjustments | – | 4 | – | ||||||
| Cash flow hedges – net of deferred taxes of $291, $601 and $143 | 515 | 1,054 | 808 | ||||||
| Balance at December 31 | $ | 7,238 | $ | 2,876 | $ | (2,960) | |||
| OTHER CAPITAL | |||||||||
| Balance at January 1 | $ | 17,497 | $ | 17,288 | $ | 16,693 | |||
| Gains on treasury stock dispositions and other(a) | 4,615 | 209 | 595 | ||||||
| Issuance of subsidiary shares(a)(b) | 2,153 | – | – | ||||||
| Balance at December 31 | $ | 24,265 | $ | 17,497 | $ | 17,288 | |||
| RETAINED EARNINGS | |||||||||
| Balance at January 1 | $ | 83,186 | $ | 75,709 | $ | 68,808 | |||
| Net earnings | 16,819 | 15,236 | 14,167 | ||||||
| Dividends(a) | (8,594) | (7,759) | (7,266) | ||||||
| Balance at December 31 | $ | 91,411 | $ | 83,186 | $ | 75,709 | |||
| COMMON STOCK HELD IN TREASURY | |||||||||
| Balance at January 1 | $ | 24,597 | $ | 26,627 | $ | 26,916 | |||
| Purchases(a) | 1,892 | 1,177 | 2,851 | ||||||
| Dispositions(a)(c) | (13,727) | (3,207) | (3,140) | ||||||
| Balance at December 31 | $ | 12,762 | $ | 24,597 | $ | 26,627 | |||
| (a) | Total dividends and other transactions with shareowners increased equity by $10,009 million in 2004 and reduced equity by $5,520 million and $6,382 million in 2003 and 2002, respectively. |
| (b) | Related to the issuance of 20% of NBC Universal’s shares to a subsidiary of Vivendi Universal as part of the transaction described in note 16. |
| (c) | In 2004, included 341.7 million shares valued at $10,674 million issued in the Amersham acquisition, and 119.4 million shares valued at $3,765 million sold to partially fund the NBC and VUE combination. |
Under the share repurchase program initiated in 1994, we repurchased 6 million shares for a total of $0.2 billion during 2004. As of December 31, 2004, a total of 1,109 million shares, having an aggregate cost of approximately $23 billion, had been purchased and the program was closed out. In December 2004, our Board of Directors authorized a new three-year (2005 – 2007), $15 billion share repurchase program.
Common shares issued and outstanding are summarized in the following table.
SHARES OF GE COMMON STOCK
| December 31 (In thousands) | 2004 | 2003 | 2002 | |||
|---|---|---|---|---|---|---|
| Issued | 11,145,212 | 11,145,212 | 11,145,212 | |||
| In treasury | (558,854 | ) | (1,082,092 | ) | (1,175,318 | ) |
| Outstanding | 10,586,358 | 10,063,120 | 9,969,894 |
GE has 50 million authorized shares of preferred stock ($1.00 par value), but has not issued any such shares as of December 31, 2004.
The effects of translating to U.S. dollars the financial statements of non-U.S. affiliates whose functional currency is the local currency are included in shareowners’ equity. Asset and liability accounts are translated at year-end exchange rates, while revenues and expenses are translated at average rates for the period.
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