Changes in operating assets and liabilities are net of acquisitions and dispositions of principal businesses.
“Payments for principal businesses purchased” in the Statement of Cash Flows is net of cash acquired and includes debt assumed and immediately repaid in acquisitions.
“All other operating activities” in the Statement of Cash Flows consists primarily of adjustments to current and noncurrent accruals and deferrals of costs and expenses, adjustments for gains and losses on assets, increases and decreases in assets held for sale and adjustments to assets.
Non-cash transactions include the following: in 2004, the issuance of GE common stock valued at $10,674 million in connection with the acquisition of Amersham and the issuance of NBC Universal shares valued at $5,845 million in connection with the combination of NBC and VUE; in 2003, the acquisition of Osmonics, Inc. for GE common stock valued at $240 million; and in 2002, the acquisition of Interlogix, Inc. for GE common stock valued at $395 million and the acquisition of Bravo for GE common stock and other investment securities valued at $335 million and $886 million, respectively.
Certain supplemental information related to GE and GECS cash flows is shown below.
| For the years ended December 31 (In millions) | 2004 | 2003 | 2002 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| GE | |||||||||
| NET DISPOSITIONS (PURCHASES) OF GE SHARES FOR TREASURY | |||||||||
| Open market purchases under share repurchase program | $ | (203 | ) | $ | (340 | ) | $ | (1,981 | ) |
| Other purchases | (1,689 | ) | (837 | ) | (870 | ) | |||
| Dispositions | 5,885 | 1,903 | 1,866 | ||||||
| $ | 3,993 | $ | 726 | $ | (985 | ) | |||
| GECS | |||||||||
| ALL OTHER OPERATING ACTIVITIES | |||||||||
| Proceeds from assets held for sale | $ | 84 | $ | 1,168 | $ | 25 | |||
| Amortization of intangible assets | 800 | 947 | 1,558 | ||||||
| Realized gains on sale of investment securities | (407 | ) | (408 | ) | (301 | ) | |||
| Other(a) | (267) | 121 | (1,919 | ) | |||||
| $ | 220 | $ | 1,828 | $ | (637 | ) | |||
| NET INCREASE IN GECS FINANCING RECEIVABLES | |||||||||
| Increase in loans to customers | $ | (342,357 | ) | $ | (263,815 | ) | $ | (209,431 | ) |
| Principal collections from customers — loans | 305,846 | 238,518 | 185,329 | ||||||
| Investment in equipment for financing leases | (22,649 | ) | (22,825 | ) | (19,828 | ) | |||
| Principal collections from customers — financing leases | 19,715 | 18,909 | 15,305 | ||||||
| Net change in credit card receivables | (7,322 | ) | (11,483 | ) | (19,108 | ) | |||
| Sales of financing receivables | 31,487 | 36,009 | 29,651 | ||||||
| $ | (15,280 | ) | $ | (4,687 | ) | $ | (18,082 | ) | |
| ALL OTHER INVESTING ACTIVITIES | |||||||||
| Purchases of securities by insurance and annuity businesses | $ | (34,164 | ) | $ | (50,127 | ) | $ | (64,721 | ) |
| Dispositions and maturities of securities by insurance and annuity businesses | 32,668 | 43,720 | 54,423 | ||||||
| Proceeds from principal business dispositions | 472 | 3,337 | — | ||||||
| Other | 1,467 | 3,277 | (4,936 | ) | |||||
| $ | 443 | $ | 207 | $ | (15,234 | ) | |||
| NEWLY ISSUED DEBT HAVING MATURITIES LONGER THAN 90 DAYS | |||||||||
| Short-term (91 to 365 days) | $ | 1,504 | $ | 1,576 | $ | 1,796 | |||
| Long-term (longer than one year) | 59,198 | 57,572 | 93,026 | ||||||
| Proceeds — nonrecourse, leveraged lease | 562 | 791 | 1,222 | ||||||
| $ | 61,264 | $ | 59,939 | $ | 96,044 | ||||
| REPAYMENTS AND OTHER REDUCTIONS OF DEBT HAVING MATURITIES LONGER THAN 90 DAYS | |||||||||
| Short-term (91 to 365 days) | $ | (41,443 | ) | $ | (38,756 | ) | $ | (32,950 | ) |
| Long-term (longer than one year) | (3,443 | ) | (3,664 | ) | (5,936 | ) | |||
| Principal payments — nonrecourse, leveraged lease | (652 | ) | (782 | ) | (339 | ) | |||
| $ | (45,538 | ) | $ | (43,202 | ) | $ | (39,225 | ) | |
| ALL OTHER FINANCING ACTIVITIES | |||||||||
| Proceeds from sales of investment contracts | $ | 18,103 | $ | 9,319 | $ | 7,894 | |||
| Redemption of investment contracts | (21,048 | ) | (9,556 | ) | (6,834 | ) | |||
| Capital contributions from GE | — | — | 6,300 | ||||||
| Cash received upon assumption of insurance liabilities | — | — | 2,813 | ||||||
| $ | (2,945 | ) | $ | (237 | ) | $ | 10,173 | ||
| (a) | As restated. |
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