Shareowners’ equity increased by $3.0 billion and $31.2 billion in 2006 and 2004, respectively, and decreased by $1.6 billion in 2005. Changes over the three-year period were largely attributable to net earnings, partially offset by dividends declared of $10.7 billion, $9.6 billion and $8.6 billion in 2006, 2005 and 2004, respectively. In 2006, we purchased $7.8 billion of GE stock (229.4 million shares) and in 2005, we purchased $5.3 billion of GE stock (153.3 million shares) under our $25 billion share repurchase program. In 2004, we issued 341.7 million shares of stock in connection with the Amersham acquisition, which increased equity by $10.7 billion, and 119.4 million shares of stock to partially fund the combination of NBC and VUE, which increased equity by $3.8 billion. Currency translation adjustments increased equity by $3.6 billion in 2006 and $3.9 billion in 2004, compared with a $4.3 billion decrease in 2005. Changes in currency translation adjustments reflect the effects of changes in currency exchange rates on our net investment in non-U.S. subsidiaries that have functional currencies other than the U.S. dollar. As of December 31, 2006, the U.S. dollar was weaker than the pound sterling and the euro and slightly stronger than the Japanese yen. As of December 31, 2005, the U.S. dollar was stronger than the pound sterling, the euro and the Japanese yen. As of December 31, 2004, the pound sterling, the euro and to a lesser extent, Asian currencies were stronger than the U.S. dollar. See note 23. Accumulated currency translation adjustments affect net earnings only when all or a portion of an affiliate is disposed of or substantially liquidated.
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