Summary
General Electric Company (GE) filed an 8-K on October 8, 2008, primarily to update its previously filed 2007 10-K and segment reporting for the six quarters ended June 30, 2008. These updates reflect a significant segment reorganization effective July 25, 2008, consolidating its businesses into five new operating segments: Technology Infrastructure, Energy Infrastructure, Capital Finance, NBC Universal, and Consumer & Industrial. The company also reported the sale of its Japanese mortgage and card businesses (GE Money Japan) as discontinued operations. Additionally, GE disclosed corrections of immaterial items related to its Statement of Cash Flows for the years 2005-2007, identified during an internal review in connection with an SEC investigation. These corrections, primarily involving intercompany transactions and clerical errors, did not impact total cash, cash equivalents, financial position, or results of operations. Investors should note that this filing supersedes specific segment results and affected portions of the 2007 10-K, and for subsequent developments, they should refer to other recent GE filings.
Key Highlights
- 1GE has reorganized its business segments into five new operating divisions: Technology Infrastructure, Energy Infrastructure, Capital Finance, NBC Universal, and Consumer & Industrial, effective July 25, 2008.
- 2The company is reclassifying prior period segment information to align with the new organizational structure, as required by accounting standards.
- 3GE has completed the sale of its Japanese mortgage and card businesses (GE Money Japan) and is now reporting these as discontinued operations.
- 4Immaterial corrections have been made to the Statement of Cash Flows for fiscal years 2005, 2006, and 2007, stemming from an internal review related to an SEC investigation.
- 5These cash flow corrections primarily involved intercompany transaction eliminations and clerical errors, with no impact on total cash, financial position, or operating results.
- 6This 8-K filing updates and supersedes segment results for the six quarters ended June 30, 2008, and specific sections of the 2007 10-K.
- 7Investors are advised to consult GE's subsequent 10-Q and 8-K filings for information beyond the scope of this update.