Summary
General Electric (GE) filed an 8-K on February 19, 2010, to disclose revised unaudited segment financial information for the years ended December 31, 2009, 2008, and 2007, and for the quarters in 2009 and 2008. These revisions are a result of a segment reorganization that became effective January 1, 2010, designed to better align its Consumer & Industrial and Energy businesses for growth. The company is providing this reclassified segment information to reflect these organizational changes for comparative prior periods, which will be reflected in consolidated financial statements starting January 1, 2010. Key changes include the creation of a new 'Home & Business Solutions' segment, incorporating Appliances, Lighting, and Intelligent Platforms. The 'Energy Infrastructure' segment has been expanded to include more energy-related businesses. The 'Security' business is being reported under GE Corporate Items pending its sale. The 'Capital Finance' segment has been renamed 'GE Capital'. Investors should note that this filing primarily provides updated segment reporting and not a change in overall financial performance for the periods presented.
Key Highlights
- 1GE is reorganizing its operating segments effective January 1, 2010, to better align businesses for growth.
- 2A new segment, 'Home & Business Solutions', has been created, combining Appliances, Lighting, and Intelligent Platforms.
- 3The 'Energy Infrastructure' segment will now include additional energy-related businesses from previous segments.
- 4The 'Security' business is classified under 'GE Corporate Items' and is pending sale.
- 5The 'Capital Finance' segment has been renamed 'GE Capital'.
- 6The company is providing revised, reclassified segment financial information for 2007, 2008, and 2009 to reflect these organizational changes.
- 7The revised segment reporting will be incorporated into GE's consolidated financial statements for periods beginning January 1, 2010.