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Show GENERAL ELECTRIC COMPANY AND CONSOLIDATED AFFILIATES NOTES TO FINANCIAL STATEMENTS-(Concluded) 15. Interest and Other Financial Charges Interest and other financial charges applicable to long-term borrowings were $40.8 million in 1971, $52.5 million in 1972, $58.3 million in 1973, $74.1 million in 1974, $84.2 million in 1975 and $40.1 million and $37.1 million in the first six months of 1975 and 1976, respectively. Other interest and financial charges aggregated $56.1 million in 1971, $54.2 million in 1972, $68.6 million in 1973, $106.0 million in 1974, $84.7 million in 1975 and $41.8 million and $42.6 million in the first six months of 1975 and 1976, respectively. 16. Foreign Currency Adjustments The before-tax amount of foreign currency exchange gains and losses, including the results of translating foreign currency financial statements, is included in operating costs. After recognizing income tax effects and minority interest, foreign currency losses were $9.8 million in 1974, $17.9 million in 1975 and $15.2 million and $7.8 million in the first six months of 1975 and 1976 respectively. 17. Supplemental Cost Details Six months ended _Year ended December 31,_ June 30,_ 1971 1972 1973 1974 1975 1975 1976 (Amounts in millions) Company funded research and development............. $250.0 $303.2 $330.7 $351.9 $357.1 $172.8 $176.6 Maintenance and repairs..... 234.1 270.4 319.6 318.7 342.0 146.5 174.3 Social security taxes............. 140.5 167.5 225.8 254.6 264.8 120.3 137.1 Advertising costs.................. 129.1 149.0 170.5 161.0 143.8 61.6 81.3 Rent...................................... 68.5 71.5 86.6 100.4 117.9 51.2 59.3 18. Foreign Operations A summary of certain information, before elimination of intercompany transactions, for all General Electric foreign affiliates and branches is shown below. Six months ended Year ended December 31, June 30, 1973 1974 1975 1975 1976 (Amounts in millions) Operating results: Sales........................................... $1,799.9 $2,362.6 $2,801.5 $1,307.0 $1,395.5 Net earnings............................... 88.2 109.7 127.2 49.1 79.2 General Electric share of net earnings.................................. 80.4 99.5 116.4 44.5 74.4 December 31, June 30, 1975 1976 Financial position: Total assets................................................................. $2,194.0 $2,304.8 Total liabilities........................................................... $1,434.4 $1,453.1 Minority interest in equity.......................................... 83.6 85.7 General Electric interest in equity............................. 676.0 766.0 Total liabilities and equity......................................... $2,194.0 $2,304.8 19. QUARTERLY FINANCIAL INFORMATION (Unaudited) 1976 First Second quarter-quarter (Dollar amounts in millions; per-share amounts in dollars) Sales................................................................................... $3,267.9 $3,641.4 Operating margin............................................................... 221.0 258.2 Net earnings applicable to common stock........................ 135.4 180.8 Earnings per common share.............................................. 0.73 0.98 F-18 GENERAL ELECTRIC CREDIT CORPORATION AND CONSOLIDATED AFFILIATES STATEMENT OF FINANCIAL POSITION (Amounts in millions) ASSETS (Unaudited) December 31, June 26, 1975 1976 Cash (Note 6)............................................................................................................. $ 86.6 $ 102.4 Marketable securities (Note 2).................................................................................. 98.7 122.5 Receivables (Note 3): Time sales, loans and leases: Consumer financing..................................... ................................................ 2,672.3 2,669.3 Commercial and industrial financing.......................................................... 2,077.6 2,225.2 Total..................................................................................................... 4,749.9 4,894.5 Inventory financing.............................................................................................. 226.3 251.5 Sundry receivables............................................................................................... 40.8 41.0 Total receivables.................................................................................. 5,017.0 5,187.0 Deferred income.................................................................................................. (522.1) (497.2) Allowance for losses (Note 4)............................................................................ (126.1) (145.0) Net receivables..................................................................................... 4,368.8 4,544.8 Building and equipment at cost, less accumulated depreciation of $11.3 million at December 31, 1975 and $12.0 million at June 26, 1976........................................ 9.9 10.3 Other assets (Note 5)................................................................................................. 110.1 130.0 Total assets........................................................................................... $4,674.1 $4,910.0 LIABILITIES, DEFERRED CREDITS AND EQUITY Notes payable within one year: Commercial paper............................................................................................... $1,506.9 $1,473.6 Notes with trust departments of banks............................................................... 544.6 584.6 Current portion of term notes............................................................................. 79.8 _-- 2,131.3 2,058.2 Notes payable after one year: Senior indebtedness............................................................................................. 1,074.1 1,299.5 Subordinated indebtedness................................................................................. 249.5 252.6 1,323.6 1,552.1 Total notes payable (Note 6).............................................................. 3,454.9 3,610.3 Accounts and drafts payable....................................................................................... 87.5 77.0 Deferred payments to sellers...................................................................................... 91.1 93.2 Reserves of insurance subsidiaries.............................................................................. 48.4 50.9 Other liabilities............................................................................................................ 63.6 67.0 Total liabilities...................................................................................... 3,745.5 3,898.4 Deferred income taxes................................................................................................ 336.0 385.5 Deferred investment tax credit................................................................................... 92.0 98.7 Total deferred credits........................................................................... 428.0 484.2 Cumulative preferred stock, 7 1/2%, $200 par value (authorized 500,000 shares and outstanding 450,000 shares)............................................................................ 90.0 90.0 Common stock, $200 par value (authorized 1,107,500 shares and outstanding 1,096,000 shares).................................................................................................... 219.2 219.2 Additional paid-in capital........................................................................................... 11.5 11.5 Retained earnings....................................................................................................... 179.9 206.7 Total equity (Note 7).......................................................................... 500.6 527.4 Total liabilities, deferred credits and equity............................................................... $4,674.1 $4,910.0 Commitments and contingent liabilities (Note 11) See Notes to Financial Statements. 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