<PAGE>
1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
FORM 10-Q
----------
SECURITIES EXCHANGE ACT OF 1934
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
-----------------------------
Commission file number 1-6461
-----------------------------
General Electric Capital Corporation
(Exact name of registrant as specified in its charter)
New York 13-1500700
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
260 Long Ridge Road, Stamford, Connecticut 06927
(Address of principal executive offices) (Zip Code)
(203) 357-4000
(Registrant's telephone number, including area code)
-----------------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
At October 27, 1995, 3,837,825 shares of common stock with a par value of
$200 were outstanding.
REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND
(b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED
DISCLOSURE FORMAT.
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2
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>
Page
-----
<S> <C>
Item 1. Financial Statements....................................... 1
Item 2. Management's Discussion and Analysis of Results
of Operations.................................................... 5
Exhibit 12. Computation of Ratio of Earnings to Fixed Charges
and Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends.................................... 8
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K........................... 9
Signatures......................................................... 10
Index to Exhibits.................................................. 11
</TABLE>
<PAGE>
3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
Condensed Statement of Current and Retained Earnings
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
--------------------------- --------------------------
September 30, October 1, September 30, October 1,
(In millions) 1995 1994 1995 1994
------------- ---------- ------------- ----------
<S> <C> <C> <C> <C>
Earned Income...................................... $ 5,395 $ 4,306 $ 15,354 $ 12,096
-------- -------- -------- --------
Expenses
Interest........................................... 1,662 1,098 4,793 3,139
Operating and administrative....................... 1,456 1,222 4,400 3,799
Insurance losses and policyholder and
annuity benefits................................. 445 575 1,447 1,218
Provision for losses on financing receivables...... 352 186 710 607
Depreciation and amortization of buildings and
equipment and equipment on operating leases...... 487 425 1,426 1,191
Minority interest in net earnings of
consolidated affiliates.......................... 15 18 48 79
-------- -------- -------- --------
4,417 3,524 12,824 10,033
-------- -------- -------- --------
Earnings
Earnings before income taxes....................... 978 782 2,530 2,063
Provision for income taxes......................... (330) (234) (837) (630)
-------- -------- -------- --------
Net earnings....................................... 648 548 1,693 1,433
Dividends.......................................... (260) (198) (521) (485)
Retained earnings at beginning of period........... 9,105 7,606 8,321 7,008
-------- -------- -------- --------
Retained earnings at end of period................. $ 9,493 $ 7,956 $ 9,493 $ 7,956
======== ======== ======== ========
<FN>
See Notes to Condensed, Consolidated Financial Statements.
</TABLE>
1
<PAGE>
4
Item 1. Financial Statements (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
Condensed Statement of Financial Position
<TABLE>
<CAPTION>
September 30, December 31,
(In millions) 1995 1994
------------- ------------
(Unaudited)
<S> <C> <C>
Assets
Cash and equivalents................................................ $ 1,200 $ 712
Investment securities............................................... 24,056 22,208
Financing receivables:
Time sales and loans, net of deferred income...................... 55,879 50,021
Investment in financing leases, net of deferred income............ 33,870 28,398
--------- ---------
89,749 78,419
Allowance for losses on financing receivables..................... (2,360) (2,062)
--------- ---------
Financing receivables - net.................................... 87,389 76,357
Other receivables - net............................................. 3,925 3,624
Equipment on operating leases (at cost), less
accumulated amortization of $4,513 and $4,029..................... 13,291 12,851
Other assets........................................................ 17,323 15,152
--------- ---------
Total assets........................................................ $ 147,184 $ 130,904
========= =========
Liabilities and equity
Notes payable within one year....................................... $ 52,767 $ 54,579
Senior notes payable after one year................................. 46,777 33,615
Subordinated notes payable after one year........................... 697 697
Insurance liabilities, reserves and annuity benefits................ 18,665 18,593
Other liabilities................................................... 7,622 6,998
Deferred income taxes............................................... 6,750 5,267
--------- ---------
Total liabilities.......................................... 133,278 119,749
--------- ---------
Minority interest in equity of consolidated affiliates.............. 718 615
--------- ---------
Capital stock....................................................... 769 769
Additional paid-in capital.......................................... 2,697 2,172
Retained earnings................................................... 9,493 8,321
Unrealized gains (losses) on investment securities.................. 285 (655)
Currency translation adjustments.................................... (56) (67)
--------- ---------
Total equity............................................... 13,188 10,540
--------- ---------
Total liabilities and equity........................................ $ 147,184 $ 130,904
========= =========
<FN>
See Notes to Condensed, Consolidated Financial Statements.
</TABLE>
2
<PAGE>
5
Item 1. Financial Statements (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
Condensed Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
------------------------------
September 30, October 1,
(In millions) 1995 1994
------------ -----------
<S> <C> <C>
Cash Flows From Operating Activities
Net earnings........................................................ $ 1,693 $ 1,433
Adjustments to reconcile net earnings to cash
provided from operating activities:
Provision for losses on financing receivables..................... 710 607
Depreciation and amortization of buildings and
equipment and equipment on operating leases.................... 1,426 1,191
Other - net....................................................... 1,686 (368)
--------- ---------
Cash provided from operating activities......................... 5,515 2,863
--------- ---------
Cash Flows From Investing Activities
Increase in loans to customers...................................... (33,141) (17,811)
Principal collections from customers................................ 31,415 14,428
Investment in assets on financing leases............................ (10,703) (7,175)
Principal collections on financing leases........................... 5,968 5,062
Net increase in credit card receivables............................. (1,067) (839)
Buildings and equipment and equipment on operating leases:
- additions................................................. (4,208) (3,625)
- dispositions.............................................. 2,074 2,125
Payments for principal businesses purchased, net of cash acquired... (2,433) (1,309)
Proceeds from principal businesses disposed......................... 575 -
Purchases of investment securities by insurance
affiliates and annuity businesses................................. (4,970) (4,697)
Dispositions and maturities of investment securities
by insurance affiliates and annuity businesses.................... 4,717 3,855
Other - net......................................................... (1,680) 3,373
--------- ---------
Cash used for investing activities.............................. (13,453) (6,613)
--------- ---------
Cash Flows From Financing Activities
Net change in borrowings (maturities 90 days or less)............... (7,538) (4,931)
Newly issued debt - short-term (maturities 91-365 days)............. 1,862 2,354
- long-term senior................................ 26,506 15,088
Repayments and other reductions
- short-term (maturities 91-365 days)............... (11,336) (7,469)
- long-term senior.................................. (597) (854)
Proceeds - non-recourse, leveraged lease debt....................... 257 -
Principal payments - non-recourse, leveraged lease debt............. (235) (246)
Proceeds from sales of investment and annuity contracts............. 976 585
Redemption of investment and annuity contracts...................... (1,593) (713)
Dividends paid...................................................... (521) (475)
Issuance of preferred stock in excess of par value.................. 525 -
Issuance of variable cumulative preferred stock by
consolidated affiliate............................................ 120 240
--------- ---------
Cash provided from financing activities......................... 8,426 3,579
--------- ---------
Increase (Decrease) in Cash and Equivalents......................... 488 (171)
Cash and Equivalents at Beginning of Period......................... 712 1,049
--------- ---------
Cash and Equivalents at End of Period............................... $ 1,200 $ 878
========= =========
<FN>
See Notes to Condensed, Consolidated Financial Statements.
</TABLE>
3
<PAGE>
6
Item 1. Financial Statements (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
Notes to Condensed, Consolidated Financial Statements
(Unaudited)
1. The condensed, consolidated financial statements represent a
consolidation of General Electric Capital Corporation ("Corporation") and
all majority-owned and controlled affiliates ("consolidated affiliates").
All significant transactions among the parent and consolidated affiliates
have been eliminated. In the opinion of management, all adjustments of a
normal recurring nature necessary to present a fair statement of financial
position as of September 30, 1995, the statement of cash flows for the nine-
month interim periods ended September 30, 1995, and October 1, 1994, and
the results of operations for the three-month- and nine-month interim
periods ended September 30, 1995, and October 1, 1994, have been included.
The condensed, consolidated financial statements have been prepared in
accordance with the instructions for Form 10-Q and therefore do not include
some information and notes necessary to constitute a complete and detailed
presentation in conformity with annual reporting requirements.
2. The results of operations for the three and nine months ended
September 30, 1995, should not be regarded as necessarily indicative of the
results that may be expected for the entire year.
3. The ratio of earnings to fixed charges was 1.52 for the nine months ended
September 30, 1995. For purposes of computing the ratio, earnings consist
of net earnings adjusted for provision for income taxes, minority interest
and fixed charges. Fixed charges consist of interest and discount on all
indebtedness and one-third of annual rentals, which the Corporation
believes is a reasonable approximation of the interest factor of such
rentals. The ratio of earnings to combined fixed charges and preferred
stock dividends was 1.50 for the nine months ended September 30, 1995.
4. The Corporation adopted Statement of Financial Accounting Standards (SFAS)
No. 114, Accounting by Creditors for Impairment of a Loan, and the related
SFAS No. 118, Accounting by Creditors for Impairment of a Loan - Income
Recognition and Disclosures, on January 1, 1995. The adoption of these
Statements had no effect on earnings or financial position as the same
level of allowance for losses was appropriate under both the previous
accounting policy and the newly-adopted policy.
4
<PAGE>
7
Item 2. Management's Discussion and Analysis of Results of Operations.
Overview
Net earnings for the first nine months of 1995 were $1,693 million, a $260
million (18%) increase over the first nine months of 1994. The Corporation's
contribution to its parent, General Electric Capital Services, Inc. (GECS),
after payment of dividends on its variable cumulative preferred stock, was
$1,660 million, a $247 million (17%) increase over the comparable 1994 period.
Earnings of the Corporation's lending, leasing and equipment management
businesses are significantly influenced by the level of invested assets, the
related financing spreads (the excess of rates earned -- yields -- over rates
on borrowings) and the quality of those assets. The Corporation's increase in
net earnings principally resulted from a higher average level of invested
assets, partially offset by a decrease in spreads, as the increase in interest
rates paid on borrowings exceeded the increase in yields.
Operating Results
Earned income from all sources of $15,354 million for the first nine
months of 1995 increased $3,258 million (27%) over the first nine months of
1994.
Earned income from the Corporation's specialized financing, mid-market
financing, consumer services and equipment management businesses increased
$3,111 million (29%) over the comparable prior-year period principally
reflecting a higher average level of invested assets, resulting from both
origination volume and acquisitions of portfolios and businesses, and increased
yields. Earned income from the Corporation's specialty insurance businesses of
$1,560 million for the first nine months of 1995 increased $147 million (10%)
over the first nine months of 1994 primarily reflecting growth in premium and
investment income in the property and casualty business, due to acquisition
growth in the prior year.
Interest expense for the first nine months of 1995 increased $1,654
million (53%) from the first nine months of the prior year. The increase
reflected the effects of significantly higher interest rates and additional
borrowings required to finance the higher level of invested assets. The
Corporation's composite interest rate for the first nine months of 1995 was
6.77%, compared with 5.23% for the first nine months of 1994.
Operating and administrative expenses were $4,400 million for the first
nine months of 1995, up 16% over the first nine months of 1994. This increase
reflected operating costs associated with the higher level of assets, largely
the result of businesses and portfolios acquired over the past year.
Insurance losses and policyholder and annuity benefits were $1,447 million
for the first nine months of 1995, compared with $1,218 million during the
first nine months of 1994, principally as a result of growth in annuity
benefits credited to customers of the annuity business resulting from
portfolios acquired in the second half of 1994.
5
<PAGE>
8
Item 2. Management's Discussion and Analysis of Results of Operations
(Continued).
Provision for losses on financing receivables during the first nine months
of 1995 was $710 million, $103 million higher than during the comparable prior-
year period, principally reflecting growth in the Auto Financing Services and
Global Consumer Finance business portfolios and higher write-offs in the
domestic consumer credit card business.
Depreciation and amortization of buildings and equipment and equipment on
operating leases was $1,426 million in the first nine months of 1995, $235
million higher than in the first nine months of 1994, reflecting higher levels
of equipment on operating leases in the equipment management segment resulting
from portfolio growth and acquisitions.
Provision for income taxes for the first nine months of 1995 was $837
million (33% effective tax rate) compared with $630 million (31% effective tax
rate) for the comparable prior-year period. The higher provision for income
taxes was primarily due to increased pre-tax earnings subject to regular tax
rates. The increase in the effective tax rate was primarily attributable to
proportionately lower tax-exempt income on investment securities, lower levels
of earnings on leveraged leases having effective tax rates lower than statutory
rates and increased taxes on foreign income.
Portfolio Quality
Financing revenues are directly related to the largest financing asset,
the portfolio of financing receivables. The portfolio, net of the allowance for
losses, aggregated $87.4 billion at September 30, 1995, an increase of $11.0
billion (14%) from year-end 1994. The related allowance for losses was $2.4
billion (2.63% of receivables -- the same level as at the end of 1994) and is,
in management's judgment, appropriate given the risk profile of the portfolio.
A discussion of the portfolio quality of certain elements of financing
receivables and investments follows. For the purpose of this discussion,
"nonearning" receivables are those that are 90 days or more delinquent and
"reduced earning" receivables are those that have been restructured such that
the interest rate is below market.
Consumer loans receivable, primarily retailer and auto, were $26.1 billion
at September 30, 1995, an increase of $3.0 billion from the end of 1994. In
addition, the Corporation's investment in consumer auto finance lease
receivables was $11.8 billion at September 30, 1995, an increase of $4.3
billion from the end of 1994. Nonearning receivables increased to $581 million
at September 30, 1995, from $422 million at December 31, 1994, primarily
related to acquisitions. Write-offs of receivables were $469 million for the
first nine months of 1995, compared with $338 million for the first nine months
of 1994.
Commercial real estate investments were $18.8 billion at September 30,
1995, an increase of $1.9 billion from December 31, 1994. Commercial real
estate loans, the largest component of the Corporation's commercial real estate
investments, increased to $14.4 billion at September 30, 1995, from $13.3
billion at December, 31, 1994. Nonearning and reduced earning receivables were
$203 million at September 30, 1995, compared with $179 million at the prior
year end. Write-offs of commercial real estate loans were $102 million for the
first nine months of 1995, compared with $170 million for the comparable prior-
year period.
6
<PAGE>
9
Item 2. Management's Discussion and Analysis of Results of Operations
(Continued).
Other financing receivables relate primarily to a diverse commercial,
industrial and equipment loan and lease portfolio. Nonearning and reduced
earning receivables increased to $293 million at September 30, 1995, from $165
million at the prior year end. This portfolio included approximately $2.5
billion of financings provided for highly leveraged management buyouts and
corporate recapitalizations at September 30, 1995, essentially unchanged from
December 31, 1994.
The Corporation's aggregate loans and leases to commercial airlines at
September 30, 1995, increased to $8.0 billion from $7.6 billion at December 31,
1994, due to purchases of aircraft included in equipment on operating leases.
Accounting Standards to Be Adopted
Statement of Financial Accounting Standards (SFAS) No. 121, Accounting for
the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of, requires, among other things, that certain long-lived assets be reviewed
for impairment whenever events or circumstances indicate that the carrying
amount of an asset may not be recoverable. An impairment loss is recognized if,
upon such review, the sum of expected future cash flows is less than the
carrying amount of the asset. An impairment loss is measured based on the
difference between the carrying amount of the asset and its fair value. The
effect of adopting SFAS No. 121 is not expected to be material. Adoption is
required by no later than the first quarter of 1996.
SFAS No. 122, Accounting for Mortgage Servicing Rights, requires that
rights to service mortgage loans be recognized when the underlying loans are
sold. The standard also requires that capitalized mortgage servicing rights be
assessed for impairment by individual risk stratum based on the fair value of
such rights. Management is gathering information and evaluating the
requirements of SFAS No. 122, but has not determined the impact of its
application on the Corporation's financial position or results of operations.
Adoption is required by no later than the first quarter of 1996.
Other Matters
As 1995 progresses, management continues to believe that the diversity and
strength of the Corporation's assets, along with vigilant attention to risk
management, position it to deal effectively with a changing global economic
environment.
7
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10
EXHIBIT 12
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
Computation of Ratio of Earnings to Fixed Charges and
Computation of Ratio of Earnings to Combined Fixed
Charges and Preferred Stock Dividends
Nine Months Ended September 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Ratio Ratio of
of Earnings
Earnings to Combined
to Fixed Charges
Fixed and Preferred
(Dollar amounts in millions) Charges Stock Dividends
--------- ---------------
<S> <C> <C>
Net earnings...................................................... $ 1,693 $ 1,693
Provision for income taxes........................................ 837 837
Minority interest in net earnings of consolidated
affiliates...................................................... 48 48
-------- --------
Earnings before provision for income taxes and
minority interest............................................... 2,578 2,578
-------- --------
Fixed charges:
Interest...................................................... 4,842 4,842
One-third of rentals.......................................... 113 113
-------- --------
Total fixed charges............................................... 4,955 4,955
-------- --------
Less capitalized interest, net of amortization.................... 13 13
-------- --------
Earnings before provision for income taxes and
minority interest plus fixed charges............................ $ 7,520 $ 7,520
======== ========
Ratio of earnings to fixed charges................................ 1.52
========
Preferred stock dividend requirements............................. $ 33
Ratio of earnings before provision for income
taxes to net earnings........................................... 1.49
--------
Preferred stock dividend on a pre-tax basis....................... 49
Fixed charges..................................................... 4,955
--------
Total fixed charges and preferred stock dividend requirements..... $ 5,004
========
Ratio of earnings to combined fixed charges and preferred
stock dividends................................................. 1.50
========
</TABLE>
8
<PAGE>
11
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a. Exhibits.
Exhibit 12. Computation of ratio of earnings to fixed charges and
computation of ratio of earnings to combined fixed charges and
preferred stock dividends.
Exhibit 27. Financial Data Schedule (filed electronically only)
b. Reports on Form 8-K.
None.
9
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12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
GENERAL ELECTRIC CAPITAL CORPORATION
------------------------------------
(Registrant)
Date: November 10, 1995 By: /s/ J.A. Parke
-------------------------------------------
J. A. Parke, Senior Vice President, Finance
(Principal Financial Officer)
Date: November 10, 1995 By: /s/ J.C. Amble
-------------------------------------------
J. C. Amble, Vice President and Controller
(Principal Accounting Officer)
10
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13
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
Index to Exhibits
<TABLE>
<CAPTION>
Exhibit No. Page No.
- ----------- --------
<S> <C>
12 Computation of ratio of earnings to fixed charges and
computation of ratio of earnings to combined fixed
charges and preferred stock dividends..................... 8
27 Financial Data Schedule (filed electronically only)
</TABLE>
11
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1
EXHIBIT 12
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
Computation of Ratio of Earnings to Fixed Charges and
Computation of Ratio of Earnings to Combined Fixed
Charges and Preferred Stock Dividends
Nine Months Ended September 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Ratio Ratio of
of Earnings
Earnings to Combined
to Fixed Charges
Fixed and Preferred
(Dollar amounts in millions) Charges Stock Dividends
--------- ---------------
<S> <C> <C>
Net earnings...................................................... $ 1,693 $ 1,693
Provision for income taxes........................................ 837 837
Minority interest in net earnings of consolidated
affiliates...................................................... 48 48
-------- --------
Earnings before provision for income taxes and
minority interest............................................... 2,578 2,578
-------- --------
Fixed charges:
Interest...................................................... 4,842 4,842
One-third of rentals.......................................... 113 113
-------- --------
Total fixed charges............................................... 4,955 4,955
-------- --------
Less capitalized interest, net of amortization.................... 13 13
-------- --------
Earnings before provision for income taxes and
minority interest plus fixed charges............................ $ 7,520 $ 7,520
======== ========
Ratio of earnings to fixed charges................................ 1.52
========
Preferred stock dividend requirements............................. $ 33
Ratio of earnings before provision for income
taxes to net earnings........................................... 1.49
--------
Preferred stock dividend on a pre-tax basis....................... 49
Fixed charges..................................................... 4,955
--------
Total fixed charges and preferred stock dividend requirements..... $ 5,004
========
Ratio of earnings to combined fixed charges and preferred
stock dividends................................................. 1.50
========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 1995,
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000040554
<NAME> GENERAL ELECTRIC CAPITAL CORPORATION
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 1,200
<SECURITIES> 24,056
<RECEIVABLES> 89,749
<ALLOWANCES> 2,360
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 19,771
<DEPRECIATION> 5,407
<TOTAL-ASSETS> 147,184
<CURRENT-LIABILITIES> 0
<BONDS> 47,474
<COMMON> 768
0
1
<OTHER-SE> 12,419
<TOTAL-LIABILITY-AND-EQUITY> 147,184
<SALES> 0
<TOTAL-REVENUES> 15,354
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,400
<LOSS-PROVISION> 710
<INTEREST-EXPENSE> 4,793
<INCOME-PRETAX> 2,530
<INCOME-TAX> 837
<INCOME-CONTINUING> 1,693
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,693
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>