GE 2013 Annual Report Download - page 106

104 GE 2013 ANNUAL REPORT
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Note 10.
Borrowings and Bank Deposits
SHORT-TERM BORROWINGS
2013 2012
December 31 (Dollars in millions) Amount Average rate (a) Amount Average rate (a)
GE
Commercial paper $ — —% $ 352 0.28%
Payable to banks 346 3.38 23 3.02
Current portion of long-term borrowings 70 5.65 5,068 5.11
Other 1,425 598
Total GE short-term borrowings 1,841 6,041
GECC
Commercial paper
U.S. 24,877 0.18 33,686 0.22
Non-U.S. 4,168 0.33 9,370 0.92
Current portion of long-term borrowings (b) (c) (d) 39,215 2.70 44,264 2.85
GE Interest Plus notes (e) 8,699 1.11 8,189 1.20
Other (c) 339 431
Total GECC short-term borrowings 77,298 95,940
ELIMINATIONS (1,249) (589)
Total short-term borrowings $ 77,890 $ 101,392
LONG-TERM BORROWINGS
2013 2012
December 31 (Dollars in millions) Maturities Amount Average rate (a) Amount Average rate (a)
GE
Senior notes 2015–2042 $ 10,968 3.63% $ 10,963 3.63%
Payable to banks 2015–2023 10 1.10 13 1.79
Other 537 452
Total GE long-term borrowings 11,515 11,428
GECC
Senior unsecured notes (b) 2015–2054 186,433 2.97 199,646 2.95
Subordinated notes (d) 2021–2037 4,821 3.93 4,965 2.92
Subordinated debentures (f) 2066–2067 7,462 5.64 7,286 5.78
Other (c) 11,563 12,879
Total GECC long-term borrowings 210,279 224,776
ELIMINATIONS (129) (120)
Total long-term borrowings $ 221,665 $ 236,084
NON-RECOURSE BORROWINGS OF CONSOLIDATED SECURITIZATION ENTITIES (g) 2014–2019 $ 30,124 1.05% $ 30,123 1.12%
BANK DEPOSITS (h) $ 53,361 $ 46,200
TOTAL BORROWINGS AND BANK DEPOSITS $ 383,040 $ 413,799
(a) Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging.
(b) Included in total long-term borrowings were $481 million and $604 million of obligations to holders of GICs at December 31, 2013 and 2012, respectively. These obligations
included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below
AA-/Aa3. Following the April 3, 2012 Moody’s downgrade of GECC’s long-term credit rating to A1, substantially all of these GICs became redeemable by their holders.
In 2012, holders of $386 million in principal amount of GICs redeemed their holdings and GECC made related cash payments. The remaining outstanding GICs will continue
to be subject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC’s ratings,
among other things.
(c) Included $9,468 million and $9,757 million of funding secured by real estate, aircraft and other collateral at December 31, 2013 and 2012, respectively, of which
$2,868 million and $3,294 million is non-recourse to GECC at December 31, 2013 and 2012, respectively.
(d) Included $300 million of subordinated notes guaranteed by GE at both December 31, 2013 and 2012.
(e) Entirely variable denomination floating-rate demand notes.
(f) Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.
(g) Included at December 31, 2013 and 2012 were $9,047 million and $7,707 million of current portion of long-term borrowings, respectively, and $21,077 million and
$22,416 million of long-term borrowings, respectively. See Note 23.
(h) Included $13,614 million and $15,896 million of deposits in non-U.S. banks at December 31, 2013 and 2012, respectively, and $18,275 million and $17,291 million of
certificates of deposits with maturities greater than one year at December 31, 2013 and 2012, respectively.