GE 2015 Annual Report Download - page 192

FINANCIAL STATEMENTS BORROWINGS
164 GE 2015 FORM 10-K
NOTE 10. BORROWINGS
December 31
(
Dollars in millions
)
2015 2014
Short-term borrowings Amount Average
Rate(a) Amount Average Rate(a)
GE
Commercial paper $ 500 0.15 % $ 500 0.10 %
Current portion of long-term borrowings 17,777 2.10 2,068 1.05
Other 1,522 1,304
Total GE short-term borrowings(b) 19,799 3,872
GE Capital
Commercial paper
U.S. 650 0.46 22,019 0.19
Non-U.S. 4,351 0.01 2,993 0.25
Current portion of lon
g
-term borrowin
g
s
(
c
)
24,996 4.28 36,920 2.15
Intercompan
y
pa
y
able to GE
(
d
)
17,649 -
GE interest plus notes
(
f
)
- 5,467 1.01
Other
(
e
)
1,005 16
Total GE Ca
p
ital short-term borrowin
g
s 48,650 67,416
Eliminations(d) (18,556) (863)
Total short-term borrowin
g
s $ 49,892 $ 70,425
Long-term borrowings Maturities Amount Average
Rate(a) Amount Average Rate(a)
GE
Senior notes 2017-2055 $ 72,840 3.23 % $ 11,945 4.25 %
Subordinated notes 2021-2037 2,954 3.68 -
Subordinated debentures(g) 2066-2067 6,678 6.14 -
Other 1,298 523
Total GE long-term borrowings(b) 83,770 12,468
GE Capital
Senior notes
(
c
)
2017-2039 59,254 2.54 158,600 2.65
Subordinated notes 249 4,804 3.36
Subordinated debentures
(g)
- 7,085 5.88
Intercompan
y
pa
y
able to GE
(
d
)
67,465 -
Other
(
e
)
2,094 3,686
Total GE Ca
p
ital lon
g
-term borrowin
g
s 129
,
062 174
,
174
Eliminations(d)
(
67,531
)
(
46
)
Total lon
g
-term borrowin
g
s $ 145
,
301 $ 186
,
596
Non-recourse borrowin
g
s of
consolidated securitization entities(h) 2016-2017 $ 3,083 1.00 % $ 4,403 0.97 %
Total borrowin
g
s
$
198
,
276
$
261
,
424
(a) Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging.
(b) Excluding assumed debt of GE Capital, GE total borrowings is $18,455 million.
(c) Included $160 million and $439 million of obligations to holders of GICs at December 31, 2015 and 2014, respectively. These obligations
included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings
of GE Capital fall below AA-/Aa3. 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 GE Capital¶VUDWLQJVDPRQJRWKHUWKLQJV
(d) Included $85,114 million of GE Capital debt assumed by GE and maintained as intercompany payable to GE at December 31, 2015.
(e) Included $2,721 million and $3,830 million of funding secured by aircraft and other collateral at December 31, 2015 and 2014, respectively, of
which $1,537 million and $1,183 million is non-recourse to GE Capital at December 31, 2015 and 2014, respectively.
(f) Entirely variable denomination floating-rate demand notes. The GE Interest Plus program was closed effective August 31, 2015.
(g) Included $2,587 million of subordinated debentures, which constitute the sole assets of trusts that have issued trust preferred securities and
where GE owns 100% of the common securities of the trusts. Obligations associated with these trusts are unconditionally guaranteed by GE.
(h) Included $918 million and $773 million of current portion of long-term borrowings at December 31, 2015 and 2014, respectively. See Note 21.
164 GE 2015 FORM 10-K