GECC Borrowings |
(In millions) | June 30, 2015 | | December 31, 2014 | | | | | | | Short-term borrowings | | | | | | GE | | | | | | Commercial paper | $ | 1,000 | | $ | 500 | Payable to banks | | 548 | | | 343 | Current portion of long-term borrowings | | 2,057 | | | 2,068 | Other | | 1,082 | | | 961 | Total GE short-term borrowings | | 4,687 | | | 3,872 | | | | | | | GECC | | | | | | Commercial paper(a) | | | | | | U.S. | | 21,906 | | | 22,019 | Non-U.S. | | 3,107 | | | 2,993 | Current portion of long-term borrowings(a)(b)(c) | | 36,163 | | | 36,995 | GE Interest Plus notes(d) | | 2,499 | | | 5,467 | Other(c) | | 463 | | | 231 | Total GECC short-term borrowings | | 64,138 | | | 67,705 | | | | | | | Eliminations | | (1,003) | | | (863) | Total short-term borrowings | $ | 67,822 | | $ | 70,714 | | | | | | | Long-term borrowings | | | | | | GE | | | | | | Senior notes | $ | 15,473 | | $ | 11,945 | Payable to banks | | 76 | | | 5 | Other | | 381 | | | 518 | Total GE long-term borrowings | | 15,930 | | | 12,468 | | | | | | | GECC | | | | | | Senior unsecured notes(a)(b)(e) | | 149,278 | | | 162,194 | Subordinated notes(a) | | 4,659 | | | 4,804 | Subordinated debentures(a)(f) | | 6,774 | | | 7,085 | Other(a)(c)(g) | | 8,750 | | | 12,676 | Total GECC long-term borrowings | | 169,461 | | | 186,759 | | | | | | | Eliminations | | (40) | | | (45) | Total long-term borrowings | $ | 185,351 | | $ | 199,182 | Non-recourse borrowings of consolidated securitization entities(h) | $ | 16,991 | | $ | 19,369 | Bank deposits(i) | $ | 45,799 | | $ | 43,841 | Total borrowings and bank deposits | $ | 315,963 | | $ | 333,106 | | | | | | |
- On April 10, 2015, GE announced it would provide a full and unconditional guarantee on the payment of the principal and interest on all tradable senior and subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed by GECC. Short-term borrowings included $25,013 million of commercial paper and $33,237 million of the current portion of long-term borrowings. Long-term borrowings included $137,719 million of senior unsecured notes, $3,975 million of subordinated notes, $6,774 million of subordinated debentures, and $400 million of other.
- Included $433 million and $439 million of obligations to holders of GICs at June 30, 2015 and December 31, 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 GECC 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 GECC’s ratings, among other things.
- Included $5,193 million and $4,835 million of funding secured by real estate, aircraft and other collateral at June 30, 2015 and December 31, 2014, respectively, of which $1,234 million and $1,183 million is non-recourse to GECC at June 30, 2015 and December 31, 2014, respectively.
- Entirely variable denomination floating-rate demand notes.
- Included $4,593 million related to Synchrony Financial.
- Subordinated debentures receive rating agency equity credit.
- Included $5,151 million related to Synchrony Financial.
- Included $2,899 million and $3,377 million of current portion of long-term borrowings at June 30, 2015 and December 31, 2014, respectively. See Note 16.
- Included $8,028 million and $8,905 million of deposits in non-U.S. banks at June 30, 2015 and December 31, 2014, respectively, and $15,622 million and $14,500 million of certificates of deposits with maturities greater than one year at June 30, 2015 and December 31, 2014, respectively.
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