BORROWINGS



(In millions)	June 30, 2017			December 31, 2016

Short-term borrowings
GE
Commercial paper	$	2,000		$	1,500
Current portion of long-term borrowings	16,120			17,109
Other	2,211			1,874
Total GE short-term borrowings(a)	20,331			20,482

GE Capital
U.S. Commercial paper	5,012			5,002
Current portion of long-term borrowings(b)	5,869			6,517
Intercompany payable to GE(c)	11,923			11,696
Other	569			229
Total GE Capital short-term borrowings	23,373			23,443

Eliminations(c)	(13,660		)	(13,212		)
Total short-term borrowings	$	30,044		$	30,714

Long-term borrowings
GE
Senior notes	$	56,699		$	54,396
Subordinated notes	2,835			2,768
Subordinated debentures(e)	740			719
Other	1,337			928
Total GE long-term borrowings(a)	61,611			58,810

GE Capital
Senior notes	40,927			44,131
Subordinated notes	218			236
Intercompany payable to GE(d)	36,293			47,084
Other(b)	1,414			1,992
Total GE Capital long-term borrowings	78,852			93,443

Eliminations(d)	(36,786		)	(47,173		)
Total long-term borrowings	$	103,676		$	105,080
Non-recourse borrowings of consolidated securitization entities(f)	$	682		$	417
Total borrowings	$	134,402		$	136,210


(a)	Excluding assumed debt of GE Capital, the total amount of GE borrowings was $33,725 million and $20,512 million at June 30, 2017 and December 31, 2016, respectively.


(b)	Included $1,781 million and $2,665 million of funding secured by aircraft and other collateral at June 30, 2017 and December 31, 2016, respectively, of which $591 million and $1,419 million is non-recourse to GE Capital at June 30, 2017 and December 31, 2016, respectively.

(c)

Included a reduction of zero and $1,329 million for short-term intercompany loans from GE Capital to GE at June 30, 2017 and December 31, 2016, respectively, which bear the right of offset against amounts owed under the assumed debt agreement. Excluding intercompany loans, total short-term assumed debt was $11,923 million and $13,024 million at June 30, 2017 and December 31, 2016, respectively. The remaining short-term loan balance was paid in January 2017.

(d)

Included a reduction of $4,075 million and zero for long-term intercompany loans from GE Capital to GE at June 30, 2017 and December 31, 2016, respectively, which bear the right of offset against amounts owed under the assumed debt agreement. Excluding intercompany loans, total long-term assumed debt was $40,368 million and $47,084 million at June 30, 2017 and December 31, 2016, respectively. The $4,075 million of intercompany loans collectively have a weighted average interest rate of 3.6% and term of approximately 15 years.


(e)	Comprises 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.


(f)	Included $528 million and $320 million of current portion of long-term borrowings at June 30, 2017 and December 31, 2016, respectively. See Note 17.

During the second quarter of 2017, GE completed issuances of €8,000 million senior unsecured debt, composed of €1,750 million of 0.375% Notes due 2022, €2,000 million of 0.875% Notes due 2025, €2,250 million of 1.50% Notes due 2029 and €2,000 million of 2.125% Notes due 2037.

On April 10, 2015, GE provided 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 GE Capital. $92,537 million of such debt was assumed by GE on December 2, 2015 upon its merger with GE Capital resulting in an intercompany payable to GE. At June 30, 2017, the Guarantee applies to $44,077 million of GE Capital debt.

See Notes 16 and 21 for additional information about borrowings and associated swaps.