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BORROWINGS
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
BORROWINGS
NOTE 11. BORROWINGS
(In millions)September 30, 2020December 31, 2019
Commercial paper$— $3,008 
Current portion of long-term borrowings37 766 
Current portion of long-term borrowings assumed by GE2,323 5,473 
Other975 1,832 
Total GE short-term borrowings$3,335 $11,079 
Current portion of long-term borrowings$3,070 $11,226 
Intercompany payable to GE1,881 2,104 
Other347 804 
Total GE Capital short-term borrowings$5,298 $14,134 
Eliminations(2,656)(3,140)
Total short-term borrowings$5,977 $22,072 
Senior notes$18,820 $14,762 
Senior notes assumed by GE20,074 23,024 
Subordinated notes assumed by GE1,737 2,871 
Other294 324 
Total GE long-term borrowings$40,923 $40,980 
Senior notes$31,337 $25,371 
Subordinated notes186 178 
Intercompany payable to GE17,526 17,038 
Other588 626 
Total GE Capital long-term borrowings$49,637 $43,213 
Eliminations(17,526)(17,038)
Total long-term borrowings$73,034 $67,155 
Non-recourse borrowings of consolidated securitization entities452 1,655 
Total borrowings$79,463 $90,882 

At September 30, 2020, the outstanding GE Capital borrowings that had been assumed by GE as part of the GE Capital Exit Plan was $24,134 million ($2,323 million short term and $21,811 million long term), for which GE has an offsetting Receivable from GE Capital of $19,407 million. The difference of $4,726 million ($442 million in short-term borrowings and $4,284 million in long-term borrowings) represents the amount of borrowings GE Capital had funded with available cash to GE via intercompany loans in lieu of GE issuing borrowings externally. GE repaid a total of $7.5 billion of intercompany loans from GE Capital in the second quarter of 2020.

At September 30, 2020, total GE borrowings of $24,851 million comprised GE-issued borrowings of $20,125 million and intercompany loans from GE Capital to GE of $4,726 million as described above.

GE has 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 issued by GE Capital. This guarantee applied to $31,719 million and $34,683 million of GE Capital debt at September 30, 2020 and December 31, 2019, respectively.

Non-recourse borrowings of consolidated securitization entities included an insignificant amount and $1,569 million of current portion of long-term borrowings at September 30, 2020 and December 31, 2019, respectively. See Notes 4 and 18 for further information.

In the second quarter of 2020, GE issued a total of $7,500 million in aggregate principal amount of senior unsecured debt, comprising $1,000 million of 3.450% Notes due 2027, $1,250 million of 3.625% Notes due 2030, $1,500 million of 4.250% Notes due 2040, and $3,750 million of 4.350% Notes due 2050, and used these proceeds in addition to a portion of the proceeds from the BioPharma sale to repay a total of $7,500 million of intercompany loans to GE Capital and to complete a tender offer to purchase $4,237 million in aggregate principal amount of certain GE unsecured debt, comprising $2,046 million of 2.700% Notes due 2022, €934 million ($1,011 million equivalent) of 0.375% Notes due 2022, €425 million ($460 million equivalent) of 1.250% Notes due 2023, €376 million ($407 million equivalent) of floating-rate Notes due 2020, and $312 million of 3.375% Notes due 2024. The total cash consideration paid for these purchases was $4,282 million and the total carrying amount of the purchased notes was $4,228 million, resulting in a loss of $63 million (including $9 million of fees and other costs associated with the tender) which was recorded in Interest and other financial charges in the GE Statement of Earnings (Loss). In addition to the purchase price, GE paid any accrued and unpaid interest on the purchased notes through the date of purchase.
In the second quarter of 2020, GE Capital issued a total of $6,000 million in aggregate principal amount of senior unsecured debt with maturities ranging from 2025 to 2032, and used these proceeds in addition to the proceeds received from repayments of intercompany loans from GE to complete tender offers to purchase a total of $9,787 million in aggregate principal amount of certain senior unsecured debt. The total cash consideration paid for these purchases was $9,950 million and the total carrying amount of the purchased notes was $9,827 million, resulting in a total loss of $143 million (including $20 million of fees and other costs associated with the tender) which was recorded in Interest and other financial charges in the GE Capital Statement of Earnings (Loss). In addition to the purchase price, GE Capital paid any accrued and unpaid interest on the purchased notes through the date of purchase.See Note 17 for further information about borrowings and associated interest rate swaps.