BORROWINGS

12 Months Ended

Dec. 31, 2020

NOTE 11. BORROWINGS


December 31		2020				2019
		Amount		Average Rate		Amount		Average Rate
Commercial paper		$	—	—	%	$	3,008	1.62	%
Current portion of long-term borrowings		36		5.03		766		0.36
Current portion of long-term borrowings assumed by GE Industrial		2,432		3.49		5,473		3.71
Other		882				1,832
Total GE Industrial short-term borrowings		$	3,350			$	11,079


Current portion of long-term borrowings		$	853	1.72	%	$	11,226	3.01	%
Intercompany payable to GE Industrial		2,432				2,104
Non-recourse borrowings of consolidated securitization entities		892		0.81		1,569		1.26
Other		283				804
Total GE Capital short-term borrowings		$	4,461			$	15,702

Eliminations		(3,033)				(3,140)
Total short-term borrowings		$	4,778			$	23,641

	Maturities	Amount		Average Rate		Amount		Average Rate
Senior notes	2022-2050	$	18,994	2.90	%	$	14,762	2.11	%
Senior notes assumed by GE Industrial	2022-2055	18,178		3.25		23,024		4.17
Subordinated notes assumed by GE Industrial	2035-2037	1,779		3.28		2,871		3.68

Other		435				324
Total GE Industrial long-term borrowings		$	39,386			$	40,980

Senior notes	2022-2042	$	30,132	3.41	%	$	25,371	3.66	%
Subordinated notes		189				178
Intercompany payable to GE Industrial		16,780				17,038
Non-recourse borrowings of consolidated securitization entities		—				86		2.82
Other		582				626
Total GE Capital long-term borrowings		$	47,683			$	43,299

Eliminations		(16,780)				(17,038)
Total long-term borrowings		$	70,288			$	67,241
Total borrowings		$	75,067			$	90,882

At December 31, 2020, the outstanding GE Capital borrowings that had been assumed by GE Industrial as part of the GE Capital Exit Plan was $22,390 million ($2,432 million short term and $19,957 million long term), for which GE Industrial has an offsetting receivable from GE Capital of $19,213 million. The difference of $3,177 million (zero in short-term borrowings and $3,177 million in long-term borrowings) represents the amount of borrowings GE Capital had funded with available cash to GE Industrial via intercompany loans in lieu of GE Industrial issuing borrowings externally. GE Industrial repaid a total of $9,049 million of intercompany loans from GE Capital in 2020.

At December 31, 2020, total GE Industrial borrowings of $23,523 million comprised GE Industrial-issued borrowings of $20,346 million and intercompany loans from GE Capital to GE Industrial of $3,177 million as described above.

GE Industrial 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 or guaranteed by GE Capital. This Guarantee applied to $28,503 million and $34,683 million of GE Capital debt at December 31, 2020 and December 31, 2019, respectively.

In the second quarter of 2020, GE Industrial 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 Industrial 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 Industrial Statement of Earnings (Loss). In addition to the purchase price, GE Industrial 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 Industrial 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.

In the fourth quarter of 2020, GE Capital completed a tender offer to purchase a total of $2,157 million in aggregate principal amount of certain senior unsecured debt. The total cash consideration paid for these purchases was $2,255 million and the carrying amount of the purchased notes was $2,166 million, resulting in a total loss of $95 million (including $6 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 Notes 4 and 22 for further information about non-recourse borrowings of consolidated securitization entities. See Note 21 for further information about borrowings and associated interest rate swaps.

Long-term debt maturities over the next five years follow.


	2021			2022		2023		2024		2025
GE Industrial excluding assumed debt	$	36		$	2,016	$	977	$	477	$	2,440
GE Capital debt assumed by GE Industrial	2,432			1,483		1,977		918		237
GE Capital other debt	853		(a)	1,469		1,771		142		3,477

(a)Fixed and floating rate notes of $340 million contain put options with exercise dates in 2021, which have final maturity beyond 2025.

The total interest payments on consolidated borrowings are estimated to be $2,326 million, $2,210 million, $2,072 million, $2,006 million and $1,932 million for 2021, 2022, 2023, 2024 and 2025, respectively.