BORROWINGS

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

BORROWINGS

NOTE 12. BORROWINGS

	March 31, 2021		December 31, 2020
Current portion of long-term borrowings	$	47	$	36
Current portion of long-term borrowings assumed by GE Industrial	1,784		2,432
Other	488		882
Total GE Industrial short-term borrowings	$	2,318	$	3,350
Current portion of long-term borrowings	$	1,743	$	788
Intercompany payable to GE Industrial	1,784		2,432
Non-recourse borrowings of consolidated securitization entities	624		892
Other	59		283
Total GE Capital short-term borrowings	$	4,210	$	4,395
Eliminations	(2,061)		(3,033)
Total short-term borrowings	$	4,468	$	4,713
Senior notes	$	18,753	$	18,994
Senior notes assumed by GE Industrial	17,981		18,178
Subordinated notes assumed by GE Industrial	1,774		1,779
Other	422		435
Total GE Industrial long-term borrowings	$	38,929	$	39,386
Senior notes	$	27,292	$	30,132
Subordinated notes	148		189
Intercompany payable to GE Industrial	16,577		16,780
Non-recourse borrowings of consolidated securitization entities	—		—
Other	521		483
Total GE Capital long-term borrowings	$	44,539	$	47,584
Eliminations	(16,577)		(16,780)
Total long-term borrowings	$	66,890	$	70,189
Total borrowings	$	71,358	$	74,902

At March 31, 2021, the outstanding GE Capital borrowings that had been assumed by GE Industrial as part of the GE Capital Exit Plan was $21,538 million ($1,784 million short-term and $19,754 million long-term), for which GE Industrial has an offsetting Receivable from GE Capital of $18,361 million. The difference of $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. 

At March 31, 2021, total GE Industrial borrowings of $22,886 million comprised GE Industrial-issued borrowings of $19,709 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 by GE Capital. This guarantee applied to $27,332 million and $28,503 million of GE Capital debt at March 31, 2021 and December 31, 2020, respectively.

See Note 19 for further information about borrowings and associated interest rate swaps.