Short-Term Borrowings

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings

Note 15.

Short-Term Borrowings

Short-term borrowings were comprised of the following:

	As of
in millions		March 2014	December 2013
Other secured financings (short-term)		$18,113	$17,290
Unsecured short-term borrowings		46,391	44,692
Total		$64,504	$61,982

See Note 9 for further information about other secured financings.

Unsecured short-term borrowings include the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder.

The firm accounts for promissory notes, commercial paper and certain hybrid financial instruments at fair value under the fair value option. See Note 8 for further information about unsecured short-term borrowings that are accounted for at fair value. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. While these unsecured short-term borrowings are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of March 2014 and December 2013.

The table below presents unsecured short-term borrowings.

	As of
$ in millions		March 2014		December 2013
Current portion of unsecured long-term borrowings		$26,532		$25,312
Hybrid financial instruments		14,019		13,391
Promissory notes		313		292
Commercial paper		1,283		1,011
Other short-term borrowings		4,244		4,686
Total		$46,391		$44,692
Weighted average interest rate 1		1.55	%	1.65	%

1. The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.