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BORROWINGS
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
The Company’s borrowings include the following senior unsecured notes and credit agreements:

Senior Unsecured Notes
The Company’s borrowings include $9,250 million aggregate principal amount of senior unsecured notes in seven series with maturity dates ranging from 2024 through 2052 (collectively, the “Notes”). This includes $1,000 million aggregate principal amount of 4.800% senior unsecured notes due in 2029 issued by the Company in the third quarter of 2024. Refer to the table below for further information about the Notes.

Credit Facilities
The Company has credit agreements providing for:
•a five-year senior unsecured revolving credit facility in an aggregate committed amount of $2,500 million, maturing on January 3, 2028;
•a 364-day senior unsecured revolving credit facility in an aggregate committed amount of $1,000 million, maturing on December 11, 2024; and
•a three-year senior unsecured term loan credit facility in an aggregate principal amount of $2,000 million, maturing on January 2, 2026 (the “Term Loan Facility” and, together with the five-year revolving credit facility and the 364-day revolving credit facility, the “Credit Facilities”).

There were no outstanding amounts under the five-year revolving credit facility and 364-day revolving credit facility, and there was $1,000 million and $1,150 million outstanding on the Term Loan Facility as of September 30, 2024 and December 31, 2023, respectively.

In the first quarter of 2024, we repaid $150 million of the Term Loan Facility and had no principal debt repayments on the Notes in the nine months ended September 30, 2024.
Borrowings CompositionAs of
September 30, 2024December 31, 2023
5.550% senior notes due November 15, 2024
$1,000 $1,000 
5.600% senior notes due November 15, 2025
1,500 1,500 
5.650% senior notes due November 15, 2027
1,750 1,750 
4.800% senior notes due August 14, 2029
1,000 — 
5.857% senior notes due March 15, 2030
1,250 1,250 
5.905% senior notes due November 22, 2032
1,750 1,750 
6.377% senior notes due November 22, 2052
1,000 1,000 
Floating rate Term Loan Facility due January 2, 2026
1,000 1,150 
Other42 52 
Total principal debt issued10,292 9,452 
Less: Unamortized debt issuance costs and discounts36 35 
Add: Cumulative basis adjustment for fair value hedges
57 25 
Total borrowings10,312 9,442 
Less: Short-term borrowings(1)
1,007 1,006 
Long-term borrowings
$9,306 $8,436 
(1) Short-term borrowings as of September 30, 2024 and December 31, 2023 includes $1,004 million and $1,002 million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.

See Note 12, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.

LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.

As of September 30, 2024 and December 31, 2023, the Company had bank guarantees and surety bonds of approximately $801 million and $751 million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $28 million and $39 million of guarantees as of September 30, 2024 and December 31, 2023, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Condensed Consolidated Statements of Financial Position reflect a liability of $3 million and $4 million as of September 30, 2024 and December 31, 2023, respectively, related to these guarantees. For credit-related guarantees, we estimate our expected credit losses related to off-balance sheet credit exposure consistent with the method used to estimate the allowance for credit losses on financial assets held at amortized cost. See Note 13, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” for further information on guarantee arrangements with GE.