Borrowings

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Borrowings

NOTE 9. BORROWINGS

(In millions)	March 31, 2016		December 31, 2015
Short-term borrowings
GE
Commercial paper	$	1,500	$	500
Current portion of long-term borrowings		17,383		17,770
Other		1,776		1,522
Total GE short-term borrowings(a)		20,659		19,792
GE Capital
Commercial paper
U.S.		2,994		650
Non-U.S.		2,003		4,351
Current portion of long-term borrowings		25,596		24,969
Intercompany payable to GE(b)		17,268		17,642
Other(c)		876		1,005
Total GE Capital short-term borrowings		48,736		48,617
Eliminations(b)		(18,313)		(18,549)
Total short-term borrowings	$	51,082	$	49,860
Long-term borrowings
GE
Senior notes	$	66,115	$	72,471
Subordinated notes		2,902		2,940
Subordinated debentures(d)		2,334		6,600
Other		1,002		1,298
Total GE long-term borrowings(a)		72,353		83,309
GE Capital
Senior notes		57,631		59,107
Subordinated notes		289		251
Intercompany payable to GE(b)		56,355		67,062
Other(c)		1,982		2,058
Total GE Capital long-term borrowings		116,257		128,478
Eliminations(b)		(56,423)		(67,128)
Total long-term borrowings	$	132,187	$	144,659
Non-recourse borrowings of consolidated securitization entities(e)	$	2,780	$	3,083
Total borrowings	$	186,049	$	197,602

• Excluding assumed debt of GE Capital, GE total borrowings is $19.4 million.
• Included $73,623millionof GE Capital debt assumed by GE and maintained as intercompany payable to GE at March 31, 2016.
• Included $2,580million and $2,679million of funding secured by aircraft and other collateral at March 31, 2016 and December 31, 2015, respectively, of which $1,471million and $1,534million is non-recourse to GE Capital at March 31, 2016 and December 31, 2015, respectively.
• Included $2,334 million of subordinated debentures, which constitute the sole assets of trusts that have issued trust preferred securities and where GE owns 100% of the common securities of the trusts. Obligations associated with these trusts are unconditionally guaranteed by GE.
• Included $1,450 million and $918million of current portion of long-term borrowings at March 31, 2016 and December 31, 2015, respectively. See Note 16.

As discussed in Note 1, the adoption of ASU 2015-03 resulted in the reclassification of $674 million of unamortized debt issuance costs related to the Company’s borrowings, of which $641 million was reclassified in long-term borrowings and $33 million was reclassified in short-term borrowings, within our consolidated balance sheet as of December 31, 2015.

On April 10, 2015, GE 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 and all commercial paper issued or guaranteed by GE Capital. $92.6 billion of such debt was assumed by GE on December 2, 2015 upon its merger with GE Capital resulting in an intercompany payable to GE. At March 31, 2016, the intercompany payable to GE was $73.6 billion. Prior to the merger $36 billion (representing $31 billion of outstanding principal and $5 billion of premium) of GE Capital debt was exchanged into a new GE Capital international entity, including $16.4 billion, which matured on April 15, 2016.

(in millions)		March 31, 2016
		Borrowings from debt exchange(a)		Borrowings assumed by GE		Borrowings guaranteed by GE
Short-term borrowings
GE
Current portion of long-term borrowings	$	-	$	17,268	$	-
GE Capital
Commercial paper-Non U.S.		-		-		2,003
Current portion of long-term borrowings		15,566		-		24,972
Other		769		-		769
Total short-term borrowings	$	16,335	$	17,268	$	27,744
Long-term borrowings
GE
Senior unsecured notes	$	-	$	50,719	$	-
Subordinated notes		-		2,902		-
Subordinated debentures		-		2,334		-
Other		-		400		-
GE Capital
Senior unsecured notes		17,165		-		54,162
Other		-		-		-
Total long-term borrowings	$	17,165	$	56,355	$	54,162
Total borrowings	$	33,500	$	73,623	$	81,906

(a) Included $3.9 billion in additional bonds issued as a premium that will accrete up to face value ($36 billion) to the maturity date.

Additional information about borrowings and associated swaps can be found in Notes 15 and 18.