Borrowings

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Borrowings

NOTE 10. BORROWINGS

December 31 (Dollars in millions)			2016				2015
Short-term borrowings			Amount	Average Rate(a)			Amount	Average Rate(a)
GE
Commercial paper		$	1,500	0.60	%	$	500	0.15	%
Current portion of long-term borrowings			17,109	3.16			17,770	2.10
Other			1,874				1,522
Total GE short-term borrowings(b)			20,482				19,792
GE Capital
Commercial paper
U.S.			5,002	0.59			650	0.46
Non-U.S.			-	-			4,351	0.01
Current portion of long-term borrowings(c)			6,517	1.64			24,969	4.28
Intercompany payable to GE(d)			11,696				17,642
Other			229				1,005
Total GE Capital short-term borrowings			23,443				48,617
Eliminations(d)			(13,212)				(18,549)
Total short-term borrowings		$	30,714			$	49,860
Long-term borrowings	Maturities		Amount	Average Rate(a)			Amount	Average Rate(a)
GE
Senior notes	2018-2054	$	54,396	3.35	%	$	72,471	3.23	%
Subordinated notes	2021-2037		2,768	3.73			2,940	3.68
Subordinated debentures(e)	2067		719	6.12			6,600	6.14
Other			928				1,298
Total GE long-term borrowings(b)			58,810				83,309
GE Capital
Senior notes	2018-2039		44,131	2.45			59,107	2.54
Subordinated notes			236				251	-
Intercompany payable to GE(d)			47,084				67,062
Other(c)			1,992				2,058
Total GE Capital long-term borrowings			93,443				128,478
Eliminations(d)			(47,173)				(67,128)
Total long-term borrowings		$	105,080			$	144,659
Non-recourse borrowings of
consolidated securitization entities(f)	2017-2018	$	417	2.23	%	$	3,083	1.00	%
Total borrowings		$	136,210			$	197,602

• Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging.
• Excluding assumed debt of GE Capital, the total amount of GE borrowings was $20,512 million at December 31, 2016.
• Included $2,665million and $2,679million of funding secured by aircraft and other collateral at December 31, 2016 and December 31, 2015, respectively, of which $1,419million and $1,534million is non-recourse to GE Capital at December 31, 2016 and December 31, 2015, respectively.
• The amount of the intercompany payable to GE was $58,780 million as of December 31, 2016, which includes a reduction in the short-term intercompany payable to GE for a $(1,329) million loan which bears the right of offset against amounts owed under the assumed debt agreement. The remaining short-term loan balance was paid in January 2017.
• Included $719 million and $2,587million of subordinated debenturesat December 31, 2016 and December 31, 2015, respectively, 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 $320 million and $918million of current portion of long-term borrowings at December 31, 2016 and December 31, 2015, respectively. See Note 21.

On June 3, 2016, GE commenced an offering to exchange $19.6 billion of all the outstanding, unregistered senior notes that were issued by GE Capital International Funding Company Unlimited Company in a private offering on October 26, 2015, for identical, registered 2.342% Senior Notes due 2020, 3.373% Senior Notes due 2025 and 4.418% Senior Notes due 2035. The exchange offer was completed on July 8, 2016.

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. $92,537 million 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 December 31, 2016, the amount of the intercompany payable to GE was $58,780 million, which includes a reduction in the short-term intercompany payable to GE for a $(1,329) million loan to GE which bears the right of offset against amounts owed under the assumed debt agreement. The remaining short-term loan balance was paid in January 2017. The Guarantee applies to approximately $47,476 million of GE Capital debt. Prior to the merger $35,999 million (representing $31,154 million of outstanding principal and $4,846 million of premium) of GE Capital debt was exchanged into a new GE Capital international entity, including $16,372 million, which matured on April 15, 2016.

See Notes 20 and 29for additional information about borrowings and associated swaps.

(In millions)		2017			2018		2019		2020		2021
GE(a)	$	17,109		$	7,899	$	3,787	$	6,996	$	4,708
GE Capital		6,517	(b)		5,578		4,111		11,107		2,131