BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2017



December 31 (Dollars in millions)		2017					2016

Short-term borrowings		Amount			Average Rate(a)		Amount			Average Rate(a)
GE
Commercial paper		$	3,000		1.35	%	$	1,500		0.60	%
Current portion of long-term borrowings(e)		9,452			3.01		17,109			3.16
Other		2,095					1,874
Total GE short-term borrowings(b)		$	14,548				$	20,482

GE Capital
Commercial paper		$	5,013		1.45		$	5,002		0.59
Current portion of long-term borrowings(c)		5,781			1.26		6,517			1.64
Intercompany payable to GE(d)		8,310					11,696
Other		497					229
Total GE Capital short-term borrowings		$	19,602				$	23,443

Eliminations(d)		(10,114		)			(13,212		)
Total short-term borrowings		$	24,036				$	30,714

Long-term borrowings	Maturities	Amount			Average Rate(a)		Amount			Average Rate(a)
GE
Senior notes(e)	2019-2055	$	62,724		3.15	%	$	54,396		3.35	%
Subordinated notes	2021-2037	2,913			3.28		2,768			3.73
Subordinated debentures(g)		—					719			6.12
Other		1,403					928
Total GE long-term borrowings(b)		67,040					58,810

GE Capital
Senior notes	2019-2039	40,754			3.11		44,131			2.45
Subordinated notes		208					236
Intercompany payable to GE(f)		31,533					47,084
Other(c)		1,118					1,992
Total GE Capital long-term borrowings		73,614					93,443

Eliminations(f)		(32,079		)			(47,173		)
Total long-term borrowings		$	108,575				$	105,080
Non-recourse borrowings of consolidated securitization entities(h)	2018-2021	1,980			2.77	%	417			2.23	%
Total borrowings		$	134,591				$	136,210


(a)	Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging.


(b)	Excluding assumed debt of GE Capital, the total amount of GE borrowings was $41,744 million and $20,512 million at December 31, 2017 and December 31, 2016, respectively.


(c)	Included $1,466 million and $2,665 million of funding secured by aircraft and other collateral at December 31, 2017 and December 31, 2016, respectively, of which $458 million and $1,419 million is non-recourse to GE Capital at December 31, 2017 and December 31, 2016, respectively.

(d)

Included a reduction of zero and $1,329 million of short-term intercompany loans from GE Capital to GE at December 31, 2017 and December 31, 2016, which bear the right of offset against amounts owed under the assumed debt agreement. Excluding intercompany loans, total short-term assumed debt was $8,310 million and $13,024 million at December 31,2017 and December 31, 2016, respectively. The remaining short-term intercompany loan balance was paid in January 2017.


(e)	Total borrowings included $7,225 million of borrowings issued by BHGE, which primarily included current portion of long-term borrowings and senior notes of $639 million and $6,206 million, respectively, at December 31, 2017.

(f)

Included a reduction of $7,271 million and zero for long-term intercompany loans from GE Capital to GE at December 31, 2017 and December 31, 2016, respectively, which bear the right of offset against amounts owed under the assumed debt agreement. Excluding intercompany loans, total long-term assumed debt was $38,804 million and $47,084 million at December 31, 2017 and December 31, 2016, respectively. The $7,271 million of intercompany loans collectively have a weighted average interest rate of 3.5% and a term of approximately 15 years.


(g)	Comprises subordinated debentures which constitute the sole assets of the 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.


(h)	Included $621 million and $320 million of current portion of long-term borrowings at December 31, 2017 and December 31, 2016, respectively. See Note 19 for further information.

Schedule of Maturities of Borrowings

Long-term debt maturities over the next five years follow.



(In millions)	2018			2019		2020		2021		2022

GE excluding assumed debt(a)	$	1,142		$	127	$	888	$	591	$	6,351
GE Capital debt assumed by GE	8,310			3,774		6,208		4,713		1,942
GE Capital other debt	5,781		(b)	4,462		11,476		2,211		2,338


(a)	Includes maturities of BHGE borrowings of $738 million, $47 million, $14 million, $538 million and $1,255 million in 2018, 2019, 2020, 2021 and 2022, respectively. Excluding BHGE borrowings, GE maturities will be $404 million, $80 million, $875 million, $53 million and $5,095 million in 2018, 2019, 2020, 2021 and 2022, respectively.


(b)	Fixed and floating rate notes of $447 million contain put options with exercise dates in 2018, and which have final maturity beyond 2022.