BORROWINGS

3 Months Ended

Mar. 31, 2020

NOTE 11. BORROWINGS



(In millions)	March 31, 2020			December 31, 2019

Short-term borrowings
Commercial paper	$	1,946		$	3,008
Current portion of long-term borrowings	764			766
Current portion of long-term borrowings assumed by GE	5,888			5,473
Other	1,288			1,832
Total GE short-term borrowings	$	9,887		$	11,079

Current portion of long-term borrowings	$	8,542		$	11,226
Intercompany payable to GE	2,519			2,104
Other	292			804
Total GE Capital short-term borrowings	$	11,353		$	14,134

Eliminations	(3,118		)	(3,140		)
Total short-term borrowings	$	18,122		$	22,072

Long-term borrowings
Senior notes	$	14,717		$	14,762
Senior notes assumed by GE	21,590			23,024
Subordinated notes assumed by GE	1,658			2,871
Other	281			324
Total GE long-term borrowings	$	38,244		$	40,980

Senior notes	$	27,373		$	25,371
Subordinated notes	177			178
Intercompany payable to GE	14,390			17,038
Other	593			626
Total GE Capital long-term borrowings	$	42,534		$	43,213

Eliminations	(14,390		)	(17,038		)
Total long-term borrowings	$	66,388		$	67,155
Non-recourse borrowings of consolidated securitization entities	644			1,655
Total borrowings	$	85,154		$	90,882

At March 31, 2020, the outstanding GE Capital borrowings that had been assumed by GE as part of the GE Capital Exit Plan was $29,136 million ($5,888 million short term and $23,247 million long term), for which GE has an offsetting Receivable from GE Capital of $16,909 million. The difference of $12,226 million ($3,369 million in short-term borrowings and $8,857 million in long-term borrowings) represents the amount of borrowings GE Capital had funded with available cash to GE via intercompany loans in lieu of GE issuing borrowings externally. During the first quarter of 2020, GE had not repaid any intercompany loans from GE Capital.

At March 31, 2020, total GE borrowings of $31,222 million comprised of GE-issued borrowings of $18,996 million and intercompany loans from GE Capital to GE of $12,226 million as described above.

GE has 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 issued by GE Capital. This guarantee applies to $33,077 million and $34,683 million of GE Capital debt at March 31, 2020 and December 31, 2019, respectively.

Non-recourse borrowings of consolidated securitization entities included $644 million and $1,569 million of current portion of long-term borrowings at March 31, 2020 and December 31, 2019, respectively. See Notes 4 and 18 for further information.

On April 22, 2020, GE issued a total of $6,000 million in aggregate principal amount of senior unsecured debt, comprised of $1,000 million of 3.450% Notes due 2027, $1,250 million of 3.625% Notes due 2030, $1,500 million of 4.250% Notes due 2040, and $2,250 million of 4.350% Notes due 2050, and used the proceeds to complete a tender offer to purchase $4,237 million in aggregate principal amount of certain GE unsecured debt, comprising $2,046 million of 2.700% Notes due 2022, €934 million ($1,011 million equivalent) of 0.375% Notes due 2022, €425 million ($460 million equivalent) of 1.250% Notes due 2023, €376 million ($407 million equivalent) of floating-rate Notes due 2020, and $312 million of 3.375% Notes due 2024. The total carrying amount of the purchased notes was approximately $4,228 million. We intend to use the remaining proceeds to repurchase, redeem or repay GE’s outstanding debt obligations, including other notes or commercial paper.

On April 23, 2020, GE Capital completed a tender offer to purchase $5,443 million in aggregate principal amount of certain senior unsecured debt, comprising $3,858 million of 2.342% Notes due 2020, €575 million ($623 million equivalent) of 2.250% Notes due 2020, $460 million of 4.375% Notes due 2020, and £404 million ($503 million of 5.875% Notes due 2020. The total carrying amount of the purchased notes was approximately $5,427 million.

See Note 17 for further information about borrowings and associated interest rate swaps.