GECC Borrowings and Bank Deposits

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

GECC Borrowings and Bank Deposits

8. BORROWINGS AND BANK DEPOSITS

(In millions)	March 31, 2014		December 31, 2013
Short-term borrowings
GE
Commercial paper	$	350	$	-
Payable to banks		520		346
Current portion of long-term borrowings		70		70
Other		607		1,425
Total GE short-term borrowings		1,547		1,841
GECC
Commercial paper
U.S.		21,229		24,877
Non-U.S.		3,817		4,168
Current portion of long-term borrowings(a)(b)		40,720		39,215
GE Interest Plus notes(c)		8,935		8,699
Other(b)		401		339
Total GECC short-term borrowings		75,102		77,298
Eliminations		(528)		(1,249)
Total short-term borrowings	$	76,121	$	77,890
Long-term borrowings
GE
Senior notes	$	13,941	$	10,968
Payable to banks		9		10
Other		519		537
Total GE long-term borrowings		14,469		11,515
GECC
Senior unsecured notes(a)(d)		183,271		186,433
Subordinated notes(e)		4,860		4,821
Subordinated debentures(f)		7,530		7,462
Other(b)		10,993		11,563
Total GECC long-term borrowings		206,654		210,279
Eliminations		(131)		(129)
Total long-term borrowings	$	220,992	$	221,665
Non-recourse borrowings of consolidated securitization entities(g)	$	28,724	$	30,124
Bank deposits(h)	$	54,743	$	53,361
Total borrowings and bank deposits	$	380,580	$	383,040

(a)       Included $481millionof obligations to holders of GICs at bothMarch 31, 2014 and December 31, 2013, respectively. These obligations included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3. The remaining outstanding GICs will continue to be subject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC's ratings, among other things.

(b)       Included $9,338 million and $9,468million of funding secured by real estate, aircraft and other collateral at March 31, 2014 and December 31, 2013, respectively, of which $2,733 million and $2,868 million is non-recourse to GECC at March 31, 2014 and December 31, 2013, respectively.

(c)       Entirely variable denomination floating-rate demand notes.

(d)Included $700 million of debt at both March 31, 2014 and December 31, 2013 raisedby a funding entity related to Penske Truck Leasing Co., L.P. (PTL). GECC, as co-issuer and co-guarantor of the debt, reports this amount as borrowings in its financial statements. GECC has been indemnified by the other limited partners of PTL for their proportionate share of the debt obligation.

(e) Included $300 million of subordinated notes guaranteed by GE at both March 31, 2014 and December 31, 2013.

(f)Subordinated debentures receive rating agency equity credit.

(g)       Included at March 31, 2014 and December 31, 2013, were $9,878 million and $9,047million of current portion of long-term borrowings, respectively. See Note 16.

(h)       Included $13,458 million and $13,614 million of deposits in non-U.S. banks at March 31, 2014 and December 31, 2013, respectively, and $19,305 million and $18,275 million of certificates of deposits with maturities greater than one year at March 31, 2014 and December 31, 2013, respectively.

In the first quarter of 2014, GE issued $3,000 million senior unsecured debt, composed of $750 million aggregate principal amount of 3.375% Notes due 2024 and $2,250 million aggregate principal amount of 4.500% Notes due 2044.