XML 58 R47.htm IDEA: XBRL DOCUMENT

Unsecured Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

The table below presents information about unsecured borrowings.


	As of
	September		December
$ in millions	2022		2021
Unsecured short-term borrowings	$	51,850	$	46,955
Unsecured long-term borrowings	239,965		254,092
Total	$	291,815	$	301,047

Unsecured Short-Term Borrowings

The table below presents information about unsecured short-term borrowings.


	As of
	September			December
$ in millions	2022			2021
Current portion of unsecured long-term borrowings	$	28,306		$	18,118
Hybrid financial instruments	16,322			20,073
Commercial paper	5,152			6,730
Other unsecured short-term borrowings	2,070			2,034
Total unsecured short-term borrowings	$	51,850		$	46,955
Weighted average interest rate	2.74		%	2.34		%

In the table above, the weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

Unsecured Long-Term Borrowings

The table below presents information about unsecured long-term borrowings.


$ in millions	U.S. Dollar		Non-U.S. Dollar		Total
As of September 2022
Fixed-rate obligations	$	119,962	$	35,620	$	155,582
Floating-rate obligations	55,812		28,571		84,383
Total	$	175,774	$	64,191	$	239,965
As of December 2021
Fixed-rate obligations	$	126,534	$	46,408	$	172,942
Floating-rate obligations	50,995		30,155		81,150
Total	$	177,529	$	76,563	$	254,092

In the table above:

•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2065.

•Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on SOFR, USD LIBOR, or Euro Interbank Offered Rate.

•U.S. dollar-denominated debt had interest rates ranging from 0.63% to 6.75% (with a weighted average rate of 3.39%) as of September 2022 and 0.48% to 7.68% (with a weighted average rate of 3.34%) as of December 2021. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

•Non-U.S. dollar-denominated debt had interest rates ranging from 0.13% to 13.00% (with a weighted average rate of 1.84%) as of September 2022 and 0.13% to 13.00% (with a weighted average rate of 1.86%) as of December 2021. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

Unsecured Long-Term Borrowings by Maturity Date

The table below presents unsecured long-term borrowings by maturity.


	As of
$ in millions	September 2022
2023	$	14,609
2024	40,828
2025	34,203
2026	20,824
2027	27,937
2028 - thereafter	101,564
Total	$	239,965

In the table above:

•Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings.

•Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

•Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

•Unsecured long-term borrowings included $(15.25) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(9) million in 2023, $(513) million in 2024, $(1.26) billion in 2025, $(801) million in 2026, $(1.66) billion in 2027 and $(11.01) billion in 2028 and thereafter.

Unsecured Long-Term Borrowings after Hedging

The table below presents unsecured long-term borrowings, after giving effect to such hedging activities.


	As of
	September		December
$ in millions	2022		2021
Fixed-rate obligations:
At fair value	$	5,692	$	4,863
At amortized cost	5,411		30,370
Floating-rate obligations:
At fair value	59,666		47,527
At amortized cost	169,196		171,332
Total	$	239,965	$	254,092

In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 3.80% (4.30% related to fixed-rate obligations and 3.78% related to floating-rate obligations) as of September 2022 and 1.60% (2.25% related to fixed-rate obligations and 1.48% related to floating-rate obligations) as of December 2021. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

Subordinated Borrowings

The table below presents information about subordinated borrowings.


$ in millions	Par Amount		Carrying Value		Rate
As of September 2022
Subordinated debt	$	12,118	$	11,745	4.54	%
Junior subordinated debt	968		1,052		3.76	%
Total	$	13,086	$	12,797	4.49	%
As of December 2021
Subordinated debt	$	12,437	$	15,571	1.74	%
Junior subordinated debt	968		1,321		1.31	%
Total	$	13,405	$	16,892	1.71	%

In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities.