Short-Term Borrowings

9 Months Ended

Sep. 30, 2016

Note 15.

Short-Term Borrowings

The table below presents details about the firm’s short-term borrowings.


	As of
$ in millions		September 2016	December 2015
Other secured financings (short-term)		$15,188	$14,233

Unsecured short-term borrowings		42,825	42,787
Total		$58,013	$57,020

See Note 10 for information about other secured financings.

Unsecured short-term borrowings include the portion of 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.

The firm accounts for commercial paper and certain hybrid financial instruments at fair value under the fair value option. See Note 8 for further information about unsecured short-term borrowings that are accounted for at fair value. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. While these unsecured short-term borrowings are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6 through 8. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of September 2016 and December 2015.

The table below presents details about the firm’s unsecured short-term borrowings. The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.


	As of
$ in millions	September 2016	December 2015
Current portion of unsecured long-term borrowings	$26,288	$25,373

Hybrid financial instruments	12,737	12,956

Commercial paper	—	208

Other short-term borrowings	3,800	4,250
Total	$42,825	$42,787
Weighted average interest rate	1.83%	1.52%