Short-Term Borrowings

3 Months Ended

Mar. 31, 2017

Note 15.

Short-Term Borrowings

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


	As of
$ in millions		March 2017	December 2016
Other secured financings (short-term)		$11,249	$13,118

Unsecured short-term borrowings		35,872	39,265
Total		$47,121	$52,383

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 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 March 2017 and December 2016.

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


	As of
$ in millions		March 2017	December 2016
Current portion of unsecured long-term borrowings		$ 20,404	$ 23,528

Hybrid financial instruments		11,619	11,700

Other unsecured short-term borrowings		3,849	4,037
Total		$ 35,872	$ 39,265
Weighted average interest rate		1.96%	1.68%

In the table above, 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.