GENERAL ELECTRIC CO | 2013 | FY | 3


Short-term Borrowings  2013 2012 
      Average    Average 
December 31 (Dollars in millions)   Amount rate(a)  Amount rate(a) 
             
GE            
Commercial paper  $ -  -%$352  0.28%
Payable to banks   346  3.38  23  3.02 
Current portion of long-term            
   borrowings   70  5.65  5,068  5.11 
Other   1,425    598   
Total GE short-term borrowings   1,841    6,041   
GECC            
Commercial paper            
U.S.   24,877  0.18  33,686  0.22 
Non-U.S.   4,168  0.33  9,370  0.92 
Current portion of long-term            
   borrowings(b)(c)(d)   39,215  2.70  44,264  2.85 
GE Interest Plus notes(e)   8,699  1.11  8,189  1.20 
Other(c)   339    431   
Total GECC short-term borrowings   77,298    95,940   
             
Eliminations   (1,249)    (589)   
Total short-term borrowings  $77,890   $101,392   
             
             
Long-term Borrowings  2013 2012 
      Average    Average 
December 31 (Dollars in millions)Maturities  Amount rate(a)  Amount rate (a) 
             
GE            
Senior notes2015-2042 $10,968  3.63%$10,963  3.63%
Payable to banks2015-2023  10  1.10  13  1.79 
Other   537    452   
Total GE long-term borrowings   11,515    11,428   
GECC            
Senior unsecured notes(b)2015-2054  186,433  2.97  199,646  2.95 
Subordinated notes(d)2021-2037  4,821  3.93  4,965  2.92 
Subordinated debentures(f)2066-2067  7,462  5.64  7,286  5.78 
Other(c)   11,563    12,879   
Total GECC long-term borrowings   210,279    224,776   
             
Eliminations   (129)    (120)   
Total long-term borrowings  $221,665   $236,084   
             
             
             
Non-recourse borrowings of            
   consolidated securitization            
   entities(g)2014-2019 $30,124  1.05%$30,123  1.12%
             
Bank deposits(h)  $53,361   $46,200   
             
Total borrowings and bank            
   deposits  $383,040   $413,799   
             
             

(a)       Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging.

(b)       Included in total long-term borrowings were $481 million and $604 million of obligations to holders of GICs at December 31, 2013 and 2012, 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. Following the April 3, 2012 Moody's downgrade of GECC's long-term credit rating to A1, substantially all of these GICs became redeemable by their holders. In 2012, holders of $386 million in principal amount of GICs redeemed their holdings and GECC made related cash payments. 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.

(c)       Included $9,468 million and $9,757 million of funding secured by real estate, aircraft and other collateral at December 31, 2013 and 2012, respectively, of which $2,868 million and $3,294 million is non-recourse to GECC at December 31, 2013 and 2012, respectively.

(d)       Included $300 million of subordinated notes guaranteed by GE at both December 31, 2013 and 2012.

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

(f)       Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.

(g)       Included at December 31, 2013 and 2012 were $9,047 million and $7,707 million of current portion of long-term borrowings, respectively, and $21,077 million and $22,416 million of long-term borrowings, respectively. See Note 23.

(h)       Included $13,614 million and $15,896 million of deposits in non-U.S. banks at December 31, 2013 and 2012, respectively, and $18,275 million and $17,291 million of certificates of deposits with maturities greater than one year at December 31, 2013 and 2012, respectively.

 


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