GE 2014 Annual Report Download - page 189

GE 2014 FORM 10-K 169
FINANCIAL STATEMENTS BORROWINGS AND BANK DEPOSITS
NOTE 10. BORROWINGS AND BANK DEPOSITS
December 31
(
Dollars in millions
)
2014 2013
Short-term borrowings Amount Average
Rate(a) Amount Average
Rate(a)
GE
Commercial paper $ 500 0.10 % $ - - %
Payable to banks 343 1.32 346 3.38
Current portion of long-term borrowings 2,068 1.05 70 5.65
Other 961 1,425
Total GE short-term borrowings 3,872 1,841
GECC
Commercial paper
U.S. 22,019 0.19 24,877 0.18
Non-U.S. 2,993 0.25 4,168 0.33
Current portion of lon
g
-term borrowin
g
s(b)(c)(f) 37,989 2.54 39,215 2.70
GE Interest Plus notes(d) 5,467 1.01 8,699 1.11
Other(c) 312 339
Total GECC short-term borrowin
g
s 68,780 77,298
Eliminations (863) (1,249)
Total short-term borrowin
g
s $ 71,789 $ 77,890
Long-term borrowings Maturities Amount Average
Rate(a) Amount Average
Rate(a)
GE
Senior notes 2017-2044 $ 11,945 4.25 % $ 10,968 3.63 %
Payable to banks 2016-2019 5 0.89 10 1.10
Other 518 537
Total GE long-term borrowings 12,468 11,515
GECC
Senior unsecured notes(b)(e) 2016-2055 162,629 2.72 186,433 2.97
Subordinated notes(f) 2021-2037 4,804 3.36 4,821 3.93
Subordinated debentures(
g
) 2066-2067 7,085 5.88 7,462 5.64
Other(c)(h) 13,473 11,563
Total GECC lon
g
-term borrowin
g
s 187,991 210,279
Eliminations (45) (129)
Total lon
g
-term borrowin
g
s $ 200,414 $ 221,665
Non-recourse borrowin
g
s of
consolidated securitization entities(i) 2015-2019 $ 29,938 1.04 % $ 30,124 1.05 %
Bank deposits(j) $ 62,839 $ 53,361
Total borrowin
g
s and bank de
p
osits
$
364
,
980
$
383
,
040
(a) Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging.
(b) Included $439 million and $481 million of obligations to holders of GICs at December 31, 2014 and 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.
(c) Included $6,017 million and $9,468 million of funding secured by real estate, aircraft and other collateral at December 31, 2014 and 2013, respectively, of which $2,312
million and $2,868 million is non-recourse to GECC at December 31, 2014 and 2013, respectively.
(d) Entirely variable denomination floating-rate demand notes.
(e) Included $700 million of debt at both December 31, 2014 and 2013 raised by 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. Also included $3,593 million related to Synchrony Financial. See Note 1.
(f) Included $300 million of subordinated notes guaranteed by GE at both December 31, 2014 and 2013.
(g) Subordinated debentures receive rating agency equity credit.
(h) Included $8,245 million related to Synchrony Financial. See Note 1.
(i) Included $7,442 million and $9,047 million of current portion of long-term borrowings at December 31, 2014 and 2013, respectively. See Note 23.
(j) Included $10,258 million and $13,614 million of deposits in non-U.S. banks at December 31, 2014 and 2013, respectively, and $22,848 million and $18,275 million of
certificates of deposits with maturities greater than one year at December 31, 2014 and 2013, respectively.