BORROWINGS
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| December 31 | | 2025 | 2024 |
| Maturities | Amount | Average Rate | Amount | Average Rate |
| Current portion of long-term borrowings | | | | | |
| Senior notes | 2026 | $ | 1,504 | | 4.00 | % | $1,952 | 4.03 | % |
| Subordinated notes and other | 2026 | 157 | | | 87 | | |
| | | | | |
| Other short-term | | 25 | | | — | | |
| Total short-term borrowings | | $ | 1,686 | | | $ | 2,039 | | |
| | | | | |
| Maturities | Amount | Average Rate | Amount | Average Rate |
| Senior notes(a) | 2027 - 2050 | $ | 16,773 | | 4.00 | % | $ | 15,467 | | 4.03 | % |
| Subordinated notes | 2035 - 2037 | 1,456 | | 4.40 | % | 1,330 | | 4.43 | % |
| | | | | |
| Other | | 580 | | | 437 | | |
| Total long-term borrowings | | $ | 18,808 | | | $ | 17,234 | | |
| Total borrowings | | $ | 20,494 | | | $ | 19,273 | | |
(a) In the third quarter of 2025, GE Aerospace issued a total of $2,000 million in aggregate principal amount of senior unsecured debt, comprised of $1,000 million of 4.3% senior notes due 2030, and $1,000 million of 4.9% senior notes due 2036 (collectively, the "Notes"). Interest payments on the Notes are due semi-annually until maturity.
See Note 22 for further information about borrowings and associated hedges.
Long-term debt maturities are below:
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| | | 2026 | | 2027 | 2028 | 2029 | 2030 | Thereafter | Total |
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| | | | | | | | | | |
| Long-term debt maturities | | | 1,661 | | (a) | 1,693 | | 480 | | 1,639 | | 1,700 | | 13,296 | | 20,469 | |
(a) Fixed and floating rate notes of $324 million contain put options with exercise dates in 2026, which contractually mature after 2026.
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.