Company: GE
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0000040545-25-000111
Chunk: 12

Company: GENERAL ELECTRIC CO
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 2
Chunk 12
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 of 2025. This included repurchases of 10.5 million shares for $2.3 billion using accelerated stock repurchases as a mechanism to achieve planned repurchase volumes within a quarter during closed windows.

BORROWINGS. Consolidated total borrowings were $18.9 billion and $19.3 billion at June 30, 2025 and December 31, 2024, respectively, a decrease of $0.4 billion, mainly due to maturities of $1.3 billion partially offset by currency exchange of $0.8 billion. We plan to refinance these maturities in 2025, subject to market conditions. The Company also holds a five-year unsecured revolving credit facility in an aggregate committed amount of $3.0 billion and had zero outstanding at June 30, 2025.

CREDIT RATINGS AND CONDITIONS. We have relied, and may continue to rely, on the short- and long-term debt capital markets to fund, among other things, a significant portion of our operations. The cost and availability of debt financing is influenced by our credit ratings. Moody’s Investors Service (Moody’s) and Standard and Poor’s Global Ratings (S&P) currently issue ratings on our short- and long-term debt. On February 14, 2025, Moody's upgraded our long-term rating from Baa1 to A3 and maintained our positive outlook. On March 25, 2025, S&P upgraded our long-term rating from BBB+ to A- and maintained stable outlook. Our credit ratings as of the date of this filing are set forth in the table below.

Moody'sS&POutlookPositiveStableShort termP-2A-2Long termA3A-

Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.

Substantially all of the Company's debt agreements in place at June 30, 2025 do not contain material credit rating covenants. Our unused back-up revolving syndicated credit facility contains a customary net debt-to-EBITDA financial covenant, which we satisfied at June 30, 2025.

*Non-GAAP Financial Measure

2025 2Q FORM 10-Q 9

FOREIGN EXCHANGE RISK. As a result of our global operations, we generate and incur a small portion of our revenue and expenses in currencies other than the U.S. dollar. Such principal currencies include