Goldman Sachs 2001 Annual Report Download - page 60

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page 58
GOLDMAN SACHS ANNUAL REPORT 2001
NOTE 5SHORT-TERM BORROWINGS
The firm maintains unencumbered securities with a market value in excess of all uncollateralized short-term borrowings.
NOTE 6LONG-TERM BORROWINGS
The firm’s long-term borrowings are set forth below:
AS OF NOVEMBER
(IN MILLIONS) 2001 2000
Fixed rate obligations(1)
U.S. dollar $14,462 $11,825
Non-U.S. dollar 3,425 3,238
Floating rate obligations(2)
U.S. dollar 10,415 13,873
Non-U.S. dollar 2,714 2,459
Total(3) $31,016 $31,395
(1) During 2001 and 2000, interest rates on U.S. dollar fixed rate obligations ranged from 5.90% to 12.00%, and from 5.75% to 12.00%, respectively. During 2001 and 2000,
non-U.S. dollar fixed rate obligations interest rates ranged from 1.20% to 8.88%, and from 0.55% to 8.88%, respectively.
(2) Floating interest rates generally are based on LIBOR, the U.S. treasury bill rate or the federal funds rate. Certain equity-linked and indexed instruments are included in
floating rate obligations.
(3) Long-term borrowings have maturities that range from one to 30 years from the date of issue.
Long-term borrowings by fiscal maturity date are set forth below:
AS OF NOVEMBER
2001 2000
U.S. NON-U.S. U.S. NON-U.S.
(IN MILLIONS) DOLLAR DOLLAR TOTAL DOLLAR DOLLAR TOTAL
2002 $— $— $— $ 9,484 $ 779 $10,263
2003 5,810 371 6,181 2,856 366 3,222
2004 3,172 119 3,291 1,618 116 1,734
2005 4,694 2,608 7,302 4,707 2,562 7,269
2006 1,734 804 2,538 1,143 27 1,170
2007-thereafter 9,467 2,237 11,704 5,890 1,847 7,737
Total $24,877 $6,139 $31,016 $25,698 $5,697 $31,395
short-term borrowings through issuance of commercial paper,
promissory notes and bank loans. The carrying value of these
short-term obligations approximates fair value due to their
short-term nature.
The firm obtains secured short-term financing principally
through the use of repurchase agreements and securities lending
agreements, collateralized mainly by U.S. government, federal
agency, mortgage-backed, investment-grade foreign sovereign
obligations and equity securities. The firm obtains unsecured
Short-term borrowings are set forth below:
AS OF NOVEMBER
(IN MILLIONS) 2001 2000
Commercial paper $ 8,353 $10,721
Promissory notes 15,281 14,516
Bank loans and other(1) 13,963 8,234
Total(2) $37,597 $33,471
(1) As of November 2001 and November 2000, short-term borrowings included $7.20 billion and $4.06 billion of long-term borrowings maturing within one fiscal year, respectively.
(2) As of November 2001 and November 2000, weighted average interest rates for short-term borrowings, including commercial paper, were 3.05% and 6.43%, respectively.