Goldman Sachs 2007 Annual Report Download - page 112

Download and view the complete annual report

Please find page 112 of the 2007 Goldman Sachs annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

Notes to Consolidated Financial Statements
NOTE 4
Unsecured Short-Term Borrowings
The firm obtains unsecured short-term borrowings primarily
through the issuance of promissory notes, commercial paper
and hybrid financial instruments. As of November 2007 and
November 2006, these borrowings were $71.56 billion and
$47.90 billion, respectively. Such amounts include the portion
of unsecured long-term borrowings maturing within one year
of the financial statement date and unsecured long-term
borrowings that are redeemable within one year of the
Unsecured short-term borrowings are set forth below:
As of November
(in millions) 2007 2006
Promissory notes $13,251 $13,811
Commercial paper 4,343 1,489
Current portion of unsecured long-term borrowings 22,740 14,115
Hybrid financial instruments 22,318 14,060
Other short-term borrowings 8,905 4,429
Total
(1)
$71,557 $47,904
(1) The weighted average interest rates for these borrowings, after giving effect to hedging activities, were 5.05% and 5.16% as of November 2007 and November 2006,
respectively. The weighted average interest rates as of November 2007 and November 2006 excluded financial instruments accounted for at fair value under SFAS
No. 155 or SFAS No. 159.
financial statement date at the option of the holder. The firm
accounts for promissory notes, commercial paper and certain
hybrid financial instruments at fair value under SFAS No. 155
or SFAS No. 159. Short-term borrowings that are not recorded
at fair value are recorded based on the amount of cash received
plus accrued interest, and such amounts approximate fair value
due to the short-term nature of the obligations.
110 Goldman Sachs 2007 Annual Report