Goldman Sachs 2013 Annual Report Download - page 179

Notes to Consolidated Financial Statements
Note 15.
Short-Term Borrowings
Short-term borrowings were comprised of the following:
As of December
in millions 2013 2012
Other secured financings (short-term) $17,290 $23,045
Unsecured short-term borrowings 44,692 44,304
Total $61,982 $67,349
See Note 9 for further information about other
secured financings.
Unsecured short-term borrowings 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
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
the fair value option. See Note 8 for further information
about unsecured short-term borrowings that are accounted
for at fair value. The carrying value of unsecured short-term
borrowings that are not recorded at fair value generally
approximates fair value due to the short-term nature of the
obligations. While these unsecured short-term borrowings
are carried at amounts that approximate fair value, they are
not accounted for at fair value under the fair value option
or at fair value in accordance with other U.S. GAAP and
therefore are not included in the firm’s fair value hierarchy
in Notes 6, 7 and 8. Had these borrowings been included in
the firm’s fair value hierarchy, substantially all would have
been classified in level 2 as of December 2013 and
December 2012.
The table below presents unsecured short-term borrowings.
As of December
$ in millions 2013 2012
Current portion of unsecured
long-term borrowings 1$25,312 $25,344
Hybrid financial instruments 13,391 12,295
Promissory notes 292 260
Commercial paper 1,011 884
Other short-term borrowings 4,686 5,521
Total $44,692 $44,304
Weighted average interest rate 21.65% 1.57%
1. Includes $24.20 billion and $24.65 billion as of December 2013 and
December 2012, respectively, issued by Group Inc.
2. The weighted average interest rates for these borrowings include the effect
of hedging activities and exclude financial instruments accounted for at fair
value under the fair value option. See Note 7 for further information about
hedging activities.
Note 16.
Long-Term Borrowings
Long-term borrowings were comprised of the following:
As of December
in millions 2013 2012
Other secured financings (long-term) $ 7,524 $ 8,965
Unsecured long-term borrowings 160,965 167,305
Total $168,489 $176,270
See Note 9 for further information about other secured
financings. The table below presents unsecured long-term
borrowings extending through 2061 and consisting
principally of senior borrowings.
As of December 2013
in millions
U.S.
Dollar
Non-U.S.
Dollar Total
Fixed-rate obligations 1
Group Inc. $ 83,537 $34,362 $117,899
Subsidiaries 1,978 989 2,967
Floating-rate obligations 2
Group Inc. 19,446 16,168 35,614
Subsidiaries 3,144 1,341 4,485
Total $108,105 $52,860 $160,965
As of December 2012
in millions
U.S.
Dollar Non-U.S. Dollar Total
Fixed-rate obligations 1
Group Inc. $ 86,170 $36,207 $122,377
Subsidiaries 2,391 662 3,053
Floating-rate obligations 2
Group Inc. 17,075 19,227 36,302
Subsidiaries 3,719 1,854 5,573
Total $109,355 $57,950 $167,305
1. Interest rates on U.S. dollar-denominated debt ranged from 1.35% to
10.04% (with a weighted average rate of 5.19%) and 0.20% to 10.04% (with
a weighted average rate of 5.48%) as of December 2013 and
December 2012, respectively. Interest rates on non-U.S. dollar-denominated
debt ranged from 0.33% to 13.00% (with a weighted average rate of 4.29%)
and 0.10% to 14.85% (with a weighted average rate of 4.66%) as of
December 2013 and December 2012, respectively.
2. Floating interest rates generally are based on LIBOR or OIS. Equity-linked
and indexed instruments are included in floating-rate obligations.
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