Goldman Sachs 2015 Annual Report Download - page 193

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
In the tables above:
‰Each share of non-cumulative Series A, Series B, Series C
and Series D Preferred Stock issued and outstanding is
redeemable at the firm’s option.
‰Each share of non-cumulative Series E and Series F
Preferred Stock issued and outstanding is redeemable at
the firm’s option, subject to certain covenant restrictions
governing the firm’s ability to redeem or purchase the
preferred stock without issuing common stock or other
instruments with equity-like characteristics. See Note 16
for information about the replacement capital covenants
applicable to the Series E and Series F Preferred Stock.
‰Each share of non-cumulative Series I Preferred Stock
issued and outstanding is redeemable at the firm’s option
beginning November 10, 2017.
‰Each share of non-cumulative Series J Preferred Stock
issued and outstanding is redeemable at the firm’s option
beginning May 10, 2023.
‰Each share of non-cumulative Series K Preferred Stock
issued and outstanding is redeemable at the firm’s option
beginning May 10, 2024.
‰Each share of non-cumulative Series L Preferred Stock
issued and outstanding is redeemable at the firm’s option
beginning May 10, 2019.
‰Each share of non-cumulative Series M Preferred Stock
issued and outstanding is redeemable at the firm’s option
beginning May 10, 2020.
‰All shares of preferred stock have a par value of $0.01 per
share and, where applicable, each share of preferred stock
is represented by the specified number of depositary
shares.
Prior to redeeming preferred stock, the firm must receive
confirmation that the Federal Reserve Board does not
object to such capital actions. All series of preferred stock
are pari passu and have a preference over the firm’s
common stock on liquidation. Dividends on each series of
preferred stock, excluding Series L and Series M Preferred
Stock, if declared, are payable quarterly in arrears.
Dividends on Series L and Series M Preferred Stock, if
declared, are payable semi-annually in arrears from the
issuance date to, but excluding, May 10, 2019 and
May 10, 2020, respectively, and quarterly thereafter. The
firm’s ability to declare or pay dividends on, or purchase,
redeem or otherwise acquire, its common stock is subject to
certain restrictions in the event that the firm fails to pay or
set aside full dividends on the preferred stock for the latest
completed dividend period.
The table below presents the dividend rates of the firm’s
perpetual preferred stock as of December 2015.
Series Dividend Rate
A 3 month LIBOR + 0.75%, with floor of 3.75% per annum
B 6.20% per annum
C 3 month LIBOR + 0.75%, with floor of 4.00% per annum
D 3 month LIBOR + 0.67%, with floor of 4.00% per annum
E 3 month LIBOR + 0.77%, with floor of 4.00% per annum
F 3 month LIBOR + 0.77%, with floor of 4.00% per annum
I 5.95% per annum
J
5.50% per annum to, but excluding, May 10, 2023;
3 month LIBOR + 3.64% per annum thereafter
K
6.375% per annum to, but excluding, May 10, 2024;
3 month LIBOR + 3.55% per annum thereafter
L
5.70% per annum to, but excluding, May 10, 2019;
3 month LIBOR + 3.884% per annum thereafter
M
5.375% per annum to, but excluding, May 10, 2020;
3 month LIBOR + 3.922% per annum thereafter
The table below presents preferred dividends declared on
the firm’s preferred stock.
Year Ended December
2015 2014 2013
Series
per
share
$in
millions
per
share
$in
millions
per
share
$in
millions
A$ 950.52 $ 28 $ 945.32 $ 28 $ 947.92 $ 28
B1,550.00 50 1,550.00 50 1,550.00 50
C1,013.90 8 1,008.34 8 1,011.11 8
D1,013.90 54 1,008.34 54 1,011.11 54
E4,055.55 71 4,044.44 71 4,044.44 71
F4,055.55 20 4,044.44 20 4,044.44 20
I1,487.52 51 1,487.52 51 1,553.63 53
J1,375.00 55 1,375.00 55 744.79 30
K1,593.76 45 850.00 24 — —
L1,425.00 74 760.00 39 — —
M735.33 59 —— ——
Total $515 $400 $314
On January 8, 2016, Group Inc. declared dividends of
$239.58, $387.50, $255.56, $255.56, $371.88, $343.75
and $398.44 per share of Series A Preferred Stock, Series B
Preferred Stock, Series C Preferred Stock, Series D Preferred
Stock, Series I Preferred Stock, Series J Preferred Stock and
Series K Preferred Stock, respectively, to be paid on
February 10, 2016 to preferred shareholders of record on
January 26, 2016. In addition, the firm declared dividends
of $1,011.11 per each share of Series E Preferred Stock and
Series F Preferred Stock, to be paid on March 1, 2016 to
preferred shareholders of record on February 15, 2016.
Goldman Sachs 2015 Form 10-K 181