AIG 2007 Annual Report Download - page 143

American International Group, Inc. and Subsidiaries
Borrowings
Total borrowings at December 31, 2007 and 2006 were as follows:
(in millions) 2007 2006
Borrowings issued by AIG:
Notes and bonds payable $ 14,588 $ 8,915
Junior subordinated debt 5,809 —
Loans and mortgages payable 729 841
MIP matched notes and bonds payable 14,267 5,468
Series AIGFP matched notes and bonds payable 874 72
Total AIG borrowings 36,267 15,296
Borrowings guaranteed by AIG:
AIGFP
GIAs 19,908 20,664
Notes and bonds payable 36,676 37,528
Loans and mortgages payable 1,384 —
Hybrid financial instrument liabilities(a) 7,479 8,856
Total AIGFP borrowings 65,447 67,048
AIG Funding, Inc. commercial paper 4,222 4,821
AIGLH notes and bonds payable 797 797
Liabilities connected to trust preferred stock 1,435 1,440
Total borrowings issued or guaranteed by AIG 108,168 89,402
Borrowings not guaranteed by AIG:
ILFC
Commercial paper 4,483 2,747
Junior subordinated debt 999 999
Notes and bonds payable(b) 25,737 25,592
Total ILFC borrowings 31,219 29,338
AGF
Commercial paper and extendible commercial notes 3,801 4,662
Junior subordinated debt 349 —
Notes and bonds payable 22,369 19,261
Total AGF borrowings 26,519 23,923
AIGCFG
Commercial paper 287 227
Loans and mortgages payable 1,839 1,453
Total AIGCFG borrowings 2,126 1,680
AIG Finance Taiwan Limited commercial paper —26
Other subsidiaries 775 672
Borrowings of consolidated investments:
A.I. Credit(c) 321 880
AIG Investments(d) 1,636 193
AIG Global Real Estate Investment(d) 5,096 2,307
AIG SunAmerica 186 203
ALICO 355
Total borrowings of consolidated investments 7,242 3,638
Total borrowings not guaranteed by AIG 67,881 59,277
Consolidated:
Total commercial paper and extendible commercial notes $ 13,114 $ 13,363
Total long-term borrowings 162,935 135,316
Total borrowings $176,049 $148,679
(a) Represents structured notes issued by AIGFP that are accounted for using the fair value option.
(b) Includes borrowings under Export Credit Facility of $2.5 billion and $2.7 billion at December 31, 2007 and 2006, respectively.
(c) Represents commercial paper issued by a variable interest entity secured by receivables of A.I. Credit.
(d) In 2007, increases in borrowings compared to 2006 were principally attributable to warehousing activities.
AIG 2007 Form 10-K 89