AIG 2008 Annual Report Download - page 61

Long-Term Debt
A roll forward of long-term debt, excluding debt of consolidated investments is as follows:
Balance at
December 31,
2007 Issuances
Maturities
and
Repayments
Effect of
Foreign
Exchange
Other
Non-Cash
Changes(b)
Balance at
December 31,
2008
for the year ended December 31, 2008
(In millions)
AIG
Fed Facility ................ $ — $ 96,650 $ (59,850) $ — $ 3,631 $ 40,431
Notes and bonds payable ....... 14,588 — (2,700) (1) (131) 11,756
Junior subordinated debt ....... 5,809 6,953 — (1,078) 1 11,685
Junior subordinated debt
attributable to equity units .... — 5,880 — — — 5,880
Loans and mortgages payable . . . 729 457 (762) 8 (16) 416
MIP matched notes and bonds
payable . . ................ 14,267 — (194) (38) 411 14,446
AIGFP matched notes and bonds
payable . . ................ 874 3,464 (198) — 520 4,660
AIGFP(a)
GIAs ..................... 19,908 5,070 (16,576) — 5,458 13,860
Notes and bonds payable and
hybrid financial instrument
liabilities . ................ 44,155 63,803 (99,531) — (1,064) 7,363
Loans and mortgages payable . . . 1,384 9,254 (8,512) — 49 2,175
AIGLH notes and bonds payable . . . 797 — — — 1 798
Liabilities connected to trust
preferred stock .............. 1,435 — (19) — (1) 1,415
ILFC notes and bonds payable .... 25,737 9,389 (4,575) (507) 3 30,047
ILFC junior subordinated debt..... 999 — — — — 999
AGF notes and bonds payable ..... 22,369 5,844 (4,659) (427) (38) 23,089
AGF junior subordinated debt ..... 349 — — — — 349
AIGCFG loans and mortgages
payable .................... 1,839 2,278 (2,431) (214) 124 1,596
Other subsidiaries .............. 775 23 (165) 26 11 670
Total ....................... $156,014 $209,065 $(200,172) $(2,231) $ 8,959 $171,635
(a) In 2008, AIGFP borrowings are carried at fair value.
(b) Includes the change in fair value and cumulative effect of the adoption of FAS 159, “The Fair Value Option for
Financial Assets and Financial Liabilities” (FAS 159). Also includes commitment fee and accrued com-
pounding interest of $3.63 billion on the Fed Facility.
AIG (Parent Company)
AIG traditionally issued debt securities from time to time to meet its financing needs and those of certain of its
subsidiaries, as well as to opportunistically fund the MIP. The maturities of the debt securities issued by AIG to fund
the MIP are generally expected to be paid using the cash flows of assets held by AIG as part of the MIP portfolio.
However, mismatches in the timing of cash inflows and outflows of the MIP, as well as shortfalls due to impairments
of MIP assets, would need to be funded by AIG parent.
AIG 2008 Form 10-K 55
American International Group, Inc., and Subsidiaries