Goldman Sachs 2002 Annual Report Download - page 78

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N otes to Consolidated Financial Statem ents
GO L D M A N SA CH S 2002 A N N UAL R EPO RT 75
Short-term borrowings are set forth below:
AS OF NOVEMBER
(IN MILLIONS) 2002 2001
Promissory notes $20,433 $15,281
Commercial paper 9,463 8,353
Bank loans and other 4,948 6,794
Current portion of long-term borrowings 5,794 7,169
Total(1) $40,638 $37,597
(1) As of November 2002 and November 2001, weighted average interest rates for short-term borrowings, including commercial paper, were 2.09%
and 3.05%, respectively.
N O T E 6
LONG-TERM BORROWINGS
The firm’s long-term borrowings are set forth below:
AS OF NOVEMBER
(IN MILLIONS) 2002 2001
Fixed rate obligations(1)
U.S. dollar $19,550 $14,462
Non-U.S. dollar 4,407 3,425
Floating rate obligations(2)
U.S. dollar 10,175 10,415
Non-U.S. dollar 4,579 2,714
Total(3) $38,711 $31,016
(1) During 2002 and 2001, interest rates on U.S. dollar fixed rate obligations ranged from 5.50% to 12.00% and from 5.90% to 12.00%, respectively.
During 2002 and 2001, non-U.S. dollar fixed rate obligations interest rates ranged from 1.20% to 8.88%.
(2) Floating interest rates generally are based on LIBOR, the U.S. treasury bill rate or the federal funds rate. Certain equity-linked and indexed instru-
ments are included in floating rate obligations.
(3) Long-term borrowings have maturities that range from one to 30 years from the date of issue.
Long-term borrowings by fiscal maturity date are set forth below:
AS OF NOVEMBER
2002(1) 2001
U.S. NON-U.S. U.S. NON-U.S.
(IN MILLIONS) DOLLAR DOLLAR TOTAL DOLLAR DOLLAR TOTAL
2003 $— $— $— $ 5,810 $ 371 $ 6,181
2004 6,846 184 7,030 3,172 119 3,291
2005 5,804 3,075 8,879 4,694 2,608 7,302
2006 1,575 1,020 2,595 1,734 804 2,538
2007 1,094 953 2,047 1,018 114 1,132
2008-thereafter 14,406 3,754 18,160 8,449 2,123 10,572
Total $29,725 $8,986 $38,711 $24,877 $6,139 $31,016
(1) Long-term borrowings maturing within one year are included in “ short-term borrowings” in the consolidated statements of financial condition.
The firm enters into derivative contracts, such as interest
rate futures contracts, interest rate swap agreements, cur-
rency swap agreements and equity-linked contracts, to
effectively convert a substantial portion of its long-term
borrowings into U.S. dollar-based floating rate obliga-
tions. Accordingly, the aggregate carrying value of these
long-term borrowings and related hedges approximates
fair value.