Goldman Sachs 2004 Annual Report Download - page 55

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GOLDMAN฀SAC H S ฀ 2004฀ A N N U A L ฀ R E P ORT ฀ ฀ ฀ 5 3
management’s฀discussion฀and฀analysis
management’s฀discussion฀and฀analysis
GOLDMAN฀SAC H S ฀ 2004฀ A N N U A L ฀ R E P ORT ฀ ฀ ฀ 5 3
As of November 2004, collateral or termination payments pur-
suant to bilateral agreements with certain counterparties of
approximately $379 million could have been required in the
event of a one-level reduction in our long-term credit ratings. In
evaluating our liquidity requirements, we consider additional
collateral or termination payments that could be required in the
event of further reductions in our long-term credit ratings, as
well as collateral that has not been called by counterparties, but
is available to them. For a further discussion of our excess
The following table sets forth our contractual obligations as of November 2004:
contractual฀obligations
฀ ฀ ฀ ฀ 2010-฀
(IN฀MILLIONS)฀ 2005฀ 2006-2007฀ 2008-2009฀ THEREAFTER฀ TOTAL
Long-term borrowings by contract maturity(1)(2) $฀฀—฀ ฀$21,371฀ $20,982฀ $38,343฀ $80,696
Minimum rental payments 359฀ ฀฀฀676฀ ฀฀฀600฀ 1,884฀ ฀3,519
(1)฀฀Long-term฀borrowings฀maturing฀within฀one฀year฀and฀certain฀long-term฀borrowings฀that฀may฀be฀redeemable฀within฀one฀year฀at฀the฀option฀of฀the฀holder฀are฀included฀
as฀short-term฀borrowings฀in฀the฀consolidated฀statements฀of฀financial฀condition.
(2)฀฀Long-term฀borrowings฀repayable฀ at฀the฀option฀ of฀Goldman฀Sachs฀ are฀reflected฀at฀ their฀contractual฀maturity฀ dates.฀ Certain฀long-term฀borrowings฀ that฀may฀be฀
redeemable฀prior฀to฀maturity฀at฀the฀option฀of฀the฀holder฀are฀reflected฀at฀the฀dates฀such฀options฀become฀exercisable.
The following table sets forth our quarterly long-term borrowings maturity profile through fiscal year 2010:
liquidity policies, see “—Risk Management—Liquidity Risk—
Excess Liquidity—Maintenance of a Pool of Highly Liquid
Securities” included below.
CONTRACTUAL฀OBLIGATIONS฀ AND฀ ฀
CONTINGENT฀COMMITMENTS
Goldman Sachs has contractual obligations to make future pay-
ments under long-term debt and long-term noncancelable lease
agreements and has contingent commitments under a variety of
commercial arrangements.
BES฀•฀Phone฀(201)฀635-5240฀฀•฀FAX฀(201)฀635-5199
BPX/S10829฀•฀Flow฀15฀•฀Proof฀10฀•฀2/4/05฀•฀0700
long-term฀borrowings฀maturity฀profile
fiscal฀years฀2006 through฀2010
($฀IN฀MILLIONS)
FISCAL฀QUARTERS
4Q฀2010
3Q฀2010
2Q฀2010
1Q฀2010
4Q฀2009
3Q฀2009
2Q฀2009
1Q฀2009
4Q฀2008
3Q฀2008
2Q฀2008
1Q฀2008
4Q฀2007
3Q฀2007
2Q฀2007
1Q฀2007
4Q฀2006
3Q฀2006
2Q฀2006
1Q฀2006
0
1,000
2,000
3,000
4,000
5,000
6,000
long-term฀borrowings฀maturity฀profile฀
fiscal฀years฀2006฀through฀2010
($฀IN฀MILLIONS)