Goldman Sachs 2009 Annual Report Download - page 127
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125
Notes to Consolidated Financial Statements
NOTE 7
Long-Term Borrowings
As of December2009 and November2008, long-term borrowings were $196.29billion and $185.68billion, respectively,
comprised of $11.20billion and $17.46billion, respectively, included in “Other secured nancings” in the consolidated statements
of nancial condition and $185.09billion and $168.22billion, respectively, of unsecured long-term borrowings. See Note3 for
information regarding other secured nancings.
The rm’s unsecured long-term borrowings extend through 2043 and consist principally of senior borrowings.
Unsecured long-term borrowings are set forth below:
As of
December November
(inmillions)
2009 2008
Fixed rate obligations
(1)
Group Inc.
$114,695 $101,454
Subsidiaries 2,718 2,371
Floating rate obligations
(2)
Group Inc.
60,390 57,018
Subsidiaries 7,282 7,377
Total
(3) $185,085 $168,220
(1) As of December2009 and November2008, $79.12billion and $70.08billion, respectively, of the rm’s xed rate debt obligations were denominated in
U.S.dollars and interest rates ranged from 1.63% to 10.04% and from 3.87% to 10.04%, respectively. As of December2009 and November2008,
$38.29billion and $33.75billion, respectively, of the rm’s xed rate debt obligations were denominated in non-U.S. dollars and interest rates ranged from
0.80% to 7.45% and from 0.67% to 8.88%,respectively.
(2) As of December2009 and November2008, $32.26billion and $32.41billion, respectively, of the rm’s oating rate debt obligations were denominated in U.S.
dollars. As of December2009 and November2008, $35.41billion and $31.99billion, respectively, of the rm’s oating rate debt obligations were denominated
in non-U.S. dollars. Floating interest rates generally are based on LIBOR or the federal funds target rate. Equity-linked and indexed instruments are included in
oating rate obligations.
(3) Includes $19.03billion as of December2009, guaranteed by the FDIC under the TLGP.
Unsecured long-term borrowings by maturity date are set forth below:
As of December2009
(inmillions) Group Inc. Subsidiaries Total
2011 $ 22,302 $ 1,234 $ 23,536
2012 25,749 1,665 27,414
2013 23,305 33 23,338
2014 18,303 33 18,336
2015 – thereafter 85,426 7,035 92,461
Total
(1) (2) $175,085 $10,000 $185,085
(1) Unsecured long-term borrowings maturing within one year of the nancial statement date and unsecured long-term borrowings that are redeemable within
one year of the nancial statement date at the option of the holder are included as unsecured short-term borrowings in the consolidated statements of nancial
condition.
(2) Unsecured long-term borrowings that are repayable prior to maturity at the option of the rm are re ected at their contractual maturity dates. Unsecured long-
term borrowings that are redeemable prior to maturity at the option of the holder are re ected at the dates such options becomeexercisable.