Goldman Sachs 2000 Annual Report Download - page 27

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26 MANAGEMENT’S DISCUSSION AND ANALYSIS
26 Business Environment
27 Results of Operations
27 Certain Factors That May Affect Our Results of
Operations
28 Spear, Leeds & Kellogg
29 Overview
30 Global Capital Markets
32 Asset Management and Securities Services
34 Operating Expenses
35 Provision for Taxes
35 Geographic Data
36 Cash Flows
36 Liquidity
36 Management Oversight of Liquidity
36 Liquidity Policies
37 The Balance Sheet
38 Credit Ratings
38 Long-Term Debt
38 Regulated Subsidiaries
38 Risk Management
38 Risk Management Structure
39 Risk Limits
40 Market Risk
42 Trading Net Revenues Distribution
42 Nontrading Risk
42 Credit Risk
43 Derivative Contracts
44 Operational Risks
45 Accounting Developments
46 REPORT OF INDEPENDENT ACCOUNTANTS
47 CONSOLIDATED FINANCIAL STATEMENTS
47 Consolidated Statements of Earnings
48 Consolidated Statements of Financial Condition
49 Consolidated Statements of Changes
in Shareholders’ Equity and Partners’ Capital
50 Consolidated Statements of Cash Flows
51 Consolidated Statements of Comprehensive Income
52 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
52 Note 1/Description of Business
52 Note 2/Significant Accounting Policies
54 Note 3/Spear, Leeds & Kellogg
55 Note 4/Financial Instruments
58 Note 5/Short-Term Borrowings
59 Note 6/Long-Term Borrowings
60 Note 7/Commitments and Contingencies
61 Note 8/Equity Capital
61 Note 9/Earnings Per Share
61 Note 10/Employee Benefit Plans
64 Note 11/Employee Incentive Plans
66 Note 12/Income Taxes
68 Note 13/Regulated Subsidiaries
68 Note 14/Business Segments
72 Note 15/Subsequent Event
73 SUPPLEMENTAL FINANCIAL INFORMATION
73 Quarterly Results
74 Common Stock Price Range
75 Selected Financial Data
25
FINANCIAL INFORMATION — TABLE OF CONTENTS