Goldman Sachs 2007 Annual Report Download - page 39
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Financial Information
—
Table of Contents
Management’s Discussion and Analysis
Introduction ................................................... 38
Executive Overview ........................................... 38
Business Environment ......................................... 39
Certain Risk Factors That May Affect Our Business ......... 41
Critical Accounting Policies ................................... 43
Fair Value ................................................... 43
Goodwill and Identifiable Intangible Assets................ 48
Use of Estimates ............................................... 50
Results of Operations ......................................... 51
Financial Overview ......................................... 51
Segment Operating Results ................................. 55
Geographic Data ............................................ 61
Off-Balance-Sheet Arrangements.............................. 61
Equity Capital ................................................. 62
Contractual Obligations and Commitments .................. 66
Risk Management ............................................. 68
Risk Management Structure ................................ 68
Market Risk................................................. 69
Credit Risk .................................................. 73
Derivatives .................................................. 73
Liquidity and Funding Risk................................. 76
Operational Risk............................................ 81
Recent Accounting Developments ............................ 82
Management’s Report on Internal Control
over Financial Reporting................................ 84
Report of Independent Registered
Public Accounting Firm ................................. 85
Consolidated Financial Statements
Consolidated Statements of Earnings ......................... 86
Consolidated Statements of Financial Condition ............. 87
Consolidated Statements of Changes
in Shareholders’ Equity ..................................... 88
Consolidated Statements of Cash Flows ...................... 89
Consolidated Statements of Comprehensive Income ......... 90
Notes to Consolidated Financial Statements
Note 1
—
Description of Business.............................. 91
Note 2
—
Significant Accounting Policies...................... 91
Note 3
—
Financial Instruments ............................... 99
Note 4
—
Unsecured Short-Term Borrowings ............... 110
Note 5
—
Unsecured Long-Term Borrowings ............... 111
Note 6
—
Commitments, Contingencies and Guarantees ... 113
Note 7
—
Shareholders’ Equity .............................. 117
Note 8
—
Earnings Per Common Share...................... 119
Note 9
—
Goodwill and Identifiable Intangible Assets ...... 119
Note 10
—
Other Assets and Other Liabilities .............. 121
Note 11
—
Employee Benefit Plans .......................... 122
Note 12
—
Employee Incentive Plans ........................ 127
Note 13
—
Transactions with Affiliated Funds .............. 130
Note 14
—
Income Taxes..................................... 131
Note 15
—
Regulation........................................ 133
Note 16
—
Business Segments................................ 134
Supplemental Financial Information
Quarterly Results ............................................ 137
Common Stock Price Range................................. 138
Common Stock Price Performance.......................... 138
Selected Financial Data...................................... 139
37Goldman Sachs 2007 Annual Report