Goldman Sachs 2012 Annual Report Download - page 119

Notes to Consolidated Financial Statements
Note 4.
Financial Instruments Owned, at Fair Value
and Financial Instruments Sold, But Not
Yet Purchased, at Fair Value
Financial instruments owned, at fair value and financial
instruments sold, but not yet purchased, at fair value are
accounted for at fair value either under the fair value option
or in accordance with other U.S. GAAP. See Note 8 for
further information about the fair value option. The table
below presents the firm’s financial instruments owned, at
fair value, including those pledged as collateral, and
financial instruments sold, but not yet purchased, at
fair value.
The firm held $9.07 billion and $4.86 billion as of
December 2012 and December 2011, respectively, of
securities accounted for as available-for-sale related to the
firm’s reinsurance business. As of December 2012, such
assets were classified as held for sale and were included in
“Other assets.” See Note 12 for further information about
assets held for sale. As of December 2011, all
available-for-sale securities were included in “Financial
instruments owned, at fair value.”
As of December 2012 As of December 2011
in millions
Financial
Instruments
Owned
Financial
Instruments
Sold, But
Not Yet
Purchased
Financial
Instruments
Owned
Financial
Instruments
Sold, But
Not Yet
Purchased
Commercial paper, certificates of deposit, time deposits and other
money market instruments $ 6,057 $ — $ 13,440 $ —
U.S. government and federal agency obligations 93,241 15,905 87,040 21,006
Non-U.S. government and agency obligations 62,250 32,361 49,205 34,886
Mortgage and other asset-backed loans and securities:
Loans and securities backed by commercial real estate 9,805 — 6,699 27
Loans and securities backed by residential real estate 8,216 4 7,592 3
Bank loans and bridge loans 22,407 1,779 319,745 2,756 3
Corporate debt securities 20,981 5,761 22,131 6,553
State and municipal obligations 2,477 1 3,089 3
Other debt obligations 2,251 — 4,362 —
Equities and convertible debentures 96,454 20,406 65,113 21,326
Commodities 111,696 — 5,762 —
Derivatives 271,176 50,427 80,028 58,453
Total $407,011 $126,644 $364,206 $145,013
1. Includes commodities that have been transferred to third parties, which were accounted for as collateralized financings rather than sales, of $4.29 billion and
$2.49 billion as of December 2012 and December 2011, respectively.
2. Net of cash collateral received or posted under credit support agreements and reported on a net-by-counterparty basis when a legal right of setoff exists under an
enforceable netting agreement.
3. Primarily relates to the fair value of unfunded lending commitments for which the fair value option was elected.
Goldman Sachs 2012 Annual Report 117