Goldman Sachs 2012 Annual Report Download - page 169

Notes to Consolidated Financial Statements
The tables below present amortization expense for
identifiable intangible assets for the years ended
December 2012, December 2011 and December 2010, and
the estimated future amortization expense through 2017
for identifiable intangible assets as of December 2012.
Year Ended December
in millions 2012 2011 2010
Amortization expense $338 $389 $520
in millions
As of
December 2012
Estimated future amortization expense:
2013 $225
2014 189
2015 157
2016 155
2017 153
Identifiable intangible assets are tested for recoverability
whenever events or changes in circumstances indicate that
an asset’s or asset group’s carrying value may not
be recoverable.
If a recoverability test is necessary, the carrying value of an
asset or asset group is compared to the total of the
undiscounted cash flows expected to be received over the
remaining useful life and from the disposition of the asset or
asset group.
‰If the total of the undiscounted cash flows exceeds the
carrying value, the asset or asset group is not impaired.
‰If the total of the undiscounted cash flows is less than the
carrying value, the asset or asset group is not fully
recoverable and an impairment loss is recognized as the
difference between the carrying amount of the asset or
asset group and its estimated fair value.
See Note 12 for information about impairments of the
firm’s identifiable intangible assets.
Note 14.
Deposits
The table below presents deposits held in U.S. and non-U.S.
offices, substantially all of which were interest-bearing.
Substantially all U.S. deposits were held at Goldman Sachs
Bank USA (GS Bank USA) and substantially all non-U.S.
deposits were held at Goldman Sachs Bank (Europe) plc
(GS Bank Europe) and Goldman Sachs International Bank
(GSIB). On January 18, 2013, GS Bank Europe surrendered
its banking license to the Central Bank of Ireland after
transferring its deposits to GSIB.
As of December
in millions 2012 2011
U.S. offices $62,377 $38,477
Non-U.S. offices 7,747 7,632
Total $70,124 1$46,109 1
The table below presents maturities of time deposits held
in U.S. and non-U.S. offices.
As of December 2012
in millions U.S. Non-U.S. Total
2013 $ 5,248 $2,083 $ 7,331
2014 3,866 — 3,866
2015 3,285 — 3,285
2016 1,687 — 1,687
2017 2,377 — 2,377
2018 - thereafter 5,069 — 5,069
Total $21,532 2$2,083 3$23,615 1
1. Includes $5.10 billion and $4.53 billion as of December 2012 and
December 2011, respectively, of time deposits accounted for at fair value
under the fair value option. See Note 8 for further information about deposits
accounted for at fair value.
2. Includes $44 million greater than $100,000, of which $7 million matures
within three months, $24 million matures within three to six months,
$8 million matures within six to twelve months, and $5 million matures after
twelve months.
3. Substantially all were greater than $100,000.
As of December 2012, savings and demand deposits, which
represent deposits with no stated maturity, were
$46.51 billion, which were recorded based on the amount
of cash received plus accrued interest, which approximates
fair value. In addition, the firm designates certain
derivatives as fair value hedges on substantially all of its
time deposits for which it has not elected the fair value
option. Accordingly, $18.52 billion of time deposits were
effectively converted from fixed-rate obligations to
floating-rate obligations and were recorded at amounts that
generally approximate fair value. While these savings and
demand deposits and time deposits are carried at amounts
that approximate fair value, they are not accounted for at
fair value under the fair value option or at fair value in
accordance with other U.S. GAAP and therefore are not
included in the firm’s fair value hierarchy in Notes 6, 7 and
8. Had these deposits been included in the firm’s fair value
hierarchy, they would have been classified in level 2.
Goldman Sachs 2012 Annual Report 167