Goldman Sachs 2012 Annual Report Download - page 77

Management’s Discussion and Analysis
Contractual Obligations
We have certain contractual obligations which require us to
make future cash payments. These contractual obligations
include our unsecured long-term borrowings, secured
long-term financings, time deposits, contractual interest
payments and insurance agreements, all of which are
included in our consolidated statements of financial
condition. Our obligations to make future cash payments
also include certain off-balance-sheet contractual
obligations such as purchase obligations, minimum rental
payments under noncancelable leases and commitments
and guarantees.
The table below presents our contractual obligations,
commitments and guarantees as of December 2012.
in millions 2013 2014-2015 2016-2017
2018-
Thereafter Total
Amounts related to on-balance-sheet obligations
Time deposits 1$ — $ 7,151 $ 4,064 $ 5,069 $ 16,284
Secured long-term financings 2— 6,403 1,140 1,422 8,965
Unsecured long-term borrowings 3— 43,920 42,601 80,784 167,305
Contractual interest payments 47,489 13,518 10,182 33,332 64,521
Insurance liabilities 5477 959 934 13,740 16,110
Subordinated liabilities issued by consolidated VIEs 59 62 84 1,155 1,360
Amounts related to off-balance-sheet arrangements
Commitments to extend credit 10,435 16,322 43,453 5,412 75,622
Contingent and forward starting resale and securities borrowing agreements 47,599 — — — 47,599
Forward starting repurchase and secured lending agreements 6,144 — — — 6,144
Letters of credit 614 160 — 15 789
Investment commitments 1,378 2,174 258 3,529 7,339
Other commitments 4,471 53 31 69 4,624
Minimum rental payments 439 752 623 1,375 3,189
Derivative guarantees 339,460 213,012 49,413 61,264 663,149
Securities lending indemnifications 27,123 — — — 27,123
Other financial guarantees 904 442 1,195 938 3,479
1. Excludes $7.33 billion of time deposits maturing within one year.
2. The aggregate contractual principal amount of secured long-term financings for which the fair value option was elected, primarily consisting of transfers of financial
assets accounted for as financings rather than sales and certain other nonrecourse financings, exceeded their related fair value by $115 million.
3. Includes $10.51 billion related to interest rate hedges on certain unsecured long-term borrowings. In addition, the fair value of unsecured long-term borrowings
(principal and non-principal-protected) for which the fair value option was elected exceeded the related aggregate contractual principal amount by $379 million.
Excludes $77 million of unsecured long-term borrowings related to our reinsurance business classified as held for sale as of December 2012. See Note 17 to the
consolidated financial statements for further information.
4. Represents estimated future interest payments related to unsecured long-term borrowings, secured long-term financings and time deposits based on applicable
interest rates as of December 2012. Includes stated coupons, if any, on structured notes.
5. Represents estimated undiscounted payments related to future benefits and unpaid claims arising from policies associated with our insurance activities, excluding
separate accounts and estimated recoveries under reinsurance contracts. Excludes $13.08 billion of insurance liabilities related to our reinsurance business classified
as held for sale as of December 2012. See Note 17 to the consolidated financial statements for further information.
Goldman Sachs 2012 Annual Report 75