Goldman Sachs 2013 Annual Report Download - page 132

Notes to Consolidated Financial Statements
Cash Instrument Assets at Fair Value as of December 2012
in millions Level 1 Level 2 Level 3 Total
Commercial paper, certificates of deposit, time deposits and other money
market instruments $ 2,155 $ 3,902 $ — $ 6,057
U.S. government and federal agency obligations 42,856 50,385 — 93,241
Non-U.S. government and agency obligations 46,715 15,509 26 62,250
Mortgage and other asset-backed loans and securities 1:
Loans and securities backed by commercial real estate — 6,416 3,389 9,805
Loans and securities backed by residential real estate — 6,597 1,619 8,216
Bank loans and bridge loans — 11,172 11,235 22,407
Corporate debt securities 2111 18,049 2,821 20,981
State and municipal obligations — 1,858 619 2,477
Other debt obligations 2— 1,066 1,185 2,251
Equities and convertible debentures 72,875 8,724 14,855 396,454
Commodities — 11,696 — 11,696
Total $164,712 $135,374 $35,749 $335,835
Cash Instrument Liabilities at Fair Value as of December 2012
in millions Level 1 Level 2 Level 3 Total
U.S. government and federal agency obligations $ 15,475 $ 430 $ — $ 15,905
Non-U.S. government and agency obligations 31,011 1,350 — 32,361
Mortgage and other asset-backed loans and securities:
Loans and securities backed by residential real estate — 4 — 4
Bank loans and bridge loans — 1,143 636 1,779
Corporate debt securities 28 5,731 2 5,761
State and municipal obligations — 1 — 1
Equities and convertible debentures 19,416 986 4 20,406
Total $ 65,930 $ 9,645 $ 642 $ 76,217
1. Includes $489 million and $446 million of CDOs backed by real estate in level 2 and level 3, respectively.
2. Includes $284 million and $1.76 billion of CDOs and CLOs backed by corporate obligations in level 2 and level 3, respectively.
3. Includes $12.67 billion of private equity investments, $1.58 billion of investments in real estate entities and $600 million of convertible debentures.
Transfers Between Levels of the Fair Value Hierarchy
Transfers between levels of the fair value hierarchy are
reported at the beginning of the reporting period in which
they occur. During 2013, transfers into level 2 from level 1
of cash instruments were $1 million, reflecting transfers of
public equity securities due to decreased market activity in
these instruments. Transfers into level 1 from level 2 of cash
instruments were $79 million, reflecting transfers of public
equity securities, primarily due to increased market activity
in these instruments.
During 2012, transfers into level 2 from level 1 of cash
instruments were $1.85 billion, including transfers of non-
U.S. government obligations of $1.05 billion, reflecting the
level of market activity in these instruments, and transfers
of equity securities of $806 million, primarily reflecting the
impact of transfer restrictions. Transfers into level 1 from
level 2 of cash instruments were $302 million, including
transfers of non-U.S. government obligations of
$180 million, reflecting the level of market activity in these
instruments, and transfers of equity securities of
$102 million, where the firm was able to obtain quoted
prices for certain actively traded instruments.
130 Goldman Sachs 2013 Annual Report