Goldman Sachs 2013 Annual Report Download - page 33

Financial Information — Table of Contents
Management’s Discussion and Analysis
Introduction 32
Executive Overview 33
Business Environment 35
Critical Accounting Policies 37
Recent Accounting Developments 40
Use of Estimates 41
Results of Operations 42
Regulatory Developments 55
Balance Sheet and Funding Sources 57
Equity Capital 64
Off-Balance-Sheet Arrangements and
Contractual Obligations 75
Overview and Structure of Risk Management 78
Liquidity Risk Management 83
Market Risk Management 90
Credit Risk Management 97
Operational Risk Management 105
Certain Risk Factors That May Affect Our
Businesses 106
Management’s Report on Internal Control
over Financial Reporting 108
Report of Independent Registered
Public Accounting Firm 109
Consolidated Financial Statements
Consolidated Statements of Earnings 110
Consolidated Statements of Comprehensive Income 111
Consolidated Statements of Financial Condition 112
Consolidated Statements of Changes
in Shareholders’ Equity 113
Consolidated Statements of Cash Flows 114
Notes to Consolidated Financial Statements
Note 1 — Description of Business 115
Note 2 — Basis of Presentation 115
Note 3 — Significant Accounting Policies 116
Note 4 — Financial Instruments Owned, at Fair
Value and Financial Instruments Sold, But Not Yet
Purchased, at Fair Value 121
Note 5 — Fair Value Measurements 123
Note 6 — Cash Instruments 125
Note 7 — Derivatives and Hedging Activities 134
Note 8 — Fair Value Option 151
Note 9 — Collateralized Agreements and Financings 160
Note 10 — Securitization Activities 165
Note 11 — Variable Interest Entities 168
Note 12 — Other Assets 172
Note 13 — Goodwill and Identifiable Intangible
Assets 173
Note 14 — Deposits 176
Note 15 — Short-Term Borrowings 177
Note 16 — Long-Term Borrowings 177
Note 17 — Other Liabilities and Accrued Expenses 180
Note 18 — Commitments, Contingencies and
Guarantees 181
Note 19 — Shareholders’ Equity 187
Note 20 — Regulation and Capital Adequacy 190
Note 21 — Earnings Per Common Share 195
Note 22 — Transactions with Affiliated Funds 195
Note 23 — Interest Income and Interest Expense 196
Note 24 — Income Taxes 197
Note 25 — Business Segments 200
Note 26 — Credit Concentrations 204
Note 27 — Legal Proceedings 205
Note 28 — Employee Benefit Plans 212
Note 29 — Employee Incentive Plans 212
Note 30 — Parent Company 215
Supplemental Financial Information
Quarterly Results 216
Common Stock Price Range 217
Common Stock Performance 218
Selected Financial Data 219
Statistical Disclosures 220
Goldman Sachs 2013 Annual Report 31