Goldman Sachs 2013 Annual Report Download - page 41
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Management’s Discussion and Analysis
Level 3 Financial Assets at Fair Value. The table below
presents financial assets measured at fair value and the
amount of such assets that are classified within level 3 of the
fair value hierarchy.
Total level 3 financial assets were $40.01 billion
and $47.10 billion as of December 2013 and
December 2012, respectively.
See Notes 5 through 8 to the consolidated financial
statements for further information about changes in level 3
financial assets and fair value measurements.
As of December 2013 As of December 2012
in millions
Total at
Fair Value
Level 3
Total
Total at
Fair Value Level 3
Total
Commercial paper, certificates of deposit, time deposits
and other money market instruments $ 8,608 $ — $ 6,057 $ —
U.S. government and federal agency obligations 71,072 — 93,241 —
Non-U.S. government and agency obligations 40,944 40 62,250 26
Mortgage and other asset-backed loans and securities:
Loans and securities backed by commercial real estate 6,596 2,692 9,805 3,389
Loans and securities backed by residential real estate 9,025 1,961 8,216 1,619
Bank loans and bridge loans 17,400 9,324 22,407 11,235
Corporate debt securities 17,412 2,873 20,981 2,821
State and municipal obligations 1,476 257 2,477 619
Other debt obligations 3,129 807 2,251 1,185
Equities and convertible debentures 101,024 14,685 96,454 14,855
Commodities 4,556 — 11,696 —
Total cash instruments 281,242 32,639 335,835 35,749
Derivatives 57,879 7,076 71,176 9,920
Financial instruments owned, at fair value 339,121 39,715 407,011 45,669
Securities segregated for regulatory and other purposes 31,937 — 30,484 —
Securities purchased under agreements to resell 161,297 63 141,331 278
Securities borrowed 60,384 — 38,395 —
Receivables from customers and counterparties 7,416 235 7,866 641
Other assets 118 — 13,426 507
Total $600,173 $40,013 $638,513 $47,095
1. December 2012 consists of assets classified as held for sale related to our Americas reinsurance business, in which a majority stake was sold in April 2013, primarily
consisting of securities accounted for as available-for-sale and insurance separate account assets. See Notes 3 and 12 to the consolidated financial statements for
further information about the sale of our Americas reinsurance business.
Goldman Sachs 2013 Annual Report 39