Goldman Sachs 2015 Annual Report Download - page 180

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Consolidated VIEs
The table below presents the carrying amount and
classification of assets and liabilities in consolidated VIEs,
excluding the benefit of offsetting financial instruments that
are held to mitigate the risks associated with the firm’s
variable interests.
Consolidated VIEs
as of December
$ in millions 2015 2014
Real estate, credit-related and other investing
Assets
Cash and cash equivalents $ 374 $ 218
Cash and securities segregated for regulatory and other
purposes 49 19
Receivables from brokers, dealers and clearing organizations 1—
Loans receivable 1,534 589
Financial instruments owned, at fair value 1,585 2,608
Other assets 456 349
Total 3,999 3,783
Liabilities
Other secured financings 332 419
Payables to customers and counterparties 2—
Financial instruments sold, but not yet purchased, at fair
value 16 10
Unsecured long-term borrowings —12
Other liabilities and accrued expenses 556 906
Total 906 1,347
CDOs, mortgage-backed and other asset-backed
Assets
Financial instruments owned, at fair value 572 121
Other assets 15 —
Total 587 121
Liabilities
Other secured financings 113 99
Payables to customers and counterparties 432 —
Financial instruments sold, but not yet purchased, at fair
value —8
Total 545 107
Principal-protected notes
Assets
Cash and securities segregated for regulatory and other
purposes —31
Financial instruments owned, at fair value 126 276
Total 126 307
Liabilities
Other secured financings 413 439
Unsecured short-term borrowings, including the current
portion of unsecured long-term borrowings 416 1,090
Unsecured long-term borrowings 312 103
Total 1,141 1,632
Total consolidated VIEs
Assets
Cash and cash equivalents 374 218
Cash and securities segregated for regulatory and other
purposes 49 50
Receivables from brokers, dealers and clearing organizations 1—
Loans receivable 1,534 589
Financial instruments owned, at fair value 2,283 3,005
Other assets 471 349
Total 4,712 4,211
Liabilities
Other secured financings 858 957
Payables to customers and counterparties 434 —
Financial instruments sold, but not yet purchased, at fair
value 16 18
Unsecured short-term borrowings, including the current
portion of unsecured long-term borrowings 416 1,090
Unsecured long-term borrowings 312 115
Other liabilities and accrued expenses 556 906
Total $2,592 $3,086
In the table above:
‰Consolidated VIEs are aggregated based on principal
business activity and their assets and liabilities are
presented net of intercompany eliminations. The majority
of the assets in principal-protected notes VIEs are
intercompany and are eliminated in consolidation.
‰VIEs in which the firm holds a majority voting interest are
excluded if (i) the VIE meets the definition of a business
and (ii) the VIE’s assets can be used for purposes other
than the settlement of its obligations.
‰Substantially all the assets can only be used to settle
obligations of the VIE. The liabilities of real estate, credit-
related and other investing VIEs, and CDOs, mortgage-
backed and other asset-backed VIEs do not have recourse
to the general credit of the firm.
Note 13.
Other Assets
Other assets are generally less liquid, non-financial assets.
The table below presents other assets by type.
As of December
$ in millions 2015 2014
Property, leasehold improvements and
equipment $ 9,956 $ 9,344
Goodwill and identifiable intangible assets 4,148 4,160
Income tax-related assets 5,548 5,181
Equity-method investments 1258 360
Miscellaneous receivables and other 25,308 33,156
Total $25,218 $22,201
1. Excludes investments accounted for at fair value under the fair value option
where the firm would otherwise apply the equity method of accounting of
$6.59 billion and $6.62 billion as of December 2015 and December 2014,
respectively, all of which are included in “Financial instruments owned, at fair
value.” The firm has generally elected the fair value option for such
investments acquired after the fair value option became available.
2. Includes $581 million and $461 million of investments in qualified affordable
housing projects as of December 2015 and December 2014, respectively.
3. Includes $1.96 billion of assets classified as held for sale related to certain of
the firm’s consolidated investments in Europe.
168 Goldman Sachs 2015 Form 10-K