Goldman Sachs 2015 Annual Report Download - page 94

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
The table below presents where information about our
various off-balance-sheet arrangements may be found in the
2015 Form 10-K. In addition, see Note 3 to the
consolidated financial statements for information about
our consolidation policies.
Type of Off-Balance-Sheet
Arrangement Disclosure in Form 10-K
Variable interests and other
obligations, including contingent
obligations, arising from variable
interests in nonconsolidated VIEs
See Note 12 to the consolidated
financial statements.
Leases, letters of credit, and
lending and other commitments
See “Contractual Obligations”
below and Note 18 to the
consolidated financial statements.
Guarantees See “Contractual Obligations”
below and Note 18 to the
consolidated financial statements.
Derivatives See “Credit Risk Management —
Credit Exposures — OTC
Derivatives” below and Notes 4,
5, 7 and 18 to the consolidated
financial statements.
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 and contractual interest
payments, 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 by type.
As of December
$ in millions 2015 2014
Amounts related to on-balance-sheet obligations
Time deposits $ 25,748 $ 18,719
Secured long-term financings 10,520 7,249
Unsecured long-term borrowings 175,422 167,302
Contractual interest payments 59,327 61,416
Subordinated liabilities issued by consolidated
VIEs 501 843
Amounts related to off-balance-sheet arrangements
Commitments to extend credit 117,158 95,949
Contingent and forward starting resale and
securities borrowing agreements 28,874 35,225
Forward starting repurchase and secured
lending agreements 5,878 8,180
Letters of credit 249 308
Investment commitments 6,054 5,164
Other commitments 6,944 6,321
Minimum rental payments 2,575 2,173
Derivative guarantees 926,443 612,735
Securities lending indemnifications 31,902 27,567
Other financial guarantees 4,461 4,486
The table below presents our contractual obligations,
commitments and guarantees by period of expiration.
Contractual Obligations, Commitments and
Guarantees Amount by Period
of Expiration as of December 2015
$ in millions 2016
2017 -
2018
2019 -
2020
2021 -
Thereafter
Amounts related to on-balance-sheet obligations
Time deposits $ — $ 10,314 $ 7,122 $ 8,312
Secured long-term financings — 8,465 1,435 620
Unsecured long-term
borrowings — 50,493 33,990 90,939
Contractual interest
payments 6,613 11,742 8,381 32,591
Subordinated liabilities issued
by consolidated VIEs — — — 501
Amounts related to off-balance-sheet arrangements
Commitments to extend
credit 28,404 24,956 53,822 9,976
Contingent and forward
starting resale and securities
borrowing agreements 28,839 35 — —
Forward starting repurchase
and secured lending
agreements 5,878 — — —
Letters of credit 217 25 3 4
Investment commitments 4,600 336 24 1,094
Other commitments 6,484 339 70 51
Minimum rental payments 317 614 484 1,160
Derivative guarantees 640,288 168,784 67,643 49,728
Securities lending
indemnifications 31,902 — — —
Other financial guarantees 611 1,402 1,772 676
82 Goldman Sachs 2015 Form 10-K