Goldman Sachs 2009 Annual Report Download - page 138

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Substantially all of the  rm’s identi able intangible assets are
considered to have  nite lives and are amortized over their
estimated lives. The weighted average remaining life of the
rm’s identi able intangible assets is approximately 11 years.
“Depreciation and amortization” in the consolidated
statements of earnings includes amortization related to
identi able intangible assets of $96million, $240million
and $39million for the years ended December2009 and
November2008 and one month ended December 2008,
respectively.
The estimated future amortization for existing identi able
intangible assets through 2014 is set forth below:
(inmillions) As of December2009
2010 $141
2011 135
2012 129
2013 123
2014 119
NOTE 12
Other Assets and Other Liabilities
Other Assets
Other assets are generally less liquid, non- nancial assets.
The following table sets forth the  rm’s other assets by type:
As of
December November
(inmillions) 2009 2008
Property, leasehold improvements
and equipment (1) $11,380 $10,793
Goodwill and identi able
intangible assets (2) 4,920 5,052
Income tax-related assets 7,937 8,359
Equity-method investments (3) 1,484 1,454
Miscellaneous receivables and other 3,747 4,780
Total $29,468 $30,438
(1) Net of accumulated depreciation and amortization of $7.28billion and
$6.55billion as of December2009 and November2008, respectively.
(2) See Note11 for further information regarding the  rm’s goodwill and
identi able intangible assets.
(3) Excludes investments of $2.95billion and $3.45billion accounted
for at fair value under the fair value option as of December2009 and
November2008, respectively, which are included in “Trading assets, at fair
value” in the consolidated statements of nancial condition.
Other Liabilities
The following table sets forth the  rm’s other liabilities and
accrued expenses by type:
As of
December November
(inmillions) 2009 2008
Compensation and bene ts $11,170 $ 4,646
Insurance-related liabilities (1) 11,832 9,673
Noncontrolling interests (2) 960 1,127
Income tax-related liabilities 4,022 2,865
Employee interests in consolidated funds 416 517
Accrued expenses and other payables 5,455 4,388
Total $33,855 $23,216
(1) Insurance-related liabilities are set forth in the table below:
As of
December November
(inmillions) 2009 2008
Separate account liabilities $ 4,186 $3,628
Liabilities for future bene ts and
unpaid claims 6,484 4,778
Contract holder account balances 874 899
Reserves for guaranteed minimum
death and income bene ts 288 368
Total insurance-related liabilities $11,832 $9,673
Separate account liabilities are supported by separate account assets,
representing segregated contract holder funds under variable annuity
and life insurance contracts. Separate account assets are included in
“Cash and securities segregated for regulatory and other purposes”
in the consolidated statements of  nancial condition.
Liabilities for future bene ts and unpaid claims include liabilities arising
from reinsurance provided by the  rm to other insurers. The  rm had
a receivable of $1.29billion and $1.30billion as of December2009 and
November2008, respectively, related to such reinsurance contracts, which
is reported in “Receivables from customers and counterparties” in the
consolidated statements of  nancial condition. In addition, the  rm has
ceded risks to reinsurers related to certain of its liabilities for future bene ts
and unpaid claims and had a receivable of $870million and $1.20billion
as of December2009 and November2008, respectively, related to such
reinsurance contracts, which is reported in “Receivables from customers
and counterparties” in the consolidated statements of  nancial condition.
Contracts to cede risks to reinsurers do not relieve the  rm from its
obligations to contract holders. Liabilities for future bene ts and unpaid
claims include $1.84billion and $978million carried at fair value under the
fair value option as of December2009 and November2008, respectively.
Reserves for guaranteed minimum death and income bene ts represent a
liability for the expected value of guaranteed bene ts in excess of projected
annuity account balances. These reserves are based on total payments
expected to be made less total fees expected to be assessed over the life
of the contract.
(2) Includes $598million and $784million related to consolidated investment
funds as of December2009 and November2008, respectively.
Goldman Sachs 2009 Annual Report
136
Notes to Consolidated Financial Statements