Goldman Sachs 2012 Annual Report Download - page 43

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 $47.10 billion and
$47.94 billion as of December 2012 and December 2011,
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 2012 As of December 2011
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 $ 6,057 $ — $ 13,440 $ —
U.S. government and federal agency obligations 93,241 — 87,040 —
Non-U.S. government and agency obligations 62,250 26 49,205 148
Mortgage and other asset-backed loans and securities:
Loans and securities backed by commercial real estate 9,805 3,389 6,699 3,346
Loans and securities backed by residential real estate 8,216 1,619 7,592 1,709
Bank loans and bridge loans 22,407 11,235 19,745 11,285
Corporate debt securities 20,981 2,821 22,131 2,480
State and municipal obligations 2,477 619 3,089 599
Other debt obligations 2,251 1,185 4,362 1,451
Equities and convertible debentures 96,454 14,855 65,113 13,667
Commodities 11,696 — 5,762 —
Total cash instruments 335,835 35,749 284,178 34,685
Derivatives 71,176 9,920 80,028 11,900
Financial instruments owned, at fair value 407,011 45,669 364,206 46,585
Securities segregated for regulatory and other purposes 30,484 — 42,014 —
Securities purchased under agreements to resell 141,331 278 187,789 557
Securities borrowed 38,395 — 47,621 —
Receivables from customers and counterparties 7,866 641 9,682 795
Other assets 113,426 507 ——
Total $638,513 $47,095 $651,312 $47,937
1. Consists of assets classified as held for sale related to our reinsurance business, primarily consisting of securities accounted for as available-for-sale and insurance
separate account assets, which were previously included in “Financial instruments owned, at fair value” and “Securities segregated for regulatory and other
purposes,” respectively. See Note 12 to the consolidated financial statements for further information about assets held for sale.
Goldman Sachs 2012 Annual Report 41