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Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of Amount of Common Stock Repurchased by the Firm
The table below presents information about common stock repurchases.
Three Months
Ended September
Nine Months
Ended September
in millions, except per share amounts2023202220232022
Common share repurchases4.23.013.55.9
Average cost per share$354.79 $332.32 $354.13 $337.32 
Total cost of common share repurchases$1,500 $1,000 $4,796 $2,000 
Summary of Dividends Declared on Common Stock
The table below presents common stock dividends declared.
 Three Months
Ended September
Nine Months
Ended September
 2023202220232022
Dividends declared per common share$2.75 $2.50 $7.75 $6.50 
Summary of Perpetual Preferred Stock Issued and Outstanding
The tables below present information about the perpetual preferred stock issued and outstanding as of September 2023.
SeriesShares
 Authorized
Shares
 Issued
Shares
 Outstanding
Depositary Shares
Per Share
A50,00030,00029,9991,000
C25,0008,0008,0001,000
D60,00054,00053,9991,000
E17,5007,6677,667 N.A.
F5,0001,6151,615N.A.
K32,20028,00028,0001,000
O26,00026,00026,00025
P66,00060,00060,00025
Q20,00020,00020,00025
R24,00024,00024,00025
S14,00014,00014,00025
T27,00027,00027,00025
U30,00030,00030,00025
V30,00030,00030,00025
W60,00060,00060,00025
Total486,700420,282420,280 

SeriesEarliest Redemption DateLiquidation
 Preference
Redemption Value
($ in millions)
ACurrently redeemable$25,000 $750 
CCurrently redeemable$25,000 200 
DCurrently redeemable$25,000 1,350 
ECurrently redeemable$100,000 767 
FCurrently redeemable$100,000 161 
KMay 10, 2024$25,000 700 
ONovember 10, 2026$25,000 650 
PCurrently redeemable$25,000 1,500 
QAugust 10, 2024$25,000 500 
RFebruary 10, 2025$25,000 600 
SFebruary 10, 2025$25,000 350 
TMay 10, 2026$25,000 675 
UAugust 10, 2026$25,000 750 
VNovember 10, 2026$25,000 750 
WFebruary 10, 2029$25,000 1,500 
Total  $11,203 
In the tables above:
All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares.
The earliest redemption date represents the date on which each share of non-cumulative preferred stock is redeemable at the firm’s option.
Prior to redeeming preferred stock, the firm must receive approval from the FRB.
In August 2023, the firm issued 60,000 shares of Series W 7.50% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series W Preferred Stock).
The redemption price per share for Series A through F and Series Q through W Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series K through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends.
All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation.
The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period.
Series E and Series F Preferred Stock are held by Goldman Sachs Capital II and Goldman Sachs Capital III, respectively. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes.
Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding
The table below presents the dividend rates of perpetual preferred stock as of September 2023.
SeriesPer Annum Dividend Rate
A
3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly
C
3 month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly
D
3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly
E
3 month term SOFR + 1.02911%, with floor of 4.00%, payable quarterly
F
3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly
K
6.375% to, but excluding, May 10, 2024;
 3 month term SOFR + 3.81161% thereafter, payable quarterly
O
5.30%, payable semi-annually, from issuance date to, but excluding,
November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter
P
3 month term SOFR + 3.13561%, payable quarterly
Q
5.50%, payable semi-annually, from issuance date to, but excluding,
 August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter
R
4.95%, payable semi-annually, from issuance date to, but excluding,
February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter
S
4.40%, payable semi-annually, from issuance date to, but excluding,
February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter
T
3.80%, payable semi-annually, from issuance date to, but excluding,
May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
U
3.65%, payable semi-annually, from issuance date to, but excluding,
August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter
V
4.125%, payable semi-annually, from issuance date to, but excluding,
November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter
W
7.50%, payable semi-annually, from issuance date to, but excluding,
February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter
In the table above:
In connection with the cessation of LIBOR, as of July 1, 2023, the firm replaced the three-month LIBOR rate with the three-month term SOFR rate plus the statutorily prescribed tenor spread, consistent with the FRB’s final rule implementing the Adjustable Interest Rate (LIBOR) Act.
•Dividends on each series of preferred stock are payable in arrears for the periods specified.
Summary of Preferred Dividends Declared on Preferred Stock Issued
The table below presents preferred stock dividends declared.
 20232022
Seriesper share$ in millionsper share$ in millions
Three Months Ended September
A$388.88 $12 $239.58 $
C$388.88 3 $255.56 
D$383.77 20 $255.56 14 
E$1,600.67 13 $1,022.22 
F$1,601.31 2 $1,022.22 
J$573.52 23 $343.75 13 
K$398.44 11 $398.44 11 
P$524.58 32 $– – 
Q$687.50 14 $687.50 14 
R$618.75 15 $618.75 15 
S$550.00 8 $550.00 
U$456.25 13 $456.25 14 
Total$166 $107 
Nine Months Ended September
A$1,076.86 $32 $710.93 $21 
C$1,076.86 9 $758.34 
D$1,061.69 57 $758.34 41 
E$4,447.01 34 $3,044.44 23 
F$4,448.90 7 $3,044.44 
J$1,261.02 51 $1,031.25 41 
K$1,195.32 33 $1,195.32 33 
O$662.50 17 $662.50 17 
P$1,479.53 89 $625.00 38 
Q$1,375.00 28 $1,375.00 28 
R$1,237.50 30 $1,237.50 30 
S$1,100.00 16 $1,100.00 16 
T$475.00 13 $475.00 13 
U$912.50 27 $942.92 28 
V$515.63 15 $547.14 16 
Total$458 $356 
Accumulated Other Comprehensive Income/(Loss), Net of Tax
The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.
$ in millionsBeginning
balance
Other
comprehensive
income/(loss)
adjustments,
net of tax
Ending
balance
Three Months Ended September 2023
Currency translation$(828)$(16)$(844)
Debt valuation adjustment281 328 609 
Pension and postretirement liabilities(475)9 (466)
Available-for-sale securities(2,215)317 (1,898)
Total$(3,237)$638 $(2,599)
Three Months Ended September 2022
Currency translation$(769)$26 $(743)
Debt valuation adjustment1,417 673 2,090 
Pension and postretirement liabilities(315)(2)(317)
Available-for-sale securities(2,287)(615)(2,902)
Total$(1,954)$82 $(1,872)
Nine Months Ended September 2023
Currency translation$(785)$(59)$(844)
Debt valuation adjustment892 (283)609 
Pension and postretirement liabilities(499)33 (466)
Available-for-sale securities(2,618)720 (1,898)
Total$(3,010)$411 $(2,599)
Nine Months Ended September 2022
Currency translation$(738)$(5)$(743)
Debt valuation adjustment(511)2,601 2,090 
Pension and postretirement liabilities(327)10 (317)
Available-for-sale securities(492)(2,410)(2,902)
Total$(2,068)$196 $(1,872)