Parent Company (Tables)

12 Months Ended

Dec. 31, 2012

Parent Company [Abstract]

Group Statement of Earnings

Group Inc. — Condensed Statements of Earnings
	Year Ended December
in millions		2012	2011		2010
Revenues
Dividends from bank subsidiaries		$     —	$ 1,000		$        —
Dividends from nonbank subsidiaries		3,622	4,967		6,032
Undistributed earnings of subsidiaries		3,682	481		2,884
Other revenues		1,567	(3,381	)	964
Total non-interest revenues		8,871	3,067		9,880
Interest income		4,751	4,547		4,153
Interest expense		4,287	3,917		3,429
Net interest income		464	630		724
Net revenues, including net interest income		9,335	3,697		10,604
Operating expenses
Compensation and benefits		452	300		423
Other expenses		448	252		238
Total operating expenses		900	552		661
Pre-tax earnings		8,435	3,145		9,943
Provision/(benefit) for taxes		960	(1,297	)	1,589
Net earnings		7,475	4,442		8,354
Preferred stock dividends		183	1,932		641
Net earnings applicable to common shareholders		$7,292	$ 2,510		$  7,713

Group Statement of Financial Condition

Group Inc. — Condensed Statements of Financial Condition
	As of December
in millions		2012		2011
Assets
Cash and cash equivalents		$         14		$         14
Loans to and receivables from subsidiaries
Bank subsidiaries		4,103		7,196
Nonbank subsidiaries 1		174,609		180,397
Investments in subsidiaries and other affiliates
Bank subsidiaries		20,671		19,226
Nonbank subsidiaries and other affiliates		52,646		48,473
Financial instruments owned, at fair value		19,132		20,698
Other assets		4,782		7,912
Total assets		$275,957		$283,916
Liabilities and shareholders’ equity
Payables to subsidiaries		$       657		$       693
Financial instruments sold, but not yet purchased, at fair value		301		241
Unsecured short-term borrowings
With third parties 2		29,898		35,368
With subsidiaries		4,253		4,701
Unsecured long-term borrowings
With third parties 3		158,761		166,342
With subsidiaries 4		3,574		1,536
Other liabilities and accrued expenses		2,797		4,656
Total liabilities		200,241		213,537
Commitments, contingencies and guarantees
Shareholders’ equity
Preferred stock		6,200		3,100
Common stock		8		8
Restricted stock units and employee stock options		3,298		5,681
Additional paid-in capital		48,030		45,553
Retained earnings		65,223		58,834
Accumulated other comprehensive loss		(193	)	(516	)
Stock held in treasury, at cost		(46,850	)	(42,281	)
Total shareholders’ equity		75,716		70,379
Total liabilities and shareholders’ equity		$275,957		$283,916

Condensed Consolidated Statements of Cash Flows

Group Inc. — Condensed Statements of Cash Flows
	Year Ended December
in millions		2012		2011		2010
Cash flows from operating activities
Net earnings		$   7,475		$   4,442		$   8,354
Adjustments to reconcile net earnings to net cash provided by operating activities
Undistributed earnings of subsidiaries		(3,682	)	(481	)	(2,884	)
Depreciation and amortization		15		14		18
Deferred income taxes		(1,258	)	809		214
Share-based compensation		81		244		393
Changes in operating assets and liabilities
Financial instruments owned, at fair value		1,464		3,557		(176	)
Financial instruments sold, but not yet purchased, at fair value		(3	)	(536	)	(1,091	)
Other, net		2,621		1,422		10,852
Net cash provided by operating activities		6,713		9,471		15,680
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment		(12	)	(42	)	(15	)
Repayments of short-term loans by subsidiaries, net of issuances		6,584		20,319		(9,923	)
Issuance of term loans to subsidiaries		(17,414	)	(42,902	)	(5,532	)
Repayments of term loans by subsidiaries		18,715		21,850		1,992
Capital distributions from/(contributions to) subsidiaries, net		(298	)	4,642		(1,038	)
Net cash provided by/(used for) investing activities		7,575		3,867		(14,516	)
Cash flows from financing activities
Unsecured short-term borrowings, net		(2,647	)	(727	)	3,137
Proceeds from issuance of long-term borrowings		26,160		27,251		21,098
Repayment of long-term borrowings, including the current portion		(35,608	)	(27,865	)	(21,838	)
Preferred stock repurchased		—		(3,857	)	—
Common stock repurchased		(4,640	)	(6,048	)	(4,183	)
Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units		(1,086	)	(2,771	)	(1,443	)
Proceeds from issuance of preferred stock, net of issuance costs		3,087		—		—
Proceeds from issuance of common stock, including stock option exercises		317		368		581
Excess tax benefit related to share-based compensation		130		358		352
Cash settlement of share-based compensation		(1	)	(40	)	(1	)
Net cash used for financing activities		(14,288	)	(13,331	)	(2,297	)
Net increase/(decrease) in cash and cash equivalents		—		7		(1,133	)
Cash and cash equivalents, beginning of year		14		7		1,140
Cash and cash equivalents, end of year		$        14		$        14		$          7

SUPPLEMENTAL DISCLOSURES:

Cash payments for third-party interest, net of capitalized interest, were $5.11 billion, $3.83 billion and $3.07 billion for the years ended December 2012, December 2011 and December 2010, respectively.

Cash payments for income taxes, net of refunds, were $1.59 billion, $1.39 billion and $2.05 billion for the years ended December 2012, December 2011 and December 2010, respectively.

Non-cash activity:

During the year ended December 2011, $103 million of common stock was issued in connection with the acquisition of GS Australia.

1. Primarily includes overnight loans, the proceeds of which can be used to satisfy the short-term obligations of Group Inc.

2. Includes $4.91 billion and $6.25 billion at fair value as of December 2012 and December 2011, respectively.

3. Includes $8.19 billion and $12.91 billion at fair value as of December 2012 and December 2011, respectively.

4. Unsecured long-term borrowings with subsidiaries by maturity date are $434 million in 2014, $191 million in 2015, $2.08 billion in 2016, $107 million in 2017, and $766 million in 2018-thereafter.