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Goldman Sachs SEC filing for the quarter ended March 31, 2019, report contains the following lease footnote. Leases (ASC 842). In February 2016, the FASB

Goldman Sachs SEC filing for the quarter ended March 31, 2019, report contains the following lease footnote.

Leases (ASC 842). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU requires that, for leases longer than one year, a lessee recognize in the statements of financial condition a right-of-use asset and a lease liability. It also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. The firm adopted this ASU in January 2019 under a modified retrospective approach.

The table below presents other assets by type.

$ in millions

Mar. 2019

Dec. 2018

Property, leasehold improvements and equipment

$19,277

$18,317

Held-to-maturity securities

5,841

1,288

Goodwill and identifiable intangible assets

4,092

4,082

Operating lease right-of-use assets

2,386

-

Income tax-related assets

1,729

1,529

Miscellaneous receivables and other

4,358

5,424

Total

$37,683

$30,640

The table below presents other liabilities by type.

$ in millions

Mar. 2019

Dec. 2018

Compensation and benefits

$3,110

$6,834

Income tax-related liabilities

3,080

2,864

Operating lease liabilities

2,413

-

Noncontrolling interests

1,565

1,568

Employee interests in consolidated funds

122

122

Accrued expenses and other

5,884

6,219

Total

$16,174

$17,607

The table below presents information about future operating lease payments.

$ in millions

Mar. 2019

Remainder of 2019

318

2020

341

2021

262

2022

235

2023

204

2024

193

2025-thereafter

2,494

Total undiscounted lease payments

4,047

Imputed interest

(1,634)

Total operating lease liabilities

$2,413

Weighted average remaining lease term

18 years

Weighted average discount rate

4.85%

Goldman Sachss 10-K report for the year ended December 31, 2018, included the following table about future cash payments required under operating leases.

$ in millions

Dec. 2018

2019

$281

2020

271

2021

218

2022

177

2023

142

2024 - thereafter

1,310

Total

$2,399

1 Use an Excel spreadsheet and the information on future operating lease payments to verify the total liabilities of $2,413 million on the 2019 Form 10-Q. Hint: The amount will not be exactly $2,413. Enter the amount computed in Excel. Round your final answer to the nearest million. $Answer million

2 Use the information on rental payments from the December 2018 Form 10-K, to calculate the present value of future payments at year-end. Use the same average weighted lease term and discount rate Goldman Sachs discloses in the 2019 Form 10-Q. Enter the amount computed in Excel. Round your final answer to the nearest million. $Answer million

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