Goldman Sachs 2001 Annual Report Download - page 51

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page 49 GOLDMAN SACHS ANNUAL REPORT 2001
YEAR ENDED NOVEMBER
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2001 2000 1999
Partners’ capital
Balance, beginning of year $— $ — $ 6,310
Transfer of beginning partners’ capital allocated for income taxes and
potential withdrawals ——74
Net earnings —— 2,264)
(1)
Capital contributions ——48
Return on capital and certain distributions to partners —— (306)
Distributions of remaining partners’ capital —— (4,520)(2)
Exchange of partnership interests for shares of common stock —— (3,901)
Transfer to accumulated other comprehensive income ——31
Balance, end of year ———
Common stock, par value $0.01 per share
Balance, beginning of year 54—
Issued —14
Balance, end of year 554
Restricted stock units
Balance, beginning of year 4,760 4,339 —
Granted 648 1,150 4,381
Delivered (600) (507) —
Forfeited (266) (222) (42)
Balance, end of year 4,542 4,760 4,339
Nonvoting common stock, par value $0.01 per share
Balance, beginning of year ———
Exchanged ———
Balance, end of year ———
Additional paid-in capital
Balance, beginning of year 11,127 7,359 —
Exchange of partnership interests for shares of common stock —— 3,901
Issuance of common stock 535 3,651 2,891
Issuance of common stock contributed to a defined contribution plan —1 674
Tax benefit related to delivery of equity-based awards 123 116 —
Dividends declared —— (107)
Balance, end of year 11,785 11,127 7,359
Retained earnings
Balance, beginning of year 3,294 444 —
Net earnings 2,310 3,067 444)
(3)
Dividends declared (231) (217) —
Balance, end of year 5,373 3,294 444
Unearned compensation
Balance, beginning of year (1,878) (2,038) —
Restricted stock units granted (375) (842) (2,334)
Restricted stock units forfeited 108 163 23
Amortization of restricted stock units 925 839 273
Balance, end of year (1,220) (1,878) (2,038)
Accumulated other comprehensive (loss)/income
Balance, beginning of year (130) 37 —
Transfer from partners’ capital —— (31)
Currency translation adjustment (38) (167) 68
Balance, end of year (168) (130) 37
Treasury stock, at cost, par value $0.01 per share
Balance, beginning of year (648) ——
Shares repurchased (1,438) (648) —
Balance, end of year (2,086) (648) —
$18,231 $16,530 $10,145
(1) Represents net earnings of the partnership from November 28, 1998 through May 6, 1999.
(2) Represents the retired limited partners’ exchanges of partnership interests for cash and junior subordinated debentures, the redemption of senior limited partnership inter-
ests for cash and other distributions of partners’ capital in accordance with the partnership agreement.
(3) Represents net earnings of the corporation from May 7, 1999 through November 26, 1999.
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND PARTNERS’ CAPITAL