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Notes to Consolidated Financial Statements
90 GOLDMAN SACHS 2003 ANNUAL REPORT
note 10
OTHER ASSETS AND OTHER LIABILITIES
Other assets are generally less liquid, nonfinancial assets.
The following table sets forth the firm’s other assets by type:
AS OF NOVEMBER
(IN MILLIONS) 2003 2002
Goodwill and identifiable
intangible assets(1) $ 4,982 $ 4,839
Property, leasehold improvements
and equipment 3,527 3,460
Equity-method investments
and joint ventures 2,159 649
Miscellaneous receivables
and other 1,463 1,469
Net deferred tax assets(2) 1,420 1,549
Prepaid assets and deposits 376 333
Total $13,927 $12,299
(1) See Note 9 for further information regarding the firm’s goodwill and
identifiable intangible assets.
(2) See Note 13 for further information regarding the firm’s income taxes.
Other liabilities and accrued expenses primarily includes
compensation and benefits, minority interest in certain
consolidated entities, litigation liabilities, tax-related
payables, deferred revenue and other payables. The fol-
lowing table sets forth the firm’s other liabilities and
accrued expenses by type:
AS OF NOVEMBER
(IN MILLIONS) 2003 2002
Compensation and benefits $3,956 $3,194
Accrued expenses and
other payables 2,907 2,572
Minority interest 1,281 236
Total $8,144 $6,002
note 11
EMPLOYEE BENEFIT PLANS
The firm sponsors various pension plans and certain
other postretirement benefit plans, primarily healthcare
and life insurance, which cover most employees world-
wide. The firm also provides certain benefits to former or
inactive employees prior to retirement. A summary of
these plans is set forth below.
Defined Benefit Pension Plans and
Postretirement Plans
The firm maintains a defined benefit pension plan for
substantially all U.S. employees. Employees of certain
non-U.S. subsidiaries participate in various local defined
benefit plans. These plans generally provide benefits
based on years of credited service and a percentage of the
employee’s eligible compensation. In addition, the firm
has unfunded postretirement benefit plans that provide
medical and life insurance for eligible retirees, employees
and dependents in the United States.