Goldman Sachs 2003 Annual Report Download - page 93

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Notes to Consolidated Financial Statements
GOLDMAN SACHS 2003 ANNUAL REPORT 91
The accumulated benefit obligation for all defined benefit
plans was $560 million and $356 million as of November
2003 and November 2002, respectively.
For plans in which the accumulated benefit obligation
exceeded plan assets, the aggregate projected benefit
obligation and accumulated benefit obligation was
$160 million and $139 million, respectively, as of
November 2003, and $72 million and $55 million, respec-
tively, as of November 2002. The fair value of plan assets
for each of these plans was $97 million and $39 million
as of November 2003 and November 2002, respectively.
The following table provides a summary of the changes in the plans’ benefit obligations and the fair value of assets for
November 2003 and November 2002 and a statement of the funded status of the plans as of November 2003 and
November 2002:
AS OF OR FOR YEAR ENDED NOVEMBER
2003 2002
U.S. NON-U.S. POST- U.S. NON-U.S. POST-
(IN MILLIONS) PENSION PENSION RETIREMENT PENSION PENSION RETIREMENT
Benefit obligation
Balance, beginning of year $162 $245 $ 184 $140 $184 $ 84
Business combination 75 — 1 ———
Service cost 841 8 637 8
Interest cost 13 12 12 10 9 9
Plan amendments ————140
Actuarial loss/(gain) 39 22 (3) 8750
Benefits paid (3) (13) (6) (2) (9) (7)
Effect of foreign exchange rates —28 ——16—
Balance, end of year $294 $335 $ 196 $162 $245 $ 184
Fair value of plan assets
Balance, beginning of year $167 $206 $ — $138 $164 $ 12
Business combination 45 — — ———
Actual return on plan assets 31 27 — (14) (21) (1)
Firm contributions 37 58 6 45 56 7
Benefits paid (3) (13) (6) (2) (9) (7)
Other distributions ———— — (11)
Effect of foreign exchange rates —26 ——16—
Balance, end of year $277 $304 $ — $167 $206 $ —
Prepaid/(accrued) benefit cost
Funded status $ (17) $ (31) $(196) $ 5 $ (39) $(184)
Unrecognized loss 90 89 56 72 79 62
Unrecognized transition (asset)/obligation (26) 15 2 (28) 15 1
Unrecognized prior service cost —322—431
Adjustment to recognize additional
minimum liability ———— (1) —
Prepaid/(accrued) benefit cost $ 47 $ 76 $(116) $ 49 $ 58 $ (90)