Goldman Sachs 2007 Annual Report Download - page 125

Download and view the complete annual report

Please find page 125 of the 2007 Goldman Sachs annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

Notes to Consolidated Financial Statements
The following table provides a summary of the changes in the plans’ benefit obligations and the fair value of assets for November 2007
and November 2006 and a statement of the funded status of the plans as of November 2007 and November 2006:
As of or for the Year Ended November
2007 2006
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 $395 $ 673 $ 372 $393 $ 486 $ 277
Service cost — 78 21 — 58 19
Interest cost 22 34 23 21 25 19
Plan amendments — (1) — — 1 48
Actuarial loss (11) (79) 36 (13) 38 17
Benefits paid (7) (1) (7) (6) (4) (8)
Effect of foreign exchange rates — 44 — — 69 —
Balance, end of year $399 $ 748 $ 445 $395 $ 673 $ 372
Fair value of plan assets
Balance, beginning of year $423 $ 506 $ — $354 $ 392 $ —
Actual return on plan assets 34 36 — 55 58 —
Firm contributions — 38 7 20 4 8
Employee contributions — 1 — — 1 —
Benefits paid (7) (1) (7) (6) (3) (8)
Effect of foreign exchange rates — 34 — — 54 —
Balance, end of year $450 $ 614 $ — $423 $ 506 $ —
Prepaid/(accrued) benefit cost
Funded status $ 51 $(134) $(445) $ 28 $(167) $(372)
Unrecognized loss — — — 77 159 101
Unrecognized transition
(asset)/obligation — — — (17) 5 1
Unrecognized prior service cost — — — — 5 46
Adjustment to recognize
additional minimum liability — — — (10) (46) —
Prepaid/(accrued) benefit cost $ 51 $(134) $(445) $ 78 $ (44) $(224)
Amounts recognized in the Statements
of Financial Condition consist of:
Other assets $ 51 $ — $ — $ 99 $ — $ —
Other liabilities and
accrued expenses — (134) (445) (21) (44) (224)
Net amounts recognized $ 51 $(134) $(445) $ 78 $ (44) $(224)
123Goldman Sachs 2007 Annual Report