Goldman Sachs 2002 Annual Report Download - page 82

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N otes to Consolidated Financial Statem ents
GO L D M A N SA CH S 2002 A N N UAL R EPO RT 79
N otes to Consolidated Financial Statem ents N otes to Consolidated Financial Statem ents
The following table provides a summary of the changes in the plans’ benefit obligations and the fair value of assets for
2002 and 2001 and a statement of the funded status of the plans as of November 2002 and November 2001:
AS OF OR FOR THE YEAR ENDED NOVEMBER
2002 2001
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 $140 $184 $ 84 $120 $163 $ 59
Service cost 637 8 435 6
Interest cost 10 9 9 975
Plan amendments —140———
Actuarial loss/(gain) 87509 (12) 18
Benefits paid (2) (9) (7) (2) (7) (4)
Effect of foreign exchange rates —16— — (2) —
Balance, end of year $162 $245 $ 184 $140 $184 $ 84
Fair value of plan assets
Balance, beginning of year $138 $164 $ 12 $148 $128 $ 15
Actual return on plan assets (14) (21) (1) (8) (18) (3)
Firm contributions 45 56 7 —61 4
Benefits paid (2) (9) (7) (2) (7) (4)
Other distributions — — (11) ———
Effect of foreign exchange rates —16— ———
Balance, end of year $167 $206 $ — $138 $164 $ 12
Prepaid/(accrued) benefit cost
Funded status $ 5 $ (39) $(184) $ (2) $ (20) $(72)
Unrecognized actuarial loss 72 79 62 40 36 12
Unrecognized transition (asset)/obligation (28) 15 1 (31) 16 2
Unrecognized prior service cost —431— 3 (1)
Adjustment to recognize additional
minimum liability — (1) — ———
Prepaid/(accrued) benefit cost $ 49 $ 58 $ (90) $ 7 $ 35 $(59)
For plans in which the accumulated benefit obligation
exceeded plan assets, the aggregate projected benefit obli-
gation and accumulated benefit obligation was $72 mil-
lion and $55 million, respectively, as of November 2002,
and $63 million and $46 million, respectively, as of
November 2001. The fair value of plan assets for each of
these plans was $39 million and $35 million as of
November 2002 and November 2001, respectively.