Goldman Sachs 2004 Annual Report Download - page 97

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GOLDMAN฀SAC H S ฀ 2004฀ A N N U A L ฀ R E P ORT ฀ ฀ ฀ 9 5
notes฀to฀consolidated฀financial฀statements
GOLDMAN฀SAC H S ฀ 2004฀ A N N U A L ฀ R E P ORT ฀ ฀ ฀ 9 5
The following table provides a summary of the changes in the plans’ benefit obligations and the fair value of assets for November 2004
and November 2003 and a statement of the funded status of the plans as of November 2004 and November 2003:
฀ ฀ AS฀OF฀OR฀FOR฀THE฀YEAR฀ENDED฀NOVEMBER
฀ ฀ ฀ 2004฀ 2003
฀฀฀ 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 $294฀ $335฀ $฀196 $162฀ $245฀ $฀184
Business combination —฀ —฀ — 75฀ —฀ 1
Service cost 10฀ 44฀ 9 8฀ 41฀ 8
Interest cost 18฀ 16฀ 12 13฀ 12฀ 12
Plan amendments —฀ (2)฀ — —฀ —฀ —
Actuarial loss/(gain) 37฀ 58฀ 4 39฀ 22฀ (3)
Benefits paid (4)฀ (14)฀ (6) (3)฀ (13)฀ (6)
Effect of foreign exchange rates —฀ 37฀ — —฀ 28฀ —
Balance, end of year $355฀ $474฀ $฀215 $294฀ $335฀ $฀196
Fair value of plan assets
Balance, beginning of year $277฀ $304฀ $฀฀฀— $167฀ $206฀ $฀฀฀—
Business combination —฀ —฀ — 45฀ —฀ —
Actual return on plan assets 25฀ 26฀ — 31฀ 27฀ —
Firm contributions 20฀ 34฀ 6 37฀ 58฀ 6
Benefits paid (4)฀ (14)฀ (6) (3)฀ (13)฀ (6)
Effect of foreign exchange rates —฀ 32฀ — —฀ 26฀ —
Balance, end of year $318฀ $382฀ $฀฀฀— $277฀ $304฀ $฀฀฀—
Prepaid/(accrued) benefit cost
Funded status $฀(37)฀ $฀(92)฀ $(215) $฀(17)฀ $฀(31)฀ $(196)
Unrecognized loss 108฀ ฀152฀ 58 90฀ 89฀ 56
Unrecognized transition
(asset)/obligation (22)฀ 6฀ 1 (26)฀ 15฀ 2
Unrecognized prior service cost —฀ 3฀ 14 —฀ 3฀ 22
Adjustment to recognize additional
minimum liability —฀ (1)฀ — —฀ —฀ —
Prepaid/(accrued) benefit cost $฀฀49฀ $฀฀68฀ $(142) $฀฀47฀ $฀฀76฀ $(116)
The accumulated benefit obligation for all defined benefit plans
was $742 million and $560 million as of November 2004 and
November 2003, respectively.
For plans in which the accumulated benefit obligation exceeded
plan assets, the aggregate projected benefit obligation
and accumulated benefit obligation was $184 million and
$154 million, respectively, as of November 2004, and
$160 million and $139 million, respectively, as of
November 2003. The fair value of plan assets for each of
these plans was $104 million and $97 million as of
November 2004 and November 2003, respectively.
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