Goldman Sachs 2007 Annual Report Download - page 126
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Notes to Consolidated Financial Statements
The accumulated benefit obligation for all defined benefit pension plans was $1.05 billion and $944 million as of November 2007
and November 2006, respectively.
For plans in which the accumulated benefit obligation exceeded plan assets, the aggregate projected benefit obligation
and accumulated benefit obligation was $722 million and $636 million, respectively, as of November 2007, and $771 million
and $647 million, respectively, as of November 2006. The fair value of plan assets for each of these plans was $590 million and
$583 million as of November 2007 and November 2006, respectively.
The components of pension expense/(income) and postretirement expense are set forth below:
Year Ended November
(in millions) 2007 2006 2005
U.S. pension
Service cost $ — $ — $ —
Interest cost 22 21 19
Expected return on plan assets (32) (26) (27)
Net amortization 1 7 6
Total $ (9) $ 2 $ (2)
Non-U.S. pension
Service cost $ 78 $ 58 $ 44
Interest cost 34 25 20
Expected return on plan assets (36) (29) (23)
Net amortization 10 11 12
Other
(1)
— — (17)
Total $ 86 $ 65 $ 36
Postretirement
Service cost $ 21 $ 19 $ 23
Interest cost 23 19 13
Net amortization 19 18 4
Total $ 63 $ 56 $ 40
(1) Represents a benefit as a result of the termination of a Japanese pension plan.
124 Goldman Sachs 2007 Annual Report