Goldman Sachs 2009 Annual Report Download - page 140

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The following table provides a summary of the changes in the plans’ bene t obligations and the fair value of plan assets for the
years ended December2009 and November2008, as well as a statement of the funded status of the plans as of December2009
and November2008:
As of or for the Year Ended
December2009 November2008
U.S. Non-U.S. Post- U.S. Non-U.S. Post-
(inmillions) Pension Pension retirement Pension Pension retirement
Bene t obligation
Balance, beginning of year $485 $ 513 $ 569 $ 399 $ 748 $ 445
Service cost – 52 18 – 84 26
Interest cost 25 34 27 24 41 31
Plan amendments – – (35) – – (61)
Actuarial loss/(gain) (42) 325 (84) (50) (261) 10
Bene ts paid (10) (11) (11) (8) (2) (10)
Curtailment – (11) – – – –
Effect of foreign exchange rates – 58 – – (154) –
Balance, end of year $458 $ 960 $ 484 $ 365 $ 456 $ 441
Fair value of plan assets
Balance, beginning of year $299 $ 562 $ – $ 450 $ 614 $ –
Actual return on plan assets 78 113 – (151) (77) –
Firm contributions – 50 11 – 184 9
Employee contributions – 1 – – 1 –
Bene ts paid (10) (10) (11) (8) (1) (9)
Curtailment – (9) – – – –
Effect of foreign exchange rates – 59 – – (170) –
Balance, end of year $367 $ 766 $ – $ 291 $ 551 $ –
Funded status of plans $ (91) $(194) $(484) $ (74) $ 95 $(441)
Amounts recognized in the
Consolidated Statements of
Financial Condition consist of:
Other assets $ – $ – $ – $ – $ 129 $ –
Other liabilities and
accrued expenses (91) (194) (484) (74) (34) (441)
Net amount recognized $ (91) $(194) $(484) $ (74) $ 95 $(441)
Amounts recognized in
accumulated other
comprehensive income/(loss)
consist of:
Actuarial loss/(gain) $174 $ 231 $ 155 $ 195 $ (59) $ 129
Prior service cost/(credit) – 3 (82) – 3 (39)
Transition obligation/(asset) (8) 2 – (11) 3 –
Total amount recognized – Pre-tax $166 $ 236 $ 73 $ 184 $ (53) $ 90
Goldman Sachs 2009 Annual Report
138
Notes to Consolidated Financial Statements