ADT 2002 Annual Report Download - page 114
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TYCO INTERNATIONAL LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
21. Retirement Plans (continued)
Non-U.S. Plans
2002 2001 2000
Service cost .............................................. $ 69.0 $ 65.4 $ 60.9
Interest cost ............................................. 88.1 79.2 75.1
Expected return on plan assets ................................ (81.8) (96.8) (85.3)
Recognition of initial net asset ................................ 0.1 0.2 0.2
Recognition of prior service cost .............................. 0.9 1.7 0.8
Recognition of net actuarial loss ............................... 15.1 0.5 2.3
Curtailment/settlement (gain) loss ............................. (2.3) 3.0 (2.7)
Cost of special termination benefits ............................ 2.4 16.2 3.0
Net periodic benefit cost .................................... $ 91.5 $ 69.4 $ 54.3
The curtailment/settlement gains in fiscal 2001 in the U.S. relate primarily to the freezing of
certain pension plans. These curtailment/settlement gains have been recorded in selling, general and
administrative expenses in the Consolidated Statements of Operations.
The net pension amount recognized on the Consolidated Balance Sheet at September 30, 2002 and
2001 for all U.S. and non-U.S. defined benefit plans is as follows ($ in millions):
U.S. Plans Non-U.S. Plans
2002 2001 2002 2001
Change in benefit obligation
Benefit obligation at beginning of year ................ $1,832.5 $1,085.8 $1,571.9 $1,367.6
Service cost .................................... 19.2 28.2 69.0 65.4
Interest cost ................................... 134.2 127.7 88.1 79.2
Employee contributions ........................... — — 9.9 9.5
Plan amendments ................................ 24.6 2.8 1.1 2.8
Actuarial loss ................................... 203.2 90.2 210.9 36.0
Benefits and administrative expenses paid .............. (155.9) (100.9) (74.8) (43.5)
Acquisitions .................................... 15.6 782.8 12.9 100.4
Plan curtailments ................................ (20.7) (54.6) (4.9) (11.4)
Plan settlements ................................. (6.2) (130.1) (20.0) (43.2)
Special termination benefits ........................ 1.6 0.6 2.4 16.2
Currency translation adjustment ..................... — — 71.8 (7.1)
Benefit obligation at end of year ..................... $2,048.1 $1,832.5 $1,938.3 $1,571.9
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