DIRECTV 2002 Annual Report Download - page 101
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HUGHES ELECTRONICS CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
The components of the pension benefit obligation and the other postretirement benefit obligation,
as well as the net benefit obligation recognized in the Consolidated Balance Sheets, are shown below:
Pension Benefits
Other
Postretirement
Benefits
2002 2001 2002 2001
(Dollars in Millions)
Change in Benefit Obligation
Net benefit obligation at beginning of year .................... $455.9 $403.5 $ 27.6 $ 30.2
Service cost ............................................. 21.7 16.0 0.5 0.5
Interest cost ............................................. 33.8 32.7 2.2 1.9
Plan participants’ contributions .............................. 1.9 2.1 — —
Actuarial(gain)loss....................................... 26.4 41.7 5.7 (2.3)
Benefits paid ............................................ (42.7) (40.1) (2.7) (2.7)
Net benefit obligation at end of year ......................... 497.0 455.9 33.3 27.6
Change in Plan Assets
Fair value of plan assets at beginning of year .................. 416.0 477.5 — —
Actual return on plan assets ................................ (21.6) (29.9) — —
Employer contributions .................................... 7.9 6.4 2.7 2.7
Plan participants’ contributions .............................. 1.9 2.1 — —
Benefits paid ............................................ (42.7) (40.1) (2.7) (2.7)
Fair value of plan assets at end of year ....................... 361.5 416.0 — —
Funded status at end of year ............................... (135.5) (39.9) (33.3) (27.6)
Unamortized amount resulting from changes in plan
provisions ......................................... 21.0 23.2 — —
Unamortized net amount resulting from changes in plan
experience and actuarial assumptions .................. 107.1 25.6 (0.8) (6.4)
Net amount recognized at end of year ................ $ (7.4) $ 8.9 $(34.1) $(34.0)
Amounts recognized in the consolidated balance sheets consist
of:
Prepaid benefit cost ................................... $ 0.5 $ 29.0
Accrued benefit cost .................................. (83.1) (52.8) $(34.1) $(34.0)
Intangible asset ...................................... 21.0 3.7 — —
Deferred tax assets ................................... 21.9 11.7 — —
Accumulated other comprehensive loss .................. 32.3 17.3 — —
Net amount recognized at end of year ................ $ (7.4) $ 8.9 $(34.1) $(34.0)
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