Frontier Communications 2004 Annual Report Download - page 83

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
F-39
Pension Plan
The following tables set forth the plan’s benefit obligations and fair values of plan assets as of December 31, 2004 and
2003 and net periodic benefit cost for the years ended December 31, 2004, 2003 and 2002.
($ in thousands) 2004 2003
Change in benefit obligation
Benefit obligation at beginning of year 761,683$ 780,237$
Service cost 5,748 6,479
Interest cost 46,468 49,103
Amendments - (22,164)
Actuarial loss 44,350 43,146
Settlement due to transfer of plan - (22,475)
Plant closings/Reduction in force - (1,198)
Benefits paid (58,791) (71,445)
Benefit obligation at end of yea
r
799,458$ 761,683$
Change in plan assets
Fair value of plan assets at beginning of year 719,622$ 692,361$
Actual return on plan assets 80,337 121,821
Settlement due to transfer of plan - (23,115)
Employer contribution 20,000 -
Benefits paid (58,791) (71,445)
Fair value of plan assets at end of yea
r
761,168$ 719,622$
(Accrued)/Prepaid benefit cost
Funded status (38,290)$ (42,061)$
Unrecognized net liability - -
Unrecognized prior service cost (1,988) (2,232)
Unrecognized net actuarial loss 183,481 171,071
Prepaid benefit cos
t
143,203$ 126,778$
Amounts recognized in the statement of financial position
Accrued benefit liability (20,034)$ (19,086)$
Other comprehensive income 163,237 145,864
Net amount recognized 143,203$ 126,778$
($ in thousands) 2004 2003 2002
Components of net periodic benefit cost
Service cost 5,748$ 6,479$ 12,159$
Interest cost on projected benefit obligation 46,468 49,103 53,320
Return on plan assets (57,203) (53,999) (63,258)
Amortization of prior service cost and unrecognized
net obligation (244) (172) (106)
Amortization of unrecognized loss 8,806 11,026 2,137
Net periodic benefit cost 3,575 12,437 4,252
Curtailment/settlement charge - 6,585 -
Total periodic benefit cos
t
3,575$ 19,022$ 4,252$