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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Post-retirement Benefits Other than Pensions
The Company’s total net periodic benefit cost of PBOPs for the fiscal years ended March 31,
2006, 2005, and 2004 included the following components:
The following table provides a reconciliation of the PBOP fair value of assets for the fiscal years
ended March 31, 2006 and 2005.
The following tables provide the reconciliation of the benefit obligation and the funded status of the
PBOP plans at March 31:
57
National Grid USA / Annual Report
(in thousands) 2006 2005 2004
Service cost 28,293$ 22,200$ 17,930$
Interest cost 112,407 103,810 98,849
Expected return on plan assets (73,782) (73,880) (60,957)
Amortization of unrecognized prior service cost 13,330 4,678 (687)
Amortization of unrecognized loss 45,648 36,756 36,531
Net periodic benefit costs before settlements
and curtailments 125,896 93,564 91,666
Settlement and curtailment loss - - 16,066
Special termination benefits - - 8,936
Net periodic benefit cost 125,896$ 93,564$ 116,668$
(in thousands) 2006 2005
Beginning balance, April 1, 922,173$ 907,995$
Actual return on plan assets 113,920 49,373
Employer contributions 53,700 59,715
Benefit payments (101,604) (94,910)
Ending balance, March 31, 988,189$ 922,173$
(in thousands) 2006 2005
Beginning balance, April 1, 2,019,009$ 1,834,258$
Service cost 28,293 22,200
Interest cost 112,407 103,810
Actuarial losses 71,103 9,435
Plan amendments - 146,689
Benefit payments (106,045) (97,383)
Ending balance, March 31, 2,124,767$ 2,019,009$
(in thousands) 2006 2005
Funded status (1,136,579)$ (1,096,837)$
Unrecognized prior service cost 119,775 133,106
Unrecognized net loss 583,074 597,757
Net amount recognized at March 31, (433,730)$ (365,974)$