Xerox 2003 Annual Report Download - page 67

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65
Pension Benefits Other Benefits
2003 2002 2003 2002
Change in Benefit Obligation
Benefit obligation, January 1 $7,931 $7,606 $1,563 $1,481
Service cost 197 180 26 26
Interest cost 934 (210) 91 96
Plan participants’ contributions 15 18 93
Plan amendments 1(31) (30) (139)
Actuarial loss 312 736 18 191
Currency exchange rate changes 486 327 12 –
Divestitures (45) (1) ––
Curtailments 12–8
Special termination benefits –39 –2
Benefits paid/settlements (861) (735) (110) (105)
Benefit obligation, December 31 $8,971 $7,931 $1,579 $1,563
Change in Plan Assets
Fair value of plan assets, January 1 $ 5,963 $ 7,040 $ – $ –
Actual return on plan assets 1,150 (768) ––
Employer contribution 672 138 101 102
Plan participants’ contributions 15 18 93
Currency exchange rate changes 401 271 ––
Divestitures (39) (1) ––
Benefits paid/settlements (861) (735) (110) (105)
Fair value of plan assets, December 31 $ 7,301 $ 5,963 $ – $ –
Funded status (including under-funded and non-funded plans) (1,670) (1,968) (1,579) (1,563)
Unamortized transition assets (2) –––
Unrecognized prior service cost (24) (27) (136) (134)
Unrecognized net actuarial loss 1,870 1,843 447 445
Net amount recognized $ 174 $ (152) $(1,268) $(1,252)
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost $ 756 $ 629 $ – $ –
Accrued benefit liability (850) (1,250) (1,268) (1,252)
Intangible asset 67––
Minimum pension liability included in AOCL 262 462 ––
Net amount recognized $ 174 $ (152) $(1,268) $(1,252)
Change in minimum liability included in AOCL $ (200) $ 406
Information for benefit plans that are under-funded
or non-funded on a Projected Benefit Obligation basis:
Pension Benefits Other Benefits
2003 2002 2003 2002
Aggregate projected benefit obligation $8,853 $7,865 $1,579 $1,563
Aggregate fair value of plan assets $7,164 $5,878 $ – $ –
The accumulated benefit obligation for all defined
benefit pension plans was $8,036 and $7,087 at
December 31, 2003, and 2002, respectively.