Xerox 2004 Annual Report Download - page 66

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64
Pension Benefits Other Benefits
2004 2003 2004 2003
Change in Benefit Obligation
Benefit obligation, January 1 $ 8,971 $ 7,931 $ 1,579 $ 1,563
Service cost 222 197 22 26
Interest cost 660 934 89 91
Plan participants’ contributions 14 15 18 9
Plan amendments 232 1—(30)
Actuarial loss 272 312 70 18
Currency exchange rate changes 356 486 612
Divestitures —(45) ——
Curtailments (2) 1——
Special termination benefits 2———
Benefits paid/settlements (699) (861) (122) (110)
Benefit obligation, December 31 $10,028 $ 8,971 $ 1,662 $ 1,579
Change in Plan Assets
Fair value of plan assets, January 1 $ 7,301 $ 5,963 $— $—
Actual return on plan assets 772 1,150 ——
Employer contribution 409 672 104 101
Plan participants’ contributions 14 15 18 9
Currency exchange rate changes 311 401 ——
Divestitures 2(39) ——
Benefits paid/settlements (699) (861) (122) (110)
Fair value of plan assets, December 31 $ 8,110 $ 7,301 $— $—
Funded status (including under-funded and non-funded plans) $ (1,918) $(1,670) $(1,662) $ (1,579)
Unamortized transition assets (1) (2) ——
Unrecognized prior service cost (23) (24) (112) (136)
Unrecognized net actuarial loss 1,993 1,870 494 447
Net amount recognized $51 $174 $(1,280) $ (1,268)
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost $897 $756 $— $—
Accrued benefitliability (1,092) (850) (1,280) (1,268)
Intangible asset 46——
Minimum pension liability included in AOCL 242 262 ——
Net amount recognized $51 $174 $(1,280) $ (1,268)
Change in minimum liability included in AOCL $ (20) $ (200)
Information for benefit plans that are under-fund-
ed or non-funded on a Projected Benefit Obligation
basis is presented below:
Pension Benefits Other Benefits
2004 2003 2004 2003
Aggregate projected benefit obligation $9,959 $8,853 $1,662 $1,579
Aggregate fair value of plan assets $ 8,019 $7,164 $— $—
Note 12 – Employee Benefit Plans
We sponsor numerous pension and other post-retire-
ment benefit plans, primarily retiree health, in our
U.S. and international operations. September 30 is the
measurement date for most of our European plans
and December 31 is the measurement date for all of
our other post-retirement benefit plans, including all
of our domestic plans. Information regarding our
benefit plans is presented below: