E-Z-GO 1999 Annual Report Download - page 58

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The following summarizes the change in the benefit obligation; the change in plan
assets; the funded status; and reconciliation to the amount recognized in the balance
sheet for the pension and postretirement benefit plans:
Postretirement Benefits
Pension Benefits Other than Pensions
January 1, January 2, January 1, January 2,
(In millions)2000 1999 2000 1999
Change in benefit obligation
Benefit obligation at beginning of year $ 3,836 $ 3,206 $ 665 $ 640
Service cost 109 83 76
Interest cost 252 235 41 45
Amendments 92–2
Effects of acquisitions 10 293 520
Effects of dispositions (6) (14) –(3)
Plan participants’ contributions 4144
Actuarial (gains)/losses (299) 258 (54) 13
Benefits paid (227) (229) (65) (62)
Foreign exchange rate changes (23) 1––
Benefit obligation at end of year $ 3,665 $ 3,836 $ 603 $ 665
Change in plan assets
Fair value of plan assets at beginning of year $ 4,824 $ 4,130 $ – –
Actual return on plan assets 740 557 ––
Employer contributions 21 15 ––
Plan participants’ contributions 41––
Effects of acquisitions 12 363 ––
Effects of dispositions (5) (12) ––
Benefits paid (227) (229) ––
Foreign exchange rate changes (27) (1) ––
Fair value of plan assets at end of year $ 5,342 $ 4,824 $ – –
Funded status of the plan $ 1,677 $ 988 $(603) $(665)
Unrecognized actuarial gain (1,331) (679) (122) (78)
Unrecognized prior service cost 88 96 (16) (19)
Unrecognized transition net asset (61) (78) ––
Net amount recognized in the
consolidated balance sheet $ 373 $ 327 $(741) $(762)
Amounts recognized in the consolidated
balance sheet consists of:
Prepaid benefit cost $ 506 $ 452 $ – $ –
Accrued benefit liability (144) (157) (741) (762)
Intangible asset 724 ––
Accumulated other comprehensive income 48––
Net amount recognized in the
consolidated balance sheet $ 373 $ 327 $(741) $(762)
The projected benefit obligation, accumulated benefit obligation, and fair value of
plan assets for the pension plans with accumulated benefit obligations in excess of plan
assets were $191 million, $159 million, and $16 million, respectively, as of year-end
1999, and $267 million, $231 million, and $78 million, respectively, as of year-end 1998.
The following summarizes the net periodic benefit cost for the pension benefits and
postretirement benefits plans:
Postretirement Benefits
Pension Benefits Other than Pensions
January 1, January 2, January 3, January 1, January 2, January 3,
(In millions) 2000 1999 1998 2000 1999 1998
Components of net periodic benefit cost
Service cost $ 109 $83 $71 $ 7 $6 $5
Interest cost 252 235 223 41 45 46
Expected return on plan assets (378) (323) (298) –––
Amortization of unrecognized transition asset (17) (17) (17) –––
Recognized actuarial (gain)/loss 211(10) (9) (9)
Recognized prior service cost 16 14 15 (4) (4) (4)
Net periodic benefit cost $ (16) $ (7) $ (5) $ 34 $38 $38
56 Consistent Growth