E-Z-GO 2002 Annual Report Download - page 61

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Postretirement Benefits
Pension Benefits Other than Pensions
December 28, December 29, December 28, December 29,
(In millions) 2002 2001 2002 2001
Change in plan assets
Fair value of plan assets at beginning
of year $ 4,480 $ 5,170 $ — $ —
Actual return on plan assets (275) (218) — —
Employer contributions 23 22 — —
Plan participants’ contributions 4 4 — —
Net effect of acquisitions/dispositions — (229) — —
Benefits paid (273) (258) — —
Foreign exchange rate changes 49 (11) — —
Fair value of plan assets at end of year $ 4,008 $ 4,480 $ — $ —
Funded status of the plan $ (334) $ 572 $ (675) $ (632)
Unrecognized actuarial loss (gain) 892 (133) 77 26
Unrecognized prior service cost (benefit) 151 162 (13) (20)
Unrecognized transition net asset (4) (23) — —
Net amount recognized in the balance
sheet $ 705 $ 578 $ (611) $ (626)
Amounts recognized in the balance
sheet consists of:
Prepaid benefit cost $ 820 $ 745 $ — $ —
Accrued benefit liability (270) (171) (611) (626)
Intangible asset 5 2 — —
Minimum pension liability 150 2 — —
Net amount recognized in the balance
sheet $ 705 $ 578 $ (611) $ (626)
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 $714 million, $618
million and $365 million, respectively, as of year-end 2002, and $248 million, $209 million and $42 mil-
lion, respectively, as of year-end 2001.
The following summarizes the net periodic benefit cost for the pension benefits and postretirement ben-
efits plans:
Postretirement Benefits
Pension Benefits Other than Pensions
December 28, December 29, December 30, December 28, December 29, December 30,
(In millions) 2002 2001 2000 2002 2001 2000
Components of net
periodic benefit cost
Service cost $ 99 $ 109 $ 101 $ 4 $ 6 $ 6
Interest cost 278 282 265 45 49 45
Expected return on
plan assets (454) (454) (423) — — —
Amortization of
unrecognized
transition asset (17) (17) (17) — — —
Recognized actuarial
(gain)/loss (16) (30) (24) 3 (2) (8)
Recognized prior
service cost 15 20 14 (4) (6) (4)
Curtailments (6) (6) — 1 (5) (1)
Net periodic benefit
cost $ (101) $ (96) $ (84) $ 49 $ 42 $ 38
Recognized actuarial (gain)/loss on net pension benefits is being amortized over a twelve-year period.
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