E-Z-GO 2004 Annual Report Download - page 79

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58
Obligations and Funded Status
The following summarizes the changes in the benefit obligation and in the fair value of plan assets and provides a reconciliation of
the funded status to the amounts recognized in the balance sheet for the pension and postretirement benefit plans, along with the
assumptions used to determine benefit obligations:
Postretirement Benefits
Pension Benefits Other Than Pensions
(In millions)
2004 2003 2004 2003
Change in benefit obligation:
Beginning balance $ 4,813 $ 4,342 $ 681 $ 675
Service cost 119 105 9 7
Interest cost 291 283 39 41
Amendments 2 33 (1) (41)
Plan participants’ contributions 4476
Actuarial losses 452 277 40 68
Benefits paid (296) (297) (78) (76)
Foreign exchange rate changes 67 68 1 1
Curtailments — (2) (3) —
Ending balance $ 5,452 $ 4,813 $ 695 $ 681
Change in fair value of plan assets:
Beginning balance $ 4,583 $ 4,008 $ — $ —
Actual return on plan assets 532 790 — —
Employer contributions 45 29 — —
Plan participants’ contributions 4 4 — —
Benefits paid (296) (297) — —
Foreign exchange rate changes 50 49 — —
Ending balance $ 4,918 $ 4,583 $ — $ —
Reconciliation of funded status:
Funded status $ (534) $ (230) $ (695) $ (681)
Unrecognized actuarial loss 1,209 839 168 137
Unrecognized prior service cost (benefit) 148 163 (37) (46)
Unrecognized transition net asset 1 2 — —
Net amount recognized $ 824 $ 774 $ (564) $ (590)
Amounts recognized in the balance sheet
consist of:
Prepaid benefit cost asset $ 836 $ 892 $ — $ —
Accrued benefit liability (376) (312) (564) (590)
Intangible assets 59 4 — —
Accumulated other comprehensive loss 305 190 — —
Net amount recognized $ 824 $ 774 $ (564) $ (590)
Weighted-average assumptions used to
determine benefit obligations at year-end:
Discount rate 5.67% 6.14% 5.75% 6.25%
Rate of compensation increase 4.50% 4.20% — —
Notes to Consolidated Financial Statements