EMC 2002 Annual Report Download - page 71

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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The reconciliation of the beginning and ending balances of the fair value of the assets of the Pension Plans is as follows (table in thousands):
December 31,
2002
December 31,
2001
Fair value of plan assets at beginning of year $ 228,624 $ 250,466
Actual return on plan assets (35,734) (11,506)
Employer contributions 12,331 905
Participant contributions 254 457
Foreign exchange gain (loss) 4,188 (1,416)
Benefits paid (7,574) (6,976)
Settlement payments (398) (3,306)
Fair value of plan assets at end of year $ 201,691 $ 228,624
In January 2003, EMC contributed an additional $107.4 million to the U.S. pension plan.
The funded status of the Pension Plans is as follows (table in thousands):
December 31,
2002
December 31,
2001
Funded status $ (125,062) $ (62,795)
Unrecognized actuarial loss 146,031 75,283
Unrecognized transition asset (2,318) (2,955)
Net amount recognized at year end $ 18,651 $ 9,533
Amounts recognized in the balance sheet consist of the following (table in thousands):
December 31,
2002
December 31,
2001
Accrued benefit liability $ (125,029) $ (59,075)
Accumulated other comprehensive loss 143,680 68,608
Net amount recognized at year end $ 18,651 $ 9,533
The components of net periodic benefit cost of the Pension Plans are as follows (table in thousands):
2002 2001 2000
Service cost $ 732 $ 1,580 $ 3,270
Interest cost 20,108 19,058 19,036
Expected return on plan assets (20,467) (20,969) (23,243)
Amortization of transition asset (839) (829) (807)
Recognized actuarial (gain) loss 3,089 735 (168)
Curtailment, net of settlements 401 138 (53)
Net periodic benefit cost (credit) $ 3,024 $ (287) $ (1,965)
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