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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
67
Obligations and Funded Status.
A reconciliation of the benefi t obligations, plan assets and funded status of the plans
are as follows (in millions):
(in millions)
Pension Benefi ts Other Benefi ts
Change in Benefi t Obligation
2004
2003
2004
2003
Benefi t obligation at January 1,
$514.4
$477.2
$ 24.2
$ 28.0
Service cost
7.3
6.0
0.4
0.6
Interest cost
31.3
31.0
1.7
1.7
Amendments
6.2
–
2.3
3.4
Actuarial (gain) loss
24.7
29.9
1.3
(4.9)
Foreign currency exchange rate changes
2.5
5.4
–
–
–
–
Medicare Act of 2003
–
–
–
–
–
(2.0)
–
–
Benefi ts paid
(34.9)
(35.1)
(2.7)
(2.6)
Benefi t obligation at December 31,
551.5
514.4
27.2
24.2
Change in Plan Assets
Fair value of plan assets at January 1,
438.6
375.5
9.0
3.5
Actual return on plan assets
54.0
68.4
1.3
1.1
Employer contributions
22.3
23.0
2.0
4.4
Foreign currency exchange rate changes
3.2
6.8
–
–
–
–
Benefi ts paid
(34.9)
(35.1)
–
–
–
–
Fair value of plan assets at December 31,
483.2
438.6
12.3
9.0
Funded Status of Plan
(68.3)
(75.8)
(14.9)
(15.2)
Unrecognized prior service cost
6.4
0.7
4.8
3.1
Unrecognized actuarial (gain) loss
213.6
212.5
0.9
–
Prepaid (accrued) benefi t cost
$151.7
$137.4
$
(9.2)
$(12.1)
Amounts Recognized in the Statement
of Financial Position Consist of:
Prepaid benefi t cost
$ 18.2
$ 16.9
$ –
$ –
$ –
$ –
Accrued benefi t liability
(60.7)
(71.0)
(9.2)
(12.1)
Intangible asset
6.0
0.7
–
–
–
–
Accumulated other comprehensive income
188.2
190.8
–
–
–
–
Net amount recognized
$151.7
$137.4
$
(9.2)
$(12.1)
The accumulated benefi t obligation for the U.S., Canadian and Supplemental Retirement Plans was $530.4 million and
$495.9 million at December 31, 2004 and December 31, 2003, respectively.
The USRIP and the Supplemental Retirement Plan both have accumulated benefi t obligations in excess of those plans’
respective assets as of December 31, 2004. The aggregate projected benefi t obligation, accumulated benefi t obligation
and fair value of plan assets for these two plans are $515.4 million, $499.1 million and $438.4 million, respectively, as of
December 31, 2004, and $483.9 million, $469.2 million and $398.3 million, respectively, as of December 31, 2003.