Exelon 2003 Annual Report Download - page 112
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Notes to Consolidated Financial Statements
EXELON CORPORATION AND SUBSIDIARY COMPANIES
below as an acquisition. The net benefit obligations related
to AmerGen’s pension plans and postretirement benefit
plans were $67 million and $80 million, respectively, as of
December 31, 2003.
The following tables provide a roll forward of the
changes in the benefit obligations and plan assets for the
most recent two years:
Pension Benefits Other Postretirement Benefits
2003 2002 2003 2002
Change in benefit obligation:
Net benefit obligation at beginning of year $ 7,854 $ 7,101 $ 2,555 $ 2,331
Service cost 109 95 68 57
Interest cost 519 525 167 160
Plan participants’ contributions ––15 8
Plan amendments –120 (337) –
Actuarial loss 711 514 559 155
AmerGen acquisition 67 –80 –
Curtailments/settlements 48 –27 –
Special accounting costs –448 –
Gross benefits paid (550) (505) (163) (156)
Net benefit obligation at end of year $ 8,758 $ 7,854 $3,019 $ 2,555
Change in plan assets:
Fair value of plan assets at beginning of year $ 5,395 $ 6,279 $958 $ 1,132
Actual return on plan assets 1,189 (581) 227 (99)
Employer contributions 367 202 134 73
Plan participants’ contributions ––15 8
AmerGen acquisition 41 –––
Gross benefits paid (550) (505) (163) (156)
Fair value of plan assets at end of year $6,442 $ 5,395 $ 1,171 $ 958
The following table provides a reconciliation of benefit obligations, plan assets and funded status of the plans:
Pension Benefits Other Postretirement Benefits
2003 2002 2003 2002
Fair value of plan assets at end of year $6,442 $ 5,395 $ 1,171 $ 958
Benefit obligations at end of year 8,758 7,854 3,019 2,555
Funding status (plan assets less than plan obligations) (2,316) (2,459) (1,848) (1,597)
Amounts not recognized:
Miscellaneous adjustment 14 (3) ––
Unrecognized net actuarial loss 2,203 2,118 1,129 767
Unrecognized prior service cost (benefit) 185 211 (420) (149)
Unrecognized net transition obligation (asset) (8) (11) 86 102
Net amount recognized $78 $ (144) $(1,053) $ (877)
The following table provides a reconciliation of the amounts recognized in the Consolidated Balance Sheets as of December 31:
Pension Benefits Other Postretirement Benefits
2003 2002 2003 2002
Prepaid benefit cost $175 $ 145 $– $–
Accrued benefit cost (97) (289) (1,053) (877)
Additional minimum liability (1,746) (1,815) ––
Intangible asset 186 211 ––
Accumulated other comprehensive income 1,560 1,604 ––
Net amount recognized $78 $ (144) $(1,053) $ (877)
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