Ford 2004 Annual Report Download - page 87

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8 5
NOTES TO THE FINANCIAL STATEMENTS
The year-end status of these plans was as follows (in millions):
Pension Benefits Health Care and
U.S. Plans Non-U.S. Plans Life Insurance
2004 2003 2004 2003 2004 2003
Change in Benefit Obligation
Benefit obligation at January 1 $ 40,463 $ 37,153 $ 24,790 $ 20,698 $ 32,362 $ 30,263
Service cost 636 600 554 492 542 521
Interest cost 2,445 2,442 1,332 1,170 1,965 2,004
Amendments - 1,282 118 5 2 (372)
Separation programs 74 - 78 80 - -
Plan participant contributions 42 39 144 134 31 28
Benefits paid (2,832) (2,697) (1,160) (1,018) (1,540) ( 1,419)
Foreign exchange translation - - 1,944 3,269 86 12
Actuarial (gain)/loss 2,249 1,644 1,652 (40) 5,667 1,325
Benefit obligation at December 31 $ 43,077 $ 40,463 $ 29,452 $ 24,790 $ 39,115 $ 32,362
Change in Plan Assets
Fair value of plan assets at January 1 $ 37,016 $ 29,877 $ 16,548 $ 12,363 $ 3,565 $ 2,834
Actual return on plan assets 4,568 7,687 1,936 2,070 397 10
Company contributions 872 2,168 1,775 1,029 2,800 3,500
Plan participant contributions 42 39 144 134 - -
Benefits paid (2,832) (2,697) (1,160) (1,018) - (877)
Foreign exchange translation - - 1,321 1,924 - -
Visteon Promissory Notes/Other (38) (58) 31 46 - (1,902)
Fair value of plan assets at December 31 $ 39,628 $ 37,016 $ 20,595 $ 16,548 $ 6,762 $ 3,565
Funded status $ (3,449) $ (3,447) $ (8,857) $ (8,242) $ (32,353) $ (28,797)
Unamortized prior service costs 3,146 3,640 853 790 (1,128) (1,352)
Unamortized net (gains)/losses and other 4,838 3,917 8,794 7,122 16,054 11,075
Net amount recognized $ 4,535 $ 4,110 $ 790 $ (330) $ (17,427) $ (19,074)
Amounts Recognized on the Balance Sheet
Consisting of Assets/(Liabilities)
Prepaid assets* $ 2,460 $ 2,567 $ 1,566 $ 182 $ - $ -
Accrued liabilities* (2,643) (3,144) (5,364) (5,250) (17,427) (19,074)
Intangible assets 2,517 2,916 526 874 - -
Accumulated other comprehensive income 2,201 1,771 4,062 3,864 - -
Net amount recognized $ 4,535 $ 4,110 $ 790 $ (330) $ (17,427) $ (19,074)
Pension Plans in Which Accumulated Benefit
Obligation Exceeds Plan Assets at December 31
Accumulated benefit obligation $ 23,583 $ 22,334 $ 18,580 $ 21,145
Fair value of plan assets 20,940 19,378 13,145 15,832
Accumulated Benefit Obligation at December 31 $ 41,096 $ 38,786 $ 25,866 $ 21,797
Weighted Average Assumptions at December 31
Discount rate 5.75% 6.25% 5.18% 5.61% 5.75% 6.25%
Expected return on assets 8.75% 8.75% 7.76% 8.38% 7.93% 6.20%
Average rate of increase in compensation 4.50% 4.50% 4.00% 3.98% 4.50% 4.50%
Initial health care cost trend rate - - - - 9% 9%
Ultimate health care cost trend rate - - - - 5% 5%
Year ultimate trend rate is reached - - - - 2011 2010
* For plans with both prepaid assets and accrued liabilities, prepaid assets have been netted with accrued liabilities for presentation on our Sector and Consolidated
Balance Sheets. Prior year presentation has been reclassified to conform to current presentation.