Prudential 2003 Annual Report Download - page 156
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PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
15. EMPLOYEE BENEFIT PLANS (continued)
The expected benefit payments for the Company’s domestic pension and postretirement plans for the years
indicated are as follows:
Expected Benefits Payments Pension
Other
Postretirement
Benefits
(in millions)
2004 ............................................................................... $ 641 $ 226
2005 ............................................................................... 441 233
2006 ............................................................................... 369 239
2007 ............................................................................... 371 242
2008 ............................................................................... 375 241
2009-2013 .......................................................................... 2,004 1,206
Total .............................................................................. $4,201 $2,387
The Company anticipates that it will make cash contributions in 2004 of $37 million to the non-qualified pension
plan and $2 million to the postretirement plans. The Company does not anticipate making any contributions to the
qualified pension plan in 2004.
Postemployment Benefits
The Company accrues postemployment benefits primarily for life and health benefits provided to former or
inactive employees who are not retirees. The net accumulated liability for these benefits at December 31, 2003 and
2002, was $52 million and $91 million, respectively, and is included in “Other liabilities.”
Other Employee Benefits
The Company sponsors voluntary savings plans for employees (401(k) plans). The plans provide for salary
reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The
matching contributions by the Company included in “General and administrative expenses” were $54 million, $55
million and $72 million for the years ended December 31, 2003, 2002 and 2001, respectively.
16. INCOME TAXES
The components of income tax expense (benefit) for the years ended December 31, were as follows:
2003 2002 2001
(in millions)
Current tax expense (benefit)
U.S. ............................................................................ $101 $(125) $(1,021)
State and local .................................................................... 23 2 60
Foreign ......................................................................... 38 32 59
Total ........................................................................... 162 (91) (902)
Deferred tax expense (benefit)
U.S. ............................................................................ 143 (238) 773
State and local .................................................................... 43 (61) (74)
Foreign ......................................................................... 302 201 171
Total ........................................................................... 488 (98) 870
Total income tax expense (benefit) ........................................................ $650 $(189) $ (32)
Growing and Protecting Your Wealth154