Whirlpool 2001 Annual Report Download - page 54

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Notes to Consolidated Financial Statements52
Although the company’s pension plans are overfunded on a combined basis by $143 million as of December 31, 2001, several of the
plans do not hold or have minimal assets and are therefore underfunded. The projected benefit obligation, accumulated
benefit obligation, and fair value of plan assets for the underfunded pension plans were $197 million, $187 million and $109 million,
respectively, as of December 31, 2001, $83 million, $73 million and $6 million, respectively, as of December 31, 2000, and $80 million,
$71 million and $5 million, respectively, as of December 31, 1999.
Pension Benefits
(millions of dollars) 2001 2000 1999
Change in benefit obligation
Benefit obligation as of January 1 $ 1,283 $ 1,242 $ 1,344
Service cost 61 48 50
Interest cost 101 101 98
Plan participants’ contributions –– 1
Amendments 45 11 7
Actuarial (gain) loss 51 38 (114)
Settlements (36) ––
Benefits paid (76) (175) (93)
Curtailments (1) – –
Special termination benefits (3) 32 (2)
Foreign currency exchange rate changes (11) (14) (49)
Benefit obligation as of December 31 $ 1,414 $ 1,283 $ 1,242
Change in plan assets
Fair value of plan assets as of January 1 $ 1,941 $ 2,201 $ 1,672
Actual return on plan assets (269) (57) 644
Employer contributions 7 3 12
Settlements (36) ––
Plan participants’ contributions 1 – 1
401 (h) transfer – (20) –
Benefits paid (76) (175) (93)
Foreign currency exchange rate changes (11) (11) (35)
Fair value of plan assets as of December 31 $ 1,557 $ 1,941 $ 2,201
Reconciliation of prepaid (accrued) cost
and total amount recognized
Funded status as of December 31 $ 143 $ 658 $ 959
Unrecognized actuarial (gain) (135) (702) (1,087)
Unrecognized prior service cost 121 80 73
Unrecognized transition asset 7 11 11
Prepaid (accrued) cost as of December 31 $ 136 $ 47 $ (44)
Prepaid cost at December 31 $ 224 $ 160 $ 85
Accrued benefit liability at December 31 (100) (123) (138)
Intangible asset – 1 2
Other 12 9 7
Total recognized as of December 31 $ 136 $ 47 $ (44)