PBGC Statements of Operations and Changes in Net Position

(Dollars in millions) Single-Employer Program  Multiemployer Program  Memorandum Total 
For the year ended September 30, 2001 2000 2001 2000 2001 2000
UNDERWRITING:            
Income:            
Premium (Note 9) $821 $807 $24 $24 $845 $831
Other 23 5 0 0 23 5
Total 844 812 24 24 868 836
Expenses:            
Administrative 171 152 0 0 171 152
Other 2 -2 0 0 2 -2
Total 173 150 0 0 173 150
Other underwriting activity:            
Losses (credits) from completed and probable terminations (Note 10) 705 -80 0 0 705 -80
Losses from financial assistance (Note 5)     269 26 269 26
Actuarial adjustments (Note 4) -93 -200 1 0 -92 -200
Total 612 -280 270 26 882 -254
Underwriting income (loss) 59 942 -246 -2 -187 940
             
FINANCIAL:            
Investment income (loss) (Note 11):            
Fixed 1,669 1,081 96 69 1,765 1,150
Equity -2,509 1,310 -1 1 -2,510 1,311
Other -3 1 0 0 -3 1
Total -843 2,392 95 70 -748 2,462
Expenses:            
Investment 13 15 0 0 13 15
Actuarial charges (credits) (Note 4):            
Due to passage of time 780 658 0 0 780 658
Due to change in interest rates 395 -5 0 0 395 -5
Total 1,188 668 0 0 1,188 668
Financial income (loss) -2,031 1,724 95 70 -1,936 1,794
Net income (loss) -1,972 2,666 -151 68 -2,123 2,734
             
Net position, beginning of year 9,704 7,038 267 199 9,971 7,237
Net position, end of year $7,732 $9,704 $116 $267 $7,848 $9,971

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The accompanying notes are an integral part of these financial statements.

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