(Dollars in millions) | September 30, | |||
---|---|---|---|---|
2003 | 2002 | |||
Present value of future benefits, at beginning of year -- Single-Employer, net | $ 28,619 | $ 13,497 | ||
Estimated recoveries, prior year | $ 38 | $ 19 | ||
Assets of terminated plans pending trusteeship, net, prior year | $ 323 | $ 577 | ||
Present value of future benefits at beginning of year, gross | $ 28,980 | $ 14,093 | ||
Settlements and judgments, prior year | $ (161) | $ (177) | ||
Net claims for probable terminations, prior year | $ (6,322) | $ (411) | ||
Actuarial adjustments -- underwriting: | ||||
Changes in method and assumptions | $ 21 | $ (67) | ||
Effect of experience | $ 87 | $ 137 | ||
Total actuarial adjustments -- underwriting | $ 108 | $ 70 | ||
Actuarial charges -- financial: | ||||
Passage of time | $ 1,770 | $ 1,077 | ||
Change in interest rates | $ 4,283 | $ 1,655 | ||
Total actuarial charges -- financial | $ 6,053 | $ 2,732 | ||
Total actuarial charges, current year | $ 6,161 | $ 2,802 | ||
Terminations: | ||||
Current year | $ 13,431 | $ 7,704 | ||
Changes in prior year | $ 47 | $ 23 | ||
Total terminations | $ 13,478 | $ 7,727 | ||
Benefit payments, current year* | $ (2,488) | $ (1,537) | ||
Estimated recoveries, current year | $ (68) | $ (38) | ||
Assets of terminated plans pending trusteeship, net, current year | $ (172) | $ (323) | ||
Settlements and judgments, current year | $ 67 | $ 161 | ||
Net claims for probable terminations: | ||||
Future benefits** | $ 9,694 | $ 12,392 | ||
Estimated plan assets and recoveries from sponsors | $ (4,528) | $ (6,070) | ||
Total net claims, current year | $ 5,166 | $ 6,322 | ||
Present value of future benefits, at end of year—Single-Employer, net | $ 44,641 | $ 28,619 | ||
Present value of future benefits, at end of year—Multiemployer | $ 3 | $ 3 | ||
Total present value of future benefits, at end of year, net | $ 44,644 | $ 28,622 |
* The benefit payments of $2,488 million and $1,537 million include $334 million in 2003 and $55 million in 2002 for benefits paid from plan assets by plans prior to trusteeship.
** The future benefits for probable terminations of $9,694 million and $12,392 million for fiscal years 2003 and 2002, respectively, include $173 million and $70 million, respectively, in net claims (future benefits less estimated plan assets and recoveries) for probable terminations not specifically identified and $9,521 million and $12,322 million, respectively, in net claims for specifically identified probables.
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