| STATEMENTS OF OPERATIONS AND CHANGES IN NET POSITION | ||||||
|---|---|---|---|---|---|---|
| Single-Employer Program | Multiemployer Program | Memorandum Total | ||||
(Dollars in millions) |
30-Sep-02 | 30-Sep-01 | 30-Sep-02 | 30-Sep-01 | 30-Sep-02 | 30-Sep-01 |
UNDERWRITING: |
||||||
Income: |
||||||
Premium (Note 9) |
$787 | $821 | $25 | $24 | $812 | $845 |
Other |
28 | 23 | 0 | 0 | 28 | 23 |
Total |
815 | 844 | 25 | 24 | 840 | 868 |
Expenses: |
||||||
Administrative |
207 | 171 | 0 | 0 | 207 | 171 |
Other |
15 | 2 | 0 | 0 | 15 | 2 |
Total |
222 | 173 | 0 | 0 | 222 | 173 |
Other underwriting
activity: |
||||||
Losses from completed
and probable terminati |
9,313 | 705 | 0 | 0 | 9,313 | 705 |
Losses from financial
assistance (Note 5) |
101 | 269 | 101 | 269 | ||
Actuarial adjustments
(Note 4) |
70 | -93 | 0 | 1 | 70 | -92 |
Total |
9,383 | 612 | 101 | 270 | 9,484 | 882 |
Underwriting income
(loss) |
-8,790 | 59 | -76 | -246 | -8,866 | -187 |
FINANCIAL: |
||||||
Investment income (loss)
(Note 11): |
||||||
Fixed |
2,043 | 1,669 | 118 | 96 | 2,161 | 1,765 |
Equity |
-1,887 | -2,509 | 0 | -1 | -1,887 | -2,510 |
Other |
14 | -3 | 0 | 0 | 14 | -3 |
Total |
170 | -843 | 118 | 95 | 288 | -748 |
Expenses: |
||||||
Investment |
18 | 13 | 0 | 0 | 18 | 13 |
Actuarial charges
(Note 4): |
||||||
Due to passage
of time |
1,077 | 780 | 0 | 0 | 1,077 | 780 |
Due to change
in interest rates |
1,655 | 395 | 0 | 0 | 1,655 | 395 |
Total |
2,750 | 1,188 | 0 | 0 | 2,750 | 1,188 |
Financial income (loss) |
-2,580 | -2,031 | 118 | 95 | -2,462 | -1,936 |
Net income (loss) |
-11,370 | -1,972 | 42 | -151 | -11,328 | -2,123 |
Net position, beginning
of year |
7,732 | 9,704 | 116 | 267 | 7,848 | 9,971 |
Net position, end of
year |
($3,638) | $7,732 | $158 | $116 | ($3,480) | $7,848 |
| The accompanying notes are an integral part of these financial statements. | ||||||