| RECONCILIATION OF THE PRESENT VALUE OF FUTURE BENEFITS FOR THE YEARS ENDED SEPTEMBER 30, 2002 AND 2001 | ||||
|---|---|---|---|---|
| (Dollars in millions) | 30-Sep-02 | 30-Sep-01 | ||
Present value of future
benefits, at beginning of year -- Single-Employer, net |
$13,497 | $10,631 | ||
Estimated recoveries,
prior year |
19 | 205 | ||
Assets of terminated
plans pending trusteeship, net, prior year |
577 | 84 | ||
Present value of
future benefits at beginning of year, gross |
14,093 | 10,920 | ||
Settlements and
judgments, prior year |
-177 | -242 | ||
Net claims for probable
terminations, prior year |
-411 | -901 | ||
Actuarial adjustments
-- underwriting: |
||||
Changes in method
and assumptions |
($67) | ($63) | ||
Effect of experience |
137 | -30 | ||
Total actuarial adjustments -- underwriting |
70 | -93 | ||
Actuarial charges
-- financial: |
||||
Passage of time |
1,077 | 780 | ||
Change in interest
rates |
1,655 | 395 | ||
Total actuarial
charges -- financial |
2,732 | 1,175 | ||
Total
actuarial charges, current year |
2,802 | 1,082 | ||
Terminations: |
||||
Current year |
7,704 | 3,726 | ||
Changes in prior
year |
23 | -37 | ||
Total terminations |
7,727 | 3,689 | ||
Benefit payments,
current year* |
-1,537 | -1,043 | ||
Estimated recoveries,
current year |
-38 | -19 | ||
Assets of terminated
plans pending trusteeship, net, current year |
-323 | -577 | ||
Settlements and
judgments, current year |
161 | 177 | ||
Net claims for probable
terminations: |
||||
Future benefits** |
12,392 | 1,350 | ||
Estimated plan
assets and recoveries from sponsors |
-6,070 | -939 | ||
Total net claims,
current year |
6,322 | 411 | ||
Present value of future
benefits, at end of year -- Single-Employer, net |
28,619 | 13,497 | ||
Present value of future
benefits, at end of year -- Multiemployer |
3 | 4 | ||
Total present value
of future benefits, at end of year, net |
$28,622 | $13,501 | ||
| * The benefit payments of $1,537 million and $1,043 million include $55 million in 2002 and $16 million in 2001 for benefits paid from plan assets by plans prior to trusteeship. | ||||
| ** The future benefits for probable terminations of $12,392 million and $1,350 million for fiscal years 2002 and 2001, respectively, include $70 million and $55 million, respectively, in net claims (future benefits less estimated plan assets and recoveries) for probable terminations not specifically identified and $12,322 million and $1,295 million, respectively, in net claims for specifically identified probables. | ||||