(Dollars in millions) |
September 30,2004 | September 30,2003 | ||
|---|---|---|---|---|
| Present value of future benefits, at beginning of year -- Single-Employer, net | $ 44,641 | $ 28,619 | ||
| Estimated recoveries, prior year | $ 68 | $ 38 | ||
| Assets of terminated plans pending trusteeship, net, prior year | $ 172 | $ 323 | ||
| Present value of future benefits at beginning of year, gross | $ 44,881 | $ 28,980 | ||
| Settlements and judgments, prior year | $ (67) | $ (161) | ||
| Net claims for probable terminations, prior year | $ (5,207) | $ (6,322) | ||
| Actuarial adjustments -- underwriting: | ||||
| Changes in method and assumptions | $ 1,340 | $ 21 | ||
| Effect of experience | $ 185 | $ 87 | ||
| Total actuarial adjustments -- underwriting | $ 1,525 | $ 108 | ||
| Actuarial charges -- financial: | ||||
| Passage of time | $ 1,881 | $ 1,770 | ||
| Change in interest rates | $ (1,619) | $ 4,283 | ||
| Total actuarial charges -- financial | $ 262 | $ 6,053 | ||
| Total actuarial charges, current year | $ 1,787 | $ 6,161 | ||
| Terminations: | ||||
| Current year | $ 6,926 | $ 13,428 | ||
| Changes in prior year | $ (427) | $ 9 | ||
| Total terminations | $ 6,499 | $13,437 | ||
| Benefit payments, current year (The benefit payments of $3,006 million and $2,488 million include $119 million in 2004 and $334 million in 2003 for benefits paid from plan assets by plans prior to trusteeship) | $ (3,006) | $ (2,488) | ||
| Estimated recoveries, current year | $ (364) | $ (68) | ||
| Assets of terminated plans pending trusteeship, net, current year | $ (678) | $ (172) | ||
| Settlements and judgments, current year | $ 65 | $ 67 | ||
| Net claims for probable terminations: | ||||
| Future benefits (The future benefits for probable terminations of $30,953 million and $9,735 million for fiscal years 2004 and 2003, respectively, include $431 million and $214 million, respectively, in net claims (future benefits less estimated plan assets and recoveries) for probable terminations not specifically identified and $30,522 million and $9,521 million, respectively, in net claims for specifically identified probables.) | $ 30,953 | $ 9,735 | ||
| Estimated plan assets and recoveries from sponsors | $ (14,027) | $ (4,528) | ||
| Total net claims, current year | $ 16,926 | $ 5,207 | ||
| Present value of future benefits, at end of year—Single-Employer, net | $ 60,836 | $ 44,461 | ||
| Present value of future benefits, at end of year—Multiemployer | $ 3 | $ 3 | ||
| Total present value of future benefits, at end of year, net | $ 60,839 | $ 44,644 | ||
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