Financial Summary - Single-Employer Program

  Fiscal Year Ended September 30,
(Dollars in millions) 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Summary of Operations:
Premium income $ 1,451 $ 1,458 $ 948 $ 787 $ 821 $ 807 $ 902 $ 966 $ 1,067 $ 1,146 $ 838
Other income $ 44 $ 24 $ 28 $ 28 $ 23 $ 5 $ 3 $ 10 $ 19 $ 26 $ 18
Investment income (loss) $ 3,897 $ 3,197 $ 3,349 $ 170 $ (843) $ 2,392 $ 728 $ 2,118 $ 2,687 $ 915 $ 1,956
Actuarial charges (credits) $ 490 $ 1,787 $ 6,161 $ 2,802 $ 1,082 $ 453 $ (602) $ 815 $ 488 $ 632 $ 1,561
Losses (credits) from completed and probable terminations $ 3,954 $ 14,707 $ 5,377 $ 9,313 $ 705 $ (80) $ 49 $ 584 $ 489 $ 118 $ 169
Administrative and investment expenses $ 342 $ 288 $ 290 $ 225 $ 184 $ 167 $ 161 $ 158 $ 155 $ 150 $ 138
Other expenses $ 77 $ (36) $ 97 $ 15 $ 2 $ (2) $ (1) $ 6 $ 29 $ 3 $ 19
Net income (loss) $ 529 $ (1,972) $ 2,666 $ 2,026 $ 1,531 $ 2,612 $ 1,184 $ 925
Summary of Financial Position:
Cash and investments $ 54,387 $ 36,254 $ 33,215 $ 24,851 $ 21,010 $ 20,409 $ 17,965 $ 17,345 $ 14,988 $ 11,665 $ 10,026
Total assets $ 56,470 $ 38,993 $ 34,016 $ 25,430 $ 21,768 $ 20,830 $ 18,431 $ 17,631 $ 15,314 $ 12,043 $ 10,371
Present value of future benefits $ 69,737 $ 60,836 $ 44,641 $ 28,619 $ 13,497 $ 10,631 $ 11,073 $ 12,281 $ 11,497 $ 10,760 $ 10,388
Net position $ (22,776) $ (23,305) $ (11,238) $ (3,638) $ 7,732 $ 9,704 $ 7,038 $ 5,012 $ 3,481 $ 869 $ (315)
Insurance Activity:
Benefits paid $ 3,685 $ 3,006 $ 2,488 $ 1,537 $ 1,043 $ 902 $ 901 $ 847 $ 823 $ 790 $ 761
Participants receiving monthly benefits at end of year $ 682,540 517,900 458,800 344,310 268,090 226,080 214,160 208,450 204,800 198,600 181,000
Plans trusteed and pending trusteeship by PBGC $ 3,585 3,469 3,277 3,122 2,965 2,864 2,775 2,655 2,500 2,338 2,084

Financial Summary - Multiemployer Program

  Fiscal Year Ended September 30,
(Dollars in millions) 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Summary of Operations:
Premium income $ 26 $ 27 $ 25 $ 25 $ 24 $ 24 $ 23 $ 23 $ 23 $ 22 $ 22
Other income $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 $ 0
Investment income (loss) $ 79 $ 54 $ 37 $ 118 $ 95 $ 70 $ (56) $ 133 $ 68 $ 12 $ 83
Actuarial charges (credits) $ 0 $ 1 $ 1 $ 0 $ 1 $ 0 $ 0 $ 0 $ (1) $ 1 $ 2
Losses (gains) from financial assistance $ 204 $ 55 $ 480 $ 101 $ 269 $ 26 $ 109 $ 34 $ (3) $ 102 $ 108
Administrative and investment expenses $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Net income (loss) $ (99) $ 25 $ (419) $ 42 $ (151) $ 68 $ (142) $ 122 $ 95 $ (68) $ (5)
Summary of Financial Position:
Cash and investments $ 1,147 $ 1,057 $ 984 $ 933 $ 796 $ 682 $ 681 $ 736 $ 585 $ 498 $ 472
Total assets $ 1,160 $ 1,070 $ 1,000 $ 944 $ 807 $ 694 $ 692 $ 745 $ 596 $ 505 $ 477
Present value of future benefits $ 2 $ 3 $ 3 $ 3 $ 4 $ 4 $ 5 $ 6 $ 7 $ 9 $ 10
Nonrecoverable future financial assistance, present value $ 1,485 $ 27 $ 1,250 $ 775 $ 679 $ 414 $ 479 $ 389 $ 361 $ 365 $ 268
Net position $ (335) $ (236) $ (261) $ 158 $ 116 $ 267 $ 199 $ 341 $ 219 $ 124 $ 192
Insurance Activity:
Benefits paid $1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 2 $ 2
Participants receiving monthly benefits from PBGC at end of year $ 280 320 390 460 510 620 730 850 1,000 1,100 1,300
Plans receiving financial assistance from PBGC $ 29 27 24 23 22 21 21 18 14 12 9

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