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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: KyrosL who wrote (72705)2/28/2001 12:53:02 AM
From: Alias Shrugged   of 436258
 
Earlie - FYI

IBM Pension Expense for US Plans
(millions of dollars)

The following figures has been pulled from IBM Annual
Reports; figures for 2000 are estimates. IBM incurred
$33 million of pension expense in fiscal 1993; they
incurred $638 million of pension income in 1999.
An educated guess would have fiscal 2000 pension income
at $1,060 million.

00 99 98 97 96 95 94 93
SC 590 566 532 397 412 315 542 571
IC 2350 2404 2261 2215 2125 2098 2033 1909
ER -3800 -3463 -3123 -2907 -2701 -2542 -2499 -2385
AM -200 -145 -124 -125 -121 -123 -65 -62
PE -1060 -638 -454 -420 -285 -252 11 33


Act. Ret 6397 5240 6193 4849 5500 -327 3990
Act.vs.exp 2934 2117 3286 2148 2958 -2826 1605
Cum gains 12222 9288 7171 3885 1737 -1221 1605

Pension Expense has four components: Service Cost,
Interest Costs, Expected Return on Assets, and Amortization
of Unrecognized Amounts (gains/losses, transition amount,
etc). Plan assets have been growing rapidly due to the
bubble; this has powered the increases in expected return
on assets and produced the upswing in pension income.

Since 1993, actual return on assets has exceeded the
expected return by $12,222 million.

As of 12/31/99, Plan assets exceed the projected benefit
obligation by $11,150 million, of which $3,784 million has
been recognized on IBM's balance sheet.

12/31/99 98 97 96 95 94
Proj Ben Oblig 34434 36561 33161 29729 30235 25783
Plan Assets 45584 41593 38475 34281 31209 26780
Excess Assets 11150 5032 5314 4552 974 997

Unrecognized
**gain/loss -7003 -1289 -1901 -1421 1976 1224
**transition -632 -771 -911 -1052 -1193 -1334
**benefit chng 269 174 190 193 230 248

Pension Asset 3784 3146 2692 2272 1987 1135
on Bal Sheet
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