Coca Cola 2003 Annual Report Download - page 90
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Coca-Cola Company and Subsidiaries
NOTE 14: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued)
The following table sets forth the change in the fair value of plan assets for our benefit plans (in millions):
Pension Benefits Other Benefits
December 31, 2003 2002 2003 2002
Fair value of plan assets at beginning of year1$ 1,452 $ 1,492 $— $—
Actual return on plan assets 405 (121) ——
Employer contributions 208 151 ——
Foreign currency exchange rate changes 54 23 ——
Benefits paid (95) (95) ——
Other —2——
Fair value of plan assets at end of year1$ 2,024 $ 1,452 $— $—
1Plan assets include 1.62 million shares of common stock of our Company with a fair value of
$82 million and $71 million as of December 31, 2003 and 2002, respectively. Dividends received on
common stock of our Company during 2003 and 2002 were $1.4 million and $1.3 million, respectively.
The pension and other benefit amounts recognized in our balance sheets are as follows (in millions):
Pension Benefits Other Benefits
December 31, 2003 2002 2003 2002
Funded status—plan assets less than benefit obligations $ (471) $ (730) $ (761) $ (651)
Unrecognized net actuarial loss 429 584 203 130
Unrecognized prior service cost 55 66 (7) 19
Unrecognized net asset at transition —(1) ——
Net prepaid asset (liability) recognized $13$ (81) $ (565) $ (502)
Prepaid benefit cost $ 407 $ 271 $—$—
Accrued benefit liability (519) (747) (565) (502)
Intangible asset 16 60 ——
Accumulated other comprehensive income 109 335 ——
Net prepaid asset (liability) recognized $13$ (81) $ (565) $ (502)
Components of Net Periodic Benefit Cost
Net periodic benefit cost for our pension and other postretirement benefit plans consists of the following (in
millions):
Pension Benefits Other Benefits
Year Ended December 31, 2003 2002 2001 2003 2002 2001
Service cost $76$63$53$25 $18 $13
Interest cost 140 132 123 44 38 34
Expected return on plan assets (130) (137) (125) ——(1)
Amortization of prior service cost 768—22
Recognized net actuarial loss 27 836——
Net periodic benefit cost $ 120 $72$62$75 $58 $48
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