Coca Cola 2004 Annual Report Download - page 101
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Coca-Cola Company and Subsidiaries
NOTE 14: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
Our Company sponsors and/or contributes to pension and postretirement health care and life insurance
benefit plans covering substantially all U.S. employees. We also sponsor nonqualified, unfunded defined benefit
pension plans for certain members of management. In addition, our Company and its subsidiaries have various
pension plans and other forms of postretirement arrangements outside the United States. We use a
measurement date of December 31 for substantially all of our pension and postretirement benefit plans.
Obligations and Funded Status
The following table sets forth the change in benefit obligations for our benefit plans (in millions):
Pension Benefits Other Benefits
December 31, 2004 2003 2004 2003
Benefit obligation at beginning of year1$ 2,495 $ 2,182 $ 761 $ 651
Service cost 85 76 27 25
Interest cost 147 140 44 44
Foreign currency exchange rate changes 71 90 11
Amendments —(2) —(25)
Actuarial (gain) loss2124 142 (11) 86
Benefits paid3(125) (122) (25) (22)
Curtailments 3(23) —(6)
Special termination benefits —12 —5
Other ——42
Benefit obligation at end of year1$ 2,800 $ 2,495 $ 801 $ 761
1For pension benefit plans, the benefit obligation is the projected benefit obligation. For other benefit
plans, the benefit obligation is the accumulated postretirement benefit obligation.
2During 2004, our accumulated postretirement benefit obligation was reduced by $67 million due to
the adoption of FSP 106-2. Refer to Note 1.
3Benefits paid from pension benefit plans during 2004 and 2003 included $25 million and $27 million,
respectively, in payments related to unfunded pension plans that were paid from Company assets. All
of the benefits paid from other benefit plans during 2004 and 2003 were paid from Company assets.
The accumulated benefit obligation for our pension plans was $2,440 million and $2,145 million at
December 31, 2004 and 2003, respectively.
The total projected benefit obligation and fair value of plan assets for the pension plans with projected
benefit obligations in excess of plan assets were $1,112 million and $388 million, respectively, as of December 31,
2004 and $941 million and $311 million, respectively, as of December 31, 2003. The total accumulated benefit
obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of
plan assets were $916 million and $341 million, respectively, as of December 31, 2004 and $770 million and
$274 million, respectively, as of December 31, 2003.
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