Sprint - Nextel 2005 Annual Report Download - page 153
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SPRINT NEXTEL CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table shows the changes in the accumulated postretirement benefit obligation:
Year Ended December 31,
2005 2004
(in millions)
Beginning balance ........................................................ $ 967 $ 1,116
Service cost ............................................................. 13 13
Interest cost ............................................................. 48 56
Plan amendments ......................................................... (250) (35)
Actuarial losses (gains) .................................................... 3 (125)
Benefits paid ............................................................ (62) (58)
Ending balance .......................................................... $ 719 $ 967
Amounts included on the accompanying consolidated balance sheets were as follows:
As of December 31,
2005 2004
(in millions)
Accumulated postretirement benefit obligation .................................... $ 719 $ 967
Plan assets ................................................................. (42) (43)
Unrecognized transition obligation .............................................. 7 8
Unrecognized prior service benefit .............................................. 397 204
Unrecognized net loss ........................................................ (243) (264)
Accrued postretirement benefits cost ............................................ $ 838 $ 872
Discount rate ............................................................... 5.75% 6.0%
The net postretirement benefits cost consisted of the following:
Year Ended December 31,
2005 2004 2003
(in millions)
Service cost—benefits earned during the year ............................. $ 13 $ 13 $ 14
Interest on accumulated postretirement benefit obligation .................... 48 56 62
Expected return on assets ............................................. (3) (3) (3)
Recognition of transition obligation ..................................... (1) (1) (1)
Recognition of prior service cost ....................................... (57) (49) (45)
Recognition of actuarial losses ......................................... 28 28 27
Net periodic postretirement benefits cost ................................. $ 28 $ 44 $ 54
Weighted-average assumptions used to determine net periodic postretirement benefit costs:
Year Ended December 31,
2005 2004 2003
Discount rate ....................................................... 6.00% 6.25% 6.75%
Assumed return on assets ............................................. 8.75% 8.75% 9.00%
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