Table: Earnings Despite Declines

Companies are reporting earnings from pension plans...

INCREASE IN 2000 INCOME* AS % OF COMPANY (millions) EARNINGS

VERIZON $2,328 19.7% COMMUNICATIONS

GENERAL ELECTRIC 1,744 13.7

SBC 1,145 14.4 COMMUNICATIONS

IBM 896 11.1

AT&T 767 16.4

PHILIP MORRIS 290 3.4

EXXON MOBIL 263 1.5

FORD MOTOR 188 5.4

CHEVRON 125 2.4

BANK OF AMERICA 118 1.6

CITIGROUP 29 0.2

WORLDCOM 24 0.6

McKESSON HBOC 6 0.8

...even as lousy markets reduced assets

DECLINE IN PLAN SURPLUS AS % OF COMPANY (millions) SURPLUS

VERIZON $4,056 15.5% COMMUNICATIONS

GENERAL ELECTRIC 3,499 14.2

SBC 5,036 24.8 COMMUNICATIONS

IBM 4,095 36.7

AT&T 186 2.1

PHILIP MORRIS 1,086 28.4

EXXON MOBIL 789** N.A.

FORD MOTOR 2,451 27.2

CHEVRON 307 44.1

BANK OF AMERICA 1170 64.6

CITIGROUP 912 45.4

WORLDCOM 14 15.7

McKESSON HBOC 31 40.5

* From U.S. plans ** Plan already underfunded

Data: BusinessWeek, Milliman USA

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