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This excerpt taken from the UNM 10-K filed Feb 24, 2009.
175 Table of ContentsIndex to Financial StatementsDirectors and The information required by this Item with respect to directors is included under the caption “Election of Directors,” The information required by this Item with respect to compliance with Section 16(a) of the Exchange Act is included under the caption “Section 16(a)
The information The information required by this Item with respect to executive officers of the Corporate Governance Our internet website address is www.unum.com. We have adopted corporate governance guidelines, a code of business practices and ethics, and Changes to Procedures for Recommending Director Nominees SIZE="2">On May 22, 2008, our bylaws were amended to include changes to the procedures by which our stockholders may recommend director nominees. These changes were as follows:
176 Table of ContentsIndex to Financial Statements
The
177 Table of ContentsIndex to Financial StatementsThis excerpt taken from the UNM 10-K filed Feb 25, 2008. None
156 Table of ContentsPART III SIZE="2"> Directors Expiring in 2011,” and “Continuing Directors” in the Registrant’s Proxy Statement for the 2008 Annual Meeting of Stockholders and is incorporated herein by reference.
The information required by this The information required by this Item with respect to the audit committee and an audit committee financial expert is Code of Ethics Our internet website address is This excerpt taken from the UNM 10-K filed Mar 1, 2007. Other Information Pension and Postretirement Benefit Plans We sponsor several defined benefit pension and postretirement plans for our employees, including non-qualified pension plans. The U.S. pension plans comprise the majority of our total benefit obligation and pension expense. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent our best estimate of future expected experience. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted accordingly based on key external indices. We follow Statements of Financial Accounting Standards No. 87 (SFAS 87), Employers’ Accounting for Pensions, No. 106 (SFAS 106), Employers’ Accounting for Postretirement Benefits Other Than Pensions, No. 132 (SFAS 132), Employers’ Disclosures about Pensions and Other Postretirement Benefits, and No. 158 (SFAS 158), Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106, and 132(R) in our financial reporting and accounting for our pension and postretirement benefit plans. U.S. Pension and PostRetirement Benefit Plans The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methodology but reflect the differences in the plan obligations. We use a December 31 measurement date for each plan. The discount rate is an interest assumption used to convert the benefit payment stream to a present value. We set the discount rate assumption at the measurement date for each of our retirement related benefit plans to reflect the yield of a portfolio of high quality fixed income debt instruments matched against the timing and amounts of projected future benefits. The discount rate used for the net periodic benefit costs for 2007 and 2006 for our U.S. pension plans was 6.10 percent and 5.80 percent, respectively. Using a similar methodology applied to the postretirement plan cash flows, the discount rate used in the net periodic benefit cost for 2007 and 2006 was 5.90 percent and 5.50 percent, respectively. Lowering the discount rate by 50 basis points would have increased the 2006 pension expense for our U.S. pension plans by $10.7 million and would be expected to result in an $11.2 million increase in our 2007 pension expense. The long-term rate of return assumption is the best estimate of the average annual assumed return that will be produced from the pension trust assets until current benefits are paid. We use a compound interest method in computing the rate of return on pension plan assets. The long-term rate of return on assets used in the net periodic pension costs for our U.S. qualified defined benefit pension plan for 2007 and 2006 was 8.00 percent. Lowering the expected long-term rate of return on the plan assets by 50 basis points would have increased our 2006 pension
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Table of Contentsexpense by approximately $2.6 million. For 2007, lowering the assumption by 50 basis points would be expected to increase pension expense by approximately $3.5 million. The market related value equals the fair value of assets, determined as of the measurement date. The assets are not smoothed for purposes of SFAS 87. The expected return on assets, therefore, fully recognizes all asset gains and losses through the measurement date. Our U.S. pension plans have an unrecognized net actuarial loss and an unrecognized prior service credit which represent the cumulative liability and asset gains and losses and the portion of prior service credits that have not been recognized in pension expense. As of December 31, 2006, the unrecognized net loss for these two items combined was approximately $290.0 million compared to $352.5 million at December 31, 2005. The decrease is due to the decline in the net actuarial loss resulting from an increase in the year end discount rate from 5.80 percent at 2005 to 6.10 percent at 2006 as well as actual asset returns in excess of the 8.0 percent assumed rate of return. Prior to the adoption of SFAS 158, unrecognized actuarial gains or losses and prior service costs or credits were amortized as a component of pension expense but were not reported in companies’ balance sheets. SFAS 158 requires that actuarial gains or losses and prior service costs or credits that have not yet been included in net periodic benefit cost as of the adoption date of SFAS 158 be recognized as components of accumulated other comprehensive income, net of tax. The unrecognized gains or losses will be amortized out of accumulated other comprehensive income and included as a component of the net benefit cost, as they were prior to the adoption of SFAS 158. Our 2006, 2005, and 2004 pension expense includes $19.3 million, $16.4 million, and $13.2 million, respectively, of amortization of the unrecognized net actuarial loss and prior service credit. We reported U.S. pension expense of $59.6 million, $54.8 million, and $43.6 million in 2006, 2005 and 2004, respectively. The fair value of plan assets in our U.S. qualified defined benefit pension plan was $658.5 million at December 31, 2006, compared to $515.4 million at year end 2005. In recent years, the moderate increase in assets, coupled with the liability increase due to declining discount rates, has reduced the year end funding level in the plan such that it has a deficit of $151.6 million as of December 31, 2006, compared to $246.1 million as of December 31, 2005. We had no regulatory contribution requirements for 2006 and 2005; however, we elected to make voluntary contributions of $92.0 million and $23.0 million, respectively, to our U.S. qualified defined benefit pension plan. We expect to make a voluntary contribution of approximately $110.0 million in 2007, based on current tax law. Non-U.S. Pension Plans Our U.K. operation maintains a separate defined benefit plan for eligible employees. The U.K. defined benefit pension plan (Scheme) was closed to new entrants on December 31, 2002. The long-term rate of return on asset assumption used in the net periodic pension costs for 2007 and 2006 was 6.8 percent and 6.7 percent, respectively. We elected to set the discount rate assumption at the measurement date for the Scheme to reflect the yield of a portfolio of high quality fixed income debt instruments matched against the timing and amounts of projected future benefits. The discount rate assumptions were 5.10 percent and 4.80 percent as of December 31, 2006 and 2005, respectively. Pension expense was $7.8 million, $11.7 million, and $11.6 million in 2006, 2005, and 2004, respectively. The fair value of plan assets in the Scheme was $168.9 million at December 31, 2006, compared to $92.1 million at year end 2005. The Scheme has a deficit of $9.6 million at December 31, 2006, compared to $45.2 million at December 31, 2005. We contribute to the Scheme in accordance with a schedule of contributions which requires that we contribute to the Scheme at the rate of at least 18.20 percent of eligible salaries, sufficient to meet the minimum funding requirement under U.K. legislation. During 2006, we made a voluntary contribution of $44.2 million to reduce the deficit and required contributions of $9.1 million. We anticipate that we will make contributions during 2007 of approximately $9.5 million. We previously maintained separate defined benefit plans for the employees of our Canadian branch operation. As a result of the sale of the Canadian branch, we froze the Canadian defined benefit pension plans during 2004 and recorded a curtailment loss of $0.7 million. We are currently in the process of terminating the Canadian plans.
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Table of ContentsThis excerpt taken from the UNM 10-Q filed Nov 7, 2006. Other Information Pension and Postretirement Benefit Plans We maintain separate U.S. and foreign pension plans and a U.S. post-retirement benefit plan. The U.S. pension plans comprise the majority of our total benefit obligation and pension expense. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent our best estimate of what we expect future experience to be. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted based on key external indices. The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methods but reflect the differences in the plan obligations. We follow Statements of Financial Accounting Standards No. 87, Employers’ Accounting for Pensions (SFAS 87), No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions (SFAS 106), and No. 132, Employers’ Disclosures about Pensions and Other Postretirement Benefits (SFAS 132) in our financial reporting and accounting for our pension and post-retirement benefit plans. Statement of Financial Accounting Standards No. 158 (SFAS 158), Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, was issued in September 2006. We will adopt the provisions of SFAS 158 effective December 31, 2006. See our annual report on Form 10-K for the year ended December 31, 2005, and Notes 2 and 5 of the “Notes to Consolidated Financial Statements” contained in Item 1 for further information. This excerpt taken from the UNM 10-Q filed Aug 7, 2006. Other Information Pension and Postretirement Benefit Plans We maintain separate U.S. and foreign pension plans and a U.S. post-retirement benefit plan. The U.S. pension plans comprise the majority of our total benefit obligation and pension expense. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent our best estimate of what we expect future experience to be. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted based on key external indices. The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methods but reflect the differences in the plan obligations. We follow Statements of Financial Accounting Standards No. 87, Employers’ Accounting for Pensions (SFAS 87), No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions (SFAS 106), and No. 132, Employers’ Disclosures about Pensions and Other Postretirement Benefits (SFAS 132) in our financial reporting and accounting for our pension and post-retirement benefit plans. See our annual report on Form 10-K for the year ended December 31, 2005, and Note 5 of the “Notes to Consolidated Financial Statements” contained in Item 1 for further information. This excerpt taken from the UNM 8-K filed Aug 2, 2006. OTHER INFORMATION The Company’s average number of shares (000s) outstanding, assuming dilution, was 329,905.0 for the second quarter of 2006, compared to 309,108.3 for the second quarter of 2005. Book value per common share at June 30, 2006 was $20.40, compared to $26.37 at June 30, 2005. Excluding the net unrealized gain on securities and the net gain on cash flow hedges, book value per common share at June 30, 2006 was $19.85 compared to $19.88 at June 30, 2005. This excerpt taken from the UNM 10-Q filed May 8, 2006. Other Information Pension and Postretirement Benefit Plans We maintain separate U.S. and foreign pension plans and a U.S. post-retirement benefit plan. The U.S. pension plans comprise the majority of our total benefit obligation and pension expense. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent our best estimate of what we expect future experience to be. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted based on key external indices. The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methods but reflect the differences in the plan obligations. We follow Statements of Financial Accounting Standards No. 87, Employer’s Accounting for Pensions (SFAS 87), No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions (SFAS 106), and No. 132, Employers’ Disclosures about Pensions and Other Postretirement Benefits (SFAS 132) in our financial reporting and accounting for our pension and post-retirement benefit plans. See our annual report on Form 10-K for the year ended December 31, 2005, and Note 5 of the “Notes to Condensed Consolidated Financial Statements” contained in Item 1 for further information.
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Table of ContentsThis excerpt taken from the UNM 8-K filed May 3, 2006. OTHER INFORMATION The Company’s average number of shares (000s) outstanding, assuming dilution, was 319,636.8 for the first quarter of 2006, compared to 307,610.9 for the first quarter of 2005. Book value per common share at March 31, 2006 was $21.94, compared to $23.68 at March 31, 2005. Excluding the net unrealized gain on securities and the net gain on cash flow hedges, book value per common share at March 31, 2006 was $20.40 compared to $19.49 at March 31, 2005. This excerpt taken from the UNM 10-K filed Mar 3, 2006. Other Information
Pension and Postretirement Benefit Plans
The Company sponsors several defined benefit pension and postretirement plans for its employees, including non-qualified pension plans. The U.S. pension plans comprise the majority of the total benefit obligation and pension expense for the Company. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent the Company’s best estimate of future expected experience. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted accordingly based on key external indices. The Company follows Statements of Financial Accounting Standards No. 87 (SFAS 87), Employers’ Accounting for Pensions, No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions, and No. 132, Employers’ Disclosures about Pensions and Other Postretirement Benefits in its financial reporting and accounting for its pension and post-retirement benefit plans.
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Table of ContentsU.S. Pension and Post–Retirement Benefit Plans
The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methodology but reflect the differences in the plan obligations. The Company uses a December 31 measurement date for each plan.
The discount rate is an interest assumption used to convert the benefit payment stream to a present value. The Company sets the discount rate assumption at the measurement date for each of its retirement related benefit plans to reflect the yield of a portfolio of high quality fixed income debt instruments matched against the timing and amounts of projected future benefits. The discount rate used for the net periodic benefit costs for the U.S. pension plans was 5.80 percent and 6.05 percent in 2006 and 2005, respectively. Using a similar methodology applied to the postretirement plan cash flows, the discount rate used in the net periodic benefit cost for 2006 and 2005 was 5.50 percent and 5.70 percent, respectively.
Lowering the discount rate by 50 basis points would have increased the 2005 pension expense for the U.S. pension plans by $10.0 million and would be expected to result in a $10.7 million increase in the 2006 pension expense.
The long-term rate of return assumption is the best estimate of the average annual assumed return that will be produced from the pension trust assets until current benefits are paid. The Company uses a compound interest method in computing the rate of return on pension plan assets. The long-term rate of return on assets used in the net periodic pension costs for the U.S. qualified defined benefit pension plan for 2006 and 2005 was 8.00 percent and 8.50 percent, respectively. Lowering the expected long-term rate of return on the plan assets by 50 basis points would have increased the 2005 pension expense by approximately $2.4 million. For 2006, lowering the assumption by 50 basis points would be expected to increase pension expense by approximately $2.6 million.
The market related value equals the fair value of assets, determined as of the measurement date. The assets are not smoothed for purposes of SFAS 87. The expected return on assets, therefore, fully recognizes all asset gains and losses through the measurement date.
The Company holds an unrecognized net loss representing the cumulative liability and asset gains and losses that have not been recognized in pension expense. As of December 31, 2005, there was an estimated unrecognized loss of approximately $363.9 million in the U.S. pension plans, compared to $318.2 million at December 31, 2004. The unrecognized loss has increased due to the decline in the year end discount rate from 6.05 percent at 2004 to 5.80 percent at 2005 and because the rate of return on assets was 4.90 percent in 2005 compared to an assumed rate of return of 8.50 percent. The unrecognized net loss is amortized as a component of pension expense. Only amounts outside of a corridor (equal to 10 percent of the greater of the projected benefit obligation or market related value of assets) are amortized. The 2006 pension expense is expected to include a loss amortization of approximately $22.4 million. This loss amortization was $19.2 million, $16.0 million, and $18.0 million in 2005, 2004, and 2003, respectively.
The Company reported U.S. pension expense of $54.8 million, $43.6 million, and $41.8 million in 2005, 2004 and 2003, respectively.
The fair value of plan assets in the U.S. qualified defined benefit pension plan was $515.4 million at December 31, 2005, compared to $478.1 million at year end 2004. In recent years, the moderate increase in assets, coupled with the liability increase due to declining discount rates, has reduced the year end funding level in the plan such that it has a deficit of $246.1 million as of December 31, 2005, compared to $176.5 million as of December 31, 2004. The Company had no regulatory contribution requirements for 2005 and 2004; however, the Company elected to make voluntary contributions of $23.0 million and $20.0 million, respectively, to its U.S. qualified defined benefit pension plan. The Company expects to make a voluntary contribution of approximately $42.0 million to its U.S. qualified defined benefit pension plan in 2006, based on current tax law.
Non-U.S. Pension Plans
The Company’s U.K. operation maintains a separate defined benefit plan for its eligible employees. The U.K. defined benefit pension plan (Scheme) was closed to new entrants on December 31, 2002.
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Table of ContentsThe long-term rate of return on asset assumption used in the net periodic pension costs for 2006 and 2005 was 6.70 percent and 7.10 percent, respectively.
The Company elected to set the discount rate assumption at the measurement date for the Scheme to reflect the yield of a portfolio of high quality fixed income debt instruments matched against the timing and amounts of projected future benefits. The discount rate assumptions were 4.80 percent and 5.30 percent as of December 31, 2005 and 2004, respectively.
Pension expense was $11.7 million, $11.6 million, and $8.8 million in 2005, 2004, and 2003, respectively.
The fair value of plan assets in the Scheme was $92.1 million at December 31, 2005, compared to $80.5 million at year end 2004. The Scheme has a deficit of $45.2 million at December 31, 2005, compared to $50.2 million at December 31, 2004. The Company contributes to the Scheme in accordance with a schedule of contributions which requires the Company to contribute to the Scheme at the rate of at least 18.20 percent of eligible salaries, sufficient to meet the minimum funding requirement under U.K. legislation. The Company contribution rate of 20.25 percent of eligible salaries is currently being reviewed. The Company made a $44.2 million contribution into the Scheme in January 2006 to reduce the deficit. The Company anticipates it will make additional contributions during 2006 into the Scheme of approximately $9.1 million.
The Company previously maintained separate defined benefit plans for the employees of its Canadian branch operation. As a result of the sale of the Canadian branch, the Company froze the Canadian defined benefit pension plans during 2004 and recorded a curtailment loss of $0.7 million. The Company is currently in the process of terminating the Canadian plans.
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The Company is subject to various market risk exposures including interest rate risk and foreign exchange rate risk. The following discussion regarding the Company’s risk management activities includes forward-looking statements that involve risk and uncertainties. Estimates of future performance and economic conditions are reflected assuming certain changes in market rates and prices were to occur (sensitivity analysis). Caution should be used in evaluating the Company’s overall market risk from the information presented below, as actual results may differ. The Company employs various derivative programs to manage these material market risks. See Notes 4 and 5 of the “Notes to Consolidated Financial Statements” for further discussions of the qualitative aspects of market risk, including derivative financial instrument activity.
Interest Rate Risk
The operations of the Company are subject to risk resulting from interest rate fluctuations, primarily long-term U.S. interest rates. Changes in interest rates and individuals’ behavior affect the amount and timing of asset and liability cash flows. Management continually models and tests asset and liability portfolios to improve interest rate risk management and net yields. Testing the asset and liability portfolios under various interest rate and economic scenarios allows management to choose the most appropriate investment strategy, as well as to prepare for disadvantageous outcomes. This analysis is the precursor to the Company’s activities in derivative financial instruments. The Company uses interest rate swaps, interest rate forward contracts, exchange-traded interest rate futures contracts, and options to hedge interest rate risks and to match asset durations and cash flows with corresponding liabilities.
Assuming an immediate increase of 100 basis points in interest rates from year end levels, the net hypothetical decrease in stockholders’ equity related to financial and derivative instruments was estimated to be $1.5 billion and $1.6 billion at December 31, 2005 and 2004, respectively. The fair values of mortgage loans, which are reported in the consolidated statements of financial condition at amortized cost, would decrease by approximately $90 million and $20 million at December 31, 2005 and 2004, respectively.
At December 31, 2005 and 2004, assuming a 100 basis point decrease in long-term interest rates from year end levels, the fair values of the Company’s long-term debt, including junior subordinated debt, would increase approximately $240 million and $200 million, respectively.
The effect of a change in interest rates on asset prices was determined using a duration implied methodology for corporate bonds, private placement securities, and government and government agency securities whereby the duration of each security was used to estimate the change in price for the security assuming an increase of 100 basis points in interest rates. The effect of a change in interest rates on the mortgage-backed securities is estimated using a mortgage analytic system which takes into account the impact of changing prepayment speeds resulting from a 100 basis point increase in interest rates on the change in price of the mortgage-backed securities. These hypothetical prices were compared to the actual prices for the period to compute the overall change in market value. The changes in the fair values of long-term debt, including junior subordinated debt, were determined using discounted cash flows analyses. Because the Company actively manages its investments and liabilities, actual changes could be less than those estimated above.
Foreign Currency Risk
The Company is also subject to foreign exchange risk arising from its foreign operations and certain investment securities denominated in those local currencies. Foreign operations represented 6.4 percent and 6.7 percent of total assets at December 31, 2005 and 2004, respectively, and 9.1 percent and 8.0 percent of total revenue for 2005 and 2004, respectively. Assuming foreign exchange rates decreased 10 percent from the December 31, 2005 and 2004 levels, stockholders’ equity and net income (loss) as of and for the periods then ended would not have been materially affected.
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This excerpt taken from the UNM 10-Q filed Nov 7, 2005. Other Information
Pension and Postretirement Benefit Plans
The Company maintains separate U.S. and foreign pension plans and a U.S. post-retirement benefit plan. The U.S. pension plans comprise the majority of the total benefit obligation and pension expense for the Company. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent the Company’s best estimate of future expected experience. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted accordingly based on key external indices. The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methodology but reflect the differences in the plan obligations. The Company follows Statements of Financial Accounting Standards No. 87, Employer’s Accounting for Pensions (SFAS 87), No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions (SFAS 106), and No. 132, Employers’ Disclosures about Pensions and Other Postretirement Benefits (SFAS 132) in its financial reporting and accounting for its pension and post-retirement benefit plans. See the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2004, and Note 7 of the “Notes to Condensed Consolidated Financial Statements” contained herein in Item 1 for further information.
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Table of ContentsThis excerpt taken from the UNM 10-Q filed Aug 8, 2005. Other Information
Pension and Postretirement Benefit Plans
The Company maintains separate U.S. and foreign pension plans and a U.S. post-retirement benefit plan. The U.S. pension plans comprise the majority of the total benefit obligation and pension expense for the Company. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent the Company’s best estimate of future expected experience. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted accordingly based on key external indices. The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methodology but reflect the differences in the plan obligations. The Company follows Statements of Financial Accounting Standards No. 87, Employer’s Accounting for Pensions (SFAS 87), No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions (SFAS 106), and No. 132, Employers’ Disclosures about Pensions and Other Postretirement Benefits (SFAS 132) in its financial reporting and accounting for its pension and post-retirement benefit plans. See the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2004, and Note 7 of the “Notes to Condensed Consolidated Financial Statements” contained herein in Item 1 for further information.
This excerpt taken from the UNM 10-Q filed May 9, 2005. Other Information
Pension and Postretirement Benefit Plans
The Company maintains separate U.S. and foreign pension plans and a U.S. post-retirement benefit plan. The U.S. pension plans comprise the majority of the total benefit obligation and pension expense for the Company. The value of the benefit obligations is determined based on a set of economic and demographic assumptions that represent the Company’s best estimate of future expected experience. These assumptions are reviewed annually. Two of the economic assumptions, the discount rate and the long-term rate of return, are adjusted accordingly based on key external indices. The assumptions chosen for U.S. pension plans and the U.S. postretirement plan use consistent methodology but reflect the differences in the plan obligations. The Company follows Statements of Financial Accounting Standards No. 87, Employer’s Accounting for Pensions (SFAS 87), No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions (SFAS 106), and No. 132, Employers’ Disclosures about Pensions and Other Postretirement Benefits (SFAS 132) in its financial reporting and accounting for its pension and post-retirement benefit plans. See the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2004, and Note 7 of the “Notes to Condensed Consolidated Financial Statements” contained herein in Item 1 for further information.
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