39 NOTE 5 Retirement plans The company and its subsidiaries have various retirement plans, including plans established under collective bargaining agree- ments, under which substantially all full-time employees are cov- ered. The Gannett Retirement Plan is the company’s principal retirement plan and covers most U.S. employees of the company and its subsidiaries. Benefits under the Gannett Retirement Plan are based on years of service and final average pay. The compa- ny’s retirement plan assets include marketable securities such as common stocks, bonds and U.S. government obligations and interest-bearing deposits. The tables below also include the  assets and obligations of the former Central Newspapers, Inc. Retirement Plan, which was merged into the Gannett Retirement Plan effective Dec. 31, 2000, and Newsquest’s Retirement Plans. The company’s pension costs for 2001, 2000 and 1999 are  presented in the following table: July 1, 2003. The 2000 $3.06 billion agreement consists of a $1.53 billion 364-day facility which extends to July 2002 and a $1.53 billion 5-year facility which extends to July 2005. At the end of the 364-day period, any borrowings outstanding under the 364-day credit facility are convertible into a 2-year term loan at Gannett’s option. The commitment fee rate for the 1998 revolving credit  agreement may range from .07% to .175%, depending on Standard & Poor’s or Moody’s credit rating of the company’s senior unsecured long-term debt. The rate in effect on Dec. 30, 2001, was .09%. At the option of the company, the interest rate on borrowings under this agreement may be at the prime rate, at rates ranging from .13% to .35% above the LIBOR or at rates ranging from .255% to .50% above a certificate of deposit-based rate. The prime rate was 4.75% at the end of 2001 and 9.5% at the end of 2000. The percentages that apply depend on Standard & Poor’s or Moody’s credit rating of the company’s senior  unsecured long-term debt. The commitment fee rates for the 2000 revolving credit agreement may range from .05% to .09%, depending on Standard & Poor’s or Moody’s credit rating of the company’s senior unsecured long-term debt. The rates in effect on Dec. 30, 2001, were .05% for the 364-day facility and .07% for the 5- year facility. At the option of the company, the interest rate on borrowings under this agreement may be at .13% to .24% above the prime rate, the Eurodollar base rate or the Federal Funds Effective Rate plus .50%. The percentages that apply depend on Standard & Poor’s or Moody’s credit rating of the company’s senior unsecured long-term debt. The revolving credit agreements contain a restrictive provision  that requires the maintenance of net worth of at least $2.5  billion. At Dec. 30, 2001, and Dec. 31, 2000, net worth was $5.7 billion and $5.1 billion, respectively. Approximate annual maturities of long-term debt, assuming that the company had used the $6.06 billion revolving credit agreements as of the balance sheet date to refinance existing unsecured promissory notes on a long-term basis and assuming the company’s other indebtedness was paid on its scheduled pay dates, are as follows:  In thousands of dollars  At Dec. 30, 2001, and Dec. 31, 2000, the company estimates that the amount reported on the balance sheet for financial instruments, including long-term debt, cash and cash equiva- lents, trade and other receivables, and other long-term liabilities, approximates fair value. In thousands of dollars 2001 2000 1999 Service cost - benefits earned during the period $ 70,643 $ 61,905 $ 60,834 Interest cost on benefit obligation 150,935 129,601 103,412 Expected return on plan assets (217,796) (194,010) (146,168) Amortization of transition asset (68) (28) (984) Amortization of prior  service credit (18,908) (9,498) (3,754) Amortization of actuarial loss (gain)  824 (4,306) 1,407 Pension expense  for company-sponsored retirement plans (14,370) (16,336) 14,747 Union and other pension cost 6,404 7,432 5,071 Pension cost $ (7,966) $ (8,904) $ 19,818 2002  — 2003 $ 3,018,416 2004 402,813 2005 1,530,000 2006 21,838 Later years 106,958 Total $ 5,080,025