APS 2011 Annual Report Download - page 139
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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
114
Pension Other Benefits
2011 2010 2009 2011 2010 2009
Service cost-benefits
earned during the
period $ 57,605 $ 59,064
$ 54,288 $ 21,856 $ 19,236 $ 18,285
Interest cost on benefit
obligation 124,727 122,724 118,282 46,807 42,428 39,180
Expected return on plan
assets (133,678) (124,161) (116,535) (41,536) (39,257) (34,428)
Amortization of:
Transition
obligation -- -- -- 452 452 3,005
Prior service
cost (credit) 1,400 1,705 2,080 (179) (539) (125)
Net actuarial
loss 25,956 18,833 14,216 15,015 10,317 10,320
Net periodic benefit
cost $ 76,010 $ 78,165 $ 72,331 $ 42,415 $ 32,637 $ 36,237
Portion of cost charged
to expense $ 29,312 $ 37,933 $ 36,484 $ 15,208 $ 15,839 $ 18,278
The following table shows the plans’ changes in the benefit obligations and funded status for
the years 2011 and 2010 (dollars in thousands):
Pension Other Benefits
Change in Benefit Obligation 2011 2010 2011 2010
Benefit obligation at January 1 $ 2,345,060 $ 2,074,131 $ 827,897 $ 700,535
Service cost 57,605 59,064 21,856 19,236
Interest cost 124,727 122,724 46,807 42,428
Benefit payments (104,257) (93,776) (24,877) (20,421)
Actuarial loss 275,991 183,365 171,674 98,094
Plan amendments -- (448) 3,737 (11,975)
Benefit obligation at December 31 2,699,126 2,345,060 1,047,094 827,897
Change in Plan Assets
Fair value of plan assets at
January 1 1,775,596 1,461,808 567,410 490,455
Actual return on plan assets 162,042 190,380 58,367 60,255
Employer contributions -- 200,000 18,769 16,700
Benefit payments (87,088) (76,592) (35,883) --
Fair value of plan assets at
December 31 1,850,550 1,775,596 608,663 567,410
Funded Status at December 31 $ (848,576) $ (569,464) $ (438,431) $ (260,487)
The following table shows the projected benefit obligation and the accumulated benefit
obligation for pension plans with an accumulated obligation in excess of plan assets as of December
31, 2011 and 2010 (dollars in thousands):