APS 2012 Annual Report Download - page 139
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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
114
The following table shows the plans’ changes in the benefit obligations and funded status for the
years 2012 and 2011 (dollars in thousands):
Pension
Other Benefits
Change in Benefit Obligation
2012
2011
2012
2011
Benefit obligation at January 1
$ 2,699,126
$ 2,345,060
$ 1,047,094
$ 827,897
Service cost
63,502
57,605
27,163
21,856
Interest cost
119,586
124,727
46,467
46,807
Benefit payments
(113,632)
(104,257)
(26,279)
(24,877)
Actuarial (gain) loss
82,264
275,991
(104,027)
171,674
Plan amendments
--
--
--
3,737
Benefit obligation at December 31
2,850,846
2,699,126
990,418
1,047,094
Change in Plan Assets
Fair value of plan assets at
January 1
1,850,550
1,775,596
608,663
567,410
Actual return on plan assets
259,363
162,042
83,567
58,367
Employer contributions
65,000
--
22,707
18,769
Benefit payments
(95,732)
(87,088)
(30,716)
(35,883)
Fair value of plan assets at
December 31
2,079,181 1,850,550 684,221 608,663
Funded Status at December 31
$ (771,665)
$ (848,576)
$ (306,197)
$ (438,431)
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,
2012 and 2011 (dollars in thousands):
2012
2011
Projected benefit obligation
$ 2,850,846
$ 2,699,126
Accumulated benefit obligation
2,646,306
2,396,575
Fair value of plan assets
2,079,181
1,850,550
The following table shows the amounts recognized on the Consolidated Balance Sheets as of
December 31, 2012 and 2011 (dollars in thousands):
Pension
Other Benefits
2012
2011
2012
2011
Current liability
$ (19,107)
$ (18,097)
$ --
$ --
Noncurrent liability
(752,558)
(830,479)
(306,197)
(438,431)
Net amount recognized
$ (771,665)
$ (848,576)
$ (306,197)
$ (438,431)