Burger King 2010 Annual Report Download - page 107

Download and view the complete annual report

Please find page 107 of the 2010 Burger King annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Additional year−end information for the U.S. Pension Plans, International Pension Plans and U.S. Medical Plan with
accumulated benefit obligations in excess of plan assets
The following sets forth the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the
U.S. Pension Plans, International Pension Plans and U.S. Medical Plan with accumulated benefit obligations in excess of plan assets (in
millions):
U.S. International U.S.
Pension Plan Pension Plans Medical Plan
2010 2009 2010 2009 2010 2009
Projected benefit obligation $ 179.0 $ 146.0 $ 8.8 $ 7.3 $ 26.0 $ 22.1
Accumulated benefit obligation $ 179.0 $ 146.0 $ 1.6 $ 6.4 $ 26.0 $ 22.1
Fair value of plan assets $ 109.7 $ 97.9 $ 1.3 $ 1.3 $ — $ —
As of June 30, 2010, for International Pension Plans, accumulated benefit obligations in excess of plan assets relates to the
Switzerland pension plan.
Components of Net Periodic Benefit Cost
A summary of the components of net periodic benefit cost for the U.S. Pension Plans and International Pension Plans and
U.S. Medical Plan is presented below (in millions):
International U.S. Medical
U.S. Pension Plan Pension Plans Plan
2010 2009 2008 2010 2009 2008 2010 2009 2008
Service cost $ — $ — $ — $ 1.3 $ 1.3 $ 1.6 $ 0.4 $ 0.5 $ 0.5
Interest cost 9.1 8.8 8.7 0.8 0.8 1.2 1.4 1.3 1.3
Expected return on plan assets (9.6) (8.8) (8.2) (0.4) (0.5) (1.3) — — —
Recognized net actuarial (gain) loss — — — — — — (0.4) (0.2) —
Amortization of prior service cost — — — — — (0.3) — — —
Net periodic benefit cost $ (0.5) $ — $ 0.5 $ 1.7 $ 1.6 $ 1.2 $ 1.4 $ 1.6 $ 1.8
Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Income
U.S. Pension U.S. Medical
Plans International Pension Plans Plans
2010 2009 2010 2009 2010 2009
Unrecognized actuarial (gain) loss $ 23.9 $ 24.1 $ 4.0 $ 0.4 $ 2.7 $ (1.7)
Recognized net actuarial gain (loss) — — — — 0.4 0.2
Total recognized in OCI $ 23.9 $ 24.1 $ 4.0 $ 0.4 $ 3.1 $ (1.5)
As of June 30, 2010, for the combined U.S. and international pension plans, the Company expected to amortize during fiscal 2011
from accumulated other comprehensive income/ (loss) into net periodic pension cost an estimated $2.5 million of net actuarial loss.
104