Burger King 2013 Annual Report Download - page 96

Table of Contents
The U.S. and International Pension Plans’ and U.S. Retiree Medical Plan’s expected contributions to be paid in the next year, the projected benefit
payments for each of the next five years and the total aggregate amount for the subsequent five years are as follows (in millions):







Estimated Net Contributions During Year Ended 2014 $ 9.2 $ 0.3 $ 0.6
Estimated Future Year Benefit Payments During Years Ended:
2014 $ 8.8 $ 0.2 $ 0.6
2015 $ 9.2 $ 0.2 $ 0.6
2016 $ 9.5 $ 0.2 $ 0.5
2017 $ 9.9 $ 0.2 $ 0.5
2018 $ 10.2 $ 0.2 $ 0.5
2019 - 2023 $ 61.2 $ 2.2 $ 2.9


The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012
(in millions):




      

Derivatives designated as cash flow hedges:
Interest rate caps Other assets, net $ — $ 4.2 $ 4.2 $ — $ 4.3 $ 4.3
Forward-starting interest rate swaps Other assets, net — 169.9 169.9 — 0.8 0.8
Other:
Investments held in a rabbi trust Other assets, net 8.9 — 8.9 6.3 — 6.3
Total assets at fair value $8.9 $174.1 $183.0 $ 6.3 $5.1 $11.4

Derivatives designated as net investment hedges:
Cross-currency rate swaps Other liabilities, net $ — $25.9 $25.9 $ — $11.0 $11.0
Other:
ERP liabilities Other accrued liabilities — 2.8 2.8 — 4.4 4.4
ERP liabilities Other liabilities, net — 6.0 6.0 — 7.8 7.8
Total liabilities at fair value $ — $34.7 $34.7 $ — $23.2 $23.2
Our derivatives are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves and
currency rates, classified as Level 2 within the valuation hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the
probability of default by us or the counterparty.
Investments held in a rabbi trust consist of money market funds and mutual funds and the fair value measurements are derived using quoted prices in
active markets for the specific funds which are based on Level 1 inputs of the fair value hierarchy. The fair value measurements of the ERP liabilities are
derived principally from observable market data which are based on Level 2 inputs of the fair value hierarchy.
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Source: Burger King Worldwide, Inc., 10-K, February 21, 2014 Powered by Morningstar® Document Research℠
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