Cablevision 2013 Annual Report Download - page 167

Download and view the complete annual report

Please find page 167 of the 2013 Cablevision 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 196

  • 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
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-58
Plan Results for Defined Benefit Plans
Summarized below is the funded status and the amounts recorded on the Company's consolidated balance
sheets for all of the Company's Defined Benefit Plans at December 31, 2013 and 2012:
Defined Benefit Plans
2013
2012
Change in benefit obligation:
Benefit obligation at beginning of year ............................................................
$ 392,312
$ 344,366
Service cost ....................................................................................................
45,346
39,789
Interest cost ....................................................................................................
14,128
14,570
Actuarial loss ..................................................................................................
5,282
18,922
Transfer of liabilities .......................................................................................
(208)
-
Benefits paid ...................................................................................................
(22,944)
(25,335)
Benefit obligation at end of year ..................................................................
433,916
392,312
Change in plan assets:
Fair value of plan assets at beginning of year ...................................................
$ 290,836
$ 292,122
Actual return (loss) on plan assets, net .............................................................
(8,694)
11,316
Employer contributions ...................................................................................
9,620
12,733
Transfer of assets ............................................................................................
(208)
-
Benefits paid ...................................................................................................
(22,944)
(25,335)
Fair value of plan assets at end of year .........................................................
268,610
290,836
Unfunded status at end of year ............................................................................
$(165,306)
$(101,476)
Other pre-tax changes in plan assets and benefit obligations recognized in accumulated other
comprehensive loss for the years ended December 31, 2013 and 2012 are as follows:
Defined Benefit Plans
2013
2012
Actuarial loss .....................................................................................................
$21,842
$16,732
Recognized actuarial loss included in net periodic benefit cost ............................
(1,645)
(1,067)
$20,197
$15,665
Approximately $3,160 of unrecognized actuarial losses recorded in accumulated other comprehensive
loss is expected to be recognized as a component of net periodic benefit cost during the next fiscal year
relating to the Defined Benefit Plans.
The Company's net funded status relating to its defined benefit plans at December 31, 2013 and 2012 are
as follows:
2013
2012
Defined Benefit Plans .........................................................................................
$(165,306)
$(101,476)
Less: Current portion .........................................................................................
2,494
2,169
Long-term defined benefit plan obligations .........................................................
$(162,812)
$ (99,307)