DIRECTV 2004 Annual Report Download - page 95
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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
The components of the pension benefit obligation and the other postretirement benefit obligation, including amounts recognized
in the Consolidated Balance Sheets, are shown below for the years ended December 31:
Pension Benefits
Other Postretirement Benefits
2004
2003
2004
2003
(Dollars in Millions)
Change in Benefit Obligation
Net benefit obligation at beginning of year
$
565.6
$
497.0
$
27.2
$
33.3
Service cost
24.2
23.0
0.5
0.5
Interest cost
33.8
35.4
1.6
1.9
Plan participants’ contributions
1.6
1.9
—
—
Amendments
—
—
—
(4.6
)
Contractual termination benefits
36.5
—
—
—
Actuarial (gain) loss
(12.9
)
52.1
2.4
(0.4
)
Benefits paid
(115.9
)
(43.8
)
(3.8
)
(3.5
)
Net benefit obligation at end of year
532.9
565.6
27.9
27.2
Change in Plan Assets
Fair value of plan assets at beginning of year
377.5
361.5
—
—
Actual return on plan assets
37.1
47.6
—
—
Employer contributions
47.1
10.3
3.8
3.5
Plan participants’ contributions
1.6
1.9
—
—
Benefits paid
(115.9
)
(43.8
)
(3.8
)
(3.5
)
Fair value of plan assets at end of year
347.4
377.5
—
—
Funded status at end of year
(185.5
)
(188.1
)
(27.9
)
(27.2
)
Unamortized amount resulting from changes in plan provisions
11.5
18.8
(4.0
)
(4.6
)
Unamortized net amount resulting from changes in plan experience and actuarial
assumptions
100.4
139.7
1.3
(1.2
)
Net amount recognized at end of year
$
(73.6
)
$
(29.6
)
$
(30.6
)
$
(33.0
)
Amounts recognized in the consolidated balance sheets consist of:
Prepaid benefit cost
$
—
$
0.6
$
—
$
—
Accrued benefit cost
(152.3
)
(127.6
)
(30.6
)
(33.0
)
Intangible asset
11.5
18.8
—
—
Deferred tax assets
25.8
29.8
—
—
Accumulated other comprehensive loss
41.4
48.8
—
—
Net amount recognized at end of year
$
(73.6
)
$
(29.6
)
$
(30.6
)
$
(33.0
)
The accumulated benefit obligation for all pension plans was $499.7 million and $503.8 million as of December 31, 2004 and
2003, respectively.
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