DIRECTV 2004 Annual Report Download - page 96

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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
Information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31:
2004
2003
(Dollars in Millions)
Projected benefit obligation
$
532.9
$
561.8
Accumulated benefit obligation
499.7
500.4
Fair value of plan assets
347.4
372.8
Components of net periodic benefit cost for the years ended December 31:
Pension Benefits
Other Postretirement
Benefits
2004
2003
2002
2004
2003
2002
(Dollars in Millions)
Components of net periodic benefit cost
Benefits earned during the year
$
24.2
$
23.0
$
21.7
$
0.5
$
0.5
$
0.5
Interest accrued on benefits earned in prior years
33.8
35.4
33.8
1.6
1.9
2.2
Expected return on assets
(31.6
)
(32.4
)
(36.5
)
—
—
—
Amortization components
Amount resulting from changes in plan provisions
2.2
2.2
2.2
(0.7
)
—
—
Net amount resulting from changes in plan experience and actuarial assumptions
6.1
4.4
3.0
—
—
—
Subtotal
34.7
32.6
24.2
1.4
2.4
2.7
Other costs
Curtailment costs
5.1
—
—
—
—
—
Contractual termination benefits
36.5
—
—
—
—
—
Settlement costs
14.8
—
—
—
—
—
Net periodic benefit cost
$
91.1
$
32.6
$
24.2
$
1.4
$
2.4
$
2.7
Additional information
Increase (decrease) in minimum liability included in other comprehensive income
$
(11.4
)
$
24.4
$
25.2
—
—
—
Assumptions
Weighted-average assumptions used to determine benefit obligations at December 31:
Pension Benefits
Other Postretirement
Benefits
2004
2003
2004
2003
Discount rate
6.00
%
6.14
%
5.75
%
5.89
%
Rate of compensation increase
4.00
%
4.50
%
4.00
%
4.50
%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Pension Benefits
Other Postretirement
Benefits
2004
2003
2002
2004
2003
2002
Discount rate
6.14
%
7.00
%
7.25
%
5.89
%
6.75
%
7.00
%
Expected long-term return on plan assets
9.00
%
9.00
%
9.50
%
—
—
—
Rate of compensation increase
4.50
%
5.00
%
5.00
%
4.50
%
5.00
%
5.00
%
87