Estee Lauder 2010 Annual Report Download - page 138
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THE EST{E LAUDER COMPANIES INC. 137
Plan Summaries
The significant components of the above mentioned plans as of and for the years ended June 30 are summarized
as follows: Other than
Pension Plans Pension Plans
U.S. International Post-retirement
2010 2009 2010 2009 2010 2009
(In millions)
Change in benefit obligation:
Benefit obligation at beginning of year $469.6 $432.6 $379.3 $404.4 $ 122.8 $ 110.4
Service cost 22.5 20.9 17.9 16.3 3.3 3.6
Interest cost 29.3 28.1 19.3 18.1 8.0 7.6
Plan participant contributions — — 2.5 2.4 0.6 0.6
Actuarial loss (gain) 51.8 17.3 47.5 1.4 15.4 7.2
Foreign currency exchange rate impact — — (22.7) (43.9) 1.1 (1.6)
Benefits, expenses, taxes and premiums paid (27.6) (29.3) (23.2) (19.9) (5.4) (5.0)
Plan amendments — — (1.8) 0.8 (0.8) —
Special termination benefits — — 1.1 2.4 — —
Acquisitions, divestitures, adjustments — — 0.3 1.2 — —
Settlements and curtailments — — (6.5) (3.9) — —
Benefit obligation at end of year $545.6 $469.6 $413.7 $379.3 $ 145.0 $ 122.8
Change in plan assets:
Fair value of plan assets at beginning of year $386.5 $420.0 $299.0 $345.7 $— $—
Actual return on plan assets 72.7 (29.3) 28.4 (31.2) — —
Foreign currency exchange rate impact — — (15.6) (37.1) — —
Employer contributions 46.7 25.1 68.2 41.8 10.8 4.4
Plan participant contributions — — 2.5 2.4 0.6 0.6
Settlements and curtailments — — (6.5) (3.9) — —
Acquisitions, divestitures, adjustments — — 0.3 1.2 — —
Benefits, expenses, taxes and premiums
paid from plan assets (27.6) (29.3) (23.2) (19.9) (5.4) (5.0)
Fair value of plan assets at end of year $478.3 $386.5 $353.1 $299.0 $ 6.0 $—
Funded status $ (67.3) $ (83.1) $ (60.6) $ (80.3) $(139.0) $(122.8)
Amounts recognized in the Balance Sheet
consist of:
Other assets $ 19.6 $ 2.2 $ 26.7 $ 6.6 $— $—
Other accrued liabilities (8.1) (7.6) (2.0) (4.8) (0.3) (4.6)
Other noncurrent liabilities (78.8) (77.7) (85.3) (82.1) (138.7) (118.2)
Funded status (67.3) (83.1) (60.6) (80.3) (139.0) (122.8)
Accumulated other comprehensive loss 156.1 149.7 144.5 120.4 28.6 15.0
Net amount recognized $ 88.8 $ 66.6 $ 83.9 $ 40.1 $(110.4) $(107.8)
2010
$469.6
22.5
29.3
—
51.8
—
(27.6)
—
—
—
—
$545.6
$386.5
72.7
—
46.7
—
—
—
(27.6)
$478.3
$ (67.3)
$ 19.6
(8.1)
(78.8)
(67.3)
156.1
$ 88.8
2010
$379.3
17.9
19.3
2.5
47.5
(22.7)
(23.2)
(1.8)
1.1
0.3
(6.5)
$413.7
$299.0
28.4
(15.6)
68.2
2.5
(6.5)
0.3
(23.2)
$353.1
$ (60.6)
$ 26.7
(2.0)
(85.3)
(60.6)
144.5
$ 83.9
2010
$ 122.8
3.3
8.0
0.6
15.4
1.1
(5.4)
(0.8)
—
—
—
$ 145.0
$—
—
—
10.8
0.6
—
—
(5.4)
$ 6.0
$(139.0)
$—
(0.3)
(138.7)
(139.0)
28.6
$(110.4)