Express Scripts 2012 Annual Report Download - page 89

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Express Scripts 2012 Annual Report 87
2012
r 3
For the year ended December 31, 2012, the net benefit for the Company’s pension and other postretirement
benefit plans consisted of the following components:
(in millions)
2012
(1)
Pension
Benefits
Other
Postretirement
Benefits
Interest cost
$ 0.3
$ 0.1
Actual return on plan assets
(7.0)
-
Net actuarial loss
0.1
0.1
Net (benefit)/cost
$ (6.6)
$ 0.2
(1) Beginning April 2, 2012, the date of the Merger.
Net actuarial gains and losses reflect experience differentials relating to differences between expected and
actual demographic changes, differences between expected and actual healthcare cost increases and the effects of
changes in actuarial assumptions. Net actuarial gains and losses are recorded into net income in the period incurred.
Changes in plan assets, benefit obligation and funded status. Summarized information about the funded
status and the changes in plan assets and projected benefit obligation for the year ended December 31, 2012 is as
follows:
(in millions)
Pension
Benefits
Other
Postretirement
Benefits
Fair value of plan assets at beginning of year
$ -
$ -
Fair value of plan assets assumed in the Merger
217.0
-
Actual return on plan assets
7.0
-
Company contributions
6.1
0.5
Benefits paid
(22.6)
(0.5)
Fair value of plan assets at end of year
207.5
-
Projected benefit obligation at beginning of year
-
-
Benefit obligation assumed in the Merger
291.3
2.9
Interest cost
0.3
0.1
Actuarial losses
0.1
0.1
Benefits paid
(22.6)
(0.5)
Projected benefit obligation at end of year
269.1
2.6
Underfunded status at end of year
$ 61.6
$ 2.6
As a result of the plan freeze, the accumulated benefit obligation and the projected benefit obligation
amounts for the defined benefit pension plan are equal at December 31, 2012.
The pension and other postretirement benefits liabilities recognized at December 31, 2012 are as follows:
(in millions)
Pension
Benefits
Other
Postretirement
Benefits
Accrued expenses
$ -
$ 0.5
Other liabilities
61.6
2.1
Total pension and other postretirement liabilities
$ 61.6
$ 2.6