First Data 2013 Annual Report Download - page 101
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U.K. plan:
Plan benefit obligations $ (682.1) $ (659.5)
Fair value of plan assets 755.5 658.3
Net pension (liabilities) assets (a) (b) 73.4 (1.2)
U.S. and other foreign plans:
Plan benefit obligations (227.6) (249.6)
Fair value of plan assets 154.8 147.5
Net pension liabilities (b) (72.8)(102.1)
Funded status of the plans $ 0.6 $ (103.3)
(a) Pension assets are included in the “Other long-term assets” line of the Consolidated Balance Sheets.
(b) Pension liabilities are included in the “Other long-term liabilities” line of the Consolidated Balance Sheets.
The accumulated benefit obligation for all defined benefit pension plans was $908.7 million and $896.7 million as of December 31, 2013 and 2012,
respectively.
The following table summarizes the activity in other comprehensive income, net of tax:
Total unrecognized (loss) included in accumulated other comprehensive income at the
beginning of period $(127.4) $ (88.8) $ (64.9)
Unrecognized gain/(loss) arising during the period 31.5 (39.9) (17.7)
U.K. plan benefit reinstatement (2011) and subsequent curtailment gain (2013) 6.9 —(7.0)
Amortization of deferred (gains)/losses to net periodic benefit expense (a) 2.4 1.3 0.8
Total unrecognized gain/(loss) included in accumulated other comprehensive income at
end of period $(86.6)$(127.4)$(88.8)
(a) Expected amortization of deferred losses to net periodic benefit expense in 2014 is $1.8 million pretax.
Amounts recorded in other comprehensive income represent unrecognized net actuarial gains and losses. The Company does not have net transition
assets or obligations.
The following table provides the components of net periodic benefit cost for the plans:
Service costs $3.1 $ 5.0 $ 6.1
Interest costs 37.2 37.7 39.8
Expected return on plan assets (44.1)(44.7) (46.5)
Amortization 4.0 2.1 1.3
Net periodic benefit expense $0.2 $0.1 $0.7
The weighted-average rate assumptions used in the measurement of the Company’s benefit obligations are as follows:
Discount rate 4.56%4.29%4.75%
Rate of compensation increase (a) 1.70%3.95%3.77%
(a) The rate of compensation increases generally apply to active plans.
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