Memorex 2012 Annual Report Download - page 76
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The benefit obligations and plan assets, changes to the benefit obligations and plan assets, and the funded status of the
defined benefit pension plans were as follows:
United States International
As of December 31, As of December 31,
2012 2011 2012 2011
(In millions)
Change in benefit obligation
Benefit obligation, beginning of year ............................ $92.2 $ 93.8 $55.6 $ 58.9
Service cost .............................................. — — 0.6 0.7
Interest cost .............................................. 3.2 4.2 2.2 2.5
Actuarial (gain) loss ........................................ 2.2 5.1 6.9 4.4
Benefits paid ............................................. (1.9) (1.8) (2.4) (2.2)
Settlements .............................................. (7.4) (9.1) — (8.4)
Foreign exchange rate changes ............................... — — 0.5 (0.3)
Projected benefit obligation, end of year ......................... $88.3 $ 92.2 $63.4 $ 55.6
Change in plan assets
Fair value of plan assets, beginning of year ...................... $69.6 $ 70.9 $53.5 $ 61.2
Actual return on plan assets .................................. 8.5 (0.9) 3.7 1.6
Foreign exchange rate changes ............................... — — 1.0 (0.3)
Company contributions ..................................... 2.9 10.5 2.2 3.8
Benefits paid ............................................. (1.9) (1.8) (2.4) (2.2)
Settlement payments ....................................... (7.4) (9.1) — (10.6)
Fair value of plan assets, end of year ........................... 71.7 69.6 58.0 53.5
Funded status of the plan, end of year .......................... $(16.6) $(22.6) $ (5.4) $ (2.1)
Amounts recognized in the Consolidated Balance Sheets consisted of the following:
United States International
As of December 31, As of December 31,
2012 2011 2012 2011
(In millions)
Noncurrent assets ......................................... $ — $ — $ 6.1 $4.6
Noncurrent liabilities ........................................ (16.6) (22.6) (11.5) (6.7)
Accumulated other comprehensive loss — pre-tax .................. 25.8 30.2 14.2 8.6
Amounts recognized in accumulated other comprehensive loss consisted of the following:
United States International
As of December 31, As of December 31,
2012 2011 2012 2011
(In millions)
Net actuarial loss ............................................ $25.8 $30.2 $18.2 $13.3
Prior service cost (credit) ...................................... — — (5.4) (6.5)
Transition asset obligation ..................................... — — 1.4 1.8
Total ................................................... $25.8 $30.2 $14.2 $ 8.6
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