MoneyGram 2004 Annual Report Download - page 76

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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The benefit obligation and plan assets, changes to the benefit obligation and plan assets and a reconciliation of the funded status of the defined benefit pension
plan and combined SERPs as of and for the year ended December 31 are as follows:
2004 2003
(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at the beginning of the year $ 185,782 $ 171,896
Service cost 1,717 2,912
Interest cost 11,333 11,260
Actuarial (gain) or loss 6,374 10,854
Curtailment gain — (1,127)
Benefits paid (10,934) (10,013)
Benefit obligation at the end of the year $ 194,272 $ 185,782
Change in plan assets:
Fair value of plan assets at the beginning of the year $ 96,435 $ 96,862
Actual return on plan assets 7,771 7,033
Employer contributions 4,853 2,553
Benefits paid (10,934) (10,013)
Fair value of plan assets at the end of the year $ 98,125 $ 96,435
Reconciliations of funded status:
Funded (unfunded) status $ (96,147) $ (89,347)
Unrecognized actuarial (gain) loss 72,264 68,847
Unrecognized prior service cost 4,008 4,776
Net amount recognized in Consolidated Balance Sheets $ (19,875) $ (15,724)
Amounts recognized in Consolidated Balance Sheets:
Accrued benefit liability $ (89,217) $ (82,024)
Intangible asset 2,503 3,127
Deferred tax asset 25,065 24,637
Additional minimum liability 41,774 38,536
Net amount recognized in Consolidated Balance Sheets $ (19,875) $ (15,724)
The projected benefit obligation and accumulated benefit obligation for both the defined benefit pension plan and the combined SERPs are in excess of the
fair value of plan assets. Following is a summary of the defined benefit pension plan and the combined SERPs:
Defined Benefit
Pension Plan Combined SERPs
2004 2003 2004 2003
Projected benefit obligation $ 142,494 $ 137,478 $ 51,778 $ 48,304
Accumulated benefit obligation 142,494 137,478 44,622 40,863
Fair value of plan assets 98,125 96,435 — —
F-32