PACCAR 2009 Annual Report Download - page 58

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PACCAR Inc and Subsidiaries
The components of the Change in Projected Benefit Obligation and Change in Plan Assets are as follows:
2009 2008
Change in Projected Benefit Obligation:
Benefit obligation at January 1 $ 1,196.4 $ 1,201.0
Service cost 36.2 46.6
Interest cost 71.1 73.9
Benefits paid (59.6) (48.8)
Actuarial loss 46.7 3.0
Curtailment gain (.1) (3.3)
Currency translation 31.0 (80.9)
Participant contributions 3.1 4.9
Projected benefit obligation at December 31 $ 1,324.8 $ 1,196.4
Change in Plan Assets:
Fair value of plan assets at January 1 $ 913.8 $ 1,312.5
Employer contributions 173.4 63.9
Actual return on plan assets 215.9 (336.4)
Benefits paid (59.6) (48.8)
Currency translation 29.7 (82.3)
Participant contributions 3.1 4.9
Fair value of plan assets at December 31 1,276.3 913.8
Funded status at December 31 $ (48.5) $ (282.6)
Amounts Recorded in Balance Sheet: 2009 2008
Other noncurrent assets $ 59.9 $ 5.5
Other liabilities (108.4) (288.1)
Accumulated other comprehensive loss:
Actuarial loss 291.0 334.5
Prior service cost 9.5 10.1
Net initial transition amount .5 1.0
Of the December 31, 2009, amounts in accumulated other comprehensive loss, $14.8 of unrecognized actuarial loss,
$1.8 of unrecognized prior service cost and $.1 of unrecognized net initial transition amount are expected to be
amortized into net pension expense in 2010.
The accumulated benefit obligation for all pension plans of the Company, except for certain multi-employer and
foreign-insured plans was $1,214.0 at December 31, 2009, and $1,037.6 at December 31, 2008.
Information for all plans with accumulated benefit obligation in excess of plan assets is as follows:
At December 31, 2009 2008
Projected benefit obligation $ 429.0 $ 933.7
Accumulated benefit obligation 418.9 791.9
Fair value of plan assets 322.9 650.9
55
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009, 2008 and 2007 (currencies in millions)