Snapple 2008 Annual Report Download - page 108
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The following tables set forth amounts recognized in the Company’s financial statements and the plans’ funded
status for the years ended December 31, 2008 and 2007 (in millions):
2008 2007 2008 2007
Pension Plans
Postretirement
Benefit Plans
Projected Benefit Obligations
As of beginning of year .................................. $ 66 $76 $ 9 $ 8
Impact from the separation of commingled plans into stand alone
plans(1) .......................................... 254 — 17 —
Impact of changing measurement date(2).................... (1) — (1) —
Service cost ......................................... 11 2 1 —
Interest cost ......................................... 19 4 1 —
Actuarial (gain)/loss ................................... (27) (6) 2 2
Benefits paid ........................................ (8) (3) (3) (1)
Currency exchange adjustments........................... (4) 2 (1) —
Curtailments/settlements ................................ (80) (9) — —
As of end of year ....................................... $230 $66 $ 25 $ 9
Fair Value of Plan Assets
As of beginning of year .................................. $ 70 $72 $— $—
Impact from the separation of commingled plans into stand alone
plans(1) .......................................... 194 — 6 —
Impact of changing measurement date(2).................... (5) — — —
Actual return of plan assets .............................. (67) 6 (2) —
Employer contribution ................................. 26 3 2 1
Plan participants’ contributions ........................... — — 1 —
Benefits paid ........................................ (8) (3) (3) (1)
Currency exchange adjustments........................... (3) 1 — —
Curtailments/settlements ................................ (45) (9) — —
As of end of year ....................................... $162 $70 $ 4 $—
Funded status of plan / net amount recognized ................. $(68) $ 4 $(21) $ (9)
Funded status — overfunded ............................. $ 2 $10 $— $—
Funded status — underfunded ............................ (70) (6) (21) (9)
Net amount recognized consists of:
Non-current assets .................................... $ 2 $10 $— $—
Current liabilities ..................................... (1) — (1) (1)
Non-current liabilities .................................. (69) (6) (20) (8)
Net amount recognized ................................. $(68) $ 4 $(21) $ (9)
(1) Effective January 1, 2008, the Company separated commingled pension and post retirement plans which
contained participants of both the Company and other Cadbury companies into separate stand alone plans
sponsored by DPS. As a result, the Company re-measured the projected benefit obligation.
84
DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)