Starwood 2010 Annual Report Download - page 150
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The following table sets forth the benefit obligation, fair value of plan assets, the funded status and the
accumulated benefit obligation of the Company’s defined benefit pension and postretirement benefit plans at
December 31, 2010 and 2009 (in millions):
2010 2009 2010 2009 2010 2009
Domestic
Pension Benefits
Foreign Pension
Benefits
Postretirement
Benefits
Change in Benefit Obligation
Benefit obligation at beginning of year .................. $17 $17 $178 $199 $ 19 $ 18
Service cost .................................... — — — 5 — —
Interest cost .................................... 1 1 10 13 1 1
Actuarial loss ................................... 2 — 5 11 2 3
Settlements and curtailments . . ...................... — — — (50) — —
Effect of foreign exchange rates ..................... — — (3) 8 — —
Plan participant contributions . ...................... — — — — 1 1
Benefits paid ................................... (1) (1) (7) (6) (3) (4)
Plan amendments ................................ — — — (2) — —
Benefit obligation at end of year. ...................... $19 $17 $183 $178 $ 20 $ 19
Change in Plan Assets
Fair value of plan assets at beginning of year ............. $— $— $159 $132 $ 1 $ 2
Actual return on plan assets, net of expenses ............ — — 14 28 — —
Employer contribution ............................ 1 1 13 21 2 2
Plan participant contributions . ...................... — — — — 1 1
Effect of foreign exchange rates ..................... — — (3) 9 — —
Settlements and curtailments . . ...................... — — — (25) — —
Benefits paid ................................... (1) (1) (7) (6) (3) (4)
Fair value of plan assets at end of year .................. $— $— $176 $159 $ 1 $ 1
Unfunded status ................................... $(19) $(17) $ (7) $ (19) $(19) $(18)
Accumulated benefit obligation . ...................... $19 $17 $182 $176 n/a n/a
Plans with Accumulated Benefit Obligations in Excess of
Plan Assets
Projected benefit obligation . . ...................... $19 $17 $121 $117 n/a n/a
Accumulated benefit obligation ...................... $19 $17 $121 $115 n/a n/a
Fair value of plan assets ........................... $— $— $ 97 $ 87 n/a n/a
The net underfunded status of the plans at December 31, 2010 was $45 million, of which $59 million is in other
liabilities and $3 million is in accrued expenses and $17 million is in other assets in the accompanying balance
sheet.
All domestic pension plans are frozen plans, where employees do not accrue additional benefits. Therefore, at
December 31, 2010 and 2009, the projected benefit obligation is equal to the accumulated benefit obligation.
In 2009, the Company elected to freeze its Foreign Service pension plan and settled its defined benefit pension plans
in Canada, resulting in a $50 million reduction in the projected benefit obligation.
F-34
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)