Starwood 2011 Annual Report Download - page 151
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
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 (in millions):
Domestic
Pension Benefits
Foreign
Pension Benefits
Postretirement
Benefits
2011 2010 2011 2010 2011 2010
Change in Benefit Obligation
Benefit obligation at beginning of year ......................... $19 $17 $183 $178 $ 20 $ 19
Service cost ............................................ — — — — — —
Interest cost ............................................ 1 1 10 10 1 1
Actuarial loss ........................................... 1 2 18 5 1 2
Effect of foreign exchange rates ............................ — — (1) (3) — —
Plan participant contributions .............................. — — — — 1 1
Benefits paid ........................................... (1) (1) (5) (7) (3) (3)
Other ................................................. — — 1 — — —
Benefit obligation at end of year .............................. $20 $19 $206 $183 $ 20 $ 20
Change in Plan Assets
Fair value of plan assets at beginning of year .................... $— $— $176 $159 $ 1 $ 1
Actual return on plan assets, net of expenses .................. — — 12 14 — —
Employer contribution .................................... 1 1 8 13 1 2
Plan participant contributions .............................. — — — — 1 1
Effect of foreign exchange rates ............................ — — (1) (3) — —
Benefits paid ........................................... (1) (1) (5) (7) (3) (3)
Fair value of plan assets at end of year ......................... $— $— $190 $176 $ — $ 1
Unfunded status ........................................... $(20) $(19) $ (16) $ (7) $(20) $(19)
Accumulated benefit obligation ............................... $20 $19 $205 $182 n/a n/a
Plans with Accumulated Benefit Obligations in Excess of Plan
Assets
Projected benefit obligation ................................ $20 $19 $140 $121 n/a n/a
Accumulated benefit obligation ............................. $20 $19 $140 $121 n/a n/a
Fair value of plan assets ................................... $— $— $105 $ 97 n/a n/a
The net underfunded status of the plans at December 31, 2011 was $56 million, of which $72 million is
recorded in other liabilities, $3 million is recorded in accrued expenses and $19 million is recorded in other
assets in the accompanying balance sheet.
All domestic pension plans are frozen plans, whereby employees do not accrue additional benefits.
Therefore, at December 31, 2011 and 2010, the projected benefit obligation is equal to the accumulated benefit
obligation.
F-34