Telus 2010 Annual Report Download - page 151
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TELUS 2010 annual report . 147
FINANCIAL STATEMENTS & NOTES: 13
(d) Disaggregation of defined benefit pension plan funding status
Accrued benefit obligations are the actuarial present values of benefits attributed to employee services rendered to a particular date. The Company’s
disaggregation of defined benefit pension plans surplus and deficits at year-end are as follows:
As at December 31 2010 2009
Accrued Funded Accrued Funded
benefit status – plan benefit status – plan
(millions) obligation Plan assets surplus (deficit) obligation Plan assets surplus (deficit)
Pension plans that have plan assets
in excess of accrued benefit obligations $ß4,328 $ß4,515 $ 187 $ß3,544 $ß3,799 $ß255
Pension plans that have accrued benefit
obligations in excess of plan assets
Funded 2,401 2,250 (151) 2,627 2,517 (110)
Unfunded 229 – (229) 205 – (205)
2,630 2,250 (380) 2,832 2,517 (315)
(see (a)) $ß6,958 $ß6,765 $ß(193) $ß6,376 $ß6,316 $ (60)
As at December 31, 2010 and 2009, undrawn Letters of Credit, further discussed in Note 18(d), secured certain of the unfunded defined benefit
pension plans.
(e) Disaggregation of other defined benefit plan funding status
Accrued benefit obligations are the actuarial present values of benefits attributed to employee services rendered to a particular date. The Company’s
disaggregation of other defined benefit plans surplus and deficits at year-end are as follows:
As at December 31 2010 2009
Accrued Funded Accrued Funded
benefit status – plan benefit status – plan
(millions) obligation Plan assets surplus (deficit) obligation Plan assets surplus (deficit)
Other benefit plan that has plan assets
in excess of accrued benefit obligations $ß27 $ß29 $ 2 $ß27 $ß30 $ 3
Unfunded other benefit plans that have accrued
benefit obligations in excess of plan assets 48 – (48) 44 – (44)
(see (a)) $ß75 $ß29 $ß(46) $ß71 $ß30 $ß(41)
(c) Benefit payments
Estimated future benefit payments from the Company’s defined benefit
plans, calculated as at December 31, 2010, are as follows:
Pension Other
Years ending December 31 (millions) benefit plans benefit plans
2 011 $ 353 $ß 6
2012 367 6
2013 383 6
2014 400 5
2015 416 5
2016–2020 2,254 24
Years ended December 31 2010 2009
Incurred Matching Recognized Incurred Matching Recognized
(millions) in period adjustments(1) in period in period adjustments(1) in period
Other benefit plans
Interest cost $ 5 $ – $ 5 $ß 5 $ – $ß5
Return on plan assets (1) – (1) – (1) (1)
Actuarial loss (gain) 4 (5) (1) 7 (10) (3)
Amortization of transitional obligation – – – – 1 1
$ 8 $ß(5) $ 3 $ß12 $ß(10) $ß2
(1) Accounting adjustments to allocate costs to different periods so as to recognize the long-term nature of employee future benefits.