Time Magazine 2009 Annual Report Download - page 117

Download and view the complete annual report

Please find page 117 of the 2009 Time Magazine annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

Plan Assets — Defined Benefit Plans (millions)
2009 2008 2009 2008
December 31,
Domestic
December 31,
International
(recast)
Change in plan assets:
Fair value of plan assets, beginning of year .......... $ 1,702 $ 2,168 $ 646 $ 1,048
Actual return on plan assets ..................... 501 (746) 135 (191)
Employer contributions ......................... 43 395 30 30
Benefits paid ................................ (128) (115) (24) (24)
Settlements .................................. (26) — (3) —
Plan participants contribution .................... — — 4 6
Foreign currency exchange rates .................. — — 82 (223)
Fair value of plan assets, end of year ............... $ 2,092 $ 1,702 $ 870 $ 646
Funded Status (millions)
2009 2008 2009 2008
December 31,
Domestic
December 31,
International
(recast)
Fair value of plan assets ........................ $ 2,092 $ 1,702 $ 870 $ 646
Projected benefit obligation ...................... 2,501 2,347 911 623
Funded status, amount recognized ................. $ (409) $ (645) $ (41) $ 23
Amounts recognized in the consolidated balance sheet consisted of (millions):
2009 2008 2009 2008
December 31,
Domestic
December 31,
International
(recast)
Noncurrent asset ............................. $ — $ — $ 17 $ 46
Current liability .............................. (35) (27) (1) (1)
Noncurrent liability ........................... (374) (618) (57) (22)
$ (409) $ (645) $ (41) $ 23
Accumulated other comprehensive income:
Net actuarial loss ............................. $ 882 $ 1,279 $ 212 $ 117
Prior service credit ........................... (16) (16) — —
$ 866 $ 1,263 $ 212 $ 117
105
TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)