Time Magazine 2011 Annual Report Download - page 110
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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
than one year of service and (ii) after December 31, 2013, pay increases will no longer be taken into
consideration when determining a participating employee’s benefits under the plans.
In December 2010, amendments to the U.K. defined benefit pension plans were approved. Pursuant to the
amendments, effective after March 31, 2011, benefits provided under the plans stopped accruing for additional
years of service. Pay increases will continue to be taken into consideration when determining a participating
employee’s benefits under the plans. In addition, matching contributions under a defined contribution plan will
be provided to eligible U.K. employees.
A summary of activity for substantially all of Time Warner’s domestic and international defined benefit
pension plans is as follows:
Defined Benefit Plans
Benefit Obligation (millions)
December 31,
2011 2010
Change in benefit obligation:
Projected benefit obligation, beginning of year ........................... $ 3,450 $ 3,412
Service cost ....................................................... 9 52
Interest cost ....................................................... 188 186
Plan participant contributions ......................................... 5 7
Actuarial loss ..................................................... 240 162
Benefits paid ...................................................... (151) (157)
Curtailments ...................................................... — 14
Plan amendments .................................................. — 11
Remeasurement due to plan changes ................................... — (185)
Foreign currency exchange rates ...................................... (8) (52)
Projected benefit obligation, end of year ................................ $ 3,733 $ 3,450
Accumulated benefit obligation, end of year ............................. $ 3,659 $ 3,303
Plan Assets (millions)
December 31,
2011 2010
Change in plan assets:
Fair value of plan assets, beginning of year .............................. $ 3,130 $ 2,962
Actual return on plan assets .......................................... 118 266
Employer contributions ............................................. 32 104
Benefits paid ...................................................... (151) (157)
Plan participant contributions ......................................... 2 4
Foreign currency exchange rates ...................................... (8) (49)
Fair value of plan assets, end of year ................................... $ 3,123 $ 3,130
As of December 31, 2011 and December 31, 2010, the funded status recognized in the Consolidated Balance
Sheet reflected a net liability position of $610 million and $320 million, respectively, primarily consisting of
noncurrent liabilities of $625 million and $381 million, respectively. As of December 31, 2011 and
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