Time Magazine 2013 Annual Report Download - page 116
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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Defined Benefit Pension Plans
A summary of activity for substantially all of Time Warner’s domestic and international defined benefit
pension plans is as follows:
Benefit Obligation (millions)
December 31,
2013 2012
Change in benefit obligation:
Projected benefit obligation, beginning of year ............................ $ 4,224 $ 3,733
Service cost ....................................................... 3 3
Interest cost ....................................................... 170 178
Actuarial (gain) loss ................................................. (262) 444
Benefits paid ...................................................... (167) (133)
Settlements ........................................................ — (32)
Plan amendments ................................................... — (1)
Foreign currency exchange rates ....................................... 26 32
Projected benefit obligation, end of year ................................. $ 3,994 $ 4,224
Accumulated benefit obligation, end of year .............................. $ 3,955 $ 4,171
Plan Assets (millions)
December 31,
2013 2012
Change in plan assets:
Fair value of plan assets, beginning of year .............................. $ 3,389 $ 3,123
Actual return on plan assets ........................................... 127 350
Employer contributions .............................................. 61 47
Benefits paid ...................................................... (167) (133)
Settlements ........................................................ — (32)
Foreign currency exchange rates ....................................... 29 34
Fair value of plan assets, end of year .................................... $ 3,439 $ 3,389
As of December 31, 2013 and December 31, 2012, the funded status recognized in the Consolidated Balance
Sheet reflected a net liability position of $555 million and $835 million, respectively, primarily consisting of
noncurrent liabilities of $591 million and $858 million, respectively. As of December 31, 2013 and
December 31, 2012, amounts included in Accumulated other comprehensive loss, net were $1.326 billion and
$1.547 billion, respectively, primarily consisting of net actuarial losses.
Certain defined benefit pension plans have projected benefit obligations and accumulated benefit obligations
in excess of their plan assets. These plans are primarily unfunded. As of December 31, 2013 and December 31,
2012, the projected benefit obligations for unfunded plans were $449 million and $484 million, respectively, and
the accumulated benefit obligations for unfunded plans were $443 million and $474 million, respectively. In
addition, as of December 31, 2013, the projected benefit obligation and accumulated benefit obligation for
certain funded plans exceeded the fair value of their assets by $176 million and $176 million, respectively.
100