Time Warner Cable 2008 Annual Report Download - page 136
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uses a December 31 measurement date for its plans. A summary of activity for the defined benefit pension plans is as
follows (in millions):
2008 2007
December 31,
Change in Benefit Obligation:
Projected benefit obligation, beginning of year .......................... $ 1,220 $ 1,042
Service cost .................................................. 96 75
Interest cost .................................................. 79 68
Actuarial (gain) loss ............................................ (57) 38
Benefits paid ................................................. (21) (21)
Plan amendment ............................................... 1 —
Remeasurement impact of the Adelphia/Comcast Transactions
(a)
........... — 18
Projected benefit obligation, end of year ............................... $ 1,318 $ 1,220
Accumulated benefit obligation, end of year ............................ $ 1,090 $ 1,001
Change in Plan Assets:
Fair value of plan assets, beginning of year ............................. $ 1,187 $ 1,142
Actual return on plan assets ...................................... (455) 65
Employer contributions .......................................... 402 1
Benefits paid ................................................. (21) (21)
Fair value of plan assets, end of year . . ............................... $ 1,113 $ 1,187
Funded Status:
Fair value of plan assets ........................................... $ 1,113 $ 1,187
Projected benefit obligation ........................................ 1,318 1,220
Funded status, amount recognized.................................... $ (205) $ (33)
(a)
On August 1, 2007, the former employees of Adelphia and Comcast who became employees of TWC became eligible to participate in the
defined benefit pension plans, which resulted in a remeasurement of those plans as of that date.
Amounts recognized in the consolidated balance sheet consisted of (in millions):
2008 2007
December 31,
Noncurrent asset ................................................ $ — $ 4
Current liability ................................................. (11) (2)
Noncurrent liability .............................................. (194) (35)
$ (205) $ (33)
Accumulated other comprehensive loss:
Net actuarial loss ................................................ $ 768 $ 287
Prior service cost ................................................ 1 —
$ 769 $ 287
126
TIME WARNER CABLE INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)