Twenty-First Century Fox 2006 Annual Report Download - page 106

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News Corporation
Notes totheConsolidated Financial Statements (CONTINUED)
The following table sets forth the change in the fair value of plan assets for the Company’s benefit plans:
Pension benefits
As of June 30,
2006 2005
(in millions)
Fair value of plan assets, beginning of the year $1,609 $1,462
Actual return on plan assets 186 160
Employer contributions 149 236
Benefits paid (85) (85)
Settlements —(200)
Foreign exchange rate changes 22 16
Amendments, transfers and other 22 20
Fair value of plan assets, end of the year $1,903 $1,609
The accruedpension and postretirement costs recognized in the Company’s consolidated balance sheets were com-
puted as follows:
Pension benefits
Postretirement
benefits
As of June 30,
2006 2005 2006 2005
(in millions)
Funded status $(158) $(465) $(138) $(143)
Unrecognized net loss 348 615 32 46
Unrecognized prior service cost (benefit)77 (31) (37)
Unrecognized net transition obligation (1) (2) — —
Net amount recognized, end of the year $ 196 $155 $(137) $(134)
Amounts recognized in the consolidated balance sheets consist of:
Pension benefits Postretirement benefits
As of June 30,
2006 2005 2006 2005
(in millions)
Prepaid pension assets $275$64$—$—
Accrued pension/postretirement liabilities (205) (327) (137) (134)
Intangible asset410——
Other Comprehensive Income 122 408 — —
Net amount recognized $ 196 $155 $(137) $(134)
Accumulated pension benefit obligations at June 30, 2006 and 2005 were $1,867 million and $1,878 million,
respectively. Below is information about pension plans in which the accumulatedbenefit obligation exceeds the fair value
of the plan assets.
As of June 30,
2006 2005
(in millions)
Projected benefit obligation $774 $1,778
Accumulated benefit obligation 701 1,585
Fair value of plan assets 506 1,264
106 NEWS CORPORATION