Twenty-First Century Fox 2007 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2007 Twenty-First Century Fox 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 135

  • 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

NEWS CORPORATION
Notes to the Consolidated Financial Statements (continued)
The Company uses a June 30 measurement date for all pension and postretirement benefit plans. The following table sets forth the
change in the benefit obligation for the Company’s benefit plans:
Pension benefits
Postretirement
benefits
2007 2006 2007 2006
As of June 30, (in millions)
Projected benefit obligation, beginning of the year $2,061 $2,074 $138 $143
Service cost 70 82 4 4
Interest cost 122 106 8 7
Benefits paid (98) (85) (6) (6)
Actuarial loss (gain)(a) 57 (168) (4) (11)
Foreign exchange rate changes 110 29 2 1
Amendments, transfers and other 70 23 (3) —
Projected benefit obligation, end of year $2,392 $2,061 $139 $138
(a) Actuarial gains and losses primarily related to changes in the discount rate and mortality assumptions utilized in measuring plan
obligations at June 30, 2007 and June 30, 2006.
The following table sets forth the change in the fair value of plan assets for the Company’s benefit plans:
Pension benefits
2007 2006
As of June 30, (in millions)
Fair value of plan assets, beginning of the year $1,903 $1,609
Actual return on plan assets 232 186
Employer contributions 67 149
Benefits paid (97) (85)
Foreign exchange rate changes 112 22
Amendments, transfers and other 70 22
Fair value of plan assets, end of the year $2,287 $1,903
The accrued pension and postretirement costs recognized in the Company’s consolidated balance sheets were computed as follows:
Pension benefits
Postretirement
benefits
2007 2006 2007 2006
As of June 30, (in millions)
Funded status $(105) $(158) $(139) $(138)
Unrecognized net loss N/A 348 N/A 32
Unrecognized prior service cost (benefit) N/A 7 N/A (31)
Unrecognized net transition obligation N/A (1) N/A —
Net amount recognized, end of the year $(105) $ 196 $(139) $(137)
NEWS CORPORATION 2007 Annual Report 103