Twenty-First Century Fox 2011 Annual Report Download - page 75

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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
2011 2010 2011 2010
As of June 30, (in millions)
Projected benefit obligation, beginning of the year $2,986 $2,501 $ 310 $ 276
Service cost 98 70 5 5
Interest cost 172 169 17 18
Benefits paid (92) (97) (18) (16)
Settlements(a) (187) (57) — —
Actuarial loss(b) 94 448 10 47
Foreign exchange rate changes 126 (55) 1 (1)
Amendments, transfers and other 7 7 (12) (19)
Projected benefit obligation, end of the year 3,204 2,986 313 310
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year 2,404 2,018 — —
Actual return on plan assets 326 237 — —
Employer contributions 158 338 — —
Benefits paid (92) (97) — —
Settlements(a) (187) (57) — —
Foreign exchange rate changes 111 (39) — —
Amendments, transfers and other 44——
Fair value of plan assets, end of the year 2,724 2,404 — —
Funded status $ (480) $ (582) $(313) $(310)
(a) Amounts related to payments made to former employees in full settlement of their deferred pension benefits.
(b) Actuarial losses primarily related to the strengthening of the mortality tables and changes in the discount rate utilized in measuring plan obligations at June 30, 2011 and 2010, respectively.
Amounts recognized in the consolidated balance sheets consist of:
Pension benefits
Postretirement
benefits
2011 2010 2011 2010
As of June 30, (in millions)
Amounts recorded in the balance sheet:
Accrued pension/postretirement liabilities $(480) $(582) $(313) $(310)
Net amount recognized $(480) $(582) $(313) $(310)
Amounts recognized in accumulated other comprehensive income consist of:
Pension benefits
Postretirement
benefits
2011 2010 2011 2010
As of June 30, (in millions)
Actuarial losses $823 $923 $ 46 $ 36
Prior service cost (benefit) 12 17 (60) (66)
Net amounts recognized $835 $940 $(14) $(30)
2011 Annual Report 73