Twenty-First Century Fox 2011 Annual Report Download - page 78

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Notes to the Consolidated Financial Statements (continued)
The following table sets forth the estimated benefit payments for the next five fiscal years, and in aggregate for the five fiscal years thereafter.
The expected benefits are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year
and include benefits attributable to estimated future employee service:
Expected benefit payments
Pension benefits
Postretirement
benefits
(in millions)
Fiscal year:
2012 $152 $ 18
2013 147 18
2014 142 18
2015 148 19
2016 155 20
2017-2021 907 115
The above table shows expected benefits payments for the postretirement benefits after adjusting for U.S. Medicare subsidy receipts. The
annual receipts are expected to range from $1 to $2 million.
Plan Assets
In June 2010, the Company adopted the provisions of ASC 715 which expanded the disclosure requirements of defined benefit plans. The
expanded disclosure requirements include: (i) investment policies and strategies; (ii) the major categories of plan assets; (iii) the inputs and
valuation techniques used to measure plan assets; (iv) the effect of fair value measurements using significant unobservable inputs on changes in
plan assets for the period; and (v) significant concentrations of risk within plan assets.
The table below presents the Company’s plan assets by level within the fair value hierarchy as of June 30, 2011:
Total as of
June 30, 2011
Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets
for Identical
Instruments (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Description (in millions)
Assets
Short-term investments $6 $— $6 $—
Pooled funds:(a)
Money market funds 138 — 138 —
Domestic equity funds 140 140 ——
International equity funds 632 567 65 —
Domestic fixed income funds 386 386 ——
International fixed income funds 333 — 333 —
Balanced funds 603 255 348 —
Common stocks(b)
U.S. common stocks 205 201 4—
Government and agency obligations(c)
Domestic government obligations 15 — 15 —
Domestic agency obligations 94 — 94 —
International government obligations 79 — 79 —
Corporate obligations(c) 26 — 26 —
Partnership interests(d) 27 — — 27
Other 40 13 17 10
Total $2,724 $1,562 $1,125 $37
76 News Corporation