Twenty-First Century Fox 2013 Annual Report Download - page 143

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TWENTY-FIRST CENTURY FOX, INC.
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 projected benefit obligation, change in the fair value of plan assets
and funded status for the Company’s benefit plans:
Pension benefits Postretirement
benefits
As of June 30,
2013 2012 2013 2012
(in millions)
Projected benefit obligation, beginning of the year . . . . . . . . . . . . . . . . . $ 3,855 $ 3,204 $ 377 $ 313
Servicecost ............................................... 105 97 4 5
Interestcost ............................................... 101 176 6 16
Benefitspaid .............................................. (51) (115) (7) (19)
Settlements (a) .............................................. (66) (131) — —
Actuarial (gain) loss (b) ....................................... (279) 660 (3) 62
Foreign exchange rate changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) (42) — —
Other..................................................... (34) 6 — —
Separation of News Corp plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,534) — (231) —
Projected benefit obligation, end of the year . . . . . . . . . . . . . . . . . . . . . . 2,095 3,855 146 377
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year . . . . . . . . . . . . . . . . . . . . 2,772 2,724 — —
Actualreturnonplanassets ................................... 116 68 — —
Employercontributions ...................................... 95 255 — —
Benefitspaid .............................................. (51) (115) — —
Settlements (a) .............................................. (66) (131) — —
Foreign exchange rate changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) (34) — —
Amendments,transfersandother............................... 1 5 — —
Separation of News Corp plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,187) — — —
PayabletoNewsCorpplans .................................. (20) — — —
Fair value of plan assets, end of the year . . . . . . . . . . . . . . . . . . . . . . . . . 1,657 2,772 — —
Funded status (c) ............................................ $ (438) $(1,083) $(146) $(377)
(a) Amounts related to payments made to former employees in full settlement of their deferred pension benefits.
(b) Actuarial (gains) losses primarily related to changes in the discount rate and the strengthening of the
mortality tables utilized in measuring plan obligations at June 30, 2013 and 2012, respectively.
(c) The Company has established an irrevocable grantor trust (the “Trust”), administered by an independent
trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit
obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to
satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in
the Trust at June 30, 2013 and 2012 was approximately $200 million and $173 million, respectively.
135