U-Haul 2009 Annual Report Download - page 86

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
The fiscal 2009 and fiscal 2008 post retirement benefit liability included the following components:
2009 2008
$9,213 $ 10,784
411 672
537 609
(413) (485)
(185) (2,367)
9,563 9,213
Current liabilities 595 530
8,968 8,683
9,563 9,213
2,208 2,116
$ 11,771 $ 11,329
Years Ended March 31,
(In thousands)
Service cost for benefits earned during the period
Interest cost on accumulated post retirement benefit
Net benefit payments and expense
Components included in accumulated other comprehensive income:
Unrecognized net gain
Cumulative net periodic benefit cost (in excess of employer contribution)
Beginning of year
Actuarial gain
Accumulated postretirement benefit obligation
N
on-current liabilities
Total post retirement benefit liability recognized in statement of financial position
The discount rate assumptions in computing the information above were as follows:
2009 2008 2007
Accumulated postretirement benefit obligation 6.50% 6.00% 5.75%
Years Ended March 31,
(In percentages)
In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Amounts
shown on the previous page include the effect of the subsidy. The discount rate represents the expected yield on a portfolio
of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy
benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S.
interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as
of the end of fiscal 2009 was 9.0% in the initial year and was projected to decline annually to an ultimate rate of 4.5% in
fiscal 2029. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of
the end of fiscal 2008 (and used to measure the fiscal 2009 net periodic benefit cost) was 10.0% in the initial year and was
projected to decline annually to an ultimate rate of 5.0% in fiscal 2013.
F-31