Virgin Media 2007 Annual Report Download - page 124
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
13. Employee Benefit Plans (Continued)
The funded status as of December 31, 2007 and 2006 were as follows (in millions):
Year ended
December 31,
2007 2006
Projected benefit obligation ........................................... £323.9 339.8
Plan assets ....................................................... 318.6 298.1
Funded status ..................................................... (5.3) (41.7)
Current liability ................................................... — —
Non-current liability ................................................ £ (5.3) £(41.7)
The accumulated benefit obligation for all defined benefit plans was £314.1 million and
£330.3 million at December 31, 2007 and 2006, respectively.
Amount included in other comprehensive income
The amount included in other comprehensive income for the years ended December 31, 2007 and
2006 consisted of (in millions):
Year ended
December 31,
2007 2006
Actuarial gain recognized in other comprehensive income ...................... £(19.8) £(6.5)
Prior year service cost recognized in other comprehensive income ................ — —
Less actuarial loss recognized .......................................... — (1.1)
Less prior year service cost recognized .................................... — —
Less transitional obligation recognized .................................... — —
Amount included in other comprehensive income ............................ £(19.8) £(7.6)
The following table presents the amounts recognized in accumulated other comprehensive income
as at December 31, 2007 and 2006 that have not yet been recognized as components of net periodic
benefit cost (in millions):
Year ended
December 31,
2007 2006
Net actuarial loss .................................................... £0.2 £10.5
Net prior year service cost .............................................. — 0.1
Net transition obligation ............................................... — —
Adjustment to initially adopt FAS 158 ...................................... — 9.4
Amount included in accumulated other comprehensive income ................... £0.2 £20.0
None of these amounts are expected to be recognized in the net periodic benefit cost in 2008.
F-38