Virgin Media 2007 Annual Report Download - page 125
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
13. Employee Benefit Plans (Continued)
The following table presents information for pension plans with an accumulated benefit obligation
in excess of plan assets (in millions):
December 31,
2007 2006
Accumulated benefit obligation .......................................... £— £330.3
Fair value of plan assets ............................................... — 298.1
The following table presents information for pension plans with a projected benefit obligation in
excess of plan assets (in millions):
December 31,
2007 2006
Projected benefit obligation ........................................... £323.9 £339.8
Fair value of plan assets ............................................. 318.6 298.1
The components of net periodic benefit costs were as follows (in millions):
Year ended December 31,
2007 2006 2005
Service cost ................................................ £ 2.4 £ 2.5 £ 2.7
Interest cost ................................................ 16.7 15.8 14.5
Expected return on plan assets .................................. (19.0) (16.6) (15.1)
Recognized actuarial loss ...................................... — 1.1 —
Plan settlements ............................................. 0.2 1.0 0.6
Total net periodic benefit cost ................................... £ 0.3 £ 3.8 £ 2.7
As a result of the sale of our Broadcast operations on January 31, 2005, we have retained the
earned pension and other post-retirement benefits liabilities related to certain employees of the
Broadcast operations. Accordingly, the information disclosed in the tables above includes amounts
relating to liabilities of these employees.
Assumptions
The weighted-average assumptions used to determine benefit obligations were as follows:
December 31,
2007 2006
Discount rate ..................................................... 5.75% 5.00%
Rate of compensation increase ........................................ 3.50% 3.25%
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