Visa 2007 Annual Report Download - page 133
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Table of Contents
VISA U.S.A. INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Obligations and Funded Status
The following tables provide an aggregate reconciliation of the benefit obligations, plan assets, funded status and amounts recognized in Visa U.S.A.'s
and Visa International's collective financial statements related to the regular retirement plan and the supplemental retirement plan (which primarily covers key
executives) and those of the postretirement plan. The measurement date used for fiscal 2007 plan assets was September 30, 2007 and the measurement date
used for fiscal 2006 plan assets was June 30, 2006.
Pension Benefits Postretirement Benefits
2007 2006 2007 2006
(in thousands)
Change in Projected Benefit Obligation/Accumulated Plan Benefit Obligation:
Benefit obligation-beginning of year $ 660,422 $ 714,968 $ 74,083 $ 67,125
Service cost 61,512 74,025 5,582 6,755
Interest cost 42,702 41,164 4,794 3,621
Plan amendments (123,887) — — —
Actuarial cost 28,954 (93,901) (5,024) (480)
Settlements — 2,124 — —
Benefit payments (47,882) (77,958) (3,734) (2,938)
Effect of change in measurement date 12,168 — 1,660 —
Benefit obligation-end of year $ 633,989 $ 660,422 $ 77,361 $ 74,083
Accumulated pension benefit obligation $ 571,931 $ 487,939 $ — $ —
Change in Plan Assets:
Fair value of plan assets-beginning of year $ 514,398 $ 493,538 $ — $ —
Actual return on plan assets 71,129 39,257 — —
Company contribution(1) 60,880 59,561 3,735 2,938
Benefit payments (47,882) (77,958) (3,735) (2,938)
Effect of early measurement date elimination 5,381 — — —
Fair value of plan assets-end of year $ 603,906 $ 514,398 $ — $ —
Funded status at end of year $ (30,083) $ (146,024) $ (77,361) $ (74,083)
(1) Company contribution during fiscal 2006 is reflective of the pension plan year using the measurement date of June 30, 2006. Company contribution during 2007 is reflective of the
change in measurement date for the pension plan year, which conforms the plan year to the Company's fiscal year.
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