Visa 2009 Annual Report Download - page 96
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2009
(in millions, except as noted)
Summary of Plan Activities
Change in Projected Benefit Obligation/Accumulated Postretirement Benefit Obligation:
Pension Benefits
Other
Postretirement Benefits
2009 2008 2009 2008
(in millions)
Benefit obligation-beginning of fiscal year $ 667 $ 634 $ 50 $ 77
Service cost 51 50 — 5
Interest cost 46 40 2 5
Plan amendments — 4 — (26)
Actuarial (gain)/loss 64 16 (5) (7)
Settlements 4 21 — —
Benefit payments (93) (98) (4) (4)
Benefit obligation-end of fiscal year $ 739 $ 667 $ 43 $ 50
Accumulated benefit obligation $ 720 $ 634 NA NA
Change in Plan Assets:
Fair value of plan assets-beginning of fiscal year $ 624 $ 604 $ — $ —
Actual return on plan assets 6 (68) — —
Company contribution 166 186 4 4
Benefit payments (93) (98) (4) (4)
Fair value of plan assets-end of fiscal year $ 703 $ 624 $ — $ —
Funded status at end of fiscal year $ (36) $ (43) $ (43) $ (50)
Recognized in Consolidated Balance Sheets:
Current liability $ (4) $ (3) $ (5) $ (5)
Noncurrent liability (32) (40) (38) (45)
Funded status at end of fiscal year $ (36) $ (43) $ (43) $ (50)
Amounts recognized in accumulated comprehensive income before tax:
Pension Benefits
Other
Postretirement Benefits
September 30, September 30,
2009 2008 2009 2008
(in millions)
Net actuarial loss/(gain) $ 276 $ 186 $ (3) $ 3
Prior service cost/(credit) (48) (56) (23) (26)
Total $ 228 $ 130 $ (26) $ (23)
Amounts from accumulated other comprehensive income to be amortized into net periodic benefit cost in fiscal 2010:
Pension Benefits
Other
Postretirement Benefits
(in millions)
Actuarial (gain)/loss $ 25 $ —
Prior service (credit)/cost (7) (3)
Total $ 18 $ (3)
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