Western Union 2011 Annual Report Download - page 126
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THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table provides a reconciliation of the changes in the Plan’s projected benefit obligation, fair
value of assets and the funded status (in millions):
2011 2010
Change in projected benefit obligation
Projected benefit obligation as of January 1, .................................... $ 402.9 $ 400.1
Interest cost .............................................................. 17.9 20.1
Actuarial loss ............................................................. 35.3 25.3
Benefits paid ............................................................. (41.7) (42.6)
Projected benefit obligation as of December 31, ................................. $ 414.4 $ 402.9
Change in plan assets
Fair value of plan assets as of January 1, ....................................... $ 290.1 $ 275.9
Actual return on plan assets ................................................. 28.3 31.9
Benefits paid ............................................................. (41.7) (42.6)
Company contributions ..................................................... 25.0 24.9
Fair value of plan assets as of December 31, .................................... 301.7 290.1
Funded status of the plan as of December 31, ................................... $ (112.7) $ (112.8)
Accumulated benefit obligation as of December 31, .............................. $ 414.4 $ 402.9
Differences in expected returns on plan assets estimated at the beginning of the year versus actual returns, and
assumptions used to estimate the beginning of year projected benefit obligation versus the end of year obligation
(principally discount rate and mortality assumptions) are, on a combined basis, considered actuarial gains and
losses. Such actuarial gains and losses are recognized as a component of “Comprehensive income” and amortized
to income over the average remaining life expectancy of the plan participants. Included in “Accumulated other
comprehensive loss” as of December 31, 2011 is $10.5 million ($6.5 million, net of tax) of actuarial losses that
are expected to be recognized in net periodic pension cost during the year ended December 31, 2012.
The following table provides the amounts recognized in the Consolidated Balance Sheets (in millions):
December 31,
2011 2010
Accrued benefit liability .................................................... $ (112.7) $ (112.8)
Accumulated other comprehensive loss (pre-tax) ................................. 196.8 176.5
Net amount recognized ..................................................... $ 84.1 $ 63.7
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