Xerox 2011 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 of the 2011 Xerox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

86
Note 14 – Employee Benefit Plans
We sponsor numerous pension and other post-retirement benefit plans, primarily retiree health, in our domestic and international operations.
December 31 is the measurement date for all of our post-retirement benefit plans.
Pension Benefits Retiree Health
2011 2010 2011 2010
Change in Benefit Obligation:
Benefit obligation, January 1 $ 9,731 $ 9,194 $ 1,006 $ 1,102
Service cost 186 178 8 8
Interest cost 612 575 47 54
Plan participants’ contributions 10 11 33 26
Plan amendments(3) (2) (19) (4) (86)
Actuarial loss 916 477 26 13
Acquisitions(2) — 140 — 1
Currency exchange rate changes (85) (154) (3) 6
Curtailments — (1) — —
Benefits paid/settlements (870) (670) (106) (118)
Other 7 — — —
Benefit Obligation, December 31 $ 10,505 $ 9,731 $ 1,007 $ 1,006
Change in Plan Assets:
Fair value of plan assets, January 1 7,940 $ 7,561 $ — $ —
Actual return on plan assets 694 846 — —
Employer contribution 556 237 73 92
Plan participants’ contributions 10 11 33 26
Acquisitions(2) — 107 — —
Currency exchange rate changes (57) (144) — —
Benefits paid/settlements (870) (669) (106) (118)
Other 4 (9) — —
Fair Value of Plan Assets, December 31 $ 8,277 $ 7,940 $ — $ —
Net Funded Status at December 31(1) $ (2,228) $ (1,791) $ (1,007) $ (1,006)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets $ 76 $ 92 $ — $ —
Accrued compensation and benefit costs (45) (44) (82) (86)
Pension and other benefit liabilities (2,259) (1,839) — —
Post-retirement medical benefits — — (925) (920)
Net Amounts Recognized $ (2,228) $ (1,791) $ (1,007) $ (1,006)
(1) Includes under-funded and non-funded plans.
(2) Primarily ACS’s acquired balances.
(3) Refer to the “Plan Amendment” section for additional information.
Benefit plans pre-tax amounts recognized in AOCL at December 31:
Pension Benefits Retiree Health
2011 2010 2011 2010
Net actuarial loss $ 2,552 $ 1,867 $ 70 $ 54
Prior service (credit) (37) (167) (163) (200)
Total Pre-tax Loss (Gain) $ 2,515 $ 1,700 $ (93) $ (146)
The Accumulated benefit obligation for all defined benefit pension plans
was $10,134 and $9,256 at December 31, 2011 and 2010, respectively.
Notes to the Consolidated
Financial Statements
(in millions, except per-share data and where otherwise noted)