Xerox 2013 Annual Report Download - page 120
Download and view the complete annual report
Please find page 120 of the 2013 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.-
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 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
 |
 |
In 2011, we amended all our primary U.S. defined benefit plans for salaried employees. Our primary qualified plans
had previously been amended to freeze the final pay formulas within the plans as of December 31, 2012, but a cash
balance service credit was expected to continue post December 31, 2012. The 2011 amendments fully freeze any
further benefit and service accrual after December 31, 2012 for all of these plans, including the non-qualified plans. As
a result of these plan amendments, in 2011 we recognized a pre-tax curtailment gain of $107 ($66 after-tax). The gain
represents the recognition of deferred gains from other prior year amendments (“Prior service credits”) as a result of
the discontinuation of any future benefit or service accrual period. This amendment resulted in a change in the
amortization period as of January 1, 2013 for actuarial gains and losses from the average remaining service period of
participants (approximately ten years) to the average remaining life expectancy of all participants (approximately thirty-
three years) as a result of all participants being considered inactive as of the effective date of the freeze.
As of December 31, 2012, the aggregate accumulated actuarial losses for our primary U.S. Defined Benefit Plans for
salaried employees amounted to $1.1 billion. This change reduced our 2013 pension expense by approximately $45.
This reduction was partially offset by an increased contribution to the U.S. defined contribution plan as all employees
have been transferred to that plan following the freeze.
In 2011, the Canadian Salary Pension Plan was amended to close the plan to future service accrual effective January
1, 2014. Benefits earned up to January 1, 2014 will not be affected and participants will continue to receive the benefit
of future salary increases to the extent applicable; therefore, the amendment did not result in a material change to the
projected benefit obligation at the re-measurement date of December 31, 2011.
In 2009, the U.K. Final Salary Pension Plan was amended to close the plan to future service accrual effective January
1, 2014. Benefits earned up to January 1, 2014 will not be affected and participants will continue to receive the benefit
of future salary and inflation increases to the extent applicable; therefore, the amendment does not result in a material
change to the projected benefit obligation at the re-measurement date of December 31, 2009.
Plan Assets
Current Allocation
As of the 2013 and 2012 measurement dates, the global pension plan assets were $8.7 billion and $9.0 billion,
respectively. These assets were invested among several asset classes.
103