ADP 2010 Annual Report Download - page 75

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A June 30 measurement date was used in determining the Company
’
s benefit obligations and fair value of plan assets.
ASC 715
-
10 requires a company to (a) recognize in its statement of financial position an asset for a plan
’
s overfunded status or a
liability for a plan
’
s underfunded status, (b) measure a plan
’
s assets and its obligations that determine its funded status as of the end
of the employer
’
s fiscal year, and (c) recognize changes in the funded status of a defined benefit plan in the year in which the
changes occur in accumulated other comprehensive income (loss).
The Company
’
s pension plans funded status as of June 30, 2010 and 2009 is as follows:
The amounts recognized on the Consolidated Balance Sheets as of June 30, 2010 and 2009 consisted of:
The accumulated benefit obligation for all defined benefit pension plans was $1,078.5 million and $887.4 million at June 30, 2010 and
2009, respectively.
The Company
’
s pension plans with accumulated benefit obligations in excess of plan assets as of June 30, 2010 and 2009 had the
following projected benefit obligation, accumulated benefit obligation and fair value of plan assets:
58
June 30,
2010
2009
Change in plan assets:
Fair value of plan assets at beginning of year
$
787.0
$
952.2
Actual return on plan assets
117.6
(144.3
)
Employer contributions
112.3
6.3
Benefits paid
(35.2
)
(27.2
)
Fair value of plan assets at end of year
$
981.7
$
787.0
Change in benefit obligation:
Benefit obligation at beginning of year
$
894.9
$
842.8
Service cost
47.6
46.2
Interest cost
59.1
56.7
Actuarial and other gains
121.5
(23.6
)
Benefits paid
(35.2
)
(27.2
)
Projected benefit obligation at end of year
$
1,087.9
$
894.9
Funded status
-
plan assets less benefit obligations
$
(106.2
)
$
(107.9
)
June 30,
2010
2009
Noncurrent assets
$
-
$
1.0
Current liabilities
(3.9
)
(4.4
)
Noncurrent liabilities
(102.3
)
(104.5
)
Net amount recognized
$
(106.2
)
$
(107.9
)
June 30,
2010
2009
Projected benefit obligation
$
1,054.4
$
870.8
Accumulated benefit obligation
$
1,048.3
$
865.7
Fair value of plan assets
$
951.0
$
762.0