Avis 2006 Annual Report Download - page 100

Table of Contents
The components of net periodic benefit cost are as follows:
The Company uses a measurement date of December 31 for its pension plans. The funded status of the Company’s defined benefit pension
plans as of December 31, 2006 and 2005 was as follows:
For the Year Ended December 31,
2006 2005 2004
Service cost
$
2
$
2
$
-
Interest cost
13
9
5
Expected return on plan assets
(14
)
(11
)
(7
)
Amortization of unrecognized amounts
5
4
2
Net periodic benefit cost
$
6
$
4
$
-
Change in Benefit Obligation
2006
2005
Benefit obligation at end of prior year
$
176
$
160
Service cost
2
2
Interest cost
11
9
Plan amendments
1
-
Actuarial loss
10
11
Net benefits paid
(7
)
(6
)
Benefit obligation at end of current year
193
176
Change in Plan Assets
Fair value of assets at end of prior year
144
139
Actual return on plan assets
13
6
Employer contributions
6
5
Net benefits paid
(7
)
(6
)
Fair value of assets at end of current year
$
156
$
144
Funded status at end of year
$
(37
)
$
(32
)
Unrecognized prior service cost
4
Unrecognized net transition obligation
(a)
(2
)
Unrecognized actuarial loss
46
Prepaid pension cost
16
Additional liability
(a)
(45
)
Net amounts recognized in the consolidated balance sheets
$
(29
)
Amounts recognized in the consolidated balance sheets:
Prepaid pension cost
$
-
$
16
Other assets
-
4
Pension liabilities
(37
)
(8
)
Accumulated other comprehensive loss
(b)
-
(41
)
Net amounts recognized in the consolidated balance sheets
$
(37
)
$
(29
)
(a)
Disclosure is not applicable as a result of SFAS No. 158.
F
-
43
(b)
Does not include charges related to discontinued operations at December 31, 2005.