FairPoint Communications 2010 Annual Report Download - page 103
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Table of Contents
A summary of plan assets, projected benefit obligation and funded status of the plans are as follows for the years ended December 31, 2010 and 2009:
Fair value of plan assets:
Fair value of plan assets at beginning of year $ 162,604 $ 184,300 $ — $ —
Actual return on plan assets 18,180 26,339 (1) —
Plan settlements — (47,857) — —
Employer contributions — — 1,735 389
Benefits paid (4,310) (178) (1,520) (389)
Fair value of plan assets at end of year 176,474 162,604 214 —
Projected benefit obligation:
Projected benefit obligation at beginning of year $ 205,234 $ 222,393 $ 260,330 $ 221,286
Service cost 11,187 10,923 14,321 13,020
Interest cost 12,963 13,269 16,347 13,889
Plan amendments — —
Plan settlements — (47,857) — —
Benefits paid (4,310) (178) (1,520) (389)
Actuarial loss 40,686 6,684 55,423 12,524
Projected benefit obligation at end of year 265,760 205,234 344,901 260,330
Plan assets less than projected benefit obligation $ (89,286) $ (42,630) $ (344,687) $ (260,330)
Accumulated benefit obligation $265,688 $ 204,946 N/A N/A
Amounts recognized in the consolidated balance sheets:
Non-current assets $ 2,960 $ 8,808 $ — $ —
Current liabilities — — (2,515) (961)
Non-current liabilities (92,246) (51,438) (342,172) (259,369)
Net amount recognized $ (89,286) $ (42,630) $ (344,687) $ (260,330)
Amounts recognized in accumulated other comprehensive income (loss):
Prior service cost $ (17,141) $(18,665) $ (29,426) $ (33,715)
Net actuarial loss (117,749) (80,666) (127,660) (75,707)
Net amount recognized in accumulated other comprehensive loss $ (134,890) $ (99,331) $(157,086) $ (109,422)
Pension plan assets at December 31, 2009 include an additional transfer of assets from Verizon of $33.3 million, which was received on February 5, 2010,
as well as a pending transfer of assets from Verizon estimated as of December 31, 2009 to be $0.2 million. As of December 31, 2009, a disputed amount was
pending final validation by a third-party actuary of the census information and related actuarial calculations in accordance with relevant statutory and
regulatory guidelines and the Employee Matters
102