FairPoint Communications 2011 Annual Report Download - page 104
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Table of Contents
modifications. In addition, in conjunction with fresh start accounting, the Company remeasured the net liabilities of its pension and other post-retirement
healthcare benefits as of the Effective Date using a weighted average discount rate of approximately 5.80%. See note 2.
Obligations and funded status
A summary of plan assets, projected benefit obligation and funded status of the plans are as follows for the 341 days ended December 31, 2011, the 24
days ended January 24, 2011 and the year ended December 31, 2010 (in thousands):
Fair value of plan assets:
Beginning fair value of plan assets $177,555 $ 176,474 $162,604
Actual return on plan assets 1,786 1,119 18,180
Plan settlements (5,661) — —
Employer contributions 6,788 — —
Benefits paid (20,175) (38) (4,310)
Ending fair value of plan assets 160,293 177,555 176,474
Projected benefit obligation:
Beginning projected benefit obligation $259,267 $265,760 $205,234
Service cost 11,885 849 11,187
Interest cost 12,882 934 12,963
Plan curtailments (4,701) — —
Plan settlements (5,661) — —
Benefits paid (20,175) (38) (4,310)
Actuarial loss (gain) 64,757 (8,238) 40,686
Ending projected benefit obligation 318,254 259,267 265,760
Plan assets less than projected benefit obligation $(157,961) $ (81,712) $(89,286)
Accumulated benefit obligation $283,353 $259,200 265,688
Amounts recognized in the consolidated balance sheets:
Non-current assets $ — $ 3,416 $2,960
Current liabilities — — —
Non-current liabilities (157,961) (85,128) (92,246)
Net amount recognized $(157,961) $ (81,712) $(89,286)
Amounts recognized in accumulated other comprehensive income (loss):
Prior service cost $ — $(17,043) $(17,141)
Net actuarial loss (70,861) (109,228) (117,749)
Net amount recognized in accumulated other comprehensive loss $ (70,861) $(126,271) $(134,890)
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