First Data 2010 Annual Report Download - page 110
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Table of Contents
FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of December 31, 2010 2009
Change in plan assets
Fair value of plan assets at the beginning of period 598.4 472.6
Actual return on plan assets 70.0 79.6
Company contributions 31.4 36.8
Plan participant contributions — 0.9
Benefits paid (26.8) (28.3)
Foreign currency translation (16.7) 36.8
Fair value of plan assets at end of period 656.3 598.4
Funded status of the plans $ (69.6) $ (143.1)
(a) Related to restructuring activities in Europe.
The net pension liability of $69.6 million at December 31, 2010 was made up of $0.2 million of non-current assets and $69.8 million of non-current
liabilities. The projected benefit asset was included in "Other long-term assets" and the liabilities were included in "Other long-term liabilities" on the
Consolidated Balance Sheets. The net pension liability of $143.1 million as of December 31, 2009 is made up of non-current liabilities included in "Other
long-term liabilities" on the Consolidated Balance Sheets.
The accumulated benefit obligation for all defined benefit pension plans was $724.5 million and $739.8 million as of December 31, 2010 and 2009,
respectively.
The following table summarizes the activity in other comprehensive income, net of tax (in millions):
Year ended December 31,
2010 2009 2008
Total unrecognized gain/(loss) included in other comprehensive income at the beginning of period $ (93.4) $ (28.9) $ 1.6
Unrecognized gain/(loss) arising during the period 27.1 (73.1) (30.0)
Curtailment — 7.7 —
Amortization of deferred gains/(losses) to net periodic benefit expense (a) 1.4 0.9 —
Foreign currency translation — — (0.5)
Total unrecognized gain/(loss) included in other comprehensive income at end of period $ (64.9) $ (93.4) $ (28.9)
(a) Expected amortization of deferred losses to net periodic benefit expense in 2011 is $1.2 million pretax.
Amounts recorded in other comprehensive income represent unrecognized net actuarial gains and losses. The Company does not have prior year service
costs or credits or net transition assets or obligations.
The following table provides the components of net periodic benefit cost for the plans (in millions):
Year ended December 31,
2010 2009 2008
Service costs $ 3.1 $ 6.6 $ 10.8
Interest costs 40.0 37.6 41.1
Expected return on plan assets (40.4) (35.3) (42.4)
Amortization 2.2 1.3 —
Net periodic benefit expense $ 4.9 $ 10.2 $ 9.5
Assumptions. The weighted-average rate assumptions used in the measurement of the Company's benefit obligation are as follows:
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