First Data 2012 Annual Report Download - page 101
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FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(a) Pension assets are included in the “Other long-term assets” line of the Consolidated Balance Sheets.
(b) Pension liabilities are included in the “Other long-term liabilities” line of the Consolidated Balance Sheets.
The accumulated benefit obligation for all defined benefit pension plans was $896.7 million and $786.8 million as of December
31, 2012 and 2011, respectively.
The following table summarizes the activity in other comprehensive income, net of tax:
(a) Expected amortization of deferred losses to net periodic benefit expense in 2013 is $4.0 million pretax.
Amounts recorded in other comprehensive income represent unrecognized net actuarial gains and losses. The Company does not
have net transition assets or obligations.
The following table provides the components of net periodic benefit cost for the plans:
Assumptions. The weighted-average rate assumptions used in the measurement of the Company’ s benefit obligations are as
follows:
(a) The rate of compensation increases generally apply to active plans.
101
Year ended December 31,
(in millions) 2012 2011
U.K. plan:
Plan benefit obligations $ (659.5) $ (574.7)
Fair value of plan assets 658.3 588.4
N
et pension (liabilities) assets (a) (b) (1.2) 13.7
U.S. and other foreign plans:
Plan benefit obligations (249.6) (223.8)
Fair value of plan assets 147.5 132.7
N
et pension liabilities (b) $(102.1) $(91.1)
Funded status of the plans
$ (103.3) $ (77.4)
Year ended December 31,
(in millions) 2012 2011 2010
Total unrecognized gain/(loss) included in other comprehensive income at the
b
eginning of perio
d
$(88.8) $ (64.9) $ (93.4)
Unrecognized gain/(loss) arising during the period (39.9) (17.7) 27.1
U.K. plan benefit reinstatemen
t
—
(7.0)
—
Amortization of deferred gains/(losses) to net periodic benefit expense (a) 1.3 0.8 1.4
Total unrecognized gain/(loss) included in other comprehensive income at
end of perio
d
$(127.4) $ (88.8) $ (64.9)
Year ended December 31,
(in millions) 2012 2011 2010
Service costs $5.0 $6.1 $3.1
Interest costs 37.7 39.8 40.0
Expected return on plan assets (44.7)(46.5)(40.4)
Amortization 2.1 1.3 2.2
N
et periodic benefit expense
$0.1
$0.7
$4.9
As of December 31,
2012 2011 2010
Discount rate 4.29%4.75%5.40%
Rate of compensation increase (a) 3.95% 3.77% 4.00%