First Data 2013 Annual Report Download - page 100
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FDC maintains defined contribution savings plans covering virtually all of the Company’s U.S. employees and defined contribution pension plans for
international employees primarily in the United Kingdom and Australia. The plans provide tax-deferred amounts for each participant, consisting of employee
elective contributions, Company matching and discretionary Company contributions.
The following table presents the aggregate amounts charged to expense in connection with these plans:
2013 $45.5
2012 $ 45.2
2011 $42.7
The Company has defined benefit pension plans which are frozen and covers certain full-time employees in the United Kingdom and the U.S. The
Company also has separate plans covering certain employees located primarily in Germany, Greece and Austria.
In December 2011, the Company received judicial confirmation that a change in U.K. law restricted the Company’s ability to eliminate the effects of
future compensation increases on the plan’s benefits associated with a curtailment recorded in 2009. As a result, benefits related to future compensation
increases were reinstated but the plan remained frozen to benefit accruals related to length of service and all other factors. The Company recorded a loss of
approximately $7 million, net of income taxes, in other comprehensive income in 2011. In December 2012, the Company initiated actions to re-freeze the plan
benefits related to future salary increases subject to participant approval, consistent with the new legal requirements and was implemented during
2013. Effective with implementation of the re-freeze, the Company recorded a curtailment gain of approximately $6.9 million, net of income taxes in other
comprehensive income in 2013.
The Company uses December 31 as the measurement date for its plans.
The following table provides a reconciliation of the changes in the plans’ projected benefit obligations and fair value of assets for the years ended
December 31, 2013 and 2012, as well as a statement of the funded status as of the respective period ends.
Change in benefit obligation
Benefit obligation at beginning of period $909.1 $798.5
Service costs 3.1 5.0
Interest costs 37.2 37.7
U.K. plan benefit curtailment gain (10.9) —
Actuarial (gain)/loss (10.4) 79.0
Termination benefits (a) —0.1
Benefits paid (30.7) (29.8)
Foreign currency translation 12.3 18.6
Benefit obligation at end of period 909.7 909.1
Change in plan assets
Fair value of plan assets at the beginning of period 805.8 721.1
Actual return on plan assets 81.9 61.0
Company contributions 36.8 31.6
Benefits paid (29.4)(26.4)
Foreign currency translation 15.2 18.5
Fair value of plan assets at end of period 910.3 805.8
Funded status of the plans $ 0.6 $ (103.3)
(a) Related to restructuring activities in Europe.
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