Health Net 2006 Annual Report Download - page 128
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HEALTH NET, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table sets forth the plans’ obligations and funded status at December 31:
Pension Benefits Other Benefits
2006 2005 2006 2005
(Dollars in millions)
Change in benefit obligation:
Benefit obligation, beginning of year ................................. $22.9 $ 20.5 $10.3 $ 8.5
Service cost ..................................................... 1.1 1.0 0.4 0.3
Interest cost ..................................................... 1.2 1.2 0.6 0.4
Benefits paid .................................................... (0.9) (0.9) (0.4) (0.3)
Actuarial loss (gain) .............................................. 0.9 1.1 (1.2) 1.4
Benefit obligation, end of year ...................................... $25.2 $ 22.9 $ 9.7 $ 10.3
Change in fair value of plan assets:
Plan assets, beginning of year ....................................... $ — $ — $— $ —
Employer contribution ............................................ 0.9 0.9 0.4 0.3
Benefits paid .................................................... (0.9) (0.9) (0.4) (0.3)
Plan assets, end of year ............................................ $ — $ — $— $ —
Underfunded status, end of year ..................................... $(25.2) $(22.9) $ (9.7) $(10.3)
Amounts recognized in our consolidated balance sheet as of December 31 consist of:
Pension Benefits Other Benefits
2006 2005 2006 2005
(Dollars in millions)
Noncurrent assets .................................................. — — — —
Current liabilities .................................................. $ (0.9) $ (0.9) $(0.4) $(0.4)
Noncurrent liabilities ............................................... (24.3) (19.0) (9.3) (8.0)
Net amount recognized ............................................. $(25.2) $(19.9) $(9.7) $(8.4)
Amounts recognized in accumulated other comprehensive income as of December 31 consist of:
Pension Benefits Other Benefits
2006 2005 2006 2005
(Dollars in millions)
Prior service cost .................................................... $1.1 $— $0.1 $—
Net (gain) loss ...................................................... 0.6 — 0.2 —
$1.7 $— $0.3 —
The following table sets forth our plans with an accumulated benefit obligation in excess of plan assets at
December 31:
Pension Benefits Other Benefits
2006 2005 2006 2005
(Dollars in millions)
Projected benefit obligation ........................................... $25.2 $22.9 $ 9.7 $10.3
Accumulated benefit obligation ........................................ 18.3 17.0 9.7 10.3
Fair value of plan assets .............................................. $— $— $— $—
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