Health Net 2014 Annual Report Download - page 156
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HEALTH NET, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
F-46
Amounts recognized in our consolidated balance sheet as of December 31 consist of:
Pension Benefits Other Benefits
2014 2013 2014 2013
(Dollars in millions)
Noncurrent assets ............................................................... $ — $ — $ — $ —
Current liabilities................................................................ (1.7)(1.7)(0.9)(1.1)
Noncurrent liabilities.......................................................... (48.0)(38.7)(27.9)(23.0)
Net amount recognized....................................................... $ (49.7) $ (40.4) $ (28.8) $ (24.1)
Amounts recognized in accumulated other comprehensive income as of December 31 consist of:
Pension Benefits Other Benefits
2014 2013 2014 2013
(Dollars in millions)
Prior service cost.................................................................................... $ — $ — $ 0.1 $ 0.3
Net loss (gain)........................................................................................ 5.3 0.7 6.1 3.6
$ 5.3 $ 0.7 $ 6.2 $ 3.9
The following table sets forth our plans with an accumulated benefit obligation in excess of plan assets at
December 31:
Pension Benefits Other Benefits
2014 2013 2014 2013
(Dollars in millions)
Projected benefit obligation ................................................... $ 49.7 $ 40.4 $ 28.8 $ 24.1
Accumulated benefit obligation ............................................. 46.1 37.1 28.8 24.1
Fair value of plan assets ......................................................... — — — —
Components of net periodic benefit cost recognized in our consolidated statements of operations as general
and administrative expense for years ended December 31:
Pension Benefits Other Benefits
2014 2013 2012 2014 2013 2012
(Dollars in millions)
Service cost.......................................................... $ 1.1 $ 1.2 $ 1.7 $ 0.3 $ 0.4 $ 0.4
Interest cost.......................................................... 1.8 1.6 1.8 1.1 1.0 1.1
Amortization of prior service cost....................... — — — 0.4 0.1 0.1
Amortization of net loss (gain)............................ — 0.5 1.2 0.2 1.9 2.9
Net periodic benefit cost...................................... $ 2.9 $ 3.3 $ 4.7 $ 2.0 $ 3.4 $ 4.5
The estimated net (gain) loss and prior service cost for the pension and other postretirement benefit plans that
will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year
are $2.2 million and $0.4 million, respectively.
All of our pension and other postretirement benefit plans are unfunded. Employer contributions equal benefits
paid during the year. Therefore, no return on assets is expected.