Twenty-First Century Fox 2008 Annual Report Download - page 120

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NEWSCORP
Notes to the Consolidated Financial Statements (continued)
Note 16 PENSIONS AND OTHER POSTRETIREMENT BENEFITS
The Company participates in and/or sponsors pension and savings plans of various types in a variety of jurisdictions covering, in aggregate,
substantially all employees. As of January 1, 2008, the major pension plans are closed to new participants (with the exception of groups covered by
collective bargaining agreements). The Company has a legally enforceable obligation to contribute to some plans and is not required to contribute
to others. Non-U.S. plans include both employee contributory and employee non-contributory defined benefit plans and accumulation plans
covering all eligible employees. The plans in the United States include both defined benefit pension plans and employee non-contributory and
employee contributory accumulation plans covering all eligible employees. The Company makes contributions in accordance with applicable laws or
contract terms in each jurisdiction in which the Company operates. The Company’s benefit obligation is calculated using several assumptions
which the Company reviews on a regular basis.
The funded status of the plans can change from year to year but the assets of the funded plans has been sufficient to pay all benefits that
came due in each of fiscal 2008, 2007 and 2006.
The Company uses a June 30 measurement date for all pension and postretirement benefit plans. The following table sets forth the change in
the benefit obligation for the Company’s benefit plans:
Pension benefits Postretirement benefits
2008 2007 2008 2007
As of June 30, (in millions)
Projected benefit obligation, beginning of the year $2,392 $2,061 $ 139 $138
Service cost 87 70 7 4
Interest cost 150 122 16 8
Acquisitions 234 — 203 —
Benefits paid (139) (98) (11) (6)
Actuarial loss (gain) (a) (147) 57 (30) (4)
Foreign exchange rate changes 38 110 — 2
Amendments, transfers and other 75 70 — (3)
Projected benefit obligation, end of year $2,690 $2,392 $324 $139
(a) Actuarial gains and losses primarily related to changes in the discount rate and mortality assumptions utilized in measuring plan obligations at
June 30, 2008 and June 30, 2007.
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