Twenty-First Century Fox 2008 Annual Report Download - page 121
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NEWSCORP
Notes to the Consolidated Financial Statements (continued)
The following table sets forth the change in the fair value of plan assets for the Company’s benefit plans:
Pension benefits
2008 2007
As of June 30, (in millions)
Fair value of plan assets, beginning of the year $2,287 $1,903
Actual return on plan assets (140) 232
Employer contributions 57 67
Acquisitions 167 —
Benefits paid (139) (97)
Foreign exchange rate changes 44 112
Amendments, transfers and other 72 70
Fair value of plan assets, end of the year $2,348 $2,287
Amounts recognized in the consolidated balance sheets consist of:
Pension benefits Postretirement
benefits
2008 2007 2008 2007
As of June 30, (in millions)
Funded status $(342) $(105) $(324) $(139)
Amounts recorded in the balance sheet
Non-current pension assets 35 100 — —
Accrued pension/postretirement liabilities (377) (205) (324) (139)
Net amount recognized $(342) $ (105) $(324) $(139)
Amounts recognized in accumulated other comprehensive income consist of:
Pension benefits Postretirement benefits
2008 2007 2008 2007
As of June 30, (in millions)
Actuarial losses (gain) $433 $301 $ (5) $ 26
Prior service cost (benefit) 15 6 (23) (28)
Net amounts recognized $448 $307 $(28) $ (2)
Amounts in accumulated other comprehensive income expected to be recognized as a component of net periodic pension cost in fiscal 2009:
Pension benefits Postretirement
benefits
2008 2008
As of June 30, (in millions)
Actuarial losses $17 $—
Prior service cost (benefit) 2 (5)
Net amounts recognized $19 $ (5)
Accumulated pension benefit obligations at June 30, 2008 and 2007 were $2,461 million and $2,181 million, respectively. Below is information
about pension plans in which the accumulated benefit obligation exceeds the fair value of the plan assets.
2008 2007
As of June 30, (in millions)
Projected benefit obligation $1,173 $236
Accumulated benefit obligation 1,107 229
Fair value of plan assets 820 54
120 NEWSCORP 2008 Annual Report