Twenty-First Century Fox 2014 Annual Report Download - page 129

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
123
NOTE 17. PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. The
major pension plans and postretirement benefit plans are closed to new participants (with the exception of groups
covered by collective bargaining agreements). In connection with the Separation, the Company entered into an
Employee Matters Agreement with News Corp which provides that employees of News Corp no longer participate
in benefit plans sponsored or maintained by the Company as of the Separation date. Upon separation, the
Company’s plans transferred assets and obligations to News Corp resulting in a net decrease in sponsored pension
and postretirement plan obligations of $558 million. Additionally, as a result of the Separation, deferred items of
approximately $500 million were transferred to News Corp.
The Company has a legally enforceable obligation to contribute to some plans and is not required to contribute
to others. The plans in the U.S. 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 have been
sufficient to pay all benefits that came due in each of fiscal 2014, 2013 and 2012.
The Company uses a June 30 measurement date for all pension and postretirement benefit plans. The
following table sets forth the change in the projected benefit obligation, change in the fair value of plan assets and
funded status for the Company’s benefit plans: