Twenty-First Century Fox 2014 Annual Report Download - page 130

Download and view the complete annual report

Please find page 130 of the 2014 Twenty-First Century Fox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 168

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168

TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
124
Pension benefits Postretirement benefits
As of June 30,
2014 2013 2014 2013
(in millions)
Projected benefit obligation, beginning of the year ....... $ 2,095 $ 3,855 $ 146 $ 377
Service cost .................................................................... 73 105 4 4
Interest cost .................................................................... 106 101 6 6
Benefits paid .................................................................. (53) (51) (8 ) (7)
Settlements(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 3 9 ) ( 6 6 ) - -
Actuarial loss (gain)(b) .................................................... 289 (279) 5 (3)
Foreign exchange rate changes ...................................... 16 (2) - -
Other .............................................................................. 7 (34) - -
Separation of News Corp plans...................................... - (1,534) - (231)
Projected benefit obligation, end of the year ................. 2,494 2,095 153 146
Change in the fair value of plan assets for the
Company’s benefit plans:
Fair value of plan assets, beginning of the year ............. 1,657 2,772 - -
Actual return on plan assets ........................................... 197 116 - -
Employer contributions.................................................. 100 95 8 7
Benefits paid .................................................................. (53) (51) (8 ) (7)
Settlements(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 3 9 ) ( 6 6 ) - -
Foreign exchange rate changes ...................................... 12 (3) - -
Amendments, transfers and other .................................. - 1 - -
Separation of News Corp plans...................................... - (1,187) - -
Payable to News Corp plans .......................................... - (20) - -
Fair value of plan assets, end of the year ....................... 1,874 1,657 - -
Funded status(c) .............................................................. $ (620) $ (438 ) $ (153 ) $ (146 )
(a) Amounts related to payments made to former employees in full settlement of their deferred pension benefits.
(b) Actuarial losses (gains) primarily related to changes in the discount rate and the strengthening of the mortality
tables utilized in measuring plan obligations at June 30, 2014 and 2013, respectively.
(c) The Company has established an irrevocable grantor trust (the “Trust”), administered by an independent
trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit
obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to
satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in the
Trust at June 30, 2014 and 2013 was approximately $210 million and $200 million, respectively.
Amounts recognized in the Consolidated Balance Sheets consist of:
Pension benefits Postretirement benefits
As of June 30,
2014 2013 2014 2013
(in millions)
Pension/postretirement assets ........................................ $ 34 $- $- $ -
Accrued pension/postretirement liabilities ..................... (654) (438) (153 ) (146)
N
et amount recognized .................................................. $ (620) $ (438) $ (153 ) $ (146)