Visa 2007 Annual Report Download - page 135
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Table of Contents
VISA U.S.A. INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in fiscal 2008 are as
follows:
Pension Benefits Postretirement Benefits
(in thousands)
Actuarial (gain)/loss $ 6,041 $ 1,215
Prior service (credit)/cost (13,647) (4,659)
Total $ (7,606) $ (3,444)
The accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets and the
projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets at September 30, 2007
and 2006 are as follows:
Pension Benefits Postretirement Benefits
September 30, September 30,
2007 2006 2007 2006
(in thousands)
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation, end of year $ 8,971 $ 12,454 $ — $ —
Fair value of plan assets, end of year — — — —
Projected benefit obligation in excess of plan assets
Projected benefit obligation, end of year $ 633,989 $ 660,422 $ 77,361 $ 74,083
Fair value of plan assets, end of year 603,906 514,398 — —
Components of Net Periodic Benefit Costs
Net periodic pension and other postretirement plan costs included the following components:
Pension Benefits Postretirement Benefits
Fiscal
2007 2006 2005 2007 2006 2005
(in thousands)
Service cost $ 61,512 $ 74,025 $ 62,369 $ 5,582 $ 6,755 $ 6,027
Interest cost 42,702 41,164 40,902 4,794 3,621 3,919
Expected return on assets (36,436) (36,133) (30,539) — — —
Amortization of:
Prior service (credit)/cost (211) 1,011 1,011 (4,659) (4,659) (4,659)
Actuarial loss 8,321 17,317 11,197 2,176 1,804 1,851
Net periodic pension cost $ 75,888 $ 97,384 $ 84,940 $ 7,893 $ 7,521 $ 7,138
Settlement charge — 3,108 12,490 — — —
Total net benefit cost $ 75,888 $ 100,492 $ 97,430 $ 7,893 $ 7,521 $ 7,138
Visa U.S.A. share of net periodic pension cost $ 60,076 $ 75,431 $ 64,673 $ 6,480 $ 6,154 $ 5,749
Visa U.S.A. share of settlement charge $ — $ 1,778 $ 8,944 $ — $ — $ —
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