Visa 2009 Annual Report Download - page 97
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2009
(in millions, except as noted)
Benefit obligation and fair value of plan assets with obligations in excess of plan assets:
Pension Benefits
Other
Postretirement Benefits
September 30, September 30,
2009 2008 2009 2008
(in millions)
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation, end of year $ 21 $ 18 NA NA
Fair value of plan assets, end of year — — — —
Projected benefit obligation/accumulated postretirement benefit obligation in excess of plan assets
Benefit obligation, end of year $ 739 $ 667 $ 43 $ 50
Fair value of plan assets, end of year 703 624 — —
Net periodic pension and other postretirement plan cost
Pension Benefits
Other
Postretirement Benefits
Fiscal
2009 2008 2007 2009 2008 2007
(in millions)
Service cost $ 51 $ 50 $ 61 $ — $ 5 $ 6
Interest cost 46 40 43 2 5 5
Expected return on assets (45) (42) (36) — — —
Amortization of:
Prior service (credit)/cost (8) (13) — (3) (5) (5)
Actuarial loss (gain) 14 7 8 — 2 2
Net benefit cost $ 58 $ 42 $ 76 $ (1) $ 7 $ 8
Curtailment (gain)/loss — — — — (2) —
Settlement loss/(gain) 3 27 — — — —
Total net periodic benefit cost $ 61 $ 69 $ 76 $ (1) $ 5 $ 8
Visa U.S.A. share of net periodic benefit cost $ 60 $ 6
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Pension Benefits
Other
Postretirement Benefits
2009 2008 2009 2008
(in millions)
Current year actuarial (gain)/loss $ 107 $ 148 $ (5) $ (7)
Amortization of actuarial gain/(loss) (17) (34) — (2)
Current year prior service (credit)/cost — 4 — (26)
Amortization of prior service credit/(cost) 8 13 3 7
Total recognized in other comprehensive income $ 98 $ 131 $ (2) $ (28)
Total recognized in net periodic benefit cost and other comprehensive income $ 159 $ 200 $ (3) $ (23)
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