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Analyzing and Interpreting Pension Disclosures General Mills reports the following pension footnote in its 10-K report. Defined Benefit Pension Plan ($ millions) 2010 2009 Change
Analyzing and Interpreting Pension Disclosures General Mills reports the following pension footnote in its 10-K report.
Defined Benefit Pension Plan ($ millions) | 2010 | 2009 |
---|---|---|
Change in Plan Assets | ||
Fair value at beginning of year | $ 3,157.8 | $ 4,128.7 |
Actual return on assets | 535.9 | (1,009.1) |
Employer contributions | 17.1 | 220.2 |
Plan participant contributions | 3.5 | 3.1 |
Benefits payments | (182.6) | (177.4) |
Foreign currency | (1.9) | (7.7) |
Fair value at end of year | $ 3,529.8 | $ 3,157.8 |
Change in Projected Benefit Obligation | ||
Benefit obligation at beginning of year | $ 3,167.3 | $ 3,224.1 |
Service cost | 70.9 | 76.5 |
Interest cost | 230.3 | 215.4 |
Plan amendment | 25.8 | 0.3 |
Curtailment/other | -- | -- |
Plan participant contributions | 3.5 | 3.1 |
Medicare Part D reimbursements | -- | -- |
Actuarial loss (gain) | 716.4 | (166.8) |
Benefits payments | (182.6) | (177.4) |
Foreign currency | (1.6) | (7.9) |
Projected benefit obligation at end of year | $ 4,030.0 | $ 3,167.3 |
Estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid from fiscal 2011-2020 as follows:
(in millions) | Defined Benefit Pension Plans |
---|---|
2011 | $ 194.8 |
2012 | 202.8 |
2013 | 211.9 |
2014 | 221.4 |
2015 | 231.4 |
2016-2020 | $ 1,331.7 |
(a) What is the total amount paid to retirees during fiscal 2010? Answer($ million) (b) Compute the 2010 funded status for the company's pension plan. Answer($ million)
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