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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/23/2015
Entire Document
 
Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)

Pension and Postretirement Benefit Obligation
The change in the benefit obligation, the change in plan assets, the funded status and amounts recognized for the domestic pension plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below.
 
Domestic
Pension Plan
 
Foreign
Pension Plans
 
Domestic Postretirement
Benefit Plan
 
December 31,
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Benefit Obligation
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation as of January 1
$
133.1

 
$
140.6

 
$
569.9

 
$
532.4

 
$
37.9

 
$
46.6

Service cost
0.0

 
0.0

 
10.3

 
9.9

 
0.1

 
0.1

Interest cost
6.2

 
5.5

 
23.4

 
21.7

 
1.7

 
1.6

Benefits paid
(10.4
)
 
(10.4
)
 
(24.1
)
 
(23.8
)
 
(5.6
)
 
(6.4
)
Plan participant contributions
0.0

 
0.0

 
0.6

 
0.5

 
1.5

 
1.7

Actuarial losses (gains)
18.0

 
(2.6
)
 
55.7

 
25.0

 
4.4

 
(5.7
)
Settlements and curtailments
0.0

 
0.0

 
(4.0
)
 
(3.1
)
 
0.0

 
0.0

Foreign currency effect
0.0

 
0.0

 
(42.8
)
 
8.1

 
0.0

 
0.0

Other
0.0

 
0.0

 
0.5

 
(0.8
)
 
(0.5
)
 
0.0

 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation as of December 31
$
146.9

 
$
133.1

 
$
589.5

 
$
569.9

 
$
39.5

 
$
37.9

 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets as of January 1
$
109.6

 
$
115.7

 
$
398.5

 
$
381.7

 
$
0.0

 
$
0.0

Actual return on plan assets
9.6

 
3.8

 
44.7

 
19.5

 
0.0

 
0.0

Employer contributions
2.7

 
0.5

 
25.7

 
18.3

 
4.1

 
4.7

Plan participant contributions
0.0

 
0.0

 
0.6

 
0.5

 
1.5

 
1.7

Benefits paid
(10.4
)
 
(10.4
)
 
(24.1
)
 
(23.8
)
 
(5.6
)
 
(6.4
)
Settlements
0.0

 
0.0

 
(4.0
)
 
(2.7
)
 
0.0

 
0.0

Foreign currency effect
0.0

 
0.0

 
(25.9
)
 
5.0

 
0.0

 
0.0

 
 
 
 
 
 
 
 
 
 
 
0.0

Fair value of plan assets as of December 31
$
111.5

 
$
109.6

 
$
415.5

 
$
398.5

 
$
0.0

 
$
0.0

 
 
 
 
 
 
 
 
 
 
 
 
Funded status of the plans at December 31
$
(35.4
)
 
$
(23.5
)
 
$
(174.0
)
 
$
(171.4
)
 
$
(39.5
)
 
$
(37.9
)

 
Domestic
Pension Plan
 
Foreign
Pension Plans
 
Domestic Postretirement
Benefit Plan
December 31,
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Amounts recognized in Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
Non-current asset
$
0.0

 
$
0.0

 
$
8.3

 
$
8.0

 
$
0.0

 
$
0.0

Current liability
0.0

 
0.0

 
(8.0
)
 
(7.6
)
 
(4.0
)
 
(4.2
)
Non-current liability
(35.4
)
 
(23.5
)
 
(174.3
)
 
(171.8
)
 
(35.5
)
 
(33.7
)
 
 
 
 
 
 
 
 
 
 
 
 
Net liability recognized
$
(35.4
)
 
$
(23.5
)
 
$
(174.0
)
 
$
(171.4
)
 
$
(39.5
)
 
$
(37.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
146.9

 
$
133.1

 
$
566.2

 
$
540.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive Loss, net
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
56.1

 
$
47.0

 
$
161.0

 
$
141.0

 
$
2.9

 
$
(1.5
)
Prior service cost (credit)
0.0

 
0.0

 
1.1

 
1.5

 
(0.4
)
 
(0.1
)
Transition obligation
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
0.0

 
 
 
 
 
 
 
 
 
 
 
 
Total amount recognized
$
56.1

 
$
47.0

 
$
162.1

 
$
142.5

 
$
2.5

 
$
(1.6
)

In 2015, we estimate that we will recognize $8.2 and $4.6 of net actuarial losses from accumulated other comprehensive loss, net into net periodic cost related to our domestic pension plan and significant foreign pension plans, respectively.

68