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1、Click to edit Master title style Click to edit Master subtitle style 1 Session 39 Workshop: Analyzing Defined Benefit Pension Plans & Postretirement Benefits Greg Clifton VP/Senior Analyst Moodys Investors Service Rating Methodology Cash Flow Considerations Pension plans Understand contribution requ
2、irements Rough estimate can be made with SFAS 87 information Due to undisclosed credits, some companies may not face large contribution requirements for several years Can be offset by contributing stock OPEB Primary focus on benefits paid (recorded on “pay-as you-go” basis) Can obtain benefits paid
3、information in the rollforward of the APBO Can analyze growth in: Net periodic postretirement cost Benefit payments Can use above rates to project future benefit payments Balance Sheet Adjustments: For pensions Recorded Debt Per Balance Sheet + Add: Off-balance sheet liabilities (e.g., lease obligat
4、ions, guarantees) + Add: Net underfunded PBO from notes to financial statements = Adjusted Debt OPEB may include the underfunded amount of the APBO in adjusted debt in certain circumstances Income Statement As Adjusted By Moodys: Service cost (no adjustments) Interest cost (adjusted only if Moodys d
5、isagrees with discount rate) Amortization of prior service cost (Not used) Recognized net actuarial gains (Not used) Amortization of transition asset (Not used) Actual losses on plan assets, or Actual gains up to the amount of interest cost = Adjusted Net Periodic Pension/OPEB cost Financial Stateme
6、nt Information A Closer Look Pension Plan Funded Status Financing cost of the plan Changes in actuarial assumptions (i.e. attrition, retirement, mortality, discount and comp. Increase rates) PBO: Projected benefit obligation. PV of benefits earned to date incl. projected salary increases Economic po
7、sition of the firms pension plans = Fair value of plan assets - PBO Actuarial present value of benefits earned during the current period (by virtue of having worked another year) BS and IS Reporting Economic position of the firms pension plans = Fair value of plan assets - PBO Net balance sheet entr
8、y for plan status If plan level pension liability (1,000)% Net income (loss)$ 1,730$ (338) Total Net Periodic Pension Income (28) (145) Service Cost (242) (219) Pension interest cost (773) (748) Actual gains (losses) 773 (1,230) Net income (loss), as adjusted$ 1,460$( 2,680) % Net Income (loss) changed (15.6)% (693)% How Might The Following Actions Be Viewed By Moodys? Discretionary excess pension contributions Incurring debt to make discretionary contributions Contributing company stock to pension plan Contributing to VEBAs for OPEB plans Q&A
