| 全球最权威的穆迪投资机构HR福利分析案 Session 39 – Workshop: Analyzing Defined Benefit Pension Plans & Postretirement Benefits Greg Clifton VP/Senior Analyst Moody’s Investors Service Rating Methodology Cash Flow Considerations Pension plans Understand contribution requirements 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 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 obligations, 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 Moody’s: Service cost (no adjustments) Interest cost (adjusted only if Moody’s disagrees 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 Statement Information – A Closer Look Pension Plan Funded Status BS and IS Reporting Assumptions v. Reality Case Study – Dow Chemical Solution: Part I 1. What is the funded status (i.e. underfunded PBO) of the U.S. plans (PBO – FVA)? 2003: $(2,304) 2002: $(2,536) 2. What is the funding ratio (FVA / PBO) ? 2003: 82.9% 2002: 79.0% What is the amount of benefits paid for 2003? Pension: $737 OPEB: $166 Do analysts care about benefits paid? Why or why not ? Pension: No, they are paid out of the plan OPEB: Yes, they are generally paid by the company |
