LabCorp 2014 Annual Report Download - page 115

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F-36
Year ended December 31,
2014 2013 2012
Service cost for benefits earned $ 3.4 $ 3.1 $ 2.4
Interest cost on benefit obligation 16.4 14.7 14.9
Expected return on plan assets (18.3)(17.3)(17.3)
Net amortization and deferral 6.6 10.5 12.1
Defined benefit plan costs $ 8.1 $ 11.0 $ 12.1
Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $142.2. The accumulated
other comprehensive earnings that are expected to be recognized as components of the defined benefit plan costs during 2015 are
$11.1 related to amortization of the net loss.
A summary of the changes in the projected benefit obligations of the Company Plan and the PEP are summarized as
follows:
2014 2013
Balance at January 1 $ 349.7 $ 380.7
Service cost 3.4 3.1
Interest cost 16.4 14.7
Actuarial (gain)/loss 47.1 (22.1)
Benefits and administrative expenses paid (28.0)(26.7)
Balance at December 31 $ 388.6 $ 349.7
The Accumulated Benefit Obligation was $388.6 and $349.7 at December 31, 2014 and 2013, respectively.
A summary of the changes in the fair value of plan assets follows:
2014 2013
Fair value of plan assets at beginning of year $ 268.1 $ 256.8
Actual return on plan assets 15.2 28.1
Employer contributions 13.8 9.9
Benefits and administrative expenses paid (28.0)(26.7)
Fair value of plan assets at end of year $ 269.1 $ 268.1
The net funded status of the Company Plan and the PEP at December 31:
Funded status $ 119.6 $ 81.6
Recorded as:
Accrued expenses and other $ 1.7 $ 1.6
Other liabilities 117.9 80.0
$ 119.6 $ 81.6
Weighted average assumptions used in the accounting for the Company Plan and the PEP are summarized as follows:
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in millions, except per share data)