LabCorp 2015 Annual Report Download - page 124
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Index
2015
Balance at Acquisition Date $ 6.3
Service cost —
Interest cost 0.2
Participant contributions 0.8
Actuarial gain (0.7)
Benefits paid (1.4)
Balance at December 31, 2015 5.2
2015
Funded status $ 5.2
Recorded as:
Accrued expenses and other $ 0.6
Other liabilities 4.6
$ 5.2
The amounts recognized in accumulated other comprehensive income as of December 31, 2015 are as follows:
Year Ended
December 31, 2015
Net actuarial loss $ 0.7
Less: Deferred tax benefit (0.3)
Accumulated other comprehensive income impact $ 0.4
Assumptions used to determine benefit obligation:
Discount rate 4.2%
Healthcare cost trend rate 7.0%
A one percentage point (1%) increase or decrease in the assumed healthcare cost trend rate would not impact the net service and interest cost components
of the net periodic post-retirement benefit cost or the post-retirement benefit obligation since future increases in plan costs are paid by participant
contributions. The Company expects to contribute $0.6 to the post-employment retiree health and welfare plan in 2016.
Expected future gross benefit payments are as follows:
2016 $ 1.4
2017 1.6
2018 1.5
2019 1.5
2020 1.4
2021 and thereafter 6.6
The Company assumed obligations under a subsidiary's post-retirement medical plan. Coverage under this plan is restricted to a limited number of
existing employees of the subsidiary. This plan is unfunded and the Company’s policy is to fund benefits as claims are incurred. The effect on operations of
the post-retirement medical plan is shown in the following table:
Year ended December 31,
2015
2014
2013
Service cost for benefits earned $ 0.1
$ 0.2
$ 0.4
Interest cost on benefit obligation 1.0
1.8
2.5
Net amortization and deferral (10.4)
(7.9)
1.0
Post-retirement medical plan costs $ (9.3)
$ (5.9)
$ 3.9
F-44