Anixter International Inc. Financial Statement Analysis
2018:
ANIXTER INTERNATIONAL INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following represents a reconciliation of the funded status of the Company's pension plans for fiscal years 2019 and
Domestic Plans
Pension Benefits
Foreign Plans
Total
2019
2018
2019
2018
2019
2018
(In millions)
Change in projected benefit obligation:
Beginning balance
$
261.5 $
275.8
$
242.6 $ 257.6 $ 504.1 $ 533.4
Service cost
3.1
3.5
5.7
5.9
8.8
9.4
Interest cost
10.9
10.3
6.9
6.8
17.8
17.1
Actuarial loss (gain)
41.4
(19.9)
34.8
(4.0)
76.2
(23.9)
Benefits paid from plan assets
(18.5)
(7.4)
(7.9)
(8.1)
(26.4)
(15.5)
Benefits paid from Company assets
(1.2)
(0.8)
(1.2)
(0.8)
Plan amendment
0.5
0.5
Settlement
(1.5)
(0.5)
(1.5)
(0.5)
Plan participants contributions
Foreign currency exchange rate changes
Other
0.1
0.1
0.1
0.1
8.7
(15.7)
8.7
(15.7)
(0.1)
(0.1)
Ending balance
$
297.2
$ 261.5 $
289.3 $
242.6
$
586.5 $
504.1
Change in plan assets at fair value:
Beginning balance
$
Actual return on plan assets
260.4 $ 280.8 $
55.6
188.5 $ 209.1 $
448.9 $
489.9
(13.0)
25.5
(6.9)
81.1
(19.9)
Company contributions to plan assets
6.3
7.4
6.3
7.4
Benefits paid from plan assets
(18.5)
(7.4)
(7.9)
(8.1)
(26.4)
(15.5)
Settlement
(1.5)
(0.5)
(1.5)
(0.5)
Plan participants contributions
0.1
0.1
0.1
0.1
Foreign currency exchange rate changes
Other
7.1
(12.6)
7.1
(12.6)
(0.1)
(0.1)
Ending balance
$
297.5 $
260.4 $
218.0 $
188.5 $
515.5 $
448.9
Reconciliation of funded status:
Projected benefit obligation
$
(297.2) $
(261.5) $
Plan assets at fair value
297.5
260.4
(289.3) $
218.0
(242.6) $
188.5
(586.5) $
515.5
(504.1)
Funded status
$
0.3 $
(1.1) $
(71.3) $
(54.1) $ (71.0) $
448.9
(55.2)
Included in the 2019 and 2018 funded status is accrued benefit cost of approximately $17.5 million and $16.5 million,
respectively, related to two non-qualified plans, which cannot be funded pursuant to tax regulations.
Noncurrent asset
$
Current liability
17.8 $
(1.1)
Noncurrent liability
(16.4)
15.4 $
(1.2)
(15.3)
0.2 $
0.2 $ 18.0 $
(1.1)
15.6
(1.2)
Funded status
$
0.3 $ (1.1) $
(71.5)
(71.3) $
(54.3)
(54.1) $
(87.9)
(69.6)
(71.0) $
(55.2)
Weighted-average assumptions used for measurement of the projected benefit obligation:
Discount rate
3.33 %
4.28%
2.15 %
Salary growth rate
3.75 %
3.75 %
3.28 %
2.84 %
3.26 %
2.75 %
3.51%
3.59 %
3.51 %
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