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atluriram, Professor
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Experience:  MASTER OF COMMERCE, BACHELOR OF LAWS, COMPANY SECRETARY QUALIFICATIONS
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Access the most recent financial statements from the annual report of Procter & Gamble. Be sure to provide a link to the statements in your report. Examine all pension information available in the statements as well as the annual report and report your findings. Make general comments about the company's pension plan based upon what you view in the statements


As a part of statutory and social obligations, the Procter & Gamble Company offered post employment benefits to certain employees which include pension plans such as defined contribution plans, defined benefit plans, health care plans, life insurance plans etc. The company has pension liability payable to the employees. For the fiscal year 2011, the Procter & Gamble has total liability of pension benefits around $4,388 million. Besides the company has the liability of other postretirement benefits of $1,887 million. In order to determine benefit obligations, the discount rate of 5.3% is used whereas it was just 5.0% during the year of 2010. However, the rate of 5.7% is used for other benefits for the fiscal year of 2011.


During the beginning of the year, Procter & Gamble has pension benefits obligation of $11,245 million and at the end of the year it comes to $12,229 million. During the year, the company made payments towards pension benefits amounting to $492 million. The pension benefit is charged with the interest cost of $588 million besides service cost of $270 million. The accumulated benefit obligation for all defined benefit retirement plan for the fiscal year 2011 is $10,436 million. For the year of 2010 it was about $9,708 million.


The Procter & Gamble has minimum liability of the pension funding is $1,070 million. However, the company has liability of $391 million within one year period and $679 million within three years period. In order to meet the pension liabilities, the company maintaining the physical cash of 2% for the estimated liability. Besides, the company made investments in debt securities amounting 51% of estimated liability and 47% in Equity securities so that the company will be in a position to meet the pension liability.


Accordingly, the company has made charge on some assets and these show the value of $7,962 million to meet such liability towards pension benefits. Level 1 pension benefits charged with the $268 million assets, Level 2 pension benefits charges with $7,639 million whereas Level 3 pension benefits charges with the Assets of $55 million. Out of such assets company also able to receive interest $68 million through government bonds.


The company also estimated future payments towards pension. During the year of 2012, the company has liability of $534 million and in 2013 it is estimated $535 million. For the year 2014, an amount of $560 million and $573 million in the year of 2015. Similar, 605 million estimated for the year of 2016. The projection of $3,494 million shown as the expected payment of pension liability for the period of 2017 to 2021.


 


REFERENCE :



  1. http://secfilings.nyse.com/files.php?symbol=PG

  2. http://secfilings.nyse.com/files.php?symbol=PG&fg=24


 

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