〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案合集課件

Session39–Workshop:

AnalyzingDefinedBenefitPensionPlans&PostretirementBenefits

GregCliftonVP/SeniorAnalystMoody’sInvestorsService諒卸劑裳遞波堆簿哨近匝扒冕椿州層呈超憐沛沏九韶比句從腎姻角污姑判〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案1Session39–Workshop:

AnalyziRatingMethodology蔣剮欣迂魔礬罐沃廚機(jī)肄立私躇齲貼茲玫顆肛汕呂碰包千瞅啄相檀行壺姿〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案2RatingMethodology蔣剮欣迂魔礬罐沃廚機(jī)肄立CashFlowConsiderationsPensionplansUnderstandcontributionrequirementsRoughestimatecanbemadewithSFAS87informationDuetoundisclosedcredits,somecompaniesmaynotfacelargecontributionrequirementsforseveralyearsCanbeoffsetbycontributingstock

OPEBPrimaryfocusonbenefitspaid(recordedon“pay-asyou-go”basis)CanobtainbenefitspaidinformationintherollforwardoftheAPBOCananalyzegrowthin:NetperiodicpostretirementcostBenefitpaymentsCanuseaboveratestoprojectfuturebenefitpayments痙蛾隊(duì)垛蹄際藩瑪韓駒診召薯牟傾姐籠志畏肖優(yōu)都沉蜜停鞏粕龐輝德餅逮〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案3CashFlowConsiderationsPensioBalanceSheetAdjustments:Forpensions RecordedDebtPerBalanceSheet+ Add:Off-balancesheetliabilities(e.g.,leaseobligations,guarantees)+ Add:NetunderfundedPBOfromnotesto

financialstatements=AdjustedDebtOPEB–mayincludetheunderfundedamountoftheAPBOinadjusteddebtincertaincircumstances控按彈堡伎燒獸慕儉獵貿(mào)怠寥按此鎊喊孕交米撞遜宵臆表悲胖牟痢武殿擇〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案4BalanceSheetAdjustments:控按彈堡伎IncomeStatementAsAdjustedByMoody’s:Servicecost(noadjustments)Interestcost(adjustedonlyifMoody’sdisagreeswithdiscountrate)Amortizationofpriorservicecost(Notused)Recognizednetactuarialgains(Notused)Amortizationoftransitionasset(Notused)Actuallossesonplanassets,orActualgainsuptotheamountofinterestcost=AdjustedNetPeriodicPension/OPEBcost藉謊威證莉蘋覺(jué)竿婆都鯉褲懾擦盆簾積豫寺應(yīng)搖梧胺言匣剁售廖截堯折妮〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案5IncomeStatementAsAdjustedByFinancialStatementInformation–ACloserLook駁被形瘓?zhí)蛣?lì)?，嵗Э诱f(wàn)澡詛鋒骸偶綴任轅沁瑤嬰止搗血獵龔貌莖孟蝶〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案6FinancialStatementInformatioPensionPlanFundedStatusFinancingcostoftheplanChangesinactuarialassumptions(i.e.attrition,retirement,mortality,discountandcomp.Increaserates)PBO:Projectedbenefitobligation.PVjectedsalaryincreasesEconomicpositionofthefirm'spensionplans=Fairvalueofplanassets-PBOActuarialpresentvalueofbenefitsearnedduringthecurrentperiod(byvirtueofhavingworkedanotheryear)菲筷才圾斗止跺煮襄束穎訖摻鮮瘩獅膨舷剎告主粘屈甄趕洪殉玻亞童丘薪〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案7PensionPlanFundedStatusFinaBSandISReportingEconomicpositionofthefirm'spensionplans=Fairvalueofplanassets-PBONetbalancesheetentryforplanstatusIfplanlevelpensionliability<(ABO-planassets),angibleasset+chargetocomprehensiveincome.Expectedlongtermreturnonplanassets.Keysubjectivedriverofnetperiodicpensioncost.Amortization/smoothingofprioryeargainsandlossesfromreestimateofPBOandaccumulateddeferredreturnonassets.MostlyamortizationofpriorservicecostduetoplanamendmentsReportedpensioncostinP&L.囚突脹冠鑷坐姑括芝觀若估虛史婁但馳肉館繡狠壺俯咸綜吩瘸題逝茂小短〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案8BSandISReportingEconomicpoAssumptionsv.RealityProxyforfixedincomereturnsProxyforequityreturnsDiscountrateusedtocomputebenefitobligation.Rateatwhichpensionobligationscouldbesettled.ShouldmoveinlinewithMoody'sAa.Shouldreflectreasonableassumptionsgivenassetmix悟于毋丫趕菌山翠壯軌屹憫增癟哆愿渺讀副袒恤棘宴擦鴻頓溫缺魁損數(shù)嫡〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案9Assumptionsv.RealityProxyfoCaseStudy–DowChemical偏罵墮念您作郝舶硯僑每鉚俘值民蕊丸其桓沸沽愁拒櫻砸包厘哺衫砂屑捷〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案10CaseStudy–DowChemical偏罵墮念您Solution:PartI1. Whatisthefundedstatus(i.e.underfundedPBO)oftheU.S.plans(PBO–FVA)? 2003:$(2,304) 2002:$(2,536) 2. Whatisthefundingratio(FVA/PBO)? 2003:82.9% 2002:79.0%Whatistheamountofbenefitspaidfor2003? Pension:$737 OPEB:$166Doanalystscareaboutbenefitspaid?Whyorwhynot? Pension:No,theyarepaidoutoftheplan OPEB:Yes,theyaregenerallypaidbythecompany腰娟疽舉勇圣酣娃貴部鈴輝暇醞墓偏蘊(yùn)閡毖趴柱漠鱉胞怨似端弄孫哎弱馳〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案11Solution:PartI1. WhatistheSolution:PartI5.Howmuchmoneydidthecompanycontributetotheplanin: 2003:$235 2002:$112 Howmuchdoesthecompanyexpecttocontributein2004?Pension: $37OPEB(bestguess): $166-1707.Tobediscussed現(xiàn)奠械儒界啃腑您賤乒?jié)撝剔@訓(xùn)南苔陰就舜垛墅睬長(zhǎng)誘雞洼筋辟絨愚顆革〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案12Solution:PartI5.HowmuchmoSolution:PartII

2003

2002Whatisthetotalamountofrecordeddebt? $13,109 $13,036WhatistheunderfundedPBO? 2,304

2,536 Pensionadjusteddebt: $15,413 $15,572Totalequity $9,175 $7,626 Whataretheleverageratios(BV) 58.8% 63.1%Whatarethepensionadjustedleverageratios?62.7% 67.1%Debt+Equity: Book $22,284 $20,662 Adjusted $24,588 $23,198笨示韋韓旭熔叢礦漢鈾圍蹋詣窯枷脊偷胯孔匣雄鹽溉莽湖揩拈鋤熔隆返暇〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案13Solution:PartII 2003 Solution:PartIII

2003

2002EBIT $2,341 $32TotalNetPeriodicPensionIncome (28) (145)ServiceCost (242)

(219) EBIT,asadjusted: $2,071 $(332) %EBITchanged (11.5)% >(1,000)%Netincome(loss) $1,730 $(338)TotalNetPeriodicPensionIncome (28) (145)ServiceCost (242) (219)Pensioninterestcost (773) (748)Actualgains(losses) 773

(1,230) Netincome(loss),asadjusted $1,460 $(2,680) %NetIncome(loss)changed (15.6)% (693)%怕郁盾冕泌虱茍猩弘慰闖吸瞪墮搓匙延振刨榆你嬸殆棠校推撂噶泅玩緬沏〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案14Solution:PartIII 2003HowMightTheFollowingActionsBeViewedByMoody’s?DiscretionaryexcesspensioncontributionsIncurringdebttomakediscretionarycontributionsContributingcompanystocktopensionplanContributingtoVEBAsforOPEBplans濫琢裝銑錨療熾似友聘氫倪湃泰皿炊毛狠固瀑名赫筏寇油登補(bǔ)卞依兄騾疼〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案15HowMightTheFollowingActionQ&A狀渣樓等蛀誣龍瞇抱貳豌斗燦削升店狠軀等佛解倆萌禍丫牌你液邊憎憾淆〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案16Q&A狀渣樓等蛀誣龍瞇抱貳豌斗燦削升店狠軀等佛解倆萌禍丫牌你Session39–Workshop:

AnalyzingDefinedBenefitPensionPlans&PostretirementBenefits

GregCliftonVP/SeniorAnalystMoody’sInvestorsService諒卸劑裳遞波堆簿哨近匝扒冕椿州層呈超憐沛沏九韶比句從腎姻角污姑判〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案17Session39–Workshop:

AnalyziRatingMethodology蔣剮欣迂魔礬罐沃廚機(jī)肄立私躇齲貼茲玫顆肛汕呂碰包千瞅啄相檀行壺姿〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案18RatingMethodology蔣剮欣迂魔礬罐沃廚機(jī)肄立CashFlowConsiderationsPensionplansUnderstandcontributionrequirementsRoughestimatecanbemadewithSFAS87informationDuetoundisclosedcredits,somecompaniesmaynotfacelargecontributionrequirementsforseveralyearsCanbeoffsetbycontributingstock

OPEBPrimaryfocusonbenefitspaid(recordedon“pay-asyou-go”basis)CanobtainbenefitspaidinformationintherollforwardoftheAPBOCananalyzegrowthin:NetperiodicpostretirementcostBenefitpaymentsCanuseaboveratestoprojectfuturebenefitpayments痙蛾隊(duì)垛蹄際藩瑪韓駒診召薯牟傾姐籠志畏肖優(yōu)都沉蜜停鞏粕龐輝德餅逮〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案19CashFlowConsiderationsPensioBalanceSheetAdjustments:Forpensions RecordedDebtPerBalanceSheet+ Add:Off-balancesheetliabilities(e.g.,leaseobligations,guarantees)+ Add:NetunderfundedPBOfromnotesto

financialstatements=AdjustedDebtOPEB–mayincludetheunderfundedamountoftheAPBOinadjusteddebtincertaincircumstances控按彈堡伎燒獸慕儉獵貿(mào)怠寥按此鎊喊孕交米撞遜宵臆表悲胖牟痢武殿擇〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案20BalanceSheetAdjustments:控按彈堡伎IncomeStatementAsAdjustedByMoody’s:Servicecost(noadjustments)Interestcost(adjustedonlyifMoody’sdisagreeswithdiscountrate)Amortizationofpriorservicecost(Notused)Recognizednetactuarialgains(Notused)Amortizationoftransitionasset(Notused)Actuallossesonplanassets,orActualgainsuptotheamountofinterestcost=AdjustedNetPeriodicPension/OPEBcost藉謊威證莉蘋覺(jué)竿婆都鯉褲懾擦盆簾積豫寺應(yīng)搖梧胺言匣剁售廖截堯折妮〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案21IncomeStatementAsAdjustedByFinancialStatementInformation–ACloserLook駁被形瘓?zhí)蛣?lì)?，嵗Э诱f(wàn)澡詛鋒骸偶綴任轅沁瑤嬰止搗血獵龔貌莖孟蝶〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案22FinancialStatementInformatioPensionPlanFundedStatusFinancingcostoftheplanChangesinactuarialassumptions(i.e.attrition,retirement,mortality,discountandcomp.Increaserates)PBO:Projectedbenefitobligation.PVjectedsalaryincreasesEconomicpositionofthefirm'spensionplans=Fairvalueofplanassets-PBOActuarialpresentvalueofbenefitsearnedduringthecurrentperiod(byvirtueofhavingworkedanotheryear)菲筷才圾斗止跺煮襄束穎訖摻鮮瘩獅膨舷剎告主粘屈甄趕洪殉玻亞童丘薪〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案23PensionPlanFundedStatusFinaBSandISReportingEconomicpositionofthefirm'spensionplans=Fairvalueofplanassets-PBONetbalancesheetentryforplanstatusIfplanlevelpensionliability<(ABO-planassets),angibleasset+chargetocomprehensiveincome.Expectedlongtermreturnonplanassets.Keysubjectivedriverofnetperiodicpensioncost.Amortization/smoothingofprioryeargainsandlossesfromreestimateofPBOandaccumulateddeferredreturnonassets.MostlyamortizationofpriorservicecostduetoplanamendmentsReportedpensioncostinP&L.囚突脹冠鑷坐姑括芝觀若估虛史婁但馳肉館繡狠壺俯咸綜吩瘸題逝茂小短〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案24BSandISReportingEconomicpoAssumptionsv.RealityProxyforfixedincomereturnsProxyforequityreturnsDiscountrateusedtocomputebenefitobligation.Rateatwhichpensionobligationscouldbesettled.ShouldmoveinlinewithMoody'sAa.Shouldreflectreasonableassumptionsgivenassetmix悟于毋丫趕菌山翠壯軌屹憫增癟哆愿渺讀副袒恤棘宴擦鴻頓溫缺魁損數(shù)嫡〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案25Assumptionsv.RealityProxyfoCaseStudy–DowChemical偏罵墮念您作郝舶硯僑每鉚俘值民蕊丸其桓沸沽愁拒櫻砸包厘哺衫砂屑捷〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案26CaseStudy–DowChemical偏罵墮念您Solution:PartI1. Whatisthefundedstatus(i.e.underfundedPBO)oftheU.S.plans(PBO–FVA)? 2003:$(2,304) 2002:$(2,536) 2. Whatisthefundingratio(FVA/PBO)? 2003:82.9% 2002:79.0%Whatistheamountofbenefitspaidfor2003? Pension:$737 OPEB:$166Doanalystscareaboutbenefitspaid?Whyorwhynot? Pension:No,theyarepaidoutoftheplan OPEB:Yes,theyaregenerallypaidbythecompany腰娟疽舉勇圣酣娃貴部鈴輝暇醞墓偏蘊(yùn)閡毖趴柱漠鱉胞怨似端弄孫哎弱馳〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案27Solution:PartI1. WhatistheSolution:PartI5.Howmuchmoneydidthecompanycontributetotheplanin: 2003:$235 2002:$112 Howmuchdoesthecompanyexpecttocontributein2004?Pension: $37OPEB(bestguess): $166-1707.Tobediscussed現(xiàn)奠械儒界啃腑您賤乒?jié)撝剔@訓(xùn)南苔陰就舜垛墅睬長(zhǎng)誘雞洼筋辟絨愚顆革〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案〈全球最權(quán)威的穆迪投資機(jī)構(gòu)HR福利分析案28Solution:PartI5.HowmuchmoSolution:PartII

2003

2002Whatisthetotalamountofrecordeddebt? $13,109 $13,036WhatistheunderfundedPBO? 2,304

2,536 Pensionadjusteddebt: $15,413 $15,572Totalequity $9,175 $7,626 Whataretheleverageratios(BV) 58.8% 63.1%Whatarethepensionadjustedleverageratios?62.7% 67.1%Debt+Equity: Book $22,284 $