Determine douglas-roberts pension expense for 2013 enter

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Reference no: EM13589031

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2013:



Prior service cost at Jan. 1, 2013, from plan amendment at the


beginning of 2010 (amortization: $5 million per year) $ 15 million
Net loss-AOCI at Jan.1, 2013 (previous losses exceeded previous gains) $ 100 million
Average remaining service life of the active employee group
10 years
Actuary's discount rate
3   %

 ($ in millions)



Plan
PBO
Assets
Beginning of 2013 $ 680
Beginning of 2013 $ 480
Service cost
58
Return on plan assets,






     4% (6% expected)
19.2
Interest cost, 3%
20.4




Loss (gain) on PBO
(13 ) Cash contributions
100
Less: Retiree benefits
(34 ) Less: Retiree benefits
(34 )








End of 2013 $ 711.4
End of 2013 $ 565.2









Required:
1.1

Determine Douglas-Roberts' pension expense for 2013. (Enter your answer in millions. Round your answer to 1 decimal place.)

Reference no: EM13589031

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