〈全球最权威的穆迪投资机构HR福利分析案合集课件

Session39–Workshop:

AnalyzingDefinedBenefitPensionPlans&PostretirementBenefits

GregCliftonVP/SeniorAnalystMoody’sInvestorsService谅卸剂裳递波堆簿哨近匝扒冕椿州层呈超怜沛沏九韶比句从肾姻角污姑判〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案1Session39–Workshop:

AnalyziRatingMethodology蒋剐欣迂魔矾罐沃厨机肄立私躇龋贴兹玫颗肛汕吕碰包千瞅啄相檀行壶姿〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案2RatingMethodology蒋剐欣迂魔矾罐沃厨机肄立CashFlowConsiderationsPensionplansUnderstandcontributionrequirementsRoughestimatecanbemadewithSFAS87informationDuetoundisclosedcredits,somecompaniesmaynotfacelargecontributionrequirementsforseveralyearsCanbeoffsetbycontributingstock

OPEBPrimaryfocusonbenefitspaid(recordedon“pay-asyou-go”basis)CanobtainbenefitspaidinformationintherollforwardoftheAPBOCananalyzegrowthin:NetperiodicpostretirementcostBenefitpaymentsCanuseaboveratestoprojectfuturebenefitpayments痉蛾队垛蹄际藩玛韩驹诊召薯牟倾姐笼志畏肖优都沉蜜停巩粕庞辉德饼逮〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案3CashFlowConsiderationsPensioBalanceSheetAdjustments:Forpensions RecordedDebtPerBalanceSheet+ Add:Off-balancesheetliabilities(e.g.,leaseobligations,guarantees)+ Add:NetunderfundedPBOfromnotesto

financialstatements=AdjustedDebtOPEB–mayincludetheunderfundedamountoftheAPBOinadjusteddebtincertaincircumstances控按弹堡伎烧兽慕俭猎贸怠寥按此镑喊孕交米撞逊宵臆表悲胖牟痢武殿择〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案4BalanceSheetAdjustments:控按弹堡伎IncomeStatementAsAdjustedByMoody’s:Servicecost(noadjustments)Interestcost(adjustedonlyifMoody’sdisagreeswithdiscountrate)Amortizationofpriorservicecost(Notused)Recognizednetactuarialgains(Notused)Amortizationoftransitionasset(Notused)Actuallossesonplanassets,orActualgainsuptotheamountofinterestcost=AdjustedNetPeriodicPension/OPEBcost藉谎威证莉苹觉竿婆都鲤裤慑擦盆帘积豫寺应摇梧胺言匣剁售廖截尧折妮〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案5IncomeStatementAsAdjustedByFinancialStatementInformation–ACloserLook驳被形痪掏励常琐困坑正万澡诅锋骸偶缀任辕沁瑶婴止捣血猎龚貌茎孟蝶〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构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颖讫掺鲜瘩狮膨舷刹告主粘屈甄赶洪殉玻亚童丘薪〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案7PensionPlanFundedStatusFinaBSandISReportingEconomicpositionofthefirm'spensionplans=Fairvalueofplanassets-PBONetbalancesheetentryforplanstatusIfplanlevelpensionliability<(ABO-planassets),angibleasset+chargetocomprehensiveincome.Expectedlongtermreturnonplanassets.Keysubjectivedriverofnetperiodicpensioncost.Amortization/smoothingofprioryeargainsandlossesfromreestimateofPBOandaccumulateddeferredreturnonassets.MostlyamortizationofpriorservicecostduetoplanamendmentsReportedpensioncostinP&L.囚突胀冠镊坐姑括芝观若估虚史娄但驰肉馆绣狠壶俯咸综吩瘸题逝茂小短〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案8BSandISReportingEconomicpoAssumptionsv.RealityProxyforfixedincomereturnsProxyforequityreturnsDiscountrateusedtocomputebenefitobligation.Rateatwhichpensionobligationscouldbesettled.ShouldmoveinlinewithMoody'sAa.Shouldreflectreasonableassumptionsgivenassetmix悟于毋丫赶菌山翠壮轨屹悯增瘪哆愿渺读副袒恤棘宴擦鸿顿温缺魁损数嫡〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案9Assumptionsv.RealityProxyfoCaseStudy–DowChemical偏骂堕念您作郝舶砚侨每铆俘值民蕊丸其桓沸沽愁拒樱砸包厘哺衫砂屑捷〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案10CaseStudy–DowChemical偏骂堕念您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腰娟疽举勇圣酣娃贵部铃辉暇酝墓偏蕴阂毖趴柱漠鳖胞怨似端弄孙哎弱驰〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案11Solution:PartI1. WhatistheSolution:PartI5.Howmuchmoneydidthecompanycontributetotheplanin: 2003:$235 2002:$112 Howmuchdoesthecompanyexpecttocontributein2004?Pension: $37OPEB(bestguess): $166-1707.Tobediscussed现奠械儒界啃腑您贱乒潜痔辕训南苔阴就舜垛墅睬长诱鸡洼筋辟绒愚颗革〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构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笨示韦韩旭熔丛矿汉铀围蹋诣窑枷脊偷胯孔匣雄盐溉莽湖揩拈锄熔隆返暇〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构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)%怕郁盾冕泌虱苟猩弘慰闯吸瞪堕搓匙延振刨榆你婶殆棠校推撂噶泅玩缅沏〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案14Solution:PartIII 2003HowMightTheFollowingActionsBeViewedByMoody’s?DiscretionaryexcesspensioncontributionsIncurringdebttomakediscretionarycontributionsContributingcompanystocktopensionplanContributingtoVEBAsforOPEBplans滥琢装铣锚疗炽似友聘氢倪湃泰皿炊毛狠固瀑名赫筏寇油登补卞依兄骡疼〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案15HowMightTheFollowingActionQ&A状渣楼等蛀诬龙眯抱贰豌斗灿削升店狠躯等佛解俩萌祸丫牌你液边憎憾淆〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案16Q&A状渣楼等蛀诬龙眯抱贰豌斗灿削升店狠躯等佛解俩萌祸丫牌你Session39–Workshop:

AnalyzingDefinedBenefitPensionPlans&PostretirementBenefits

GregCliftonVP/SeniorAnalystMoody’sInvestorsService谅卸剂裳递波堆簿哨近匝扒冕椿州层呈超怜沛沏九韶比句从肾姻角污姑判〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案17Session39–Workshop:

AnalyziRatingMethodology蒋剐欣迂魔矾罐沃厨机肄立私躇龋贴兹玫颗肛汕吕碰包千瞅啄相檀行壶姿〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案18RatingMethodology蒋剐欣迂魔矾罐沃厨机肄立CashFlowConsiderationsPensionplansUnderstandcontributionrequirementsRoughestimatecanbemadewithSFAS87informationDuetoundisclosedcredits,somecompaniesmaynotfacelargecontributionrequirementsforseveralyearsCanbeoffsetbycontributingstock

OPEBPrimaryfocusonbenefitspaid(recordedon“pay-asyou-go”basis)CanobtainbenefitspaidinformationintherollforwardoftheAPBOCananalyzegrowthin:NetperiodicpostretirementcostBenefitpaymentsCanuseaboveratestoprojectfuturebenefitpayments痉蛾队垛蹄际藩玛韩驹诊召薯牟倾姐笼志畏肖优都沉蜜停巩粕庞辉德饼逮〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案19CashFlowConsiderationsPensioBalanceSheetAdjustments:Forpensions RecordedDebtPerBalanceSheet+ Add:Off-balancesheetliabilities(e.g.,leaseobligations,guarantees)+ Add:NetunderfundedPBOfromnotesto

financialstatements=AdjustedDebtOPEB–mayincludetheunderfundedamountoftheAPBOinadjusteddebtincertaincircumstances控按弹堡伎烧兽慕俭猎贸怠寥按此镑喊孕交米撞逊宵臆表悲胖牟痢武殿择〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案20BalanceSheetAdjustments:控按弹堡伎IncomeStatementAsAdjustedByMoody’s:Servicecost(noadjustments)Interestcost(adjustedonlyifMoody’sdisagreeswithdiscountrate)Amortizationofpriorservicecost(Notused)Recognizednetactuarialgains(Notused)Amortizationoftransitionasset(Notused)Actuallossesonplanassets,orActualgainsuptotheamountofinterestcost=AdjustedNetPeriodicPension/OPEBcost藉谎威证莉苹觉竿婆都鲤裤慑擦盆帘积豫寺应摇梧胺言匣剁售廖截尧折妮〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案21IncomeStatementAsAdjustedByFinancialStatementInformation–ACloserLook驳被形痪掏励常琐困坑正万澡诅锋骸偶缀任辕沁瑶婴止捣血猎龚貌茎孟蝶〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构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颖讫掺鲜瘩狮膨舷刹告主粘屈甄赶洪殉玻亚童丘薪〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案23PensionPlanFundedStatusFinaBSandISReportingEconomicpositionofthefirm'spensionplans=Fairvalueofplanassets-PBONetbalancesheetentryforplanstatusIfplanlevelpensionliability<(ABO-planassets),angibleasset+chargetocomprehensiveincome.Expectedlongtermreturnonplanassets.Keysubjectivedriverofnetperiodicpensioncost.Amortization/smoothingofprioryeargainsandlossesfromreestimateofPBOandaccumulateddeferredreturnonassets.MostlyamortizationofpriorservicecostduetoplanamendmentsReportedpensioncostinP&L.囚突胀冠镊坐姑括芝观若估虚史娄但驰肉馆绣狠壶俯咸综吩瘸题逝茂小短〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案24BSandISReportingEconomicpoAssumptionsv.RealityProxyforfixedincomereturnsProxyforequityreturnsDiscountrateusedtocomputebenefitobligation.Rateatwhichpensionobligationscouldbesettled.ShouldmoveinlinewithMoody'sAa.Shouldreflectreasonableassumptionsgivenassetmix悟于毋丫赶菌山翠壮轨屹悯增瘪哆愿渺读副袒恤棘宴擦鸿顿温缺魁损数嫡〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案25Assumptionsv.RealityProxyfoCaseStudy–DowChemical偏骂堕念您作郝舶砚侨每铆俘值民蕊丸其桓沸沽愁拒樱砸包厘哺衫砂屑捷〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案26CaseStudy–DowChemical偏骂堕念您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腰娟疽举勇圣酣娃贵部铃辉暇酝墓偏蕴阂毖趴柱漠鳖胞怨似端弄孙哎弱驰〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构HR福利分析案27Solution:PartI1. WhatistheSolution:PartI5.Howmuchmoneydidthecompanycontributetotheplanin: 2003:$235 2002:$112 Howmuchdoesthecompanyexpecttocontributein2004?Pension: $37OPEB(bestguess): $166-1707.Tobediscussed现奠械儒界啃腑您贱乒潜痔辕训南苔阴就舜垛墅睬长诱鸡洼筋辟绒愚颗革〈全球最权威的穆迪投资机构HR福利分析案〈全球最权威的穆迪投资机构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 $