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8-K
SUNEDISON, INC. filed this Form 8-K on 09/09/2013
Entire Document
 


The following table presents the changes in each component of accumulated other comprehensive loss, net of tax (unaudited):

 

In millions

   Foreign Currency
Items (1)
     Available-for-sale
Securities
     Pension Plans      Accumulated Other
Comprehensive Loss
 
Balance, December 31, 2012    $          (28.1)       $             0.2        $          (67.3)       $          (95.2)   
Other comprehensive loss before reclassifications      (42.2)         —          —          (42.2)   
Amounts reclassified from accumulated other comprehensive loss (2)      —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 
Net current period other comprehensive loss      (42.2)         —          —          (42.2)   
  

 

 

    

 

 

    

 

 

    

 

 

 
Balance June 30, 2013    $ (70.3)       $ 0.2        $ (67.3)       $ (137.4)   
  

 

 

    

 

 

    

 

 

    

 

 

 

(1) Excludes foreign currency adjustments as it relates to noncontrolling interests. See the combined statements of comprehensive income (loss).

(2) There are no reclassification adjustments out of accumulated other comprehensive loss into earnings.

9. EMPLOYEE-RELATED LIABILITIES

SunEdison maintains a number of benefit programs at a corporate level. Our employees participate in those programs and as such, we were allocated expenses associated with those programs. Since substantially all of the Parent pension and other post-employment benefit plans relate solely to us, our combined balance sheets include net benefit plan obligations related to those plans and those benefit plans in certain foreign locations that are our direct obligation. For the six months ended June 30, 2013 and 2012, the changes in pension and other post-employment benefit plans are not material to our combined financial statements.

Pension and Other Post-Employment Benefit Plans

Prior to January 2, 2002, SunEdison’s defined benefit pension plan covered most U.S. employees. Benefits for this plan were based on years of service and qualifying compensation during the final years of employment. Effective January 2, 2002, our Parent amended the defined benefit plan to discontinue future benefit accruals for certain participants. In addition, effective January 2, 2002, no new participants will be added to the plan. Effective January 1, 2012, the accumulation of new benefits for all participants under this defined benefit pension plan was frozen. This change did not have a material impact on the Company’s combined financial statements because the plan was frozen to new participants in 2001 and combined with turnover, the level of active participants was not significant.

Our Parent also has a non-qualified plan under the Employee Retirement Income Security Act of 1974. This plan provides benefits in addition to the defined benefit plan. Eligibility for participation in this plan requires coverage under the defined benefit plan and other specific circumstances. The non-qualified plan has also been amended to discontinue future benefit accruals.

Prior to January 1, 2002, our Parent’s health care plan provided post-retirement medical benefits to full-time U.S. employees who met minimum age and service requirements. The plan is contributory, with retiree contributions adjusted annually, and contains other cost-sharing features such as deductibles and coinsurance. Effective January 1, 2002, our Parent amended our health care plan to discontinue eligibility for post-retirement medical benefits for certain participants. In addition, effective January 2, 2002, no new participants will be eligible for post-retirement medical benefits under the plan.

 

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