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Obligations and Funded Status
(dollars in millions)
Pension Health Care and Life
At December31, 2015 2014 2015 2014
Change in Benet Obligations
Beginning of year $ 25,320 $ 23,032 $ 27,097 $ 23,042
Service cost 374 327 324 258
Interest cost 969 1,035 1,117 1,107
Plan amendments – (89) (45) (412)
Actuarial (gain) loss, net (1,361) 2,977 (2,733) 4,645
Benets paid (971) (1,566) (1,370) (1,543)
Curtailment and termination benets – 11 – –
Settlements paid (2,315) (407) – –
Reclassications (Note2) – – (167) –
End of year $ 22,016 $ 25,320 $ 24,223 $ 27,097
Change in Plan Assets
Beginning of year $ 18,548 $ 17,111 $ 2,435 $ 3,053
Actual return on plan assets 118 1,778 28 193
Company contributions 744 1,632 667 732
Benets paid (971) (1,566) (1,370) (1,543)
Settlements paid (2,315) (407) – –
End of year $ 16,124 $ 18,548 $ 1,760 $ 2,435
Funded Status
End of year $ (5,892) $ (6,772) $ (22,463) $ (24,662)
We reclassified $0.2billion to Non- current liabilities related to assets held for sale as a result of our agreement to sell our local exchange business
and related landline activities in California, Florida and Texas to Frontier (see Note2 for additional details).
(dollars in millions)
Pension Health Care and Life
At December31, 2015 2014 2015 2014
Amounts recognized on the balance sheet
Noncurrent assets $ 349 $ 337 $ – $ –
Current liabilities (93) (122) (695) (528)
Noncurrent liabilities (6,148) (6,987) (21,768) (24,134)
Total $ (5,892) $ (6,772) $ (22,463) $ (24,662)
Amounts recognized in Accumulated Other
Comprehensive Income (Pre-tax)
Prior Service Benet (Cost) $ (51) $ (56) $ (2,038) $ (2,280)
Total $ (51) $ (56) $ (2,038) $ (2,280)
The accumulated benefit obligation for all defined benefit pension plans was $22.0billion and $25.3billion at December31, 2015 and 2014,
respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets follows:
(dollars in millions)
At December31, 2015 2014
Projected benet obligation $ 21,694 $ 24,919
Accumulated benet obligation 21,636 24,851
Fair value of plan assets 15,452 17,810
65Verizon Communications Inc. and Subsidiaries
Notes to Consolidated Financial Statements continued