Coca Cola 2014 Annual Report Download - page 112
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110
Obligations and Funded Status
The following table sets forth the changes in benefit obligations and the fair value of plan assets for our benefit plans (in millions):
Pension Benefits Other Benefits
2014 2013 2014 2013
Benefit obligation at beginning of year1$ 8,845 $ 9,693 $ 946 $ 1,104
Service cost 261 280 26 36
Interest cost 406 378 43 42
Foreign currency exchange rate changes
(183) (69) (4) (2)
Amendments —(1) (31) (73)
Actuarial loss (gain)
1,519 (899) 88 (91)
Benefits paid2(522) (538) (62) (77)
Business combinations 4———
Settlements (7) (9) (1) —
Special termination benefits
52——
Other 18 817
Benefit obligation at end of year1$ 10,346 $ 8,845 $ 1,006 $ 946
Fair value of plan assets at beginning of year $ 8,746 $ 7,584 $ 243 $ 202
Actual return on plan assets 574 1,043 240
Employer contributions
214 639 ——
Foreign currency exchange rate changes (203) (43) ——
Benefits paid
(435) (474) (3) (2)
Settlements (1) (5) ——
Other 7243
Fair value of plan assets at end of year $ 8,902 $ 8,746 $ 246 $ 243
Net liability recognized $ (1,444
)$ (99)
$ (760
)$ (703)
1 For pension benefit plans, the benefit obligation is the projected benefit obligation. For other benefit plans, the benefit obligation is the accumulated
postretirement benefit obligation. The accumulated benefit obligation for our pension plans was $10,028 million and $8,523 million as of December 31,
2014 and 2013, respectively.
2 Benefits paid to pension plan participants during 2014 and 2013 included $87 million and $64 million, respectively, in payments related to unfunded
pension plans that were paid from Company assets. Benefits paid to participants of other benefit plans during 2014 and 2013 included $59 million and
$75 million, respectively, that were paid from Company assets.
Pension and other benefit amounts recognized in our consolidated balance sheets are as follows (in millions):
P
ension Benefits Other Benefits
December 31, 2014 2013 2014 2013
Noncurrent asset $ 479 $ 1,067 $ — $ —
Current liability
(78) (76) (20) (21)
Long-term liability
(1,845) (1,090) (740) (682)
Net liability recognized $ (1,444
)$ (99
)
$
(760
)$ (703)
Certain of our pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected
benefit obligations and the fair value of plan assets were as follows (in millions):
December 31, 2014 2013
Projected benefit obligation
$ 8,753 $ 1,521
Fair value of plan assets 6,854 374