Coca Cola 2014 Annual Report Download - page 117

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115
The Company anticipates making pension contributions in 2015 of approximately $90 million, all of which will be allocated to our
international plans. The majority of these contributions are discretionary.
Defined Contribution Plans
Our Company sponsors qualified defined contribution plans covering substantially all U.S. employees. Under the largest U.S. defined
contribution plan, we match participants’ contributions up to a maximum of 3.5 percent of compensation, subject to certain limitations.
Company costs related to the U.S. plans were $92 million, $97 million and $93 million in 2014, 2013 and 2012, respectively. We also
sponsor defined contribution plans in certain locations outside the United States. Company costs associated with those plans were
$36 million, $32 million and $29 million in 2014, 2013 and 2012, respectively.
Multi-Employer Plans
As a result of our acquisition of CCE’s former North America business during the fourth quarter of 2010, the Company now
participates in various multi-employer pension plans in the United States. Multi-employer pension plans are designed to cover
employees from multiple employers and are typically established under collective bargaining agreements. These plans allow multiple
employers to pool their pension resources and realize efficiencies associated with the daily administration of the plan.
Multi-employer plans are generally governed by a board of trustees composed of management and labor representatives and are
funded through employer contributions.
The Company’s expense for U.S. multi-employer pension plans totaled $38 million, $37 million and $31 million in 2014, 2013 and 2012,
respectively. The plans we currently participate in have contractual arrangements that extend into 2019. If, in the future, we choose to
withdraw from any of the multi-employer pension plans in which we currently participate, we would need to record the appropriate
withdrawal liabilities at that time.
NOTE 14: INCOME TAXES
Income before income taxes consisted of the following (in millions):
Year Ended December 31, 2014 2013 2012
United States $ 1,567 $ 2,451 $ 3,526
International 7,758 9,026 8,283
Total $ 9,325 $ 11,477 $ 11,809
Income tax expense consisted of the following for the years ended December 31, 2014, 2013 and 2012 (in millions):
United States State and Local
International
Total
2014
Current $ 867 $ 81 $ 1,293 $ 2,241
Deferred (97) (21) 78 (40)
2013
Current $
713
$ 102 $ 1,388 $ 2,203
Deferred
305 38
305 648
2012
Current $
602
$ 74 $ 1,415 $ 2,091
Deferred
936 33
(337) 632
We made income tax payments of $1,926 million, $2,162 million and $981 million in 2014, 2013 and 2012, respectively.