Coca Cola 2015 Annual Report Download - page 117
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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
Year Ended December 31,
2014
2014
Benefit obligation at beginning of year1
$ 8,845
$ 946
Service cost
261
26
Interest cost
406
43
Foreign currency exchange rate changes
(183)
(4)
Amendments
—
(31)
Actuarial loss (gain)
1,519
88
Benefits paid2
(522)
(62)
Business combinations
4
—
Divestitures3
—
—
Settlements4
(7)
(1)
Special termination benefits
5
—
Other
18
1
Benefit obligation at end of year1
$ 10,346
$ 1,006
Fair value of plan assets at beginning of year
$ 8,746
$ 243
Actual return on plan assets
574
2
Employer contributions
214
—
Foreign currency exchange rate changes
(203)
—
Benefits paid
(435)
(3)
Divestitures3
—
—
Settlements4
(1)
—
Other
7
4
Fair value of plan assets at end of year
$ 8,902
$ 246
Net liability recognized
$ (1,444)
$ (760)
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 $8,868 million and $10,028 million as of December 31, 2015 and 2014, respectively.
2 Benefits paid to pension plan participants during 2015 and 2014 included $83 million and $87 million, respectively, in payments related to unfunded pension plans that were paid
from Company assets. Benefits paid to participants of other benefit plans during 2015 and 2014 included $56 million and $59 million, respectively, that were paid from Company
assets.
3 Divestitures are primarily related to the transfer of assets and liabilities associated with the Company's consolidated German bottling operations to assets held for sale and
liabilities held for sale as of December 31, 2015. Refer to Note 2 for additional information.
4 Settlements are primarily related to the Company's productivity, restructuring and integration initiatives. Refer to Note 18.
Pension and other benefit amounts recognized in our consolidated balance sheets are as follows (in millions):
Pension Benefits
Other Benefits
December 31,
2014
2014
Noncurrent asset
$ 479
$ —
Current liability
(78)
(20)
Long-term liability
(1,845)
(740)
Net liability recognized
$ (1,444)
$ (760)
115