Intel 2014 Annual Report Download - page 89

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INTEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Debt Maturities
Our aggregate debt maturities based on outstanding principal as of December 27, 2014, by year payable, were as follows:
(In Millions)
2015 ........................................................................................ $—
2016 ........................................................................................ 1,500
2017 ........................................................................................ 3,000
2018 ........................................................................................ —
2019 ........................................................................................ —
2020 and thereafter ............................................................................ 10,275
Total ....................................................................................... $ 14,775
In the preceding table, the 2009 debentures are classified based on their stated maturity date, regardless of their classification on
the consolidated balance sheet. Substantially all of the difference between the total aggregate debt maturities in the preceding
table and the total carrying amount of our debt is due to the unamortized discount of our convertible debentures and the short-
term classification of the 2009 debentures.
Note 16: Retirement Benefit Plans
Retirement Contribution Plans
We provide tax-qualified retirement contribution plans for the benefit of eligible employees, former employees, and retirees in the
U.S. and certain other countries. The plans are designed to provide employees with an accumulation of funds for retirement on a
tax-deferred basis. Employees hired prior to January 1, 2011 are eligible for and receive discretionary employer contributions in
the U.S. Intel Retirement Contribution Plan. Employees hired on or after January 1, 2011 receive discretionary employer
contributions in the Intel 401(k) Savings Plan, which are participant-directed. Our Chief Executive Officer (CEO) determines the
annual discretionary employer contribution amounts for the U.S. Intel Retirement Contribution Plan and the Intel 401(k) Savings
Plan under delegation of authority from our Board of Directors, pursuant to the terms of the plans. As of December 27, 2014, 84%
of our U.S. Intel Retirement Contribution Plan assets were invested in equities and 16% were invested in fixed-income
instruments. These assets are managed by external investment managers. Effective January 1, 2015, the U.S. Intel Retirement
Contribution plan assets and future discretionary employer contributions will be participant-directed.
For the benefit of eligible U.S. employees, we also provide a non-tax-qualified supplemental deferred compensation plan for
certain highly compensated employees. This plan is designed to permit certain discretionary employer contributions and to permit
employee deferral of a portion of compensation in addition to their Intel 401(k) Savings Plan deferrals. This plan is unfunded.
We expensed $286 million for the qualified and non-qualified U.S. retirement contribution plans in 2014 ($298 million in 2013 and
$357 million in 2012). In the first quarter of 2015, we funded $277 million for the 2014 contributions to the qualified U.S. retirement
contribution plans.
Pension and Postretirement Benefit Plans
U.S. Pension Benefits. For employees hired prior to January 1, 2011, we provide a tax-qualified defined-benefit pension plan, the
U.S. Intel Minimum Pension Plan, for eligible employees, former employees, and retirees in the U.S. During the second quarter of
2014, we communicated to employees our intent, beginning on January 1, 2015, to freeze future benefit accruals in the U.S. Intel
Minimum Pension Plan to all employees at or above a specific grade level, and generally covering all highly compensated
employees in the plan. Starting in 2016, the impacted employees will receive discretionary employer contributions in the Intel
401(k) Savings Plan, instead of the Retirement Contribution plan. This change was contingent on receiving a favorable private
letter ruling (PLR) from the U.S. Internal Revenue Service (IRS), which we filed for in January 2014. A favorable PLR was
received in October 2014 and resulted in a $1.1 billion reduction in our projected benefit obligation, most of which was also
included as a change in actuarial valuation on the consolidated statements of comprehensive income.
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