Medtronic 2015 Annual Report Download - page 125
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Medtronic plc
Notes to Consolidated Financial Statements (Continued)
In certain countries outside the U.S., fully funding pension plans is not a common practice, as funding provides no income tax
benefit. Consequently, certain pension plans were partially funded as of April 24, 2015 and April 25, 2014. U.S. and non-U.S.
plans with accumulated benefit obligations in excess of plan assets consist of the following:
Fiscal Year
(in millions) 2015 2014
Accumulated benefit obligation $ 3,678 $ 2,426
Projected benefit obligation 4,032 2,703
Plan assets at fair value 2,823 2,268
Plans with projected benefit obligations in excess of plan assets consist of the following:
Fiscal Year
(in millions) 2015 2014
Projected benefit obligation $ 4,319 $ 2,864
Plan assets at fair value 3,086 2,419
The net periodic benefit cost of the plans include the following components:
U.S. Pension Benefits Non-U.S. Pension Benefits
Fiscal Year Fiscal Year
(in millions) 2015 2014 2013 2015 2014 2013
Service cost $ 104 $ 107 $ 104 $ 60 $ 54 $ 43
Interest cost 105 97 94 33 29 27
Expected return on plan assets (160) (141) (128) (41) (35) (33)
Amortization of prior service cost (credit) — 1 (1) — 1 1
Amortization of net actuarial loss 65 85 71 12 11 8
Net periodic benefit cost $ 114 $ 149 $ 140 $ 64 $ 60 $ 46
The other changes in plan assets and projected benefit obligations recognized in accumulated other comprehensive loss for
fiscal year 2015 are as follows:
(in millions)
U.S. Pension
Benefits
Non-U.S.
Pension
Benefits
Net actuarial loss $ 481 $ 199
Amortization of prior service cost — (1)
Amortization of net actuarial gain (65) (12)
Effect of exchange rates — (68)
Total recognized in accumulated other comprehensive loss $ 416 $ 118
Total recognized in net periodic benefit cost and accumulated other comprehensive loss $ 530 $ 182
The estimated net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit
cost, before tax, in fiscal year 2016 for U.S. and non-U.S. pension benefits is expected to be $98 million and $22 million,
respectively.
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