Medtronic 2012 Annual Report Download - page 124

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Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
107
The change in benefit obligation and funded status of the Company’s employee retirement plans are
as follows:
U.S. Pension Benefits Non-U.S. Pension Benefits Post-Retirement Benefits
________________________ _________________________ _______________________
Fiscal Year Fiscal Year Fiscal Year
________________________ _________________________ _______________________
(in millions) 2012 2011 2012 2011 2012 2011
___________ __________ _________ __________ _________ __________ ________
Accumulated benefit obligation
at end of year: . . . . . . . . . . . . . . . . $ 1,673 $ 1,342 $ 589 $ 526 $ 339 $ 295
Change in projected benefit obligation:
Projected benefit obligation at
beginning of year . . . . . . . . . . . . . $ 1,516 $ 1,284 $ 638 $ 539 $ 295 $ 270
Service cost . . . . . . . . . . . . . . . . . . . 92 87 42 39 19 18
Interest cost . . . . . . . . . . . . . . . . . . . 87 77 29 25 17 16
Employee contributions . . . . . . . . ––14 12 97
Plan amendments . . . . . . . . . . . . . . –8(4) 2–(4)
Actuarial loss/(gain) . . . . . . . . . . . . 230 80 72 (41) 16 1
Benefits paid . . . . . . . . . . . . . . . . . . (48) (33) (25) (6) (18) (16)
Medicare Part D reimbursements – – – – 11
Special termination benefits . . . . . – 13 – – –2
Foreign currency exchange
rate changes . . . . . . . . . . . . . . . . . . – – (49) 68 ––
__________ _________ __________ _________ __________ ________
Projected benefit obligation at
end of year . . . . . . . . . . . . . . . . . . . $ 1,877 $ 1,516 $ 717 $ 638 $ 339 $ 295
__________ _________ __________ _________ __________ ________
Change in plan assets:
Fair value of plan assets at
beginning of year . . . . . . . . . . . . . $1,392 $1,104 $ 606$420 $ 198 $ 158
Actual return on plan assets . . . . . 25 141 49 14 4 21
Employer contributions . . . . . . . . . 101 180 39 102 11 28
Employee contributions . . . . . . . . ––14 12 97
Benefits paid . . . . . . . . . . . . . . . . . . (48) (33) (25) (6) (18) (16)
Foreign currency exchange
rate changes . . . . . . . . . . . . . . . . . . ––(45) 64 ––
__________ _________ __________ _________ __________ ________
Fair value of plan assets at
end of year . . . . . . . . . . . . . . . . . . . $ 1,470 $ 1,392 $ 638 $ 606 $ 204 $ 198
__________ _________ __________ _________ __________ ________
Funded status at end of year:
Fair value of plan assets . . . . . . . . . $ 1,470 $ 1,392 $ 638 $ 606 $ 204 $ 198
Benefit obligations . . . . . . . . . . . . . 1,877 1,516 717 638 339 295
__________ _________ __________ _________ __________ ________
Underfunded status of the plans . $ (407) $ (124) $(79)$(32) $ (135) $ (97)
__________ _________ __________ _________ __________ ________
Recognized liability . . . . . . . . . . . . $ (407) $ (124) $(79)$(32) $ (135) $ (97)
__________ _________ __________ _________ __________ ________
__________ _________ __________ _________ __________ ________
Amounts recognized on the consolidated balance sheets consist of:
Non-current assets . . . . . . . . . . . . . $ – $ 46 $ 20 $ 45 $ – $ –
Current liabilities . . . . . . . . . . . . . . (8) (7) (2) (2) (1) (1)
Non-current liabilities . . . . . . . . . . (399) (163) (97) (75) (134) (96)
__________ _________ __________ _________ __________ ________
Recognized liability . . . . . . . . . . . . $ (407) $ (124) $(79)$(32) $ (135) $ (97)
__________ _________ __________ _________ __________ ________
__________ _________ __________ _________ __________ ________
Amounts recognized in accumulated other comprehensive (loss)/income:
Prior service (benefit)/cost . . . . . . $ 5 $ 4$ 6 $ 13 $ (3) $ (3)
Net actuarial loss . . . . . . . . . . . . . . 969 688 175 130 108 83
__________ _________ __________ _________ __________ ________
Ending balance . . . . . . . . . . . . . . . . $ 974 $ 692 $ 181 $ 143 $ 105 $ 80
__________ _________ __________ _________ __________ ________
__________ _________ __________ _________ __________ ________