Medtronic 2014 Annual Report Download - page 119
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Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
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) 2014 2013 2014 2013 2014 2013
Accumulated benefit obligation at end of year: $ 1,996 $ 1,924 $ 871 $ 689 $ 327 $ 302
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 2,154 $ 1,877 $ 811 $ 717 $ 302 $ 339
Service cost 107 104 54 43 19 19
Interest cost 97 94 29 27 14 15
Employee contributions — — 16 15 9 9
Plan amendments — — — (8) — —
Plan curtailments — — (2) — — —
Actuarial (gain) loss (104) 151 88 65 1 (62)
Benefits paid (51) (72) (27) (25) (19) (19)
Medicare Part D reimbursements ———— 1 1
Foreign currency exchange rate changes — — 62 (23) — —
Projected benefit obligation at end of year $ 2,203 $ 2,154 $ 1,031 $ 811 $ 327 $ 302
Change in plan assets:
Fair value of plan assets at beginning of year $ 1,717 $ 1,470 $ 733 $ 638 $ 233 $ 204
Actual return on plan assets 163 129 61 69 24 19
Employer contributions 88 190 48 49 20 20
Employee contributions — — 16 15 9 9
Benefits paid (51) (72) (27) (25) (19) (19)
Foreign currency exchange rate changes — — 58 (13) — —
Fair value of plan assets at end of year $ 1,917 $ 1,717 $ 889 $ 733 $ 267 $ 233
Funded status at end of year:
Fair value of plan assets $ 1,917 $ 1,717 $ 889 $ 733 $ 267 $ 233
Benefit obligations 2,203 2,154 1,031 811 327 302
Underfunded status of the plans $ (286) $ (437) $ (142) $ (78) $ (60) $ (69)
Recognized liability $ (286) $ (437) $ (142) $ (78) $ (60) $ (69)
Amounts recognized on the consolidated balance
sheets consist of:
Non-current assets $ — $ — $ 17 $ 19 $ — $ —
Current liabilities (10) (9) (4) (4) (1) (1)
Non-current liabilities (276) (428) (155) (93) (59) (68)
Recognized liability $ (286) $ (437) $ (142) $ (78) $ (60) $ (69)
Amounts recognized in accumulated other
comprehensive (loss) income:
Prior service cost (benefit) $ 4 $ 5 $ (2) $ (1) $ (3) $ (3)
Net actuarial loss 837 1,048 254 190 39 43
Ending balance $ 841 $ 1,053 $ 252 $ 189 $ 36 $ 40
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