3M 2015 Annual Report Download - page 83

TableofContents
TheCompanyhasinsurancethatitbelieves,basedonwhatiscurrentlyknown,willresultintheprobablerecoveryofaportionofthe
decreaseinoriginalassetvalue.Inthefirstquarterof2014,3Mandcertain3MbenefitplansfiledalawsuitintheU.S.DistrictCourt
fortheDistrictofMinnesotaagainstfiveinsurersseekinginsurancecoveragefortheWGTradingCompanyclaim.InSeptember
2015,thecourtruledinfavorofthedefendantinsurancecompaniesonamotionforsummaryjudgmentanddismissedthelawsuit.In
October2015,3Mandthe3MbenefitplansfiledanoticeofappealtotheUnitedStatesCourtofAppealsfortheEighthCircuit.As
ofthe2015measurementdate,theseholdingsrepresentedlessthanonehalfofonepercentof3M’sfairvalueoftotalplanassets.3M
currentlybelievesthattheresolutionoftheseeventswillnothaveamaterialadverseeffectontheconsolidatedfinancialpositionof
theCompany.
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Thefollowingtablesincludeareconciliationofthebeginningandendingbalancesofthebenefitobligationandthefairvalueofplan
assetsaswellasasummaryoftherelatedamountsrecognizedintheCompany’sconsolidatedbalancesheetasofDecember31of
therespectiveyears.3Malsohascertainnon-qualifiedunfundedpensionandpostretirementbenefitplans,inclusiveofplansrelated
tosupplement/excessbenefitsforemployeesimpactedbyparticularrelocationsandothermatters,thatindividuallyandinthe
aggregatearenotsignificantandwhicharenotincludedinthetablesthatfollow.Theobligationsfortheseplansareincludedwithin
otherliabilitiesintheCompany’sconsolidatedbalancesheetandaggregatedlessthan$35millionasofDecember31,2015and2014
.
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QualifiedandNon-qualified       
PensionBenefits Postretirement 
UnitedStates International Benefits 
(Millions)  2015  2014  2015  2014  2015  2014 
Changeinbenefitobligation             
Benefitobligationatbeginningofyear  $ 16,452  $ 13,967  $ 6,979  $ 6,346  $ 2,462  $ 2,017 
Acquisitions/Transfersin   —   —   94   —   —   — 
Servicecost   293   241   154   141   75   65 
Interestcost   655   676   206   252   98   97 
Participantcontributions  —   —   9   10   14   18 
Foreignexchangeratechanges   —   —   (589)  (663)  (22)  (11)
Planamendments   —   (266)  (6)  3   (211)  — 
Actuarial(gain)loss   (657)  2,874   (274)  1,128   (80)  415 
MedicarePartDReimbursement   —   —   —   —   1   1 
Benefitpayments   (874)  (1,039)  (232)  (235)  (122)  (140)
Settlements,curtailments,specialterminationbenefits
andother   (13)  (1)  (19)  (3)  1   — 
Benefitobligationatendofyear  $ 15,856  $ 16,452  $ 6,322  $ 6,979  $ 2,216  $ 2,462 
Changeinplanassets             
Fairvalueofplanassetsatbeginningofyear  $ 14,643  $ 13,889  $ 5,957  $ 5,758  $ 1,436  $ 1,405 
Acquisitions/Transfersin   —   —   8  —   —   — 
Actualreturnonplanassets   100   1,749   287   813   36   148 
Companycontributions   113   45   151   165   3   5 
Participantcontributions  —   —   9   10   14   18 
Foreignexchangeratechanges   —   —   (498)  (554)  —   — 
Benefitpayments   (874)  (1,039)  (232)  (235)  (122)  (140)
Settlements,curtailments,specialterminationbenefits
andother   (16)  (1)  (13)  —   —   — 
Fairvalueofplanassetsatendofyear  $ 13,966  $ 14,643  $ 5,669  $ 5,957  $ 1,367  $ 1,436 
Fundedstatusatendofyear  $ (1,890) $ (1,809) $ (653) $ (1,022) $ (849) $ (1,026)
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