APS 2015 Annual Report Download - page 123
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Table of Contents
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table shows the plans’ changes in the benefit obligations and funded status for the years 2015 and 2014 (dollars
in thousands):
Pension
Other Benefits
2015
2014
2015
2014
Change in Benefit Obligation
Benefit obligation at January 1 $ 3,078,648
$ 2,646,530
$ 682,335
$ 890,418
Service cost 59,627
53,080
16,827
18,139
Interest cost 123,983
129,194
28,102
41,243
Benefit payments (137,115)
(128,550)
(24,988)
(29,054)
Actuarial (gain) loss (91,340)
378,394
(55,256)
150,188
Plan amendments —
—
—
(388,599)
Benefit obligation at December 31 3,033,803
3,078,648
647,020
682,335
Change in Plan Assets
Fair value of plan assets at January 1 2,615,404
2,264,121
834,625
748,339
Actual return on plan assets (44,690)
292,992
(2,399)
105,223
Employer contributions 100,000
175,000
791
770
Benefit payments (127,940)
(116,709)
—
(19,707)
Fair value of plan assets at December 31 2,542,774
2,615,404
833,017
834,625
Funded Status at December 31 $ (491,029)
$ (463,244)
$ 185,997
$ 152,290
The following table shows the projected benefit obligation and the accumulated benefit obligation for pension plans with an
accumulated obligation in excess of plan assets as of December 31, 2015 and 2014 (dollars in thousands):
2015
2014
Projected benefit obligation $ 3,033,803
$ 3,078,648
Accumulated benefit obligation 2,873,467
2,873,741
Fair value of plan assets 2,542,774
2,615,404
The following table shows the amounts recognized on the Consolidated Balance Sheets as of December 31, 2015 and 2014
(dollars in thousands):
Pension
Other Benefits
2015
2014
2015
2014
Noncurrent asset $ —
$ —
$ 185,997
$ 152,290
Current liability (10,031)
(9,508)
—
—
Noncurrent liability (480,998)
(453,736)
—
—
Net amount recognized $ (491,029)
$ (463,244)
$ 185,997
$ 152,290
118