AbbVie 2014 Annual Report Download - page 89
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13NOV201221352027
The benefit plan information in the table below pertains to the global AbbVie-sponsored defined
benefit pension and other post-employment plans.
Other
Defined post-employment
benefit plans plans
as of and for the years ended December 31 (in millions) 2014 2013 2014 2013
Projected benefit obligations
Beginning of period $ 4,484 $ 1,669 $ 403 $ 231
Service cost 173 184 22 23
Interest cost 217 196 22 19
Employee contributions 1 1 — —
Plan amendments 1 (1) (13) —
Assumption of plan liabilities — 3,009 — 209
Removal of plans — — — (12)
Actuarial (gain) loss 1,108 (455) 111 (55)
Benefits paid (163) (146) (8) (12)
Other, primarily foreign currency translation loss (140) 27 1 —
End of period $ 5,681 $ 4,484 $ 538 $ 403
Fair value of plan assets
Beginning of period $ 3,666 $ 898 $ — $ —
Actual return on plan assets 282 491 — —
Company contributions 430 198 8 12
Employee contributions 1 1 — —
Assumption of plan assets — 2,221 — —
Benefits paid (163) (146) (8) (12)
Other, primarily foreign currency translation gain (43) 3 — —
End of period $ 4,173 $ 3,666 $ — $ —
Funded status at December 31 $(1,508) $ (818) $(538) $(403)
Amounts recognized in consolidated balance sheets
Other assets $ 210 $ 442 $ — $ —
Current liabilities (26) (27) (10) (8)
Long-term liabilities (1,692) (1,233) (528) (395)
Net liability at December 31 $(1,508) $ (818) $(538) $(403)
Actuarial losses, net $ 2,216 $ 1,194 $ 181 $ 74
Prior service cost 19 22 (53) (47)
AOCI at December 31 $ 2,235 $ 1,216 $ 128 $ 27
The projected benefit obligations (PBO) in the table above included $1.4 billion and $1.2 billion at
December 31, 2014 and 2013, respectively, related to international defined benefit pension plans, a number
of which generally are not funded in accordance with local regulations. Benefit payments under those plans
are funded from company assets. The funded status at December 31, 2014 reflects that AbbVie considered
the release of the new mortality tables and projection scales by the Society of Actuaries as an
improvement of the estimate of future mortality and opted to change to the new tables in 2014.
For plans reflected in the table above, the accumulated benefit obligations (ABO) were $5.0 billion and
$3.9 billion at December 31, 2014 and 2013, respectively. For those plans reflected in the table above in
which the ABO exceeded plan assets at December 31, 2014, the ABO, PBO and aggregate plan assets were
$2.9 billion, $3.5 billion and $1.8 billion, respectively.
2014 Form 10-K 83