Autodesk 2014 Annual Report Download - page 166

2013 Annual Report
2014 Form 10-K 92
January 31,
2014 2013
Long-lived assets (1):
Americas
U.S. $ 1,041.9 $ 964.0
Other Americas 37.1 39.6
Total Americas 1,079.0 1,003.6
Europe, Middle East and Africa 228.6 168.4
Asia Pacific 44.0 50.1
Total long-lived assets $ 1,351.6 $ 1,222.1
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(1) Long-lived assets exclude deferred tax assets and marketable securities.
14. Retirement Benefit Plans
Pretax Savings Plan
Autodesk has a 401(k) plan that covers nearly all U.S. employees. Eligible employees may contribute up to 50% of their
pretax salary, subject to limitations mandated by the Internal Revenue Service. Autodesk makes voluntary cash contributions
and matches a portion of employee contributions in cash. Autodesk’s contributions were $8.1 million in fiscal 2014, $7.9
million in fiscal 2013 and $7.3 million in fiscal 2012. Autodesk does not allow participants to invest in Autodesk common stock
through the 401(k) plan.
Other Plans
Autodesk provides certain defined benefit pension plans to employees primarily located in countries outside of the U.S.
The Company deposits funds for specific plans, consistent with the requirements of local law, with insurance companies or
third-party trustees, and accrues for the unfunded portion of the obligation, where material. The assumptions used in calculating
the obligation for these plans depend on the local economic environment. The net liability related to the funded status of the
plans was approximately $21.5 million and $24.0 million as of January 31, 2014 and 2013, respectively. The projected benefit
obligation was $62.2 million and $61.5 million as of January 31, 2014 and 2013, respectively. The related fair value of plan
assets was $40.7 million and $37.5 million as of January 31, 2014 and 2013, respectively. Autodesk's practice is to fund the
pension plans in amounts at least sufficient to meet the minimum requirements of local laws and regulations. The assets of the
plans are primarily invested in high quality fixed income investments. Autodesk's contributions were approximately $6.0
million, $5.4 million and $4.2 million in fiscal 2014, 2013 and 2012, respectively. As of January 31, 2014, Autodesk's estimated
future benefit payments are an aggregate $11.4 million for fiscal 2015 through fiscal 2019 and an aggregate of $9.8 million for
fiscal 2020 through fiscal 2024. Autodesk recorded $7.7 million and $13.1 million of unrealized changes in the unfunded
portion of Autodesk’s defined benefit plans in fiscal 2014 and fiscal 2013, respectively.
Autodesk also provides defined contribution plans in certain foreign countries where required by statute. Autodesk’s
funding policy for foreign defined contribution plans is consistent with the local requirements in each country. Autodesk’s
contributions to these plans were $22.3 million in fiscal 2014, $21.5 million in fiscal 2013 and $20.4 million in fiscal 2012.
In addition, Autodesk offers a non-qualified deferred compensation plan to certain key employees whereby they may
defer a portion (or all) of their annual compensation until retirement or a different date specified by the employee in accordance
with terms of the plan. See Note 6, “Deferred Compensation,” for further discussion.
15. Restructuring Reserves
During the third quarter of fiscal 2014, the Board of Directors of the Company approved a world-wide restructuring plan
in order to re-balance staffing levels to better align them with the evolving needs of the business. The Company authorized plan
included a reduction of approximately 85 positions and the consolidation of four leased facilities, with a total cost of
approximately $15.0 million ("Fiscal 2014 Plan"). The Company expects to substantially pay the one-time termination benefits
and facility related liabilities related to the Fiscal 2014 Plan by the end of its first quarter of fiscal 2015.