CHS 2014 Annual Report Download - page 48

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5NOV201416072039
Change in plan assets:
Fair value of plan assets at beginning of period $730,628 $ 688,196 $ — $ — $ — $ —
Actual gain (loss) on plan assets 106,531 53,582 ————
Company contributions 25,700 23,800 3,576 1,785 2,161 2,014
Benefits paid (40,734) (34,950) (3,576) (1,785) (2,161) (2,014)
Fair value of plan assets at end of period $ 822,125 $730,628 $ — $ — $ — $ —
Funded status at end of period $ 101,232 $ 89,344 $ (37,983) $(36,225) $ (44,318) $(45,542)
Amounts recognized on balance sheet:
Non-current assets $ 103,125 $ 89,930 $ — $ — $ — $ —
Accrued benefit cost:
Current liabilities — — (3,222) (3,051) (2,787) (2,919)
Non-current liabilities (1,893) (586) (34,761) (33,174) (41,531) (42,623)
Ending balance $ 101,232 $ 89,344 $ (37,983) $(36,225) $ (44,318) $(45,542)
Amounts recognized in accumulated other comprehensive loss (pretax):
Prior service cost (credit) $ 6,848 $ 7,794 $ 859 $ 1,088 $ (592) $ (712)
Net (gain) loss 235,564 253,288 12,542 10,685 (7,573) (5,415)
Ending balance $ 242,412 $ 261,082 $ 13,401 $ 11,773 $ (8,165) $ (6,127)
The accumulated benefit obligation of the qualified pen- The assumption changes for the years ended August 31,
sion plans was $682.1 million and $605.6 million at 2014 and 2013 were related to increases in and reduc-
August 31, 2014 and 2013, respectively. The accumulated tions to the discount rates for both CHS and NCRA qual-
benefit obligation of the non-qualified pension plans ified pension plans, respectively. The changes in the
was $22.7 million and $20.1 million at August 31, 2014 discount rates were due to changes in the yield curves
and 2013, respectively. for investment grade corporate bonds that CHS and
NCRA have historically used.
46 CHS 2014
Benefit Plans
We have various pension and other defined benefit and defined contribution plans, in which substantially all
employees may participate. We also have non-qualified supplemental executive and Board retirement plans.
Financial information on changes in benefit obligation, plan assets funded and balance sheets status as of August 31,
2014 and 2013 is as follows:
QUALIFIED NON-QUALIFIED
PENSION BENEFITS PENSION BENEFITS OTHER BENEFITS
(DOLLARS IN THOUSANDS) 2014 2013 2014 2013 2014 2013
Change in benefit obligation:
Benefit obligation at beginning of period $ 641,284 $ 671,066 $ 36,225 $ 34,470 $ 45,542 $ 64,189
Service cost 30,417 31,387 860 721 1,729 2,936
Interest cost 29,900 25,445 1,660 1,316 1,918 2,275
Actuarial (gain) loss 1,973 12,819 393 3,455 (4,135) (5,243)
Assumption change 57,406 (64,483) 2,421 (1,952) 1,425 (16,693)
Plan amendments 647 — ————
Medicare D — — — — — 92
Benefits paid (40,734) (34,950) (3,576) (1,785) (2,161) (2,014)
Benefit obligation at end of period $720,893 $ 641,284 $ 37,983 $ 36,225 $ 44,318 $ 45,542