DELPHI 2015 Annual Report Download - page 115

Table of Contents
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12. PENSION BENEFITS
Certain of Delphi’s non-U.S. subsidiaries sponsor defined benefit pension plans, which generally provide benefits based
on negotiated amounts for each year of service. Delphi’s primary non-U.S. plans are located in France, Germany, Mexico,
Portugal and the United Kingdom (“U.K.”). The U.K. and certain Mexican plans are funded. In addition, Delphi has defined
benefit plans in South Korea, Turkey and Italy for which amounts are payable to employees immediately upon separation. The
obligations for these plans are recorded over the requisite service period.
Delphi sponsors a Supplemental Executive Retirement Program (“SERP”) for those employees who were U.S. executives
of DPHH prior to September 30, 2008 and were still U.S. executives of Delphi on October 7, 2009, the effective date of the
program. This program is unfunded. Executives receive benefits over 5 years after an involuntary or voluntary separation from
Delphi. The SERP is closed to new members.
Amounts disclosed within this note include amounts attributable to the Company's discontinued operations, which were
not significant in any period disclosed.
Funded Status
The amounts shown below reflect the change in the U.S. defined benefit pension obligations during 2015 and 2014.
Year Ended December 31,
2015 2014
(in millions)
Benefit obligation at beginning of year ...................................................................................... $ 60 $ 69
Interest cost ............................................................................................................................ 1 2
Actuarial loss ......................................................................................................................... — 2
Benefits paid .......................................................................................................................... (11)(13)
Benefit obligation at end of year ................................................................................................ 50 60
Change in plan assets:
Fair value of plan assets at beginning of year........................................................................ — —
Delphi contributions.......................................................................................................... 11 13
Benefits paid ..................................................................................................................... (11)(13)
Fair value of plan assets at end of year.................................................................................. — —
Underfunded status ................................................................................................................ (50)(60)
Amounts recognized in the consolidated balance sheets consist of:
Current liabilities ................................................................................................................... (12)(9)
Non-current liabilities ............................................................................................................ (38)(51)
Total................................................................................................................................... (50)(60)
Amounts recognized in accumulated other comprehensive income consist of (pre-tax):
Actuarial loss ......................................................................................................................... 11 13
Total................................................................................................................................... $ 11 $ 13