Fluor 2014 Annual Report Download - page 119

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table presents expected benefit payments for the U.S. and non-U.S. defined benefit
pension plans:
U.S. Non-U.S.
(in thousands) Pension Plan Pension Plans
Year Ended December 31,
2015 $820,586(1) $ 26,497
2016 — 27,250
2017 — 28,914
2018 — 29,443
2019 — 31,706
2020 — 2024 — 177,582
(1) The majority of the benefit payments for the U.S. plan are expected to occur at settlement and to be
funded from plan assets, which totaled $751 million as of December 31, 2014.
Measurement dates for the company’s U.S. and non-U.S. defined benefit pension plans are
December 31. The following table sets forth the change in projected benefit obligation, plan assets and
funded status of the U.S. and non-U.S. plans:
U.S. Pension Plan Non-U.S. Pension Plans
December 31, December 31,
(in thousands) 2014 2013 2014 2013
Change in projected benefit obligation
Benefit obligation at beginning of year $686,977 $756,976 $ 908,530 $826,466
Service cost 3,800 6,453 16,217 15,390
Interest cost 31,675 29,100 34,536 32,176
Employee contributions — — 4,448 3,832
Currency translation — — (110,188) 25,885
Actuarial (gain) loss 146,643 (59,990) 196,021 29,510
Plan amendments 2,236 6,367 (17,921) —
Benefits paid (52,199) (48,204) (26,505) (24,729)
Curtailments — — — —
Other (3,764) (3,725) — —
Projected benefit obligation at end of year 815,368 686,977 1,005,138 908,530
Change in plan assets
Plan assets at beginning of year 708,730 767,296 945,837 886,141
Actual return on plan assets 62,501 (6,637) 191,929 40,508
Company contributions 36,000 — 26,816 13,133
Employee contributions — — 4,448 3,832
Currency translation — — (110,392) 26,952
Benefits paid (52,199) (48,204) (26,505) (24,729)
Other (3,764) (3,725) — —
Plan assets at end of year 751,268 708,730 1,032,133 945,837
(Under)/overfunded amounts $(64,100) $ 21,753 $ 26,995 $ 37,307
Amounts recognized in the Consolidated Balance
Sheet
Pension assets included in other assets $ — $ 21,753 $ 82,820 $ 58,849
Pension liabilities included in noncurrent liabilities (64,100) — (55,825) (21,542)
Accumulated other comprehensive loss (pre-tax) $273,832 $162,534 $ 250,399 $252,995
F-26