General Dynamics 2015 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2015 General Dynamics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined-benefit retirement
plans:
Pension Benefits Other Post-retirement Benefits
Year Ended December 31 2015 2014 2015 2014
Change in Benefit Obligation
Benefit obligation at beginning of year $ (13,236) $ (11,013) $ (1,130) $ (1,183)
Service cost (210) (186) (11) (12)
Interest cost (529) (532) (44) (52)
Amendments 6 (1) (10) 55
Actuarial gain (loss) 685 (2,083) 104 (30)
Settlement/curtailment/other 195 64 35 15
Benefits paid 535 515 65 77
Benefit obligation at end of year $ (12,554) $ (13,236) $ (991) $ (1,130)
Change in Plan/Trust Assets
Fair value of assets at beginning of year $ 9,084 $ 8,476 $ 553 $ 519
Actual return on plan assets (85) 664 13 68
Employer contributions 187 513 – 6
Settlement/curtailment/other (54) (65) – (1)
Benefits paid (524) (504) (39) (39)
Fair value of assets at end of year $ 8,608 $ 9,084 $ 527 $ 553
Funded status at end of year $ (3,946) $ (4,152) $ (464) $ (577)
Amounts recognized on our Consolidated Balance Sheets consisted of the following:
Pension Benefits Other Post-retirement Benefits
December 31 2015 2014 2015 2014
Noncurrent assets $ 145 $ 176 $ – $ –
Current liabilities (125) (128) (179) (181)
Noncurrent liabilities (3,966) (4,200) (285) (396)
Net liability recognized $ (3,946) $ (4,152) $ (464) $ (577)
Amounts deferred in AOCL consisted of the following:
Pension Benefits Other Post-retirement Benefits
December 31 2015 2014 2015 2014
Net actuarial loss (gain) $ 4,887 $ 5,364 $ (9) $ 89
Prior service credit (258) (320) (25) (38)
Total amount recognized in AOCL, pretax $ 4,629 $ 5,044 $ (34) $ 51
The following is a reconciliation of the change in AOCL for our defined-benefit retirement plans:
Pension Benefits Other Post-retirement Benefits
Year Ended December 31 2015 2014 2015 2014
Net actuarial loss (gain) $ 93 $ 2,074 $ (85) $ (7)
Prior service (credit) cost (6) 1 10 (55)
Amortization of:
Net actuarial loss from prior years (417) (320) (6) (9)
Prior service credit 67 67 5 2
Other* (152) (9) (9) 1
Change in AOCL, pretax $ (415) $ 1,813 $ (85) $ (68)
* Includes foreign exchange translation and curtailment adjustments.
56 General Dynamics Annual Report 2015