HP 2013 Annual Report Download - page 146
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 15: Retirement and Post-Retirement Benefit Plans (Continued)
The weighted-average assumptions used to calculate net benefit (credit) cost were as follows for
the following fiscal years ended October 31:
U.S. Defined Non-U.S. Defined Post-Retirement
Benefit Plans Benefit Plans Benefit Plans
2013 2012 2011 2013 2012 2011 2013 2012 2011
Discount rate .................... 4.1% 4.8% 5.6% 3.8% 4.5% 4.4% 3.0% 4.4% 4.4%
Expected increase in compensation levels 2.0% 2.0% 2.0% 2.4% 2.5% 2.5% — — —
Expected long-term return on assets .... 7.8% 7.6% 8.0% 7.2% 6.4% 6.8% 9.0% 10.0% 10.5%
Funded Status
The funded status of the defined benefit and post-retirement benefit plans was as follows for the
following fiscal years ended October 31:
U.S. Defined Non-U.S. Defined Post-Retirement
Benefit Plans Benefit Plans Benefit Plans
2013 2012 2013 2012 2013 2012
In millions
Change in fair value of plan assets:
Fair value—beginning of year .......... $11,536 $10,662 $14,021 $13,180 $ 395 $ 394
Acquisition/addition of plans .......... — — 7 8 — —
Actual return on plan assets ........... 629 1,411 1,842 1,327 32 36
Employer contributions .............. 54 50 634 582 102 31
Participant contributions .............——63577259
Benefits paid ...................... (1,320) (556) (504) (462) (205) (125)
Settlement ........................ (33) (31) (96) (193) — —
Currency impact ................... — — 116 (478) — —
Fair value—end of year .............. 10,866 11,536 16,083 14,021 396 395
Change in benefit obligation:
Projected benefit obligation—beginning of
year ........................... 14,237 11,945 18,097 16,328 1,056 816
Acquisition/addition of plans ..........——1425——
Service cost ....................... 1 1 337 294 6 7
Interest cost ...................... 560 566 676 690 31 35
Participant contributions .............——63577259
Actuarial (gain) loss ................. (1,579) 1,479 343 2,143 (85) 34
Benefits paid ...................... (1,320) (556) (504) (462) (205) (125)
Plan amendments .................. — — 6 (67) — —
Curtailment .......................——13 5—5
Settlement ........................ (33) (31) (100) (395) — —
Special termination benefits ........... — 833 31 17 (5) 227
Currency impact ................... — — 176 (538) (3) (2)
Projected benefit obligation—end of year . . . 11,866 14,237 19,152 18,097 867 1,056
Funded status at end of year ............ $(1,000) $ (2,701) $ (3,069) $(4,076) $ (471) $ (661)
Accumulated benefit obligation .......... $11,865 $14,236 $18,254 $17,070
138