HP 2014 Annual Report Download - page 115
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 3: Restructuring (Continued)
Other Plans
Restructuring plans initiated by HP in fiscal 2008 and 2010 were substantially completed as of
October 31, 2014. Severance- and infrastructure-related cash payments associated with the other plans
are expected to be paid out through fiscal 2019.
Note 4: Retirement and Post-Retirement Benefit Plans
Defined Benefit Plans
HP sponsors a number of defined benefit pension plans worldwide, of which the most significant
are in the United States. Both the HP Pension Plan (‘‘Pension Plan’’), a defined benefit pension plan
under which benefits are based on pay and years of service, and the HP Company Cash Account
Pension Plan (‘‘Cash Account Pension Plan’’), under which benefits are accrued pursuant to a formula
based on a percentage of pay plus interest, were frozen effective January 1, 2008. The Cash Account
Pension Plan was merged into the HP Pension Plan in 2005 for certain funding and investment
purposes. Effective October 30, 2009 the Electronic Data Systems Corporation (‘‘EDS’’) U.S. qualified
pension plan was also merged into the Pension Plan. The EDS pension plan was frozen effective
January 1, 2009.
HP reduces the benefit payable to certain U.S. employees under the Pension Plan for service
before 1993, if any, by any amounts due to the employee under HP’s frozen defined contribution
Deferred Profit-Sharing Plan (‘‘DPSP’’). HP closed the DPSP to new participants in 1993. The DPSP
plan obligations are equal to the plan assets and are recognized as an offset to the Pension Plan when
HP calculates its defined benefit pension cost and obligations. The fair value of plan assets and
projected benefit obligations for the U.S. defined benefit plans combined with the DPSP were as
follows:
For the fiscal years ended October 31
2014 2013
Projected Projected
Benefit Benefit
Plan Assets Obligation Plan Assets Obligation
In millions
U.S. defined benefit plans ....................... $11,979 $13,756 $10,866 $11,866
DPSP...................................... 828 828 837 837
Total ..................................... $12,807 $14,584 $11,703 $12,703
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