HP 2014 Annual Report Download - page 119
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 4: Retirement and Post-Retirement Benefit Plans (Continued)
The weighted-average assumptions used to calculate the projected benefit obligations were as
follows:
For the fiscal years ended October 31
2014 2013 2014 2013 2014 2013
Non-U.S.
U.S. Defined Defined Post-Retirement
Benefit Plans Benefit Plans Benefit Plans
Discount rate .............................. 4.4% 4.9% 3.2% 3.9% 3.6% 3.9%
Expected increase in compensation levels .......... 2.0% 2.0% 2.5% 2.4% — —
For the U.S. defined benefit plan, HP adopted a new mortality rate table in fiscal 2014 to better
reflect expected lifetimes of its U.S. plan participants. The table used is based on a historical
demographic study of the plans and increased the projected benefit obligation by approximately
$870 million. The increase in the projected benefit obligation was recognized as a part of the net
actuarial loss as included in the other comprehensive loss which will be amortized over the remaining
estimated life of plan participants (approximately 26.5 years).
The net amounts recognized for HP’s defined benefit and post-retirement benefit plans in HP’s
Consolidated Balance Sheets were as follows:
As of October 31
2014 2013 2014 2013 2014 2013
U.S. Defined Non-U.S. Defined Post-Retirement
Benefit Plans Benefit Plans Benefit Plans
In millions
Noncurrent assets ...................... $ — $ — $ 421 $ 479 $ — $ —
Current liabilities ...................... (35) (33) (43) (46) (47) (109)
Noncurrent liabilities .................... (1,742) (967) (4,028) (3,502) (335) (362)
Funded status at end of year .............. $(1,777) $(1,000) $(3,650) $(3,069) (382) $(471)
The following table summarizes the pretax net actuarial loss (gain) and prior service benefit
recognized in accumulated other comprehensive loss for the defined benefit and post-retirement benefit
plans:
For the fiscal year ended October 31, 2014
U.S. Defined Non-U.S. Defined Post-Retirement
Benefit Plans Benefit Plans Benefit Plans
In millions
Net actuarial loss (gain) ......................... $1,405 $5,423 $(115)
Prior service benefit ............................ — (186) (119)
Total recognized in accumulated other comprehensive loss $1,405 $5,237 $(234)
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