Kodak 2014 Annual Report Download - page 87

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The Non-US transfers of $31 million of projected benefit obligation and $9 million of assets for the year ended December 31, 2014 relate to a plan split for a subset of
participants into a non-major plan. The transfers of $49 million in the eight months ended August 31, 2013 represent pre-petition obligations related to U.S. non-qualified
pension plans which were discharged pursuant to the terms of the Plan.
The settlement amounts above of $292 million and $532 million for the U.S. in the Successor periods are a result of lump sum payments from KRIP. The settlement amounts
in the eight months ended August 31, 2013 are primarily a result of the Global Settlement.
The mortality assumption is the basis for determining the longevity of Kodak’s pension plan participants and the expected period over which those participants will receive
pension benefits. A recent study released by the Society of Actuaries in the U.S. indicated that life expectancies have increased over the past several years and are longer than
what was assumed by most existing mortality tables. Kodak’s projected benefit obligation in the U.S. as of December 31, 2014 reflects a change in the underlying mortality
assumption, which reflects improvements in life expectancy consistent with the Society of Actuaries’ study and Kodak’s plan specific experience. Kodak’s projected benefit
obligation in the U.S. also reflects an increase in the expected rate of future longevity improvement taking into consideration data from multiple sources including the Society
of Actuaries’ study and plan specific data.
Successor
Predecessor
(in millions)
Year Ended
December 31, 2014
Four Months Ended
December 31, 2013
Eight Months Ended
August 31, 2013
U.S.
Non
-
U.S.
U.S.
Non
-
U.S.
U.S.
Non
-
U.S.
Change in Benefit Obligation
Projected benefit obligation at beginning of
period
$
4,361
$
1,010
$
4,969
$
1,008
$
5,415
$
4,192
Transfers
-
(31
)
-
-
(49
)
-
Service cost
18
4
7
2
19
6
Interest cost
176
30
67
11
120
95
Participant contributions
-
-
-
-
-
1
Plan amendments
(61
)
-
-
(6
)
-
-
Benefit payments
(346
)
(76
)
(123
)
(29
)
(247
)
(138
)
Actuarial (gain) loss
574
99
(27
)
4
(269
)
(104
)
Curtailments
-
1
-
(1
)
(20
)
(7
)
Settlements
(292
)
-
(532
)
-
-
(2,890
)
Special termination benefits
8
-
-
-
-
-
Currency adjustments
-
(105
)
-
21
-
(147
)
Projected benefit obligation at end of period
$
4,438
$
932
$
4,361
$
1,010
$
4,969
$
1,008
Change in Plan Assets
Fair value of plan assets at beginning of period
$
4,184
$
848
$
4,647
$
832
$
4,848
$
2,417
Transfers
-
(9
)
-
-
-
-
Gain on plan assets
614
116
192
26
46
77
Employer contributions
-
12
-
4
-
20
Participant contributions
-
-
-
-
-
1
Settlements
(292
)
-
(532
)
-
-
(1,463
)
Benefit payments
(346
)
(76
)
(123
)
(29
)
(247
)
(138
)
Currency adjustments
-
(87
)
-
15
-
(82
)
Fair value of plan assets at end of period
$
4,160
$
804
$
4,184
$
848
$
4,647
$
832
Under Funded Status at end of period
$
(278
)
$
(128
)
$
(177
)
$
(162
)
$
(322
)
$
(176
)
Accumulated benefit obligation at end of period
$
4,436
$
921
$
4,308
$
990
84