Medtronic 2013 Annual Report Download - page 120

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75732me_10K.indd 105 6/25/13 6:39 PM
Table of Contents
Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
The change in benefit obligation and funded status of the Company’s employee retirement plans are as follows:
(in millions)
Accumulated benefit obligation at end of year:
U.S. Pension Benefits
Fiscal Year
2013 2012
$ 1,924 $ 1,673 $
Non-U.S. Pension
Benefits
Fiscal Year
2013 2012
689 $ 589
Post-Retirement Benefits
Fiscal Year
2013 2012
$ 302 $ 339
Change in projected benefit obligation:
Projected benefit obligation at beginning of year
Service cost
Interest cost
Employee contributions
Plan amendments
Actuarial loss (gain)
Benefits paid
Medicare Part D reimbursements
Foreign currency exchange rate changes
Projected benefit obligation at end of year
$ 1,877
104
94
—
—
151
(72)
—
—
$ 2,154
$ 1,516
92
87
—
—
230
(48)
—
—
$ 1,877
$
$
717
43
27
15
(8)
65
(25)
—
(23)
811
$ 638
42
29
14
(4)
72
(25)
—
(49)
$ 717
$ 339
19
15
9
—
(62)
(19)
1
—
$ 302
$ 295
19
17
9
—
16
(18)
1
—
$ 339
Change in plan assets:
Fair value of plan assets at beginning of year
Actual return on plan assets
Employer contributions
Employee contributions
Benefits paid
Foreign currency exchange rate changes
Fair value of plan assets at end of year
$ 1,470
129
190
—
(72)
—
$ 1,717
$ 1,392
25
101
—
(48)
—
$ 1,470
$
$
638
69
49
15
(25)
(13)
733
$ 606
49
39
14
(25)
(45)
$ 638
$ 204
19
20
9
(19)
—
$ 233
$ 198
4
11
9
(18)
—
$ 204
Funded status at end of year:
Fair value of plan assets
Benefit obligations
Underfunded status of the plans
Recognized liability
Amounts recognized on the consolidated
balance sheets consist of:
Non-current assets
Current liabilities
Non-current liabilities
Recognized liability
Amounts recognized in accumulated other
comprehensive (loss) income:
Prior service (benefit) cost
Net actuarial loss
Ending balance
$ 1,717 $ 1,470
2,154 1,877
$ (437) $ (407)
$ (437) $ (407)
$ — $ —
(9) (8)
(428) (399)
$ (437) $ (407)
$ 5 $ 5
1,048 969
$ 1,053 $ 974
$
$
$
$
$
$
$
733
811
(78)
(78)
19
(4)
(93)
(78)
(1)
190
189
$ 638
717
$ (79)
$ (79)
$ 20
(2)
(97)
$ (79)
$ 6
175
$ 181
$ 233 $ 204
302 339
$ (69) $ (135)
$ (69) $ (135)
$ — $ —
(1) (1)
(68) (134)
$ (69) $ (135)
$ (3) $ (3)
43 108
$ 40 $ 105
102