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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share amounts)
70
Retirement Plans
The benefit obligations and funded status of defined benefit pension plans are as follows:
United States Foreign
2015 2014 2015 2014
Accumulated benefit obligation $ 1,688,982 $ 1,866,914 $ 635,600 $ 698,176
Projected benefit obligation
Benefit obligation - beginning of year $ 1,868,176 $ 1,622,591 $ 715,287 $ 672,773
Service cost 134 6,908 2,229 3,565
Interest cost 74,331 77,655 24,261 28,518
Plan participants' contributions ——859
Actuarial (gain) loss (131,179)306,718 (15,375)89,695
Foreign currency changes ——(53,945)(52,750)
Plan Amendments (428)———
Settlement / curtailment (3,678)(16,867)——
Special termination benefits ——79 1,238
Benefits paid (117,471)(128,829)(25,432)(27,811)
Benefit obligation - end of year $ 1,689,885 $ 1,868,176 $ 647,112 $ 715,287
Fair value of plan assets available for benefits
Fair value of plan assets - beginning of year $ 1,593,463 $ 1,523,679 $ 574,992 $ 561,078
Actual return on plan assets (19,173)195,946 11,383 67,306
Company contributions 7,649 19,534 14,194 15,323
Plan participants' contributions ——859
Settlement / curtailment (3,678)(16,867)——
Foreign currency changes ——(45,033)(40,963)
Benefits paid (117,471)(128,829)(25,432)(27,811)
Fair value of plan assets - end of year $ 1,460,790 $ 1,593,463 $ 530,112 $ 574,992
Amounts recognized in the Consolidated Balance Sheets
Non-current asset $ 271 $ 300 $ 11,566 $ 5,813
Current liability (9,088)(6,590)(1,031)(1,008)
Non-current liability (220,277)(268,423)(127,535)(145,100)
Funded status $(229,094)$(274,713)$(117,000)$ (140,295)
Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at
December 31, 2015 and 2014:
United States Foreign
2015 2014 2015 2014
Projected benefit obligation $ 1,689,476 $ 1,867,788 $ 540,984 $ 583,317
Accumulated benefit obligation $ 1,688,573 $ 1,866,525 $ 529,593 $ 566,365
Fair value of plan assets $ 1,460,111 $ 1,592,774 $ 412,418 $ 437,209