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YUM! BRANDS, INC.-2012 Form10-K 57
Form 10-K
PART II
ITEM 8Financial Statements andSupplementaryData
Obligation and Funded Status at Measurement Date:
The following chart summarizes the balance sheet impact, as well as benefi t obligations, assets, and funded status associated with our U.S. pension
plans and signifi cant International pension plans.The actuarial valuations for all plans refl ect measurement dates coinciding with our fi scal year ends.
U.S. Pension Plans International Pension Plans
2012 2011 2012 2011
Change in benefi t obligation
Benefi t obligation at beginning of year $ 1,381 $ 1,108 $ 187 $ 187
Service cost 26 24 2 5
Interest cost 66 64 8 10
Participant contributions — — 1 1
Plan amendments 5 — — —
Curtailments (10) (7) — (10)
PBO reduction in excess of settlement payments (74) — — —
Special termination benefi ts 3 5 — —
Exchange rate changes — — 5 1
Benefi ts paid (14) (11) (4) (2)
Settlement payments(a) (278) (29) — —
Actuarial (gain) loss 185 227 (6) (5)
Benefi t obligation at end of year $ 1,290 $ 1,381 $ 193 $ 187
Change in plan assets
Fair value of plan assets at beginning of year $ 998 $ 907 $ 183 $ 164
Actual return on plan assets 144 83 21 10
Employer contributions 100 53 19 10
Participant contributions — — 1 1
Settlement payments(a) (278) (29) — —
Benefi ts paid (14) (11) (4) (2)
Exchange rate changes — — 6 —
Administrative expenses (5) (5) — —
Fair value of plan assets at end of year $ 945 $ 998 $ 226 $ 183
FUNDED STATUS AT END OF YEAR $ (345) $ (383) $ 33 $ (4)
Amounts recognized in the Consolidated Balance Sheet:
U.S. Pension Plans International Pension Plans
2012 2011 2012 2011
Prepaid benefi t asset - non-current $ — $ — $ 33 $ 8
Accrued benefi t liability – current (19) (14) — —
Accrued benefi t liability – non-current (326) (369) — (12)
$ (345) $ (383) $ 33 $ (4)
Losses recognized in Accumulated Other Comprehensive Income:
U.S. Pension Plans International Pension Plans
2012 2011 2012 2011
Actuarial net loss $ 421 $ 540 $ 14 $ 30
Prior service cost 7 3 — —
$ 428 $ 543 $ 14 $ 30
(a) See Note4 for discussion of the settlement payments and settlement loss related to the U.S. Plan’s deferred vested benefit program.
The accumulated benefi t obligation for the U.S. and International pension plans was $1,426million and $1,496million at December29, 2012 and
December31, 2011, respectively.