Pizza Hut 2014 Annual Report Download - page 151
Download and view the complete annual report
Please find page 151 of the 2014 Pizza Hut annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141 -
142 -
143 -
144 -
145 -
146 -
147 -
148 -
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161 -
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
 |
 |
PART II
ITEM 8 Financial Statements and Supplementary Data
the Plan is to contribute amounts necessary to satisfy minimum primary unfunded U.S. non-qualified plan in 2015. Our two significant
pension funding requirements, including requirements of the Pension U.S. plans were previously amended such that any salaried employee
Protection Act of 2006, plus additional amounts from time to time as hired or rehired by YUM after September 30, 2001 is not eligible to
are determined to be necessary to improve the Plan’s funded status. participate in those plans.
Subsequent to year end we contributed $75 million to the Plan, and do We do not anticipate any plan assets being returned to the Company
not expect to make any further significant contributions in 2015. We during 2015 for any U.S. plans.
currently expect to make $24 million in benefit payments related to our
Obligation and Funded Status at Measurement Date:
The following chart summarizes the balance sheet impact, as well as benefit obligations, assets, and funded status associated with our two
significant U.S. pension plans. The actuarial valuations for all plans reflect measurement dates coinciding with our fiscal year end.
2014 2013
Change in benefit obligation
Benefit obligation at beginning of year $ 1,025 $ 1,290
Service cost 17 21
Interest cost 54 54
Plan amendments 1—
Curtailments (2) (3)
Special termination benefits 35
Benefits paid (65) (21)
Settlements(a)(b) (17) (151)
Actuarial (gain) loss 290 (164)
Administrative expense (5) (6)
Benefit obligation at end of year $ 1,301 $ 1,025
Change in plan assets
Fair value of plan assets at beginning of year $ 933 $ 945
Actual return on plan assets 124 116
Employer contributions 21 22
Settlement payments(a) (17) (123)
Benefits paid (65) (21)
Administrative expenses (5) (6)
Fair value of plan assets at end of year $ 991 $ 933
Funded status at end of year $ (310) $ (92)
(a) For discussion of the settlement payments and settlement losses, see Components of net periodic benefit cost below.
(b) 2013 includes the transfer of certain non-qualified pension benefits into a defined benefit plan not included in the table.
Amounts recognized in the Consolidated Balance Sheet:
2014 2013
Prepaid benefit asset – non-current $—$10
Accrued benefit liability – current (11) (8)
Accrued benefit liability – non-current (299) (94)
$ (310) $ (92)
The accumulated benefit obligation was $1,254 million and $983 million at December 27, 2014 and December 28, 2013, respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
2014 2013
Projected benefit obligation $ 1,301 $ 102
Accumulated benefit obligation 1,254 94
Fair value of plan assets 991 —
YUM! BRANDS, INC. - 2014 Form 10-K 57
13MAR201516053226
Form 10-K