Pizza Hut 2015 Annual Report Download - page 161
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YUM! BRANDS, INC.-2015 Form10-K 53
Form 10-K
PART II
ITEM 8Financial Statements and Supplementary Data
We do not anticipate any plan assets being returned to the Company during 2016 for any U.S. plans.
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.
2015 2014
Change in benefit obligation
Benefit obligation at beginning of year $ 1,301 $ 1,025
Service cost 18 17
Interest cost 55 54
Plan amendments 28 1
Curtailments (2) (2)
Special termination benefits 1 3
Benefits paid (50) (65)
Settlements(a) (16) (17)
Actuarial (gain) loss (196) 290
Administrative expense (5) (5)
Benefit obligation at end of year $ 1,134 $ 1,301
Change in plan assets
Fair value of plan assets at beginning of year $ 991 $ 933
Actual return on plan assets (10) 124
Employer contributions 94 21
Settlement payments(a) (16) (17)
Benefits paid (50) (65)
Administrative expenses (5) (5)
Fair value of plan assets at end of year $ 1,004 $ 991
Funded status at end of year $ (130) $ (310)
(a) For discussion of the settlement payments and settlement losses, see Components of net periodic benefit cost below.
Amounts recognized in the Consolidated Balance Sheet:
2015 2014
Accrued benefit liability – current $ (13) $ (11)
Accrued benefit liability – non-current (117) (299)
$ (130) $ (310)
The accumulated benefit obligation was $1,088 million and $1,254 million at December 26, 2015 and December 27, 2014, respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
2015 2014
Projected benefit obligation $ 101 $ 1,301
Accumulated benefit obligation 88 1,254
Fair value of plan assets — 991
Information for pension plans with a projected benefit obligation in excess of plan assets:
2015 2014
Projected benefit obligation $ 1,134 $ 1,301
Accumulated benefit obligation 1,088 1,254
Fair value of plan assets 1,004 991