Travelers 2015 Annual Report Download - page 233

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS (Continued)
Obligations and Funded Status
The following tables summarize the funded status, obligations and amounts recognized in the
consolidated balance sheet for the Company’s benefit plans. The Company uses a December 31
measurement date for its pension and postretirement benefit plans.
Qualified Nonqualified
Domestic Pension and Foreign
Plan Pension Plans Total
(at and for the year ended December 31, in millions) 2015 2014 2015 2014 2015 2014
Change in projected benefit obligation:
Benefit obligation at beginning of year ......... $3,385 $2,908 $ 227 $ 209 $3,612 $3,117
Benefits earned .......................... 124 104 76131 110
Interest cost on benefit obligation ............. 135 140 910 144 150
Actuarial loss (gain) ....................... (203) 428 229 (201) 457
Benefits paid ............................ (191) (187) (8) (11) (199) (198)
Plan amendments ......................... —(8) ———(8)
Curtailment ............................. ———(3) —(3)
Settlement .............................. ———(6) —(6)
Foreign currency exchange rate change ......... ——(9) (7) (9) (7)
Benefit obligation at end of year ............ $3,250 $3,385 $ 228 $ 227 $3,478 $3,612
Change in plan assets:
Fair value of plan assets at beginning of year ..... $3,235 $3,074 $ 122 $ 129 $3,357 $3,203
Actual return on plan assets ................. (17) 148 311 (14) 159
Company contributions ..................... 100 200 77107 207
Benefits paid ............................ (191) (187) (8) (11) (199) (198)
Foreign currency exchange rate change ......... ——(9) (8) (9) (8)
Settlement .............................. ———(6) —(6)
Fair value of plan assets at end of year ......... 3,127 3,235 115 122 3,242 3,357
Funded status of plan at end of year ........... $ (123) $ (150) $(113) $(105) $ (236) $ (255)
Amounts recognized in the consolidated balance
sheet consist of:
Accrued over-funded benefit plan assets ........ $—$—$4$6$4$6
Accrued under-funded benefit plan liabilities ..... (123) (150) (117) (111) (240) (261)
Total ................................ $ (123) $ (150) $(113) $(105) $ (236) $ (255)
Amounts recognized in accumulated other
comprehensive income consist of:
Net actuarial loss ......................... $1,079 $1,132 $52 $53 $1,131 $1,185
Prior service benefit ....................... (8) (8) ——(8) (8)
Total ................................ $1,071 $1,124 $52 $53 $1,123 $1,177
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