Tyson Foods 2015 Annual Report Download - page 75
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Please find page 75 of the 2015 Tyson Foods 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.NOTE 15: PENSIONS AND OTHER POSTRETIREMENT BENEFITS
AtOctober3,2015,wehadninedefinedbenefitpensionplansconsistingofsixfundedqualifiedplansandthreeunfundednon-qualifiedplans.Inregardstoour
qualifiedplans,fivearefrozenandnoncontributory.Thebenefitsprovidedundertheseplansarebasedonaformulausingyearsofserviceandeitheraspecified
benefitrateorcompensationlevel.Thenon-qualifieddefinedbenefitplansareforcertaincontractedofficersanduseaformulabasedonyearsofserviceandfinal
averagesalary.Wealsohaveotherpostretirementbenefitplansforwhichsubstantiallyallofouremployeesmayreceivebenefitsiftheysatisfyapplicable
eligibilitycriteria.Thepostretirementhealthcareplansarecontributorywithparticipants’contributionsadjustedwhendeemednecessary.
Wehavedefinedcontributionretirementprogramsforvariousgroupsofemployees.Werecognizedexpensesof$62million,$53millionand$50millioninfiscal
2015,2014and2013,respectively.
Weuseafiscalyearendmeasurementdateforourdefinedbenefitplansandotherpostretirementplans.Werecognizetheeffectofactuarialgainsandlossesinto
earningsimmediatelyforotherpostretirementplansratherthanamortizingtheeffectoverfutureperiods.
Otherpostretirementbenefitsincludepostretirementmedicalcostsandlifeinsurance.
BenefitObligationsandFundedStatus
Thefollowingtableprovidesareconciliationofthechangesintheplans’benefitobligations,assetsandfundedstatusatOctober3,2015,andSeptember27,2014
:
inmillions
PensionBenefits
OtherPostretirement
Qualified
Non-Qualified
Benefits
2015
2014
2015
2014
2015
2014
Changeinbenefitobligation
Benefitobligationatbeginningofyear $ 1,849
$ 86
$ 182
$ 85
$ 163
$ 71
Servicecost 10
1
8
7
5
2
Interestcost 78
10
8
5
7
3
Planamendments —
—
—
—
(60)
—
Planparticipants’contributions —
—
—
—
2
1
Actuarial(gain)/loss (50)
(37)
11
15
9
(8)
Benefitspaid (102)
(11)
(8)
(3)
(12)
(6)
Businessacquisition —
1,800
—
73
—
100
Benefitobligationatendofyear 1,785
1,849
201
182
114
163
Changeinplanassets
Fairvalueofplanassetsatbeginningofyear 1,647
85
3
—
—
—
Actualreturnonplanassets 25
(36)
—
—
—
—
Employercontributions 6
6
8
3
10
5
Planparticipants’contributions —
—
—
—
2
1
Benefitspaid (102)
(11)
(8)
(3)
(12)
(6)
Businessacquisition —
1,603
—
3
—
—
Other —
—
(3)
—
—
—
Fairvalueofplanassetsatendofyear 1,576
1,647
—
3
—
—
Fundedstatus $ (209)
$ (202)
$ (201)
$ (179)
$ (114)
$ (163)
73