UPS 2015 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2015 UPS 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.

Page out of 148

  • 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

UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
80
Benefit payments under the pension plans include $22 and $19 million paid from employer assets in 2015 and 2014,
respectively. Benefit payments (net of participant contributions) under the postretirement medical benefit plans include $111
and $122 million paid from employer assets in 2015 and 2014, respectively. Such benefit payments from employer assets are
also categorized as employer contributions.
At December 31, 2015 and 2014, the projected benefit obligation, the accumulated benefit obligation and the fair value of
plan assets for pension plans with benefit obligations in excess of plan assets were as follows (in millions):
Projected Benefit Obligation
Exceeds the Fair Value of Plan Assets
Accumulated Benefit Obligation
Exceeds the Fair Value of Plan Assets
2015 2014 2015 2014
U.S. Pension Benefits:
Projected benefit obligation $ 36,846 $ 37,521 $ 36,846 $ 37,521
Accumulated benefit obligation 34,210 34,725 34,210 34,725
Fair value of plan assets 28,887 28,828 28,887 28,828
International Pension Benefits:
Projected benefit obligation $ 493 $ 510 $ 477 $ 474
Accumulated benefit obligation 416 426 401 398
Fair value of plan assets 247 261 232 232
The accumulated postretirement benefit obligation exceeds plan assets for all of our U.S. postretirement medical benefit
plans.