Xerox 2012 Annual Report Download - page 92

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Notes to Consolidated Financial Statements
(in millions, except per-share data and where otherwise noted)
90
Note 15 – Employee Benefit Plans
We sponsor numerous defined benefit and defined contribution pension and other post-retirement benefit plans, primarily retiree health care, in our
domestic and international operations. December 31 is the measurement date for all of our post-retirement benefit plans.
Pension Benefits
U.S. Plans Non-U.S. Plans Retiree Health
2012 2011 2012 2011 2012 2011
Change in Benefit Obligation:
Benefit obligation, January 1 $ 4,670 $ 4,456 $ 5,835 $ 5,275 $ 1,007 $ 1,006
Service cost 112 108 83 78 9 8
Interest cost 282 328 270 284 42 47
Plan participants’ contributions – – 9 10 19 33
Actuarial loss 480 403 537 513 18 26
Currency exchange rate changes – – 232 (85) 4 (3)
Curtailments – – (1) – – –
Benefits paid/settlements (509) (623) (256) (247) (103) (106)
Other (2) (2) (1) 7 (7) (4)
Benefit Obligation, December 31 $ 5,033 $ 4,670 $ 6,708 $ 5,835 $ 989 $ 1,007
Change in Plan Assets:
Fair value of plan assets, January 1 $ 3,393 $ 3,202 $ 4,884 $ 4,738 $ – $ –
Actual return on plan assets 358 406 434 288 – –
Employer contribution 331 408 163 148 84 73
Plan participants’ contributions – – 9 10 19 33
Currency exchange rate changes – – 197 (57) – –
Benefits paid/settlements (509) (623) (256) (247) (103) (106)
Other – – – 4 – –
Fair Value of Plan Assets, December 31 $ 3,573 $ 3,393 $ 5,431 $ 4,884 $ – $ –
Net Funded Status at December 31
(1) $ (1,460) $ (1,277) $ (1,277) $ (951) $ (989) $ (1,007)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets $ – $ – $ 35 $ 76 $ – $ –
Accrued compensation and benefit costs (23) (22) (25) (23) (80) (82)
Pension and other benefit liabilities (1,437) (1,255) (1,287) (1,004) – –
Post-retirement medical benefits – – – – (909) (925)
Net Amounts Recognized $ (1,460) $ (1,277) $ (1,277) $ (951) $ (989) $ (1,007)
(1) Includes under-funded and non-funded plans.