Xerox 2015 Annual Report Download - page 124
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Note 16 – 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
2015 2014 2015 2014 2015 2014
Change in Benefit Obligation:
Benefit obligation, January 1 $ 4,716 $ 3,893 $ 7,139 $6,664 $937 $856
Service cost 4 9 32 34 79
Interest cost 83 281 212 272 34 36
Plan participants' contributions — — 4 5 14 16
Actuarial (gain) loss (225)813 (107)1,069 (4) 119
Currency exchange rate changes — — (538)(594)(25)(13)
Plan Amendments/Curtailments — (7) (17)—(31)—
Divestitures(2) ———
(27)— —
Benefits paid/settlements (378) (273) (260)(279)(77)(86)
Other — — — (5) — —
Benefit Obligation, December 31 $4,200 $ 4,716 $ 6,465 $7,139 $855 $937
Change in Plan Assets:
Fair value of plan assets, January 1 $ 3,126 $ 2,876 $ 6,088 $5,789 $—$—
Actual return on plan assets (72)398 (17)899 ——
Employer contribution 177 124 132 160 63 70
Plan participants' contributions — — 4 5 14 16
Currency exchange rate changes — — (440)(484)— —
Benefits paid/settlements (378) (273) (260)(279)(77)(86)
Other — 1 (4) (2) — —
Fair Value of Plan Assets, December 31 $2,853 $ 3,126 $ 5,503 $6,088 $—$—
Net Funded Status at December 31(1) $ (1,347) $ (1,590) $ (962)$ (1,051)$ (855)$ (937)
Amounts Recognized in the Consolidated
Balance Sheets:
Other long-term assets $ — $ — $ 31 $ 17 $ — $ —
Accrued compensation and benefit costs (23)(24)(27)(28)(68)(72)
Pension and other benefit liabilities (1,324) (1,566) (966) (1,040) — —
Post-retirement medical benefits ————
(787)(865)
Net Amounts Recognized $ (1,347) $ (1,590) $ (962)$ (1,051)$ (855)$ (937)
_______________
(1) Includes under-funded and un-funded plans.
(2) Represents the net un-funded pension obligations related to our ITO business, which was reported as a discontinued operation through its
date of sale on June 30, 2015. These obligations were assumed by the purchaser of the ITO business. The net pension cost associated
with these plans is immaterial. Refer to Note 4 - Divestitures for additional information regarding this sale.
Benefit plans pre-tax amounts recognized in AOCL at December 31:
Pension Benefits
U.S. Plans Non-U.S. Plans Retiree Health
2015 2014 2015 2014 2015 2014
Net actuarial loss $ 1,119 $1,301 $1,995 $2,036 $112 $122
Prior service credit (11) (13)(33)(20)(34)(42)
Total Pre-tax Loss $1,108 $1,288 $1,962 $2,016 $78$80
Accumulated Benefit Obligation $4,200 $4,716 $6,222 $6,883
107