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Aggregate information for pension plans with an Accumulated benefit obligation in excess of plan assets is
presented below:
December 31, 2015 December 31, 2014
Projected
benefit
obligation
Accumulated
benefit
obligation
Fair value of
plan assets
Projected
benefit
obligation
Accumulated
benefit
obligation
Fair value of
plan assets
Underfunded Plans:
U.S. $ 3,855 $3,855 $2,853 $4,351 $4,351 $3,126
Non U.S. 4,853 4,692 4,336 6,376 6,125 5,848
Unfunded Plans:
U.S. $ 345 $ 345 $—$
365 $365 $—
Non U.S. 423 414 —567 551 —
Total Underfunded and Unfunded Plans:
U.S. $ 4,200 $4,200 $2,853 $4,716 $4,716 $3,126
Non U.S. 5,276 5,106 4,336 6,943 6,676 5,848
Total $ 9,476 $9,306 $7,189 $11,659 $11,392 $8,974
Our pension plan assets and benefit obligations at December 31, 2015 were as follows:
(in billions)
Fair Value of
Pension Plan
Assets
Pension Benefit
Obligations Net Funded Status
U.S. funded $ 2.9 $ 3.9 $ (1.0)
U.S. unfunded —0.3 (0.3)
Total U.S. $ 2.9 $ 4.2 $ (1.3)
U.K. 3.6 4.0 (0.4)
Canada 0.7 0.7 —
Other unfunded 1.2 1.8 (0.6)
Total $8.4$
10.7 $(2.3)
Prior to the freeze of current benefits (see below), most of our defined benefit pension plans generally provided
employees a benefit, depending on eligibility, calculated under a highest average pay and years of service formula.
Our primary domestic defined benefit pension plans provided a benefit at the greater of (i) the highest average pay
and years of service formula, (ii) the benefit calculated under a formula that provides for the accumulation of salary
and interest credits during an employee's work life or (iii) the individual account balance from the Company's prior
defined contribution plan (Transitional Retirement Account or TRA).
Xerox 2015 Annual Report 108