AbbVie 2013 Annual Report Download - page 87
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The benefit plan information in the table below pertains to the global AbbVie-sponsored defined
benefit pension and other post-employment plans.
Other
Defined post-employment
benefit plans plans
as of and for the years ended December 31 (in millions) 2013 2012 2013 2012
Projected benefit obligations
Beginning of period $ 1,669 $ 649 $ 231 $ —
Service cost 184 21 23 —
Interest cost 196 38 19 —
Employee contributions 1 — — —
Plan amendments (1) — — —
Assumption of plan liabilities 3,009 797 209 231
Removal of plans — — (12) —
Actuarial (gain) loss (455) 182 (55) —
Benefits paid (146) (40) (12) —
Other, primarily foreign currency translation loss 27 22 — —
End of period $ 4,484 $1,669 $ 403 $ 231
Fair value of plan assets
Beginning of period $ 898 $ 230 $ — $ —
Actual return on plan assets 491 42 — —
Company contributions 198 46 12 —
Employee contributions 1 — — —
Assumption of plan assets 2,221 620 — —
Benefits paid (146) (40) (12) —
Other, primarily foreign currency translation gain 3 — — —
End of period $ 3,666 $ 898 — —
Funded status at December 31 $ (818) $ (771) $(403) $(231)
Amounts recognized in consolidated balance sheets
Other assets $ 442 $ 11 $ — $ —
Current liabilities (27) (27) (8) (7)
Long-term liabilities (1,233) (755) (395) (224)
Net liability at December 31 $ (818) $ (771) $(403) $(231)
Actuarial losses, net $ 1,194 $ 526 $ 74 $ 69
Prior service cost 22 10 (47) (1)
AOCI at December 31 $ 1,216 $ 536 $ 27 $ 68
The projected benefit obligations (PBO) in the table above included $1.2 billion and $1.1 billion at
December 31, 2013 and 2012, respectively, related to international defined benefit pension plans, a
number of which generally are not funded, in accordance with local regulations. Benefit payments
under those plans are funded from company assets.
For plans reflected in the table above, the accumulated benefit obligations (ABO) were $3.9 billion and
$1.5 billion at December 31, 2013 and 2012, respectively. For those plans reflected in the table above in
which the ABO exceeded plan assets at December 31, 2013, the ABO, PBO and aggregate plan assets
were $1.8 billion, $2.4 billion and $1.1 billion, respectively.
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