Avis 2015 Annual Report Download - page 104
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F-35
benefits are based on an employee’s years of credited service and a percentage of final average
compensation. However, the majority of the plans are closed to new employees and participants are no
longer accruing benefits.
The funded status of the defined benefit pension plans is recognized on the Consolidated Balance Sheets
and the gains or losses and prior service costs or credits that arise during the period, but are not recognized
as components of net periodic benefit cost, are recognized as a component of accumulated other
comprehensive income (loss), net of tax.
The components of net periodic benefit cost consisted of the following:
Year Ended December 31,
2015 2014 2013
Service cost $ 5 $ 5 $ 5
Interest cost 22 29 26
Expected return on plan assets (31) (32) (28)
Amortization of unrecognized amounts 5 3 15
Net periodic benefit cost $ 1 $ 5 $ 18
The estimated amount that will be amortized from accumulated other comprehensive income (loss) into net
periodic benefit cost in 2016 is $6 million, which consists of $5 million for net actuarial loss and $1 million for
prior service cost.
The Company uses a measurement date of December 31 for its pension plans. The funded status of the
pension plans were as follows:
As of December 31,
Change in Benefit Obligation 2015 2014
Benefit obligation at end of prior year $ 716 $ 670
Service cost 5 5
Interest cost 22 29
Plan amendments — (1)
Actuarial (gain) loss (32) 72
Currency translation adjustment (30) (34)
Net benefits paid (25) (25)
Benefit obligation at end of current year $ 656 $ 716
Change in Plan Assets
Fair value of assets at end of prior year $ 553 $ 517
Actual return on plan assets 5 56
Employer contributions 14 26
Currency translation adjustment (20) (21)
Net benefits paid (25) (25)
Fair value of assets at end of current year $ 527 $ 553
As of December 31,
Funded Status 2015 2014
Classification of net balance sheet assets (liabilities):
Non-current assets $ 30 $ 15
Current liabilities (1) (1)
Non-current liabilities (158) (177)
Net funded status $ (129) $ (163)