DELPHI 2014 Annual Report Download - page 109
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87
The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2014 and 2013.
Year Ended December 31,
2014 2013
(in millions)
Benefit obligation at beginning of year ...................................................................................... $ 2,105 $ 1,972
Service cost .............................................................................................................................. 57 53
Interest cost .............................................................................................................................. 94 85
Actuarial loss............................................................................................................................ 255 39
Benefits paid............................................................................................................................. (100)(86)
Impact of curtailments.............................................................................................................. 2(5)
Exchange rate movements and other........................................................................................ (175) 47
Benefit obligation at end of year ................................................................................................ 2,238 2,105
Change in plan assets:
Fair value of plan assets at beginning of year.......................................................................... 1,199 1,109
Actual return on plan assets................................................................................................. 156 56
Delphi contributions............................................................................................................ 97 98
Benefits paid........................................................................................................................ (100)(86)
Exchange rate movements and other................................................................................... (88) 22
Fair value of plan assets at end of year .................................................................................... 1,264 1,199
Underfunded status................................................................................................................... (974)(906)
Amounts recognized in the consolidated balance sheets consist of:
Current liabilities...................................................................................................................... (19)(14)
Non-current liabilities .............................................................................................................. (955)(892)
Total..................................................................................................................................... (974)(906)
Amounts recognized in accumulated other comprehensive income consist of (pre-tax):
Actuarial loss............................................................................................................................ 409 278
Prior service cost...................................................................................................................... — 1
Total..................................................................................................................................... $ 409 $ 279
The projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”), and fair value of plan assets for
pension plans with accumulated benefit obligations in excess of plan assets and with plan assets in excess of accumulated
benefit obligations are as follows:
U.S. Plans Non-U.S. Plans
2014 2013 2014 2013
(in millions)
Plans with ABO in Excess of Plan Assets
PBO ..................................................................................... $ 60 $ 69 $ 2,092 $ 1,956
ABO..................................................................................... 60 69 1,870 1,749
Fair value of plan assets at end of year................................ — — 1,133 1,052
Plans with Plan Assets in Excess of ABO
PBO ..................................................................................... $ — $ — $ 146 $ 149
ABO..................................................................................... — — 98 100
Fair value of plan assets at end of year................................ — — 131 147
Total
PBO ..................................................................................... $ 60 $ 69 $ 2,238 $ 2,105
ABO..................................................................................... 60 69 1,968 1,849
Fair value of plan assets at end of year................................ — — 1,264 1,199