E-Z-GO 2014 Annual Report Download - page 71

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Obligations and Funded Status
All of our plans are measured as of our fiscal year-end. The changes in the projected benefit obligation and in the fair value of
plan assets, along with our funded status, are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions)
2014
2013
2014
2013
Change in benefit obligation
Benefit obligation at beginning of year
$ 6,544
$ 7,053
$ 445
$ 564
Service cost
109
133
4
6
Interest cost
334
290
19
19
Acquisitions
570
—
13
—
Amendments
12
16
(30)
(45)
Plan participants’ contributions
—
—
5
4
Actuarial losses (gains)
886
(566)
4
(55)
Benefits paid
(400)
(373)
(47)
(48)
Foreign exchange rate changes and other
(49)
(9)
—
—
Benefit obligation at end of year
$ 8,006
$ 6,544
$ 413
$ 445
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$ 6,345
$ 5,715
Actual return on plan assets
623
819
Acquisitions
390
—
Employer contributions
60
185
Benefits paid
(400)
(373)
Foreign exchange rate changes and other
(39)
(1)
Fair value of plan assets at end of year
$ 6,979
$ 6,345
Funded status at end of year
$ (1,027)
$ (199)
$ (413)
$ (445)
Amounts recognized in our balance sheets are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions)
2014
2013
2014
2013
Non-current assets
$ 60
$ 413
$ —
$ —
Current liabilities
(26)
(26)
(45)
(48)
Non-current liabilities
(1,061)
(586)
(368)
(397)
Recognized in Accumulated other comprehensive loss, pre-tax:
Net loss
2,193
1,596
40
38
Prior service cost (credit)
110
114
(75)
(69)
The accumulated benefit obligation for all defined benefit pension plans was $7.6 billion and $6.1 billion at January 3, 2015 and
December 28, 2013, respectively, which included $392 million and $359 million, respectively, in accumulated benefit obligations
for unfunded plans where funding is not permitted or in foreign environments where funding is not feasible.
Pension plans with accumulated benefit obligations exceeding the fair value of plan assets are as follows:
(In millions)
2014
2013
Projected benefit obligation
$ 3,096
$ 2,828
Accumulated benefit obligation
2,900
2,629
Fair value of plan assets
2,215
2,215
65 Textron Inc. Annual Report • 2014