Johnson Controls 2014 Annual Report Download - page 98

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98
Funded Status
The table that follows contains the ABO and reconciliations of the changes in the PBO, the changes in plan assets and the funded
status (in millions):
Pension Benefits Postretirement
Benefits U.S. Plans Non-U.S. Plans
September 30, 2014 2013 2014 2013 2014 2013
Accumulated Benefit Obligation $ 2,855 $ 2,839 $ 1,477 $ 1,905 $ — $ —
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year 2,902 3,736 1,997 2,025 245 266
Service cost 70 90 38 38 5 5
Interest cost 138 151 71 64 12 11
Plan participant contributions — — 5 5 6 6
Acquisitions 37 — 1 2 7 —
Divestitures (1) — — (626) (20) — —
Actuarial (gain) loss 241 (452) 250 84 (26) (21)
Amendments made during the year 1 (2) (1) 1 — —
Benefits and settlements paid (514) (621) (84) (176) (26) (22)
Estimated subsidy received — — — — 2 1
Curtailment — — (2) (15) — —
Other — — (3) 4 — —
Currency translation adjustment — — (74) (15) (1) (1)
Projected benefit obligation at end of year $ 2,875 $ 2,902 $ 1,572 $ 1,997 $ 224 $ 245
Change in Plan Assets
Fair value of plan assets at beginning of year $ 2,656 $ 2,985 $ 1,656 $ 1,657 $ 226 $ 223
Actual return on plan assets 307 282 155 110 11 12
Acquisitions 43 — — 1 — —
Divestitures (1) — — (617) — — —
Employer and employee contributions 12 10 152 85 8 13
Benefits paid (110) (136) (53) (64) (26) (22)
Settlement payments (404) (485) (31) (112) — —
Other — — 4 3 — —
Currency translation adjustment — — (65) (24) — —
Fair value of plan assets at end of year $ 2,504 $ 2,656 $ 1,201 $ 1,656 $ 219 $ 226
Funded status $ (371) $ (246) $ (371) $ (341) $ (5) $ (19)
Amounts recognized in the statement of financial position consist of:
Prepaid benefit cost $ 47 $ 29 $ 36 $ 83 $ 57 $ 51
Accrued benefit liability (418) (275) (407) (424) (62) (70)
Net amount recognized $ (371) $ (246) $ (371) $ (341) $ (5) $ (19)
Weighted Average Assumptions (2)
Discount rate (3) 4.35% 4.90% 3.25% 3.60% 4.35% 4.90%
Rate of compensation increase 3.25% 3.30% 3.00% 2.60% NA NA