Johnson and Johnson 2012 Annual Report Download - page 48

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The following table sets forth information related to the benefit obligation and the fair value of plan assets at year-end
2012 and 2011 for the Company’s defined benefit retirement plans and other post-retirement plans:
Retirement Plans
Other Benefit
Plans
(Dollars in Millions) 2012 2011 2012 2011
Change in Benefit Obligation
Projected benefit obligation – beginning of year $17,424 14,993 3,790 3,572
Service cost 722 638 175 149
Interest cost 878 853 165 188
Plan participant contributions 35 54 – –
Amendments 12 (24) – –
Actuarial losses 2,662 1,698 459 213
Divestitures & acquisitions 629 14 – –
Curtailments & settlements & restructuring (6) (6) – –
Benefits paid from plan (697) (659) (432) (320)
Effect of exchange rates 170 (137) 2 (12)
Projected benefit obligation – end of year $21,829 17,424 4,159 3,790
Change in Plan Assets
Plan assets at fair value – beginning of year $13,736 13,433 8 14
Actual return (loss) on plan assets 1,926 (102) 3 (1)
Company contributions 1,838 1,135 543 315
Plan participant contributions 35 54 – –
Settlements (2) (2) – –
Divestitures & acquisitions 593 (2) – –
Benefits paid from plan assets (697) (659) (432) (320)
Effect of exchange rates 107 (121) – –
Plan assets at fair value – end of year $17,536 13,736 122 8
Funded status – end of year $(4,293) (3,688) (4,037) (3,782)
Amounts Recognized in the Company’s Balance Sheet consist of the following:
Non-current assets $194 249 – –
Current liabilities (65) (59) (307) (346)
Non-current liabilities (4,422) (3,878) (3,730) (3,436)
Total recognized in the consolidated balance sheet – end of year $(4,293) (3,688) (4,037) (3,782)
Amounts Recognized in Accumulated Other Comprehensive Income consist of
the following:
Net actuarial loss $7,586 6,030 1,601 1,218
Prior service cost (credit) 9 6 (14) (18)
Unrecognized net transition obligation 2 3 – 1
Total before tax effects $7,597 6,039 1,587 1,201
Accumulated Benefit Obligations – end of year $19,267 15,452
Changes in Plan Assets and Benefit Obligations Recognized in Other
Comprehensive Income
Net periodic benefit cost $865 781 409 378
Net actuarial loss 2,007 2,903 458 197
Amortization of net actuarial (loss) gain (494) (388) (76) 8
Prior service cost 12 (24) – –
Amortization of prior service (cost) credit (6) (9) 3 3
Effect of exchange rates 79 (25) 1 (3)
Total recognized in other comprehensive income, before tax $1,598 2,457 386 205
Total recognized in net periodic benefit cost and other comprehensive income $2,463 3,238 795 583
40 •Johnson & Johnson 2012 Annual Report