Johnson and Johnson 2014 Annual Report Download - page 50

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A one-percentage-point change in assumed health care cost trend rates would have the following effect:
(Dollars in Millions)
One-Percentage-
Point Increase
One-Percentage-
Point Decrease
Health Care Plans
Total interest and service cost $45 $(34)
Post-retirement benefit obligation 560 (444)
The following table sets forth information related to the benefit obligation and the fair value of plan assets at year-end
2014 and 2013 for the Company’s defined benefit retirement plans and other post-retirement plans:
Retirement Plans
Other Benefit
Plans
(Dollars in Millions) 2014 2013 2014 2013
Change in Benefit Obligation
Projected benefit obligation – beginning of year $21,488 21,829 4,407 4,159
Service cost 882 906 211 196
Interest cost 1,018 908 197 151
Plan participant contributions 59 54 – –
Amendments (60) 35 (254) 7
Actuarial (gains) losses 5,395 (1,432) 1,030 296
Divestitures & acquisitions (121) 8 – –
Curtailments, settlements & restructuring (53) (15) – (11)
Benefits paid from plan (813) (751) (493) (373)
Effect of exchange rates (906) (54) (17) (18)
Projected benefit obligation – end of year $26,889 21,488 5,081 4,407
Change in Plan Assets
Plan assets at fair value – beginning of year $20,901 17,536 87 122
Actual return on plan assets 2,078 3,573 8 15
Company contributions 1,176 565 477 323
Plan participant contributions 59 54 – –
Settlements (40) (4) – –
Divestitures & acquisitions (109) 9 – –
Benefits paid from plan assets (813) (751) (493) (373)
Effect of exchange rates (677) (81) – –
Plan assets at fair value – end of year $22,575 20,901 79 87
Funded status – end of year $(4,314) (587) (5,002) (4,320)
Amounts Recognized in the Company’s Balance Sheet consist of the following:
Non-current assets $233 2,363 – –
Current liabilities (74) (71) (309) (302)
Non-current liabilities (4,473) (2,879) (4,693) (4,018)
Total recognized in the consolidated balance sheet – end of year $(4,314) (587) (5,002) (4,320)
Amounts Recognized in Accumulated Other Comprehensive Income consist of
the following:
Net actuarial loss $7,547 3,344 2,611 1,732
Prior service cost (credit) (33) 26 (225) (6)
Unrecognized net transition obligation 1 2 – –
Total before tax effects $7,515 3,372 2,386 1,726
Accumulated Benefit Obligations – end of year $23,816 19,203
40 •Johnson & Johnson 2014 Annual Report