Medtronic 2014 Annual Report Download - page 120
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Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
In certain countries outside the U.S., fully funding pension plans is not a common practice, as funding provides no income tax
benefit. Consequently, certain pension plans were partially funded as of April 25, 2014 and April 26, 2013. U.S. and non-U.S.
plans with accumulated benefit obligations in excess of plan assets consist of the following:
Fiscal Year
(in millions) 2014 2013
Accumulated benefit obligation $ 2,426 $ 2,003
Projected benefit obligation 2,703 2,243
Plan assets at fair value 2,268 1,740
Plans with projected benefit obligations in excess of plan assets consist of the following:
Fiscal Year
(in millions) 2014 2013
Projected benefit obligation $ 2,864 $ 2,637
Plan assets at fair value 2,419 2,104
The net periodic benefit cost of the plans include the following components:
U.S. Pension Benefits Non-U.S. Pension Benefits Post-Retirement Benefits
Fiscal Year Fiscal Year Fiscal Year
(in millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012
Service cost $ 107 $ 104 $ 92 $ 54 $ 43 $ 42 $ 19 $ 19 $ 19
Interest cost 97 94 87 29 27 29 14 15 17
Expected return on plan assets (141) (128) (121) (35) (33) (36) (19) (17) (16)
Amortization of prior service cost (credit) 1 (1) (1) 1 1 1———
Amortization of net actuarial loss 85 71 45 1184133
Net periodic benefit cost $ 149 $ 140 $ 102 $ 60 $ 46 $ 40 $ 15 $ 20 $ 23
The other changes in plan assets and projected benefit obligations recognized in accumulated other comprehensive loss for
fiscal year 2014 are as follows:
(in millions)
U.S. Pension
Benefits
Non-U.S.
Pension
Benefits
Post-
Retirement
Benefits
Net actuarial (gain) loss $ (126) $ 61 $ (3)
Amortization of prior service cost (1) (1) —
Amortization of net actuarial gain (85) (11) (1)
Effect of exchange rates — 14 —
Total recognized in accumulated other comprehensive loss $ (212) $ 63 $ (4)
Total recognized in net periodic benefit cost and accumulated other
comprehensive loss $ (63) $ 124 $ 11
The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost, before
tax, in fiscal year 2015 are as follows:
(in millions)
U.S. Pension
Benefits
Non-U.S.
Pension
Benefits
Post-
Retirement
Benefits
Amortization of net actuarial loss $ 65 $ 13 $ —
$65$13$—
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