Medtronic 2015 Annual Report Download - page 124
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Medtronic plc
Notes to Consolidated Financial Statements (Continued)
Defined Benefit Pension Plans The change in benefit obligation and funded status of the Company’s U.S. and Non-U.S.
pension benefits are as follows:
U.S. Pension Benefits Non-U.S. Pension Benefits
Fiscal Year Fiscal Year
(in millions) 2015 2014 2015 2014
Accumulated benefit obligation at end of year: $ 2,699 $ 1,996 $ 1,462 $ 871
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 2,203 $ 2,154 $ 1,031 $ 811
Service cost 104 107 60 54
Interest cost 105 97 33 29
Benefit obligations assumed in Covidien acquisition 214 — 472 —
Employee contributions — — 16 16
Plan curtailments and settlements — — (35) (2)
Actuarial (gain) loss 391 (104) 354 88
Benefits paid (61) (51) (34) (27)
Foreign currency exchange rate changes and other — — (250) 62
Projected benefit obligation at end of year $ 2,956 $ 2,203 $ 1,647 $ 1,031
Change in plan assets:
Fair value of plan assets at beginning of year $ 1,917 $ 1,717 $ 889 $ 733
Actual return on plan assets 69 163 162 61
Plan assets acquired in Covidien acquisition 188 — 262 —
Employer contributions 91 88 80 48
Employee contributions — — 16 16
Plan settlements — — (1) —
Benefits paid (61) (51) (34) (27)
Foreign currency exchange rate changes — — (185) 58
Fair value of plan assets at end of year $ 2,204 $ 1,917 $ 1,189 $ 889
Funded status at end of year:
Fair value of plan assets $ 2,204 $ 1,917 $ 1,189 $ 889
Benefit obligations 2,956 2,203 1,647 1,031
Underfunded status of the plans $ (752) $ (286) $ (458) $ (142)
Recognized liability $ (752) $ (286) $ (458) $ (142)
Amounts recognized on the consolidated balance sheets consist of:
Non-current assets $ 21 $ — $ 2 $ 17
Current liabilities (11) (10) (48) (4)
Non-current liabilities (762) (276) (412) (155)
Recognized liability $ (752) $ (286) $ (458) $ (142)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service cost (benefit) $ 4 $ 4 $ (2) $ (2)
Net actuarial loss 1,253 837 372 254
Ending balance $ 1,257 $ 841 $ 370 $ 252
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