Medtronic 2016 Annual Report Download - page 113
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Table of Contents
Medtronic plc
Notes to Consolidated Financial Statements (Continued)
110
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) 2016 2015 2016 2015
Accumulated benefit obligation at end of year: $ 2,757 $ 2,699 $ 1,367 $ 1,462
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 2,956 $ 2,203 $ 1,647 $ 1,031
Service cost 120 104 81 60
Interest cost 122 105 31 33
Benefit obligations assumed in Covidien acquisition — 214 — 472
Employee contributions — — 16 16
Plan curtailments and settlements (28) — (133)(35)
Actuarial (gain) loss (42) 391 (103) 354
Benefits paid (80)(61)(49)(34)
Currency exchange rate changes and other — — 45 (250)
Projected benefit obligation at end of year $ 3,048 $ 2,956 $ 1,535 $ 1,647
Change in plan assets:
Fair value of plan assets at beginning of year $ 2,204 $ 1,917 $ 1,189 $ 889
Actual return on plan assets (70) 69 (44) 162
Plan assets acquired in Covidien acquisition — 188 — 262
Employer contributions 112 91 93 80
Employee contributions — — 16 16
Plan settlements (28) — (118)(1)
Benefits paid (80)(61)(49)(34)
Currency exchange rate changes — — 26 (185)
Fair value of plan assets at end of year $ 2,138 $ 2,204 $ 1,113 $ 1,189
Funded status at end of year:
Fair value of plan assets $ 2,138 $ 2,204 $ 1,113 $ 1,189
Benefit obligations 3,048 2,956 1,535 1,647
Underfunded status of the plans $ (910) $ (752) $ (422) $ (458)
Recognized liability $ (910) $ (752) $ (422) $ (458)
Amounts recognized on the consolidated
balance sheets consist of:
Non-current assets $ — $ 21 $ 20 $ 2
Current liabilities (12)(11)(8)(48)
Non-current liabilities (898)(762)(434)(412)
Recognized liability $ (910) $ (752) $ (422) $ (458)
Amounts recognized in accumulated other
comprehensive (loss) income:
Prior service cost (benefit) $ 4 $ 4 $ (14) $ (2)
Net actuarial loss 1,361 1,253 359 372
Ending balance $ 1,365 $ 1,257 $ 345 $ 370