Mondelez 2014 Annual Report Download - page 86
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Table of Contents
Note 10. Benefit Plans
Pension Plans
Obligations and Funded Status:
The projected benefit obligations, plan assets and funded status of our pension plans were:
The accumulated benefit obligation, which represents benefits earned to the measurement date, was $1,474 million at
December 31, 2014 and $1,133 million at December 31, 2013 for the U.S. pension plans. The accumulated benefit obligation for
the non-U.S. pension plans was $10,462 million at December 31, 2014 and $9,605 million at December 31, 2013.
For salaried and non-union hourly employees hired after January 1, 2009, we discontinued benefits under our U.S. pension plans
and replaced them with an enhanced Company contribution to our employee defined contribution plan. Effective December 31,
2019, benefit accruals will cease under the U.S. non-union pension plan. For non-union employees participating in that plan on
December 31, 2019, we will calculate the pension benefit obligation based on pay and service as of that date and no longer accrue
new benefits.
The combined U.S. and non-U.S. pension plans resulted in a net pension liability of $2,882 million at December 31, 2014 and
$1,946 million at December 31, 2013. We recognized these amounts in our consolidated balance sheets as follows:
83
U.S. Plans
Non
-
U.S. Plans
2014
2013
2014
2013
(in millions)
Benefit obligation at January 1
$
1,266
$
1,389
$
9,920
$
9,786
Service cost
57
71
184
172
Interest cost
67
60
388
358
Benefits paid
(20
)
(14
)
(446
)
(420
)
Settlements paid
(52
)
(59
)
–
–
Actuarial (gains) / losses
266
(182
)
1,604
(184
)
Currency
–
–
(
949
)
183
Other
22
1
153
25
Benefit obligation at December 31
1,606
1,266
10,854
9,920
Fair value of plan assets at January 1
1,118
903
8,122
7,381
Actual return on plan assets
159
111
971
675
Contributions
11
178
353
350
Benefits paid
(20
)
(14
)
(446
)
(420
)
Settlements paid
(52
)
(59
)
–
–
Currency
–
–
(
681
)
136
Other
–
(
1
)
43
–
Fair value of plan assets at December 31
1,216
1,118
8,362
8,122
Net pension liability at December 31
$
(390
)
$
(148
)
$
(2,492
)
$
(1,798
)
As of December 31,
2014
2013
(in millions)
Prepaid pension assets
$
53
$
54
Other accrued liabilities
(23
)
(38
)
Accrued pension costs
(2,912
)
(1,962
)
$
(2,882
)
$
(1,946
)