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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets(a), and the funded
status of our defined benefit plans as of and for the years ended were as follows (in millions):
Pension Plans
Other Postretirement
Benefit Plans
December 31,
December 31,
2015
2014
2015
2014
Changes in benefit obligation:
Benefit obligation as of beginning of year $ 2,450
$ 1,914
$ 361
$ 324
Service cost 109
120
8
7
Interest cost 98
91
14
15
Participant contributions —
—
8
7
Plan amendments 22
2
—
—
Benefits paid (169)
(109)
(27)
(30)
Actuarial (gain) loss (138)
440
(26)
37
Other (7)
(8)
(2)
1
Benefit obligation as of end of year $ 2,365
$ 2,450
$ 336
$ 361
Changes in plan assets(a):
Fair value of plan assets as of beginning of year $ 1,978
$ 1,909
$ —
$ —
Actual return on plan assets 19
139
—
—
Valero contributions 126
46
18
20
Participant contributions —
—
8
7
Benefits paid (169)
(109)
(27)
(30)
Other (7)
(7)
1
3
Fair value of plan assets as of end of year $ 1,947
$ 1,978
$ —
$ —
Reconciliation of funded status(a):
Fair value of plan assets as of end of year $ 1,947
$ 1,978
$ —
$ —
Less benefit obligation as of end of year 2,365
2,450
336
361
Funded status as of end of year $ (418)
$ (472)
$ (336)
$ (361)
Accumulated benefit obligation $ 2,240
$ 2,354
n/a
n/a
___________________________
(a) Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not
included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the
reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S.
nonqualified pension plans.
92