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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Amounts recognized in our balance sheet for our pension and other postretirement benefits plans as of December 31, 2015 and 2014
include (in millions):
Pension Plans
Other Postretirement
Benefit Plans
2015
2014
2015
2014
Deferred charges and other assets, net $ 5
$ 7
$ —
$ —
Accrued expenses (20)
(28)
(20)
(20)
Other long-term liabilities (403)
(451)
(316)
(341)
$ (418)
$ (472)
$ (336)
$ (361)
The accumulated benefit obligations for certain of our pension plans exceed the fair values of the assets of those plans. For those plans,
the table below presents the total projected benefit obligation, accumulated benefit obligation, and fair value of the plan assets
(in millions).
December 31,
2015
2014
Projected benefit obligation $ 2,169
$ 2,288
Accumulated benefit obligation 2,070
2,217
Fair value of plan assets 1,747
1,812
Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive are as follows
for the years ending December 31 (in millions):
Pension
Benefits
Other
Postretirement
Benefits
2016 $ 131
$ 20
2017 132
21
2018 141
22
2019 190
22
2020 166
22
2021-2025 913
112
We plan to contribute approximately $36 million to our pension plans and $20 million to our other postretirement benefit plans during
2016.
93