Weighted$-$average assumptions used to determine benefit obligations $($percent$)$: U$.$S$.$ Plans Non U$.$S$.$ Plans December $31,2023202220232022$ Discount rate $5\mathrm{.}305\mathrm{.}604\mathrm{.}304\mathrm{.}90$ Long$-$term rate of compensation increase $4\mathrm{.}504\mathrm{.}504\mathrm{.}505\mathrm{.}20$ Change in benefit obligation $($millions of U$.$S$.$ dollars$)$: $$ U$.$S$.$ Plans Non U$.$S$.$ Plans $2023202220232022$ Benefit obligation at January $112,35018,51119,34229,492$ Service cost $466712323570$ Interest cost $664518922614$ Actuarial loss$/($gain$)($attributable to changes in the discount rate$)550(4,432)1,393(7,742)$ Benefits paid $($includes both funded and unfunded plans$)(870)(2,959)(1,214)(1,415)$ Foreign exchange rate changes $00515(2,258)$ Other $(17)04681$ Benefit obligation at December $3113,14312,35021,32719,342$ Change in plan assets $($millions of U$.$S$.$ dollars$)$: $$ U$.$S$.$ Plans Non U$.$S$.$ Plans $2023202220232022$ Fair value at January $110,98913,26616,75724,880$ Actual return on plan assets $1,121(3,265)1,484(5,287)$ Foreign exchange rate changes $00492(2,012)$ Company contribution $03,596615655$ Benefits paid $($includes only funded plans$)(743)(2,608)(878)(1,070)$ Other $00(39)(409)$ Fair value at December $3111,36710,98918,43116,757$ Assets in excess of$/($less than$)$ benefit obligation $($millions of U$.$S$.$ dollars$)$: U$.$S$.$ Plans Non U$.$S$.$ Plans Balance at December $31,2023202220232022$ Funded plans $(271)(23)1,0281,019$ Unfunded plans $(1,505)(1,338)(3,924)(3,604)$ Total $(1,776)(1,361)(2,896)(2,585)$ Amounts recorded in the consolidated balance sheet $($millions of U$.$S$.$ dollars$)$: $$ U$.$S$.$ Plans Non U$.$S$.$ Plans Balance at December $31,2023202220232022$ Other assets $001,8951,962$ Current liabilities $(201)(168)(225)(254)$ Non$-$current liabilities $(1,575)(1,193)(4,566)(4,293)$ Total recorded $(1,776)(1,361)(2,896)(2,585)$ Amounts recorded in accumulated other comprehensive income $($millions of U$.$S$.$ dollars$)$: $$ U$.$S$.$ Plans Non U$.$S$.$ Plans Balance at December $31,2023202220232022$ Net actuarial loss$/($gain$)7448971,364846$ Prior service cost $(283)(295)401278$ Total recorded in accumulated other comprehensive income $4616021,7651,124$ Weighted$-$average assumptions used to determine net periodic benefit cost $($percent$)$: $$ U$.$S$.$ Plans Non U$.$S$.$ Plans For the fiscal year ended December $31,202320222021202320222021$ Discount rate $5\mathrm{.}603\mathrm{.}002\mathrm{.}804\mathrm{.}902\mathrm{.}201\mathrm{.}60$ Long$-$term rate of return on funded assets $5\mathrm{.}204\mathrm{.}605\mathrm{.}304\mathrm{.}203\mathrm{.}504\mathrm{.}10$ Long$-$term rate of compensation increase $4\mathrm{.}504\mathrm{.}505\mathrm{.}505\mathrm{.}204\mathrm{.}204\mathrm{.}20$ Components of net periodic pension expenset $($millions of U$.$S$.$ dollars$)$: $$ U$.$S$.$ Plans Non U$.$S$.$ Plans For the fiscal year ended December $31,202320222021202320222021$ Service cost $466712919323570774$ Interest cost $664518558922614526$ Expected return on plan assets $(532)(560)(722)(688)(815)(1,031)$ Amortization of actuarial loss$/($gain$)85156244108180420$ Amortization of prior service cost $(29)(29)(23)524357$ Other $292054895432$ Net periodic pension expense $6831,0021,465722596778$ Changes in amounts recorded in accumulated other comprehensive income $($millions of U$.$S$.$ dollars$)$: $$ U$.$S$.$ Plans Non U$.$S$.$ Plans For the fiscal year ended December $31,202320222021202320222021$ Net actuarial loss$/($gain$)(39)(607)(504)602(1,641)(2,361)$ Amortization of actuarial $($loss$)/$gain $(114)(361)(733)(108)(183)(430)$ Prior service cost$/($credit$)(17)0(72)1538492$ Amortization of prior service $($cost$)/$credit $292923(52)(40)(55)$ Foreign exchange rate changes $00046(199)(255)$ Total recorded in other comprehensive income $(141)(939)(1,286)641(1,979)(3,009)$ Total recorded in net periodic pension expense and other comprehensive income, before tax $542631791,363(1,383)(2,231)$ Defined Benefit Pensions $($Questions $13$ through

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young are paid monthly on the last payday, while all...

Q:

Weighted - average assumptions used to determine benefit obligations ( percent ) : U . S . Plans Non U . S . Plans December 3 1 , 2 0 2 3 2 0 2 2 2 0 2 3 2 0 2 2 Discount rate 5 . 3 0 5 . 6 0 4 . 3 0...

Q:

1, Prior service cost/credit in accumulated other comprehensive income (i.e., AOCI-PSC): a. What is the ending balance (HINT: p. 119) of AOCI-PSC (not AOCI-G/L) for the US defined benefit pensions...

Q:

1, Prior service cost/credit in accumulated other comprehensive income (i.e., AOCI-PSC): a. What is the ending balance (HINT: p. 119) of AOCI-PSC (not AOCI-G/L) for the US defined benefit pensions...

Q:

1, Actuarial gain or loss in accumulated other comprehensive income (i.e., AOCI-G/L): a. What is the ending balance (HINT: p. 119) of AOCI-G/L (not AOCI-PSC) for the US defined benefit pensions plans...

Q:

1, Prior service cost/credit in accumulated other comprehensive income (i.e., AOCI-PSC): a. What is the ending balance (HINT: p. 119) of AOCI-PSC (not AOCI-G/L) for the US defined benefit pensions...

Q:

GM first provided retiree health care benefits to UAW employees in 1961. In the fall of 2007, after a short strike, the UAW and GM reached an agreement to end that coverage. The key terms and effects...

Q:

a. How much pension expense does DowDuPont report in its 2018 income statement? Would 2018 pension expense have been higher or lower if DowDuPont had not changed the Rate of compensation increase...

Q:

How were Saputos defined benefit pension plans reported in the Income Statement and the Balance Sheet of 2021? You may need to read several of the footnotes carefully. Are the pension plans fully...

Q:

Exercises K, L, M j. Consider Johnson & Johnson's "Other benefits" plans, as detailed on page 62 of the company's annual report. i. What is the total obligation for other benefits at December 2007?...

Q:

II. Income Statement What is the trend from the last two years of each of the following: Sales, Cost of Goods Sold, Expenses, and Net Income? You should calculate dollar and percentage change in each...

Q:

At the beginning of January of the current year, Sorrel Co.'s ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected accounts from customers for...

Q:

Crooked River Corporation is preparing its statement of cash flows (indirect method) for the past year. Listed below are items used in preparing the companys statement of cash flows. Specify how each...

Q:

Can someone help me out? Step by step please Heavy Metal Corporation is expected to generate the following free cash flows over the next five years: . Thereafter, the free cash flows are expected to...

Q:

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....

Previous Question Next Question