MARSH & MCLENNAN COMPANIES, INC. | 2013 | FY | 3

The following schedules provide information concerning the Company’s non-U.S. defined benefit pension plans and non-U.S. postretirement benefit plans:
 
Non-U.S. Pension
Benefits
 
Non-U.S.
Postretirement Benefits
(In millions of dollars)
2013

 
2012

 
2013

 
2012

Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
8,579

 
$
7,717

 
$
107

 
$
91

Service cost
148

 
147

 
2

 
2

Interest cost
352

 
366

 
4

 
5

Employee contributions
11

 
11

 
—

 
—

Actuarial (gain) loss
(53
)
 
419

 
(8
)
 
10

Plan amendments
—

 
(71
)
 
—

 
—

Effect of settlement
(2
)
 
(11
)
 
—

 
—

Effect of curtailment
—

 
(3
)
 
—

 
(1
)
Benefits paid
(293
)
 
(278
)
 
(4
)
 
(4
)
Foreign currency changes
(31
)
 
280

 
(4
)
 
4

Other
—

 
2

 
—

 
—

Benefit obligation December 31
$
8,711

 
$
8,579

 
$
97

 
$
107

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
8,312

 
$
7,206

 
$
—

 
$
—

Actual return on plan assets
698

 
721

 
—

 
—

Effect of settlement
(2
)
 
(11
)
 
—

 
—

Company contributions
620

 
389

 
4

 
4

Employee contributions
11

 
11

 
—

 
—

Benefits paid
(293
)
 
(278
)
 
(4
)
 
(4
)
Foreign currency changes
5

 
273

 
—

 
—

Other
—

 
1

 
—

 
—

Fair value of plan assets, December 31
$
9,351

 
$
8,312

 
$
—

 
$
—

Net funded status, December 31
$
640

 
$
(267
)
 
$
(97
)
 
$
(107
)
Amounts recognized in the consolidated balance sheets:
 
 
 
 
 
 
 
Non-current assets
$
977

 
$
258

 
$
—

 
$
—

Current liabilities
(5
)
 
(6
)
 
(4
)
 
(4
)
Non-current liabilities
(332
)
 
(519
)
 
(93
)
 
(103
)
Net asset (liability) recognized, December 31
$
640

 
$
(267
)
 
$
(97
)
 
$
(107
)
Amounts recognized in other comprehensive income (loss):
 
 
 
 
 
 
 
Prior service credit
$
85

 
$
93

 
$
—

 
$
—

Net actuarial (loss) gain
(3,010
)
 
(3,309
)
 
(16
)
 
(27
)
Total recognized accumulated other comprehensive (loss) income, December 31
$
(2,925
)
 
$
(3,216
)
 
$
(16
)
 
$
(27
)
Cumulative employer contributions in excess (deficient) of net periodic cost
3,565

 
2,949

 
(81
)
 
(80
)
Net asset (liability) recognized in consolidated balance sheet, December 31
$
640

 
$
(267
)
 
$
(97
)
 
$
(107
)
Accumulated benefit obligation, December 31
$
8,413

 
$
8,229

 
$
—

 
$
—

 
Non-U.S. Pension
Benefits
 
Non-U.S.
Postretirement Benefits
(In millions of dollars)
2013

 
2012

 
2013

 
2012

Reconciliation of prior service credit (cost):
 
 
 
 
 
 
 
Beginning balance
$
93

 
$
23

 
$
—

 
$
1

Recognized as component of net periodic benefit credit
(6
)
 
(3
)
 
—

 
(1
)
Effect of curtailment
—

 
(1
)
 
—

 
—

Changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
 
 
Plan amendments
—

 
71

 
—

 
—

Exchange rate adjustments
(2
)
 
3

 
—

 
—

Prior service credit, December 31
$
85

 
$
93

 
$
—

 
$
—

 
Non-U.S. Pension
Benefits
 
Non-U.S.
Postretirement Benefits
(In millions of dollars)
2013

 
2012

 
2013

 
2012

Reconciliation of net actuarial gain (loss):
 
 
 
 
 
 
 
Beginning balance
$
(3,309
)
 
$
(3,038
)
 
$
(27
)
 
$
(19
)
Recognized as component of net periodic benefit cost
108

 
118

 
2

 
1

Effect of settlement
—

 
1

 
—

 
—

Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
 
 
 
 
 
 
 
Liability experience
53

 
(419
)
 
8

 
(10
)
Asset experience
111

 
138

 
—

 
—

Effect of curtailment
—

 
3

 
—

 
1

Total amount recognized as change in plan assets and benefit obligations
164

 
(278
)
 
8

 
(9
)
Exchange rate adjustments
27

 
(112
)
 
1

 
—

Net actuarial gain (loss), December 31
$
(3,010
)
 
$
(3,309
)
 
$
(16
)
 
$
(27
)
For the Years Ended December 31,
Non-U.S. Pension
Benefits
 
Non-U.S. Postretirement
Benefits
(In millions of dollars)
2013

 
2012

 
2011

 
2013

 
2012

 
2011

Total recognized in net periodic benefit cost and other comprehensive (income) loss
$
(276
)
 
$
246

 
$
792

 
$
(2
)
 
$
16

 
$
12


The following schedules provide information concerning the Company’s U.S. defined benefit pension plans and postretirement benefit plans:
 
 
U.S. Pension
Benefits
 
U.S.  Postretirement
Benefits
(In millions of dollars)
2013

 
2012

 
2013

 
2012

Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
5,197

 
$
4,533

 
$
176

 
$
162

Service cost
104

 
93

 
3

 
3

Interest cost
229

 
230

 
7

 
8

Plan combination
36

 
—

 
—

 
—

Actuarial (gain) loss
(547
)
 
522

 
(15
)
 
13

Medicare Part D subsidy
—

 
—

 
1

 
3

Benefits paid
(192
)
 
(181
)
 
(14
)
 
(13
)
Benefit obligation, December 31
$
4,827

 
$
5,197

 
$
158

 
$
176

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
3,936

 
$
3,493

 
$
—

 
$
—

Plan combination
21

 
—

 
—

 
—

Actual return on plan assets
488

 
500

 
—

 
—

Employer contributions
26

 
124

 
13

 
10

Medicare Part D subsidy
—

 
—

 
1

 
3

Benefits paid
(192
)
 
(181
)
 
(14
)
 
(13
)
Fair value of plan assets, December 31
$
4,279

 
$
3,936

 
$
—

 
$
—

Net funded status, December 31
$
(548
)
 
$
(1,261
)
 
$
(158
)
 
$
(176
)
Amounts recognized in the consolidated balance sheets:
 
 
 
 
 
 
 
Current liabilities
$
(24
)
 
$
(25
)
 
$
(8
)
 
$
(9
)
Noncurrent liabilities
(524
)
 
(1,236
)
 
(150
)
 
(167
)
Net liability recognized, December 31
$
(548
)
 
$
(1,261
)
 
$
(158
)
 
$
(176
)
Amounts recognized in other comprehensive income (loss):
 
 
 
 
 
 
 
Prior service credit
$
7

 
$
23

 
$
—

 
$
—

Net actuarial (loss) gain
(974
)
 
(1,887
)
 
13

 
(2
)
Total recognized accumulated other comprehensive (loss) income, December 31
$
(967
)
 
$
(1,864
)
 
$
13

 
$
(2
)
Cumulative employer contributions in excess (deficient) of net periodic cost
419

 
603

 
(171
)
 
(174
)
Net amount recognized in consolidated balance sheet
$
(548
)
 
$
(1,261
)
 
$
(158
)
 
$
(176
)
Accumulated benefit obligation at December 31
$
4,753

 
$
5,114

 
$
—

 
$
—

 
U.S. Pension
Benefits
 
U.S.  Postretirement
Benefits
(In millions of dollars)
2013

 
2012

 
2013

 
2012

Reconciliation of prior service credit (charge) recognized in accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
Beginning balance
$
23

 
$
39

 
$
—

 
$
13

Recognized as component of net periodic benefit credit
(16
)
 
(16
)
 
—

 
(13
)
Prior service credit, December 31
$
7

 
$
23

 
$
—

 
$
—


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