Abbott Laboratories has a defined benefit retirement plan. The companys 2016 annual report includes the...
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Accounting
- Abbott Laboratories has a defined benefit retirement plan. The companys 2016 annual report includes the following excerpt about these plans (in millions):
| Projected benefit obligations, January 1, 2016 | $7,820 |
| Service cost benefits earned during the year | 263 |
| Interest cost on projected benefit obligations | 288 |
| Actuarial losses (gains) | 645 |
| Benefits paid | (242) |
| Other, including foreign currency translation | (257) |
| Projected benefit obligations, December 31, 2016 | $8,517 |
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| Plans' assets at fair value, January 1, 2016 | $6,772 |
| Actual return on plan assets | 631 |
| Company contributions | 582 |
| Benefits paid | (242) |
| Other, including foreign currency translation | (201) |
| Plan assets at fair value, December 31, 2016 | $7,542 |
- What is the funded status of this plan?
- By how much is the plan over or underfunded?
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