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As discussed on p. 120, COP amended their postretirement benefits related to healthcare coverage for retirees over 65 in 2016. Did this change increase or
As discussed on p. 120, COP amended their postretirement benefits related to healthcare coverage for retirees over 65 in 2016. Did this change increase or decrease the benefits retirees will receive?
Millions of Dollars Other Benefits 2016 Pensi 2015 2016 U.S. Int'L Sources of Change in Other 490 14 41 Comprehensive Income (Loss) Net gain (loss) arising during the period Amortization of (gain) loss included in 61 s (263) (232) 31 373 579 9 net loss* Net change during the period 25 (206) 27 Prior service credit (cost) arising during the period Amortization of prior service cost (credit) included in net loss Net change during the period Includes settlement losses recognized in 2016 and 2075, 6) 288 5 During the year ended December 31, 2016, there was an amendment to the U.S. other postretirement benefit plan. The benefit obligation decreased by $27 million for changes in the plan made to post-65 retiree medical benef its related to updated cost sharing assumption changes for retirees. The $27 million decrease in the benefit obligation resulted in a corresponding increase in other comprehensive income. During the year ended December 31, 2015, there were amendments to the U.S. other postretirement benefit plan. The benefit obligation decreased by $303 million for changes in the plan made to retiree medical benefits. The $303 million decrease consists of $149 million related to the discontinuation of all company premium cost-sharing contributions to the post-65 retiree medical plan after December 31, 2025, $91 million ted cost sharing assumption changes for retirees, $49 million associated with excluding employees and retirees of Phillips 66 who were not enrolled in a ConocoPhillips retiree medical plan as of uly 1, 2015, and S14 million associated with new participants in the post-65 retiree medical plan after 2015, no longer being eligible for any company premium cost-sharing contributions. The $30 3 million decrease in the benefit obligation resulted in a corresponding decrease in other comprehensive loss Included in accumulated other comprehensive income (loss) at December 31,2016, were the following before tax amounts that are expected to be amortized into net periodic benefit cost during 2017 Millions of Dollars Pension Benefits Other Benefits Unrecognized net actuarial (gain) loss Unrecognized prior service cost (credit) 4 36 For our tax-qualified pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets were $5,498 million, $5.145 million, and $4,208 million, respectively, at December 31,2016, and S5,720 million, $5,314 million, and $4,759 million, respectively, at December 31, 2015Step by Step Solution
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