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What us the pension expense? Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following
What us the pension expense?
Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information:
Projected Benefit Obligation | ($ in millions) | ||||
Balance, January 1 | $ | 125 | |||
Service cost | 32 | ||||
Interest cost | 15 | ||||
Benefits paid | (10 | ) | |||
Balance, December 31 | $ | 162 | |||
Plan Assets | |||||
Balance, January 1 | $ | 75 | |||
Actual return on plan assets | 11 | ||||
Contributions 2021 | 32 | ||||
Benefits paid | (10 | ) | |||
Balance, December 31 | $ | 108 | |||
The expected long-term rate of return on plan assets was 12%. There was no prior service cost and a negligible net lossAOCI on January 1, 2021.
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