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Abbott Laboratories' has a defined benefit retirement plan. The company's 2011 annual report includes the following excerpt about these plans (in millions):

Projected benefit obligations, January 1, 2011 $8,606
Service cost - benefits earned during the year 332
Interest cost on projected benefit obligations 446
Actuarial losses (gains) 608
Benefits paid (294)
Settlement (776)
Other, primarily foreign currency translation 41
Projected benefit obligations, December 31, 2011 $8,963

Plans' assets at fair value, January 1, 2011 $7,451
Actual return on plan assets 29
Company contributions 394
Benefits paid (294)
Settlement (776)
Other, primarily foreign currency translation 157
Plan assets at fair value, December 31, 2011 $6,961

What is the funded status of this plan?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942912

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