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Post-Employment Benefits
 6 Months Ended
Jun. 30, 2016
Post-Employment Benefits  
Post-Employment Benefits

 

Note 11 — Post-Employment Benefits

 

Retirement plans consist of defined benefit, defined contribution, and medical and dental plans.  Net cost recognized in continuing operations for the three months and six months ended June 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:

 

 

 

Defined Benefit Plans

 

Medical and Dental Plans

 

 

 

Three Months

 

Six Months

 

Three Months

 

Six Months

 

 

 

Ended June 30

 

Ended June 30

 

Ended June 30

 

Ended June 30

 

(in millions)

 

2016

 

2015

 

2016

 

2015

 

2016

 

2015

 

2016

 

2015

 

Service cost - benefits earned during the period

 

$
67

 

$
68

 

$
134

 

$
150

 

$
6

 

$
6

 

$
13

 

$
15

 

Interest cost on projected benefit obligations

 
73

 
77

 
146

 
156

 
10

 
11

 
22

 
25

 

Expected return on plan assets

 
(143

)
(128

)
(284

)
(257

)
(8

)
(10

)
(17

)
(19

)

Net amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss, net

 
31

 
42

 
63

 
89

 
3

 
1

 
9

 
10

 

Prior service cost (credit)

 

—

 

—

 

—

 

—

 
(11

)
(12

)
(22

)
(24

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cost

 
28

 
59

 
59

 
138

 

—

 
(4

)
5

 
7

 

Less: Discontinued operations

 

—

 

—

 

—

 
1

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cost - continuing operations

 

$
28

 

$
59

 

$
59

 

$
137

 

$

—

 

$
(4

)

$
5

 

$
7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Abbott funds its domestic defined benefit plans according to IRS funding limitations.  International pension plans are funded according to similar regulations.  In the first six months of 2016 and 2015, $524 million and $547 million, respectively, were contributed to defined benefit plans and $9 million and $24 million, respectively, were contributed to the post-employment medical and dental benefit plans.