Johnson and Johnson reports the following pension footnote as part of its 2017 10-K report.
a. Describe what is meant by service cost and interest cost.
b. What is the actual return on pension investments in 2017?
c. Provide an example under which an “actuarial loss,” such as the $2,996 million loss that Johnson and Johnson reports in 2017, might arise.
d. What is the source of funds to make payments to retirees?
e. How much cash did Johnson and Johnson contribute to its pension plans in 2017?
f. How much cash did the company pay to retirees in 2017?
g. Show the computation of its 2017 funded status.
h. What net pension amount is reported on its 2017 balance sheet?
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