3M 2005 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 of the 2005 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

60
Qualified and Non-qualified Postretirement
Pension Benefits Benefits
United States International
(Millions) 2005 2004 2005 2004 2005 2004
Funded status of plans
Plan assets at fair value less than benefit
obligation $ (767) $ (527) $(544) $(591) $(679) $(659)
Unrecognized transition (asset) obligation –– 611 ––
Unrecognized prior service cost (benefit) 76 89 (69) (83) (231) (193)
Unrecognized net actuarial (gain) loss 2,676 2,121 954 1,023 1,005 919
Net amount recognized $1,985 $1,683 $ 347 $ 360 $ 95 $ 67
Amounts recognized in the Consolidated
Balance Sheet as of December 31
Prepaid benefit cost $2,171 $1,851 $ 529 $ 559 $181 $ 143
Accrued liabilities (354) (309) (292) (388) (86) (76)
Intangible assets 5619 32 ––
Accumulated other comprehensive income –
pre-tax 163 135 91 157 ––
Net amount recognized $1,985 $1,683 $ 347 $ 360 $ 95 $ 67
Components of net periodic benefit cost and other supplemental information for the year ended December 31
follow:
Benefit Plan Information Qualified and Non-qualified Postretirement
Pension Benefits Benefits
United States International
(Millions) 2005 2004 2003 2005 2004 2003 2005 2004 2003
Service cost $177 $164 $148 $102 $101 $100 $53 $52 $47
Interest cost 502 483 474 177 166 145 101 100 96
Expected return on plan assets (665) (627) (621) (217) (202) (179) (93) (87) (78)
Amortization of transition (asset) obligation – – – 45 3 – – –
Amortization of prior service cost (benefit) 13 14 14
(3) (2) 2 (39) (39) (32)
Recognized net actuarial (gain) loss 179 159 30 58 43 28 84 84 55
Net periodic benefit cost $206 $193 $45 $121 $111 $99 $106 $110 $88
Settlements, curtailments, special
termination benefits and other 621 24 (2) – – – – –
Net periodic benefit cost after settlements,
curtailments, special termination benefits
and other $212 $214 $69 $119 $111 $99 $106 $110 $88